Shelter Pharma Limited IPO

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1. Nature of Business:

a) Manufacturer of herbal products.

b) Has presence in both Human Pharma and Veterinary sectors.

2. History & Growth:

a) Started decades ago with a few products.

b) Expanded product range through in-house R & D and knowledge of Ayurveda.

c) Good market presence and acceptance in the state of Gujarat.

3. Product Portfolio:

a) Non-critical segment presence in both Human and Veterinary Pharma.

b) Offers both Over-The-Counter (OTC) and Ethical pharma products in both sectors.

c) Respected track record for product efficacy.

d) Products are competitively priced for Shelter’s target market.

4. Company’s Background:

a) Originally named Shelter Pharmacy.

b) Became Shelter Pharma Limited on 12th October 2007 under The Companies Act, 1956.

c) Promoted by Mr. Mustaqim Nisarahmed Sabugar and Mr. Shakil Nisarahmed Sabugar.

d) Transitioned from a local presence in Himmatnagar to a wider presence in Gujarat. Underwent restructuring: redefined organizational structure, product portfolio, distribution, pricing, packaging, and processes.

e) Invested in infrastructure and increased manufacturing capacity in Himmatnagar.

5. Raw Material Sourcing:

a) Sources raw materials, specifically herbs and plants, from nearby villages.

b) Direct relationships with farmers ensuring a consistent supply.

6. Market Focus:

a) Targets the rural and semi-urban markets.

b) Aims to provide high-quality, price-competitive remedies to villages.

7. Future Plans & Strategy:

a) Building management bandwidth by inducting senior professionals.

b) Strengthening its R&D systems for future domestic and international growth.

c) Has seen steady and positive growth.

d) Aggressive future growth plans: geographical expansion, hiring quality manpower, and impactful marketing campaigns.

e) Seeks active support from associates to bolster company efforts.

Objects of the Shelter Pharma Limited IPO:

The company intends to utilize the net fresh issue proceeds for the following objects: a) Working capital requirements and b) General corporate purposes.

Shelter Pharma Limited IPO Details:

Open Date: Aug 10 2023
Close Date: Aug 14 2023
Total Shares: 3,816,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 16.03 Cr.
Lot Size: 3000 Shares
Issue Price: ₹ 42 Per Equity Share
Listing At: BSE SME
Listing Date: Aug 23 2023

Financials of Shelter Pharma Limited IPO:

Pariculares ( In Lakhs )




Revenue from Operations 2,248 3,006 3,615
Other Income 0.52 0.29 0.24
Total Revenue 2,249 3,006 3,616
Cost of Materials Consumed 2,111 2,685 2,642
Change in Inventories 3 -100 -6
Employee Benefits Expense 48 48 55
Other Expenses 99 105 111
EBITDA -12 268 813
Depreciation & Amortisation 12 17 16
Finance Cost 0 0.72 1.39
EBIT -24 251 797
OPM (%) -0.54% 8.92% 22.48%
PBT -24 251 788
Tax 0.14 67 210
PAT -24 184 578
NPM (%) -1.06% 6.11% 16.00%
No.of Shares 115.59 115.59 115.59
EPS -0.21 1.58 5

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Shelter Pharma Limited 36 6 5.00 8.4 42 49
Dabur India Limited 11,530 1,701 9.64 58.1 562 99,642
Emami Limited 3,406 627 14.50 31.2 492 21,606
* All the data as per FY23.

Lead Manager of Shelter Pharma Limited IPO:

  1. Gretex Corporate Services Private Limited

Registrar of Shelter Pharma Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Shelter Pharma Limited Shelter Nagar, Near S. T. Bus Stand, Himmatnagar -383001 Phone: 02772296038 Email: Website:

Discussion on Shelter Pharma Limited IPO:

1 Comment

    Avoid. Nothing much in the company in terms of Growth and Margins…..Fy22 and Fy23 financials looks managed before IPO.

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