Shanti InorganicsIPO Review — Financials, Valuation & Peers
A data-only look at the Shanti Inorganics IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 45.06 | 5.12 | 8.72 | 17.6 | 52.69 | 24.34 | — |
| FY 2025 | 58.46 | 7.99 | 12.06 | 25.6 | 66.04 | 25.38 | — |
| FY 2026 | 72.93 | 10.22 | 15.4 | 48.24 | 97.04 | — | — |
| May 2026 (interim) | 16.1 | 2.5 | 4.02 | 50.74 | 110.73 | — | 8.84 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 9.39x
- P/E (post-issue)
- 9.54x
- RoNW
- 5.05%
- RoE
- 5.05%
- RoCE
- 4.45%
- Debt / Equity
- 0.69
- EPS (pre-issue)
- ₹8.84
- EPS (post-issue)
- ₹8.7
- EBITDA Margin
- 25.16%
- PAT Margin
- 15.53%
- P/BV
- 1.89x
- NAV / share
- ₹43.91
- Market Cap
- ₹143.15 Cr
As of 31 May 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>
- Holding (pre-issue)
- 83.65%
- Holding (post-issue)
- 56.05%
- Dilution
- 27.6%
Analysis in brief
Anchor book
5 anchor investors participated in the Shanti Inorganics IPO ahead of the public offer, together allocated ₹13.45 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to INDIA MAX INVESTMENT FUND LTD. (₹5.01 crore), TATTVAM AIF TRUST-Aanjay Ageless AIF Fund (₹4 crore) and FINWAVE GLOBAL OPPORTUNITIES FUND (₹2.42 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 3 Oct 2026, with the remainder locked until 2 Dec 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Shanti Inorganics operates at an EBITDA margin of 25.16% and a net (PAT) margin of 15.53% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 4.45% and a return on equity (RoE) of 5.05%. At the upper band, the post-issue market capitalisation works out to about ₹143.15 crore. These are offer-document figures for the latest reported period (as of 31 May 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward 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 (₹42.5 crore), alongside issue expenses (₹4.74 crore).
Financials
In FY2026, Shanti Inorganics reported revenue of ₹16.1 crore and a net profit of ₹2.5 crore. Revenue declined from ₹45.06 crore in FY2024 to ₹16.1 crore in FY2026 (-64.0%). Net worth stood at ₹50.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 9.54× post-issue earnings and 1.89× book value, against a return on net worth of 5.05% and a debt-to-equity ratio of 0.69. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>. Promoter holding stands at 83.65% before the issue and comes down to 56.05% after listing.
Frequently asked questions
- What is the reservation split in the Shanti Inorganics IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 20.01% (plus 29.95% anchor), non-institutional investors 15%.
- Who are the promoters of Shanti Inorganics and what is their holding?
- The promoters are <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>. Promoter holding is 83.65% before the issue and 56.05% after listing.
- What is the P/E ratio of the Shanti Inorganics IPO?
- At the upper price band, the Shanti Inorganics IPO is valued at 9.39× pre-issue earnings and 9.54× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shanti Inorganics IPO?
- The net proceeds go primarily toward 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, among 2 disclosed objects.