Minerva Capital Research Solutions

Shellz India

ListedListed 23 Oct 2026BSE SMENSE: SHELLZCheck allotment
Current price₹ 161.7−9.66% since issue
Listing day0%
Issue price
₹ 179
Issue size
₹ 59.97 Cr.
Min. investment
₹ 1,43,200
Listing price
₹ 179
Subscribed
50.79x
Lot size
800 shares
P/E
13.24
RoNW
6.47%
RoCE
4.69%
Debt / Equity
1.72
PAT margin
8.63%
EBITDA margin
18.04%
RoE
6.69%
EPS
₹ 13.52
NAV
₹ 72.31
Promoter stake
63.64%

About

Shellz India Limited was incorporated in May 2012. It makes and markets confectionery products and also makes and supplies food and bakery ingredients. Its range has over 300 SKUs sold to buyers in urban, semi-urban and rural areas. The company sells under two brands. Hugs covers baked treats, choco delights, jellies and sugar confectionery at mass-market prices, and most products cost Rs 10 or less. Tosca is a mass-premium brand sold mainly through e-commerce and quick-commerce channels, and includes Tosca Oat Choco, an oat and cereal bar. Products reach kirana outlets in about 24 states through over 300 super stockists, as on 31 March 2026. The company also makes private-label products for other brands and exports to the Middle East, South Asia and Europe. It runs its own manufacturing, product development and quality assurance, and had 258 full-time employees on 31 August 2026.

Timeline

  1. Opens
    15 Oct
    done
  2. Closes
    19 Oct
    done
  3. Allotment
    21 Oct
    done
  4. Refunds
    22 Oct
    done
  5. Demat credit
    22 Oct
    done
  6. Listing
    23 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 46 on 19 Oct 2026
Lowest
₹ 0 on 12 Oct 2026
First quoted
₹ 0 on 12 Oct 2026

Subscription

How many times each investor group bid for its share, as of 23 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1800₹ 1,43,200
Retail (Max)1800₹ 1,43,200
HNI (Min)21,600₹ 2,86,400

Company overview

Financials

Financials by year
Assets229.36213.72167.36147.04
Total Income47.43193.18187.39162.81
Profit After Tax4.0813.378.35.25
EBITDA8.5230.1522.7918.94
NET Worth63.0358.9540.5826.99
Reserves and Surplus54.3150.2439.8926.35
Total Borrowing108.56100.8378.1870.93

Strengths

  • Total income rose from Rs 162.81 crore in FY2024 to Rs 187.39 crore in FY2025 and Rs 193.18 crore in FY2026.
  • Profit after tax rose from Rs 5.25 crore in FY2024 to Rs 8.30 crore in FY2025 and Rs 13.37 crore in FY2026, a rise of 61% in the last year.
  • EBITDA rose from Rs 18.94 crore in FY2024 to Rs 30.15 crore in FY2026, and net worth grew from Rs 26.99 crore to Rs 58.95 crore over the same years.
  • Return on equity was 26.87% and return on net worth was 22.68% for FY2026.
  • At the upper band of Rs 179 the issue is priced at 13.24 times post issue EPS of Rs 13.52, and at 11.67 times pre issue EPS of Rs 15.34.
  • The whole Rs 59.97 crore issue is fresh capital, with no offer for sale. Rs 22.00 crore is to repay borrowings and Rs 23.00 crore is for working capital.
  • Over 300 super stockists take the products to kirana outlets in about 24 states, and the company has two brands at different price points.

Risks

  • The latest figures cover only the three months to 30 June 2026. The post issue EPS of Rs 13.52 is based on annualised earnings for that period, so it may not hold for a full year.
  • The KPI table shows RoE of 6.69% and RoCE of 4.69% for the quarter to 30 June 2026, against 26.87% and 19.11% for FY2026, so the two periods are not comparable.
  • The source notes that the financial statements for 2026 are consolidated, so the FY2026 and June 2026 figures may not be directly comparable with earlier standalone years.
  • Total borrowing rose from Rs 70.93 crore in FY2024 to Rs 100.83 crore in FY2026 and Rs 108.56 crore on 30 June 2026. Debt to equity was 1.72 on 30 June 2026.
  • Total income grew only 3% between FY2025 and FY2026, from Rs 187.39 crore to Rs 193.18 crore, while profit after tax grew 61%.
  • Rs 22.00 crore of the proceeds goes to repay borrowings, and no amount is given for general corporate purposes.
  • Promoters Kapil Garg and Shalini Garg hold 88.11% before the issue and will hold 63.64% after it.
  • The company sells low-priced mass-market confectionery, mostly at Rs 10 or below, and depends on super stockists for distribution, so input costs and distributor terms can affect margins.
  • This is an SME issue. One lot is 800 shares, which is about Rs 1.43 lakh at the upper band of Rs 179, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company22
Funding our incremental working capital requirements and23
General corporate purposes—

Promoters

  • Kapil Garg
  • Shalini Garg
Promoter holding88.11%→63.64%before → after the issue · down 24.47 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Socradamus Capital Pvt. Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.