Shanti Inorganics SME IPO
Shanti Inorganics IPO — date, price band, GMP & allotment 2026
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.
Stock price
Shanti Inorganics is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 September.
- Open 31 Aug 2026
- Close 02 Sep 2026
- Allotment 03 Sep 2026
- Refund/credit 04 Sep 2026
- Listing 07 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 31 Aug to 2 Sep, 2026 |
|---|---|
| Price Band | ₹79 – ₹83 |
| Face Value | ₹10 |
| Lot Size | 1600 Shares |
| Issue Size | ₹47.24 Cr |
| Sale Type | Fresh capital only |
| Listing On | NSE SME |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 2,65,600 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1600 shares at the ₹83 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 3,200 | ₹2,65,600 |
| Retail (max) | 2 | 3,200 | ₹2,65,600 |
| HNI (min) | 3 | 4,800 | ₹3,98,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit 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.
- 02EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.
- 03Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.
- 04Its 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.
- 05It runs two manufacturing units, so production is not dependent on a single plant.
- 06The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.
- 07The 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.
- 08The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.
Risks · 9
- 01The 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.
- 02The 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.
- 03Borrowing 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.
- 04Sales 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.
- 05These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.
- 06Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.
- 07Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.
- 08The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- 09This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Shanti Inorganics offer document.
| 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 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Shanti Inorganics RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Shanti Inorganics IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹8.70 |
| P/E Ratio (x) | 9.54 |
| Market Cap at Offer Price (₹ Cr) | ₹78.80 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹83 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹43.00 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Vivro Financial Services Private Limited
1 issue handled1 of their issues has listed so far, and 0 opened above the issue price (average -0.1%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Shanti Inorganics?
The current Grey Market Premium is ₹54, or 65.06% over the issue price.
What is the Shanti Inorganics IPO price band?
₹79 to ₹83, on a face value of ₹10.
When is the allotment?
The basis of allotment is 3 September 2026, with listing on 7 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
