Shyam Dhani Industries Limited IPO

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Shyam Dhani Industries is a Jaipur-based spices manufacturing and processing company operating under the brand “SHYAM”. The company is engaged in the manufacturing, processing, trading, and distribution of spices, grocery products, herbs, and seasonings, catering to both domestic and international markets through a multi-channel sales model. The company Manufactures and processes 164 varieties of spices. With a strong focus on strong distributor network with pan-India reach, the company has established a diversified presence across both B2B and D2C channels.

Product Portfolio

The company offers a wide range of products, including:

i) Ground Spices: Chilli powder, turmeric powder, coriander powder
ii) Blended Spices: Garam masala, sambar masala, pav bhaji masala, chole masala
iii) Whole Spices: Cumin seeds, cloves, black pepper
iv) Grocery Products: Black salt, rock salt, rice, poha, kasuri methi, sabudana
v) Herbs & Seasonings: Oregano, peri peri, chilli flakes, mixed herbs, onion flakes

Products are available in retail packs (5 gm onwards) as well as bulk packs (up to 25 kg) for institutional buyers.

Sales Channels & Distribution Network

Business-to-Business (B2B):

i) General Trade through ~389 distributors across India
ii) Modern Trade partnerships with D-Mart, Reliance Retail, Metro Cash & Carry and Dealshare
iii) Quick Commerce platforms like Blinkit, Zepto, Swiggy Instamart, Flipkart Minutes
iv) Private labelling for brands and institutions
v) HoReCa (Hotels, Restaurants, Catering)
vi) Export markets including UAE, Saudi Arabia, Oman, Nepal, Mongolia

Direct-to-Consumer (D2C): Own website enabling direct sales and higher margins

Competitive Strengths

i) Integrated manufacturing with cost efficiencies
ii) Wide and diversified product portfolio
iii) Strong distributor, retailer, and customer relationships
iv) Scalable multi-channel distribution model
v) Consistent revenue and profitability growth

Objects of the Shyam Dhani Industries Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Working capital requirements (₹13.26 cr) 2. Repayment/Pre-Payment of certain outstanding borrowings (₹10 cr) 3. Brand Creation and Marketing Expenses (₹6.36 cr) 4. Capital Expenditure towards the purchase of new additional machineries at the existing mfg. unit (₹1.63 cr) 5. Purchase and installation of Solar Rooftop Plant at the existing mfg. unit (₹0.65 cr) 6. General Corporate Purposes

Shyam Dhani Industries Limited IPO Details:

Open Date: Dec 22 2025
Close Date: Dec 24 2025
Total Shares: 54,98,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 38.49 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 65-70 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 30 2025

Promoters And Management:

1. Ramawtar Agarwal is the Promoter, Chairman and Managing Director of the Company. He holds a Bachelor of Commerce degree and a PhD in Food Industry from Maryland State University, USA. With over 30 years of experience in the spices industry, he has been associated with the Company since incorporation and oversees overall strategy, financial performance, and quality enhancement initiatives. 2. Mamta Devi Agarwal is the Promoter and Whole-Time Director of the Company. She has over 17 years of experience in the spices industry and has been associated with the Company since inception. She oversees production operations, quality control of blended spices, and contributes to product development and brand building. 3. Vithal Agarwal is the Promoter and Whole-Time Director of the Company. He has over 7 years of experience in the spices industry and has been associated with the Company since December 2017. He is responsible for business planning, client relationship management, team leadership, and marketing initiatives.

Financials of Shyam Dhani Industries Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 64 125 108 68
EBITDA (Cr) 8.6 15 11 6
EBITDA Margins 14% 12% 10% 9%
PAT (Cr) 4.2 8.04 6.3 2.9
PAT Margins 6.6% 6.5% 5.8% 4.30%
ROCE 20% 39% 46% 40%
D/E Ratio 1.73 2 1.5 1.4
OPerating Cash Flow 1.53 -6.16 -5.4 3

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Shyam Dhani Industries Limited 125 12% 6.5% 39% 2 143 17.7
Madhusudan Masala Limited 231 10% 6.49% - 0.7 184 13.2
NHC Foods Ltd 341 4% 2.05% 16.90% 0.55 56.3 9.38
Note : Forward P/E 16.9 is According to FY26 PAT

Lead Manager of Shyam Dhani Industries Limited IPO:

  1. Holani Consultants Private Limited

Registrar of Shyam Dhani Industries Limited IPO:

  1. Bigshare Services Private Limited

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