India’s packaged foods and branded FMCG space have been witnessing steady growth as consumers increasingly shift from loose, unbranded products to trusted, packaged brands. Rising urbanisation, higher awareness about quality and hygiene, and the rapid expansion of modern trade and quick commerce platforms have all supported this trend in recent years.
Against this backdrop, Shyam Dhani Industries Limited is coming out with its IPO on December 22, 2025. Here is a detailed look at Shyam Dhani Industries, its IPO structure, and key financial information.
About Shyam Dhani Industries Ltd.
Incorporated in 1995, Shyam Dhani Industries Limited is an ISO certified company engaged in the manufacturing, exporting, wholesaling, and supplying of:
- Premium spices
- Spice powders
- Whole spices
The company also trades and distributes various grocery products, such as:
- Black salt and rock salt
- Rice and poha
- Kasuri methi
- Herbs and seasonings like oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder
Shyam Dhani processes 163 varieties of spices, including ground, blended, and whole spices, under its flagship brand “SHYAM”.
Its manufacturing unit is located in Jaipur, Rajasthan.
The company sells products through:
- General Trade – wholesalers and distributors
- Modern Trade – supermarkets and large retail chains
- Quick Commerce platforms – app-based delivery channels
In addition, it is also present in:
- Private labelling
- HoReCa (Hotel, Restaurant, Catering) sales
- Export markets
As of 30 November 2025, the company had 394 employees across functions such as Accounts and Finance, Compliance, Maintenance, Marketing and Logistics, Production and Operations, Quality, Top Management, and permanent labour.
Competitive strengths include:
- Focus on high-quality, natural spices with ethical and sustainable sourcing
- Experienced promoters and management team supported by a qualified workforce
- Established manufacturing facility and integrated production with cost efficiencies
- Diversified product portfolio in spices and grocery
- Strong and consistent financial performance
Shyam Dhani Industries IPO Details
Shyam Dhani Industries IPO is a book-built issue of ₹38.49 crore, comprising a fresh issue of 54,98,000 equity shares. There is no offer for sale component.
The IPO opens for subscription on 22 December 2025 and closes on 24 December 2025. The shares will be listed on NSE SME, with a tentative listing date of 30 December 2025.
The price band is fixed at ₹65 to ₹70 per share. The lot size is 2,000 shares.
The minimum investment for a retail investor, based on the upper price band of ₹70, is ₹2,80,000 for 4,000 shares.
Key intermediaries:
- Book Running Lead Manager: Holani Consultants Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Holani Consultants Pvt. Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Mon, Dec 22, 2025 |
| IPO Close Date | Wed, Dec 24, 2025 |
| Tentative Allotment Date | Fri, Dec 26, 2025 |
| Initiation of Refunds | Mon, Dec 29, 2025 |
| Credit of Shares to Demat | Mon, Dec 29, 2025 |
| Tentative Listing Date | Tue, Dec 30, 2025 |
| Cut off time for UPI mandate confirmation | 5 PM on Wed, Dec 24, 2025 |
Key IPO Details
| IPO Date | Mon, Dec 22, 2025 to Wed, Dec 24, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹65 to ₹70 |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 54,98,000 shares (aggregating up to ₹38.49 Cr) |
| Reserved for Market Maker | 2,80,000 shares (aggregating up to ₹1.96 Cr)Holani Consultants Pvt.Ltd. |
| Net Offered to Public | 52,18,000 shares (aggregating up to ₹36.53 Cr) |
| Share Holding Pre-Issue | 1,51,58,000 shares |
| Shareholding Post Issue | 2,06,56,000 shares |
Shyam Dhani Industries IPO Reservation
Shyam Dhani Industries IPO offers a total of 54,98,000 shares, with the following allocation:
| Investor Category | Shares Offered |
| Market Maker | 2,80,000 (5.09%) |
| QIB | 26,04,000 (47.36%) |
| NII (HNI) | 7,86,000 (14.30%) |
| Retail (RII) | 18,28,000 (33.25%) |
| Total | 54,98,000 (100.00%) |
Shyam Dhani Industries IPO Lot Size
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
| Application Category | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,80,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (Min) | 3 | 6,000 | ₹4,20,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (Min) | 8 | 16,000 | ₹11,20,000 |
Shyam Dhani Industries Financials
Shyam Dhani Industries has reported steady growth in revenue and profitability. The company’s revenue increased by 16%, and profit after tax (PAT) grew by 28% between FY24 and FY25.
Key Financials (₹ in crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 88.79 | 82.47 | 52.84 | 27.51 |
| Total Income | 63.83 | 124.75 | 107.64 | 68.10 |
| Profit After Tax | 4.20 | 8.04 | 6.30 | 2.92 |
| EBITDA | 8.66 | 14.52 | 10.88 | 5.97 |
| Net Worth | 27.81 | 23.61 | 15.56 | 9.26 |
| Reserves and Surplus | 12.93 | 8.73 | 14.42 | 8.12 |
| Total Borrowing | 48.18 | 47.24 | 24.45 | 12.75 |
Key Performance Indicators (as of 31 March 2025)
| KPI | Value |
| ROE | 41.06% |
| ROCE | 39.00% |
| Debt to Equity | 2.00 |
| RoNW | 34.07% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.65% |
| Price to Book Value | 4.41 |
| Market Cap (Pre-IPO) | ₹144.59 Cr |
Pre and Post IPO metrics:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.31 | 4.07 |
| P E (x) | 13.19 | 17.21 |
| Promoter Holding | 98.11% | – |
Promoters:
- Mr. Ramawtar Agarwal
- Mrs. Mamta Devi Agarwal
- Mr. Vithal Agarwal
Objects of the Issue
The company proposes to utilise the Net Proceeds from the IPO towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (in Millions) |
| 1 | Purchase of machinery for installation at the existing manufacturing unit at Khasra No. 06/1067, Manpura Road, Jatawali, near Delhi bypass, Tehsil Chomu, Jaipur, Rajasthan | 9.13 |
| 2 | Purchase of a 200 KW solar rooftop grid-connected PV system | 6.60 |
| 3 | Part repayment of the existing Cash Credit facility availed from scheduled commercial banks. | 70.00 |
| 4 | Funding incremental working capital requirements | 146.50 |
| 5 | General corporate purposes | Balance amount |
Shyam Dhani Industries IPO: Peer Comparison
Shyam Dhani Industries IPO can be compared with listed FMCG and spice-focused companies such as Everest Food Products Ltd, Aachi Masala and Foods Ltd, Madhusudan Masala Ltd, NHC Foods Ltd and MDH Ltd. Reviewing these peers helps investors gauge Shyam Dhani Industries’ positioning within the organised spices and packaged foods segment and assess relative strengths in branding, margins, and distribution reach.
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Conclusion
Shyam Dhani Industries Ltd. brings to the market a growing spices and grocery products business with an established brand, integrated manufacturing, and multi-channel distribution across general trade, modern trade, quick commerce, private labelling, HoReCa, and exports. The company has shown consistent growth in revenue and profits, along with healthy return ratios, although leverage remains on the higher side.
Investors considering the Shyam Dhani Industries IPO should weigh its strong brand presence, diversified product portfolio, and financial performance against sector competition, raw material price volatility, and the risks associated with a relatively smaller SME listing.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
