Shyam Dhani Industries Limited IPO
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:
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:
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:
Registrar of Shyam Dhani Industries Limited IPO:
Discussion on Shyam Dhani Industries Limited IPO:
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