Shyam Dhani Industries IPO offers a direct play on India’s branded spices and food products story through a fast-growing, high-ROE FMCG-style business with SME-level risks.
Shyam Dhani Industries IPO – Key Details
- Company: Shyam Dhani Industries Ltd. (Shyam Spices brand)
- Sector: Branded spices and food products (processing, blending, packaging, distribution)
- IPO Type: Main-board SME-style book-built issue (fresh issue)
- IPO Open Date: 22 December 2025
- IPO Close Date: 24 December 2025
- Basis of Allotment: 26 December 2025
- Refunds / Demat Credit: 29 December 2025
- Listing Date: 30 December 2025
- Price Band :- Rs. 65 to Rs 70
- Market Lot: 4,000 shares; minimum retail application = 4,000 shares worth ₹2,80,000
Promoters & Holding:
- Promoters: Ramawtar Agarwal, Mamta Devi Agarwal, Vithal Agarwal
- Promoter Holding: 98.11% pre-issue (1,48,72,000 shares); 2,03,70,000 shares post-issue (stake % to be updated in RHP)
Business & Financial Snapshot
Shyam Dhani Industries is in the business of processing, blending and packaging spices and allied products under the “Shyam” brand, catering to domestic markets via distributors and retail channels.
Financials (₹ in crore):
Shyam Dhani Industries Ltd.'s revenue increased by 16% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2025 and March 31, 2024.
|
Period Ended |
30 Sep 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
88.79 |
82.47 |
52.84 |
27.51 |
|
|
63.83 |
124.75 |
107.64 |
68.10 |
|
|
4.20 |
8.04 |
6.30 |
2.92 |
|
|
8.66 |
14.52 |
10.88 |
5.97 |
|
|
27.81 |
23.61 |
15.56 |
9.26 |
|
|
12.93 |
8.73 |
14.42 |
8.12 |
|
|
48.18 |
47.24 |
24.45 |
12.75 |
|
|
Amount in ₹ Crore |
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Objective of the Issue (₹ crore):
-
New machinery for existing Jaipur plant: ₹0.91
- 200 KW rooftop solar grid PV system: ₹0.66
- Part repayment of cash credit facility: ₹7.00
- Incremental working capital: ₹14.65
- General corporate purposes
IPO Reservation
Shyam Dhani Industries IPO offers total 54,98,000 shares. Out of which 26,04,000 (47.36%) allocated to QIB, 10,44,000 (18.99%) allocated to QIB (Ex- Anchor), 7,86,000 (14.30%) allocated to NII 18,28,000 (33.25%) allocated to RII and 15,60,000 (28.37%) allocated to Anchor investors.
IPO Lot Size
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
Key Strengths
-
Strong revenue growth from ₹68cr FY23 to ₹125cr FY25
- High ROE (~41%) and ROCE (~39%)
- Improving PAT from ₹2.9cr to ₹8cr over three years
- Brand play in everyday consumer staple (spices)
- IPO proceeds targeted at working capital + debt reduction + solar capex
- Promoters retaining majority stake and long sector experience
Key Risks
-
High leverage (debt–equity 2.0) despite proposed repayment
- Thin PAT margins (~6.5%) in highly competitive spice market
- Working-capital heavy (inventory, receivables) model
- SME/main-board hybrid with high minimum ticket (₹2.8 lakh) and potential low liquidity
- Intense competition from large national and regional spice brands
- Geographic and distributor-concentration risk in early stages of scale-up
How To Apply for the IPO ?
-
Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
FAQs – Shyam Dhani Industries IPO
Q1. What are the Shyam Dhani IPO dates and listing schedule?
- Opens on 22 December 2025 and closes on 24 December 2025. Basis of allotment is on 26 December, refunds and Demat credit on 29 December, and listing on 30 December 2025.
Q2. What is the lot size and minimum investment for retail?
- Minimum lot is 4,000 shares, requiring a minimum application amount of ₹2,80,000 for retail investors.
Q3. How is the issue reserved among investor categories?
- Anchor 28.37%, QIB (ex-anchor) 18.99%, NII 14.30%, Retail 33.25% of the net offer.
Q4. How will IPO proceeds be used?
- For purchase of new machinery (₹0.91cr), rooftop solar plant (₹0.66cr), part repayment of cash credit (₹7cr), incremental working capital (₹14.65cr) and general corporate purposes.
Q5. How has Shyam Dhani performed financially?
- Revenue grew from ₹68.10cr in FY23 to ₹124.75cr in FY25, while PAT increased from ₹2.92cr to ₹8.04cr, with ROE at 41.06% and ROCE at 39% in FY25.
Q6. Who are the listed peers mentioned?
- Madhusudan Masala Limited and NHC Foods Limited are listed as peers in the spices/food products segment.
- PAN Card
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