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Goyal Salt LTD IPO - Review, Valuation, Date & Todays GMP


Goyal Salt Limited - Complete Overview

Established in 2010, Goyal Salt Limited primarily focuses on refining raw salts extracted from subsoil brine in the state of Rajasthan. These refined salts serve various purposes, including industrial and edible applications.

The company specializes in refining and delivering a range of high-quality products, including triple-refined free-flow iodized salt, industrial salt, double-fortified salt, and triple-refined half-dry salt.

Goyal Salt operates a well-equipped refinery located in Nawa City, situated adjacent to the renowned Sambhar Lake. The facility covers a total land area of 1.45 hectares and is dedicated to the salt refining process, raw salt storage from subsoil brine, and packaging of the refined salts.

Furthermore, the company holds lease rights to harvest raw salt on approximately 18.66 hectares of land, granted by the Government of Rajasthan in the vicinity of Nawa City's salt-producing region.

Goyal Salt primarily sources its raw materials from open market purchases, constituting approximately 75% of its total raw salt requirements. The remaining 23% and 2% are sourced from entities controlled by its promoters and salt land harvesting, respectively.

The company packages its refined salt in half-kilogram and one-kilogram sizes for household consumption, as well as in fifty-kilogram bags and jumbo bags for industrial applications. 

The demand for industrial salt remains high, given its diverse uses in industries such as soap and detergent manufacturing, textiles, dyeing, glass production, polyester, plastics, rubber, leather, and the chemical industry.
In the fiscal year 2022-23, Goyal Salt Limited achieved a revenue of Rs. 6,005.30 lakhs.


What does the company do? 

The core business activity of Goyal Salt Limited revolves around refining raw salts sourced from subsoil brine in the state of Rajasthan, making them suitable for both industrial and edible purposes.



Company Products

Triple-refined iodized free-flow salt, industrial-grade salt, double-fortified salt, and triple-refined semi-dry salt. 


IPO Overview

The Goyal Salt Limited IPO date is slated for September 26, 2023, to September 29, 2023. This SME IPO is anticipated to be listed on the NSE SME on October 10, 2023.

The Goyal Salt Limited IPO price is set between Rs. 36 to Rs. 38 per share, with the company aiming to raise Rs. 18.63 Crores in funds through this upcoming SME IPO.

For comprehensive IPO reviews and to stay updated with the upcoming IPO, please proceed to the Finowings IPO section.


Goyal Salt Limited IPO timetable (Tentative)



IPO Opening Date

26 September 2023

IPO Closing Date

29 September 2023

IPO Allotment Date 

5 October 2023

Refund initiation 

6 October 2023

IPO Listing Date

10 October 2023


Goyal Salt Limited IPO Details 

IPO Opening & Closing Date 

26 September to 29 September 2023

Face value 

Rs.10 per Share

Issue Price

Rs.36 to Rs.38 per Share

Lot Size


Price of 1 lot


Issue Size

4,902,000 Shares (aggregating up to Rs.18.63 Cr)

Offer for sale 


Fresh issue 

4,902,000 Shares (aggregating up to Rs.18.63 Cr)

Listing at


Issue Type 

Book Built Issue IPO


 Bigshare Services Pvt Ltd   


Goyal Salt Limited IPO Lot Details

Minimum Lot Investment (Retail)

1 Lot

Maximum Lot Investment (Retail)

1 Lot

Minimum Lot Investment (HNI)

2 Lot


Goyal Salt Limited IPO Reservation

Institutional Share Portion


Non-institutional Share Portion


Retail Share Portion



Company Financial

Amount in Lakhs


FY 21

FY 22

FY 23

Total Assets




Total Revenue








Net Worth




Reserve & Surplus




Total Borrowings





Revenue of the Company in Last Three Years

(Amount in Lakhs)


FY 23

FY 22

FY 21

Refined Free flow Iodized Salt




Refined Free Flow Industrial Salt




Double Fortified Salt




Refined Half Dry Salt 

















Objective of the Issue

The company intends to use the Net Proceeds from the Fresh Issue for the following purposes:

  • Enhancing quality through capital expenditure.
  • Investing in brand creation and marketing expenses.
  • Meeting the working capital requirements of the company.
  • Covering general corporate expenses.


Promoters and Management of Goyal Salt Limited

Mr. Rajesh Goyal, Mr. Pramesh Goyal, Mr. Lokesh Goyal, Mrs. Radhika Goyal, Mrs. Priyanka Goyal, Mrs. Rekha Goyal, Kunj Bihari Goyal (HUF), Rajesh Goyal (HUF), Parmesh Goyal (HUF), and Lokesh Goyal (HUF) are the promoters of the company.

Pre-issue Promoter Shareholding


Post-issue Promoter Shareholding



Peer Comparison 

Below are the listed peers of the Goyal Salt Limited

Company Name

Total Revenue for financial year 2023 (Rs. in Lakhs) 

EPS  (Rs.)


Goyal Salt Limited




Saboo Sodium Chloro Limited





IPO's Valuations

To evaluate the IPO valuation, we can rely on the information provided by the company in its DRHP. Goyal Salt Limited IPO price is set within the range of Rs. 36 to Rs. 38 per share, and its EPS is Rs. 2.72. At the upper limit of the issue price, the company's P/E ratio stands at approximately 13.97.


Dividend Policy

The Company has not distributed any dividends to its Equity Shareholders in previous years, and any potential future dividend payments will depend on the company's financial performance.


IPO's Strengths 

  • An adept management team and promoters, supported by a skilled workforce.
  • A well-established refining facility and streamlined production process with cost-effective measures.
  • Demonstrated strong and consistent financial performance, securing a prominent position in the market.
  • A dedicated commitment to quality and safety standards.
  • Long-standing and robust relationships with customers and dealers, along with efficient supply chain management.
  • A harmonious relationship between management and labour.


IPO Weaknesses 

  • The salt refining process of the company incurs process losses of 25.86%, 24.30%, and 20.48% for the years ending March 31, 2023, 2022, and 2021, respectively.
  • The company derives a significant portion of its revenue, 68.47%, 60.35%, and 50.84%, from its top 10 customers for the fiscal years ending March 31, 2023, 2022, and 2021.
  • The company faces challenges related to insufficient water availability at its refining unit.
  • The Restated Financial Statements have been provided by Chartered Accountants who have undergone peer review but are not the Statutory Auditors of the Company.
  • The company is involved in pending litigations, including actions against certain Directors.
  • The company has received orders from the Madhya Pradesh State Civil Supply Corporation to supply refined iodized salt under the PDS. Failure to meet these requirements could negatively impact the company's reputation and result in penalties.
  • The company is subject to rigorous quality requirements, frequent inspections, and audits, with product sales contingent on maintaining quality control and standards.
  • Negative cash flow is observed from operating, investing, and financing activities.
  • Non-compliance with safety, health, environmental laws, and other regulations may have adverse effects on the business.
  • Intense competition is faced by the company from numerous larger players in the market.
  • The company relies significantly on three primary products, which contribute substantially to its sales.
  • The company is obligated to maintain various licenses, approvals, registrations, consents, and permits as part of its regular business operations.




The Latest GMP of Goyal Salt SME IPO is Rs. 18.



Goyal Salt Limited holds a prominent market position and boasts a robust customer base. The company achieved a favourable profit in FY 2023. Nevertheless, it operates within an intensely competitive and fragmented industry. Experienced investors can invest in this issue after thoroughly assessing all aspects of this offering.


Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.


To Read the Prospectus of the Company Click Here to Download the DRHP.




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Frequently Asked Questions


Goyal Salt Limited is a salt refining company that refines raw salts sourced from subsoil brine in the state of Rajasthan. The company's refined salts are used for both industrial and edible purposes.


The Goyal Salt Limited IPO is scheduled from September 26 to September 29, 2023.


The Goyal Salt Limited IPO price band is set between Rs. 36 to Rs. 38 per share.


The strengths of the Goyal Salt Limited IPO include:

  • The company has a strong track record of financial performance, with revenue and profit after tax increasing consistently over the past three years.
  • The company has a well-equipped refinery and a lease to harvest raw salt on a significant land area.
  • The demand for industrial salt is high and is expected to remain strong in the future.

Whether or not the Goyal Salt Limited IPO is a good investment depends on a variety of factors, such as your investment goals, risk tolerance, and time horizon. It is important to do your own research and consult with a financial advisor before making any investment decisions.

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