Minerva Capital Research Solutions

Shivchem Agro

ListedListed 6 Oct 2026BSE SMENSE: SHIVCHEMCheck allotment
Current price₹ 32−48.39% since issue
Listing day0%
Issue price
₹ 62
Issue size
₹ 14.01 Cr.
Min. investment
₹ 1,24,000
Listing price
₹ 62
Subscribed
2.14x
Lot size
2,000 shares
P/E
14.39
RoNW
28.76%
RoCE
30.04%
Debt / Equity
0.56
PAT margin
9.61%
EBITDA margin
17.69%
RoE
28.76%
EPS
₹ 4.31
NAV
₹ 24.50
Promoter stake
64.91%

About

Shivchem Agro Limited was started in September 2021. It is an agrochemical company that makes, stocks, distributes and sells crop protection products for farmers. Its range covers insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers. As on the date of its Red Herring Prospectus it was licensed to make 176 agrochemical products, including 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators and 3 rodenticides. It also holds authorisation to make 82 fertilizers, of which it currently makes 8. It is licensed to sell across eight states, and as on 31 March 2026 it had 685 distributors supported by five godowns. Its manufacturing facility at Jhajjar in Haryana has an effluent treatment plant and a wet scrubber unit to handle wastewater and air emissions, and the company holds ISO 9001:2015 and ISO 22000:2018 certification.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    30 Sep
    done
  3. Allotment
    1 Oct
    done
  4. Refunds
    5 Oct
    done
  5. Demat credit
    5 Oct
    done
  6. Listing
    6 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
₹ 10 on 29 Sep 2026
Lowest
₹ 0 on 23 Sep 2026
First quoted
₹ 0 on 23 Sep 2026

Subscription

How many times each investor group bid for its share, as of 03 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)12,000₹ 1,24,000
Retail (Max)12,000₹ 1,24,000
HNI (Min)24,000₹ 2,48,000

Company overview

Financials

Financials by year
Assets45.0436.2916.41
Total Income33.8427.510.95
Profit After Tax3.252.61.29
EBITDA5.984.321.93
NET Worth12.929.671.5
Reserves and Surplus10.287.041.45
Total Borrowing7.288.267.1

Strengths

  • Sales have tripled in two years, from Rs 10.95 crore in FY2024 to Rs 27.50 crore in FY2025 and Rs 33.84 crore in FY2026.
  • Profit has grown from Rs 1.29 crore in FY2024 to Rs 2.60 crore in FY2025 and Rs 3.25 crore in FY2026.
  • Return ratios are strong, with RoCE of 30.04% and RoNW of 28.76%.
  • The issue is priced at about 14.39 times earnings on an EPS of Rs 4.31.
  • Holding licences for 176 products gives it room to widen its range without waiting for fresh approvals.
  • The distribution network of 685 distributors across eight states is substantial for a company of this age.
  • The plant has its own effluent treatment and wet scrubber units, which matters for staying compliant in a chemical business.
  • Net worth has grown from Rs 1.50 crore in FY2024 to Rs 12.92 crore in FY2026.

Risks

  • The company is very young, having been started only in September 2021, so it has under five years of history.
  • This is a very small issue of Rs 14.01 crore and a small company, with a net worth of Rs 12.92 crore.
  • Agrochemical demand depends on the monsoon and on the farming season. A poor season cuts sales and leaves stock with distributors.
  • Agrochemical makers usually give long credit to distributors, which blocks working capital, and Rs 6.90 crore of the issue goes to working capital.
  • The market is crowded with large national and multinational companies that have stronger brands with farmers.
  • Chemical manufacturing carries pollution and regulatory risk, and product registrations can be withdrawn or restricted.
  • Promoter holding will come down from 92.73% to 64.91% after the issue.
  • This is an SME issue. One lot is 2,000 shares, which is about Rs 1.24 lakh at the upper band of Rs 62, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding the working capital requirements of the Company6.9
Repayment/prepayment, in full or part, of certain loans availed by Company3.5
General Corporate Purposes—

Promoters

  • Rohit Agarwal
  • Sachin Agarwal
  • Deepa Agarwal
Promoter holding92.73%→64.91%before → after the issue · down 27.82 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 5 a share
Registrar
Maashitla Securities Private Limited
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.