Shyam Dhani Industries IPO: GMP, Price, Analysis, And Details

Shyam Dhani Industries IPO- Company Analysis

Shyam Dhani Industries IPO under the SME IPO category is a bookbuild issue of Rs. 38.49 Cr by Shyam Dhani Industries Limited which is a manufacturer, exporter, distributor and supplier of premium spices, spice powder, whole spices and other products with ISO certification.

In addition to a range of herbs and spices as Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes and Tomato Powder, they also trade and distribute grocery products like Black Salt, Rock Salt, Rice, Poha and Kasuri Methi.

Under the "SHYAM" trademark, the company processes 163 different types of spices, including Ground, Blend, and Whole Spices. Black salt, rock salt, rice, poha, kasuri methi, and a variety of herbs and seasonings, such as oregano, peri peri, chilli flakes, mixed herbs, onion flakes and tomato powder are all traded and distributed by the company.

Shyam Dhani Industries IPO Details

The Shyam Dhani Industries IPO date of opening is 22 Dec 2025, its initial public offering will end on 24 Dec, IPO allotment on Dec 26 and refund initiation on Dec 29, 2025.

The Rs. 38.49 crore new SME IPO comprises a wholly fresh issue of 0.55 crore shares.

The Shyam Dhani Industries IPO listing date (expected) might be on Tuesday, Dec 30, 2025, and listing at the NSE and SME. 

The Shyam Dhani Industries IPO price band is Rs. 65 to Rs. 70.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Dec 22, 2025
IPO Closing Date	Dec 24, 2025
IPO Allotment Date	Dec 26, 2025
Refund Initiation	Dec 29, 2025
IPO Listing Date	Dec 30, 2025

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	82.47	52.84	27.51
Total Income	124.75	107.64	68.10
PAT	8.04	6.30	2.92
EBITDA	14.52	10.88	5.97
Net Worth	23.61	15.56	9.26
Reserves & Surplus	8.73	14.42	8.12
Total Borrowing	47.24	24.45	12.75

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	-616.11	-540.45	300.50
Net Cash Flow Investing Activities	-1,380.58	-439.67	-251.72
Net Cash Flow Financing Activities	2,009.75	994.77	-61.53

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Purchase of machinery for installation at the existing manufacturing unit located at Jaipur, Rajasthan. ~ Rs. 9.13 Cr.

• Purchase of 200 KW Solar Rooftop Grid-connected PV System. ~ Rs. 6.6 Cr.

• Part Repayment of the existing Cash Credit Facility availed by the company from scheduled commercial banks. ~ Rs. 70 Cr.

• Funding the incremental working capital requirements of the company. ~ Rs. 146.5 Cr.

• General Corporate Purposes.
  
  

Listed Peers of Shyam Dhani Industries Ltd.

Name of the Company	Face Value (Rs.)	EPS (Rs.)	P/E Ratio (x)
Madhusudan Masala Ltd	10	8.49	13.56
NHC Foods Ltd	1	0.31	3.06

 

Valuation

KPI	Value
ROE	41.06%
ROCE	39%
Debt / Equity	2
RoNW	34.07%
PAT Margin	6.45%
EBITDA Margin	11.65%

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 5.41 from the last year, the resulting P/E ratio is 12.93x.

Explore the Luxury Time IPO.

IPO's Strengths

• Supplying premium natural spices while encouraging ethical, sustainable manufacturing and sourcing.

• Competent staff with a seasoned management team and promotions.

• Built a manufacturing plant and combined cost-effective production.

• A varied range of products.

• Solid and reliable financial results.

IPO’s Weaknesses 

• Encounter a shortage of raw materials due to the seasonality of its purchases.

• The sale of ground spices accounts for a sizable amount of its income if it is unable to maintain a constant level of product quality, this could have a negative effect on the company’s earnings.

• Over the previous three years, the company's operating, investing and financing operations have resulted in negative cash flow.
  
  

Shyam Dhani Industries IPO GMP (Grey Market Premium)

Shyam Dhani Industries IPO GMP today is Rs. 68 as of 3 Jan 2026 while writing this information. With a price band set at Rs. 70, this suggests that the estimated listing price of the IPO could be around Rs. 97, indicating a gain/loss of 38.57% per Share.

Shyam Dhani Industries IPO Summary

IPO Opening & Closing Date	22 Dec, 2025 to 24 Dec, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 65 to Rs. 70 per Share.
Lot Size	2000 Shares
Issue Size	54,98,000 Shares (Rs. 38.49 Cr)
Offer for Sale	-
Fresh Issue	54,98,000 Shares (Rs. 38.49 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Bigshare Services Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (4000 Shares) for Rs. 2,80,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (6000 Shares) for Rs. 4,20,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Shyam Dhani Industries IPO Allotment Status

To check the Shyam Dhani Industries IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - "‹BSE IPO allotment status

Promoters And Management of Shyam Dhani Industries Ltd.

• Mr. Ramawtar Agarwal

• Mrs. Mamta Devi Agarwal

• Mr. Vithal Agarwal.

 

Pre-Issue Promoter Shareholding	98.11%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Holani Consultants Pvt. Ltd.   
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

 Conclusion

With robust revenue growth and solid return ratios including ROE and ROCE, the Shyam Dhani Industries IPO provides exposure to India's expanding branded spices and food items market. With development ambitions in manufacturing capacity, solar energy and working capital, the IPO pricing seems fair when compared to listed peers. However, before making an investment, investors should carefully evaluate high debt levels, negative cash flows and the seasonality of raw materials.

 

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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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.