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 2023 | 46.5 | 4.6 | 6.97 | 12.49 | 27.57 | 5.63 | — |
| FY 2024 | 45.06 | 5.12 | 8.73 | 17.6 | 52.69 | 24.34 | — |
| FY 2025 | 58.46 | 8.26 | 12.11 | 25.86 | 66.04 | 25.38 | 7.15 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.61x
- P/E (post-issue)
- 16.63x
- RoNW
- 38%
- RoE
- 38%
- RoCE
- 27.2%
- Debt / Equity
- 0.98
- EPS (pre-issue)
- ₹7.15
- EPS (post-issue)
- ₹4.99
- EBITDA Margin
- 21.21%
- PAT Margin
- 14.13%
- P/BV
- 3.27x
- NAV / share
- ₹25.42
- Market Cap
- ₹137.42 Cr
As of 31 Mar 2025 (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)
- 0%
- Dilution
- 83.65%
Analysis in brief
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 21.21% and a net (PAT) margin of 14.13% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 27.2% and a return on equity (RoE) of 38%. At the upper band, the post-issue market capitalisation works out to about ₹137.42 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2025); 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; (₹43 crore), alongside general corporate purposes.
Financials
In FY2025, Shanti Inorganics reported revenue of ₹58.46 crore and a net profit of ₹8.26 crore. Revenue grew from ₹46.5 crore in FY2023 to ₹58.46 crore in FY2025 (+26.0%). Net worth stood at ₹25.86 crore at the end of FY2025. At the upper band, that puts the issue at roughly 11.6× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.63× post-issue earnings and 3.27× book value, against a return on net worth of 38% and a debt-to-equity ratio of 0.98. 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 0% after listing.
Frequently asked questions
- 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 0% 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 11.61× pre-issue earnings and 16.63× 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.