Shanti Inorganics SME IPO Details
SME
Upcoming
Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals such as sodium meta bisulphite, sodium sulphite powder and ammonium bisulphite. These are used as preservatives, reducing agents and oxygen scavengers across oil drilling, pharmaceuticals, food and beverages, paper and water treatment, made at two units near Ahmedabad.
Open
31 Aug
2026
Close
02 Sep
2026
Allotment
03 Sep
2026
Listing
07 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 0
(--)
IPO Subscription Subscription
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IPO Summary
IPO Dates
31 Aug to 2 Sep, 2026
Price Band
₹79 to ₹83
Face Value
₹10
Lot Size
1600 Shares
Issue Size
₹41.5 Cr
Sale Type
Fresh capital only
Listing On
NSE SME
Min Investment
₹ 2,65,600
What is the Shanti Inorganics IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 31 Aug, 2026 Mon | Monday |
| IPO Close Date | 02 Sep, 2026 Wed | Wednesday |
| Basis of Allotment | 03 Sep, 2026 Thu | Thursday |
| Refunds Initiated | 04 Sep, 2026 Fri | Friday |
| Credit to Demat | 04 Sep, 2026 Fri | Friday |
| Listing Date | 07 Sep, 2026 Mon | Monday |
What is the Shanti Inorganics IPO Lot Size?
Bidding in multiples of 1600 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3200 | ₹2,65,600 |
| Retail (Max) | 2 | 3200 | ₹2,65,600 |
| HNI (Min) | 3 | 4800 | ₹3,98,400 |
About Shanti Inorganics
Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals. Its products are sodium meta bisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite in powder and solution form.
These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.
These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat; | ₹43.00 Cr. |
| General Corporate Purposes |
Issue Object
Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat;
Estimate Amount
₹43.00 Cr.
Issue Object
General Corporate Purposes
Estimate Amount
Strengths & Risks
Strengths
- ✓ Profit has grown every year, from Rs 4.60 crore in FY2023 to Rs 5.12 crore in FY2024 and Rs 8.26 crore in FY2025.
- ✓ EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.
- ✓ Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.
- ✓ Its chemicals go into many different industries, including oil drilling, pharmaceuticals, food and beverages, paper and water treatment, so demand is not tied to one sector.
- ✓ It runs two manufacturing units, so production is not dependent on a single plant.
- ✓ The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.
- ✓ The whole issue is fresh capital, and the money is going into a new manufacturing facility at Bavla for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite.
- ✓ The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.
Risks
- ⚠ The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.
- ⚠ The stated object of the issue is Rs 43.00 crore for the new Bavla facility, which is more than the total issue size of Rs 41.5 crore. This does not add up and needs to be checked in the RHP.
- ⚠ Borrowing is high against own funds. Total borrowing was Rs 25.38 crore as on 31 March 2025 against a net worth of Rs 25.86 crore, and it had jumped from Rs 5.63 crore in FY2023.
- ⚠ Sales are not growing steadily. Total income actually fell from Rs 46.50 crore in FY2023 to Rs 45.06 crore in FY2024 before recovering to Rs 58.46 crore in FY2025.
- ⚠ These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.
- ⚠ Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.
- ⚠ Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.
- ⚠ The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- ⚠ This is an SME issue. One lot is 1,600 shares, which is about Rs 1.33 lakh at the upper band of Rs 83, and SME shares usually trade in low volume after listing.
Company Financials
The Shanti Inorganics company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 66.04 | 52.69 | 27.57 |
| Total Income | 58.46 | 45.06 | 46.50 |
| Profit After Tax | 8.26 | 5.12 | 4.60 |
| EBITDA | 12.11 | 8.73 | 6.97 |
| NET Worth | 25.86 | 17.60 | 12.49 |
| Reserves and Surplus | 25.23 | 16.97 | 11.85 |
| Total Borrowing | 25.38 | 24.34 | 5.63 |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
Promoters and Shareholding Details
Manojkumar Jayantilal Patel and Avnish Manojkumar Patel
Promoter holding details will be updated as soon as they are officially announced.
Frequently Asked Questions
What is the GMP of Shanti Inorganics?
The current Grey Market Premium (GMP) of Shanti Inorganics is ₹ 0.
What is the Shanti Inorganics IPO Price Band?
The price band for Shanti Inorganics IPO is ₹79 to ₹83.
When is the Shanti Inorganics IPO Allotment?
The allotment date for Shanti Inorganics IPO is September 3, 2026.
How to check Shanti Inorganics IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (KFin Technologies Limited).
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