In recent months, India’s IPO market has continued to see healthy participation, particularly from manufacturing and engineering focused companies catering to automation, infrastructure, and industrial segments. With the government’s emphasis on domestic manufacturing and capital expenditure driven growth, precision engineering businesses are gaining investor attention.
Against this backdrop, Shayona Engineering Ltd. is set to open its IPO on January 22, 2026. Below is a detailed overview of the company, its IPO details, financial performance, peer comparison, and industry outlook.
About Shayona Engineering Ltd.
Incorporated in 2017, Shayona Engineering Limited is engaged in the business of precision castings, machining, dies and moulds, industrial automation, heavy fabrication, forging, reverse engineering, and turnkey project machinery.
The company offers customised engineering solutions for precision castings in special grades, with component weights ranging from a few grams to as high as 3 metric tons in a single piece. Shayona Engineering delivers end to end solutions under one roof, covering design, manufacturing, machining, assembly, and after sales support.
The company operates from three manufacturing locations in Vadodara, Gujarat, equipped with advanced technology driven machinery to ensure precision, scalability, and timely execution.
Key Products and Solutions
• Tubular conveying systems
• Die head trolleys and mixing machines
• CNC and VMC machined components
• Heavy metal fabrication solutions
• Process automation equipment
Shayona Engineering Ltd. IPO Details
Shayona Engineering Ltd. plans to raise ₹14.86 crore through a fresh issue of equity shares. The net proceeds from the IPO will be utilised towards purchasing plant and machinery, repayment of secured loans, funding working capital requirements, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | January 22, 2026 |
| IPO Close Date | January 27, 2026 |
| Allotment Date | January 28, 2026 |
| Initiation of Refunds | January 29, 2026 |
| Credit of Shares to Demat | January 29, 2026 |
| Listing Date | January 30, 2026 |
| Cut off time for UPI mandate | 5 PM on January 27, 2026 |
Key IPO Details
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹140 to ₹144 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 10,32,000 shares aggregating to ₹14.86 Cr |
| Fresh Issue | 10,32,000 shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre Issue | 28,60,268 shares |
| Shareholding Post Issue | 38,92,268 shares |
Lot Size of Shayona Engineering Ltd. IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,88,000 |
| Retail (Max) | 2 | 2,000 | ₹2,88,000 |
| S HNI (Min) | 3 | 3,000 | ₹4,32,000 |
| S HNI (Max) | 6 | 6,000 | ₹8,64,000 |
| B HNI (Min) | 7 | 7,000 | ₹10,08,000 |
Shayona Engineering Ltd. Financials
The Shayona Engineering IPO is valued at a pre issue market capitalisation of ₹56.05 crore. As of November 30, 2025, the company reported stable profitability with healthy operating margins, supported by integrated manufacturing capabilities.
Key Company Financials
| Period Ended | 30 Nov 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr) | 41.12 | 29.60 | 12.58 | 7.27 |
| Total Income (₹ Cr) | 19.15 | 23.18 | 15.28 | 12.63 |
| Profit After Tax (₹ Cr) | 2.45 | 2.42 | 1.71 | 0.61 |
| EBITDA (₹ Cr) | 4.08 | 5.00 | 3.00 | 1.15 |
| Net Worth (₹ Cr) | 12.36 | 9.91 | 3.99 | 2.01 |
| Total Borrowing (₹ Cr) | 22.61 | 13.92 | 5.42 | 3.45 |
Shayona Engineering Ltd. IPO: Peer Comparison
Shayona Engineering Ltd. operates in the precision engineering and customised manufacturing segment, which includes castings, machining, automation equipment, and heavy fabrication. While many comparable players operate in the unlisted SME space, a comparison with industry benchmarks helps investors evaluate the company’s relative positioning.
Peer Comparison Table
| Parameters | Shayona Engineering Ltd. | Industry Benchmark (SME Engineering) |
|---|---|---|
| Business Focus | Precision castings, automation, fabrication | Precision engineering and fabrication |
| Revenue Scale | Moderate SME scale | Small to mid sized |
| EBITDA Margin | Above 21 percent | Mid teens to low twenties |
| RoNW | 22.01 percent | Mid teens |
| Debt Equity Ratio | 1.83 | Moderate leverage |
| Order Type | Customised and turnkey | Mix of standard and customised |
This comparison highlights Shayona Engineering’s focus on higher margin customised engineering solutions, though investors should also factor in leverage levels and project execution risks typical of SME engineering businesses.
Competitive Strengths
• Proven track record in executing customised and large scale engineering projects
• Integrated manufacturing and machining capabilities under one roof
• Advanced technology investments supporting precision and automation
• State of the art manufacturing facilities located in an industrial hub
• Future ready automation solutions catering to evolving industrial demand
Shayona Engineering Ltd.: Industry Outlook
• Rising demand for precision engineering and automation driven manufacturing solutions
• Increased adoption of industrial automation to improve productivity and efficiency
• Government push towards domestic manufacturing supporting engineering companies
• Growing requirement for customised fabrication and turnkey machinery across industries
Conclusion
Shayona Engineering Ltd. presents a niche investment opportunity within the precision engineering and automation segment. The company’s integrated capabilities, consistent financial performance, and focus on customised solutions position it well for industrial demand growth. However, investors should carefully consider risks related to leverage, competitive pricing, and cyclical industrial demand before investing.
