Shellz IndiaIPO Review — Financials, Valuation & Peers
A data-only look at the Shellz India 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 | 158.77 | 3.19 | 15.31 | 21.74 | 127.97 | 66.58 | — |
| FY 2024 | 162.81 | 5.25 | 18.94 | 26.99 | 147.04 | 70.93 | — |
| FY 2025 | 187.39 | 8.3 | 22.79 | 40.58 | 167.36 | 96.9 | — |
| Sep 2025 (interim) | 92.1 | 6.19 | 13.67 | 51.77 | 198.58 | 91.16 | 9.52 |
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)
- 18.8x
- P/E (post-issue)
- 17.46x
- RoNW
- 11.95%
- RoE
- 26.79%
- RoCE
- 18.23%
- Debt / Equity
- 1.76
- EPS (pre-issue)
- ₹9.52
- EPS (post-issue)
- ₹10.25
- EBITDA Margin
- 14.88%
- PAT Margin
- 6.73%
- P/BV
- 3.82x
- NAV / share
- ₹59.62
- Market Cap
- ₹216 Cr
As of 30 Sept 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shellz India | 15.37 | 67.63 | — | 22.68% | — | — |
| Annapurna Swadisht Ltd. | 14.38 | 151.33 | 8.66x | 9.5% | 0.82x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Kapil Garg and Shalini Garg
- Holding (pre-issue)
- 88.11%
- Holding (post-issue)
- 63.64%
- Dilution
- 24.47%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Shellz India operates at an EBITDA margin of 14.88% and a net (PAT) margin of 6.73% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 18.23% and a return on equity (RoE) of 26.79%. At the upper band, the post-issue market capitalisation works out to about ₹216 crore. These are offer-document figures for the latest reported period (as of 30 Sept 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 funding our incremental working capital requirements and (₹23 crore), alongside repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our company (₹22 crore). In all, 3 objects are disclosed.
Financials
In FY2025, Shellz India reported revenue of ₹92.1 crore and a net profit of ₹6.19 crore. Revenue declined from ₹158.77 crore in FY2023 to ₹92.1 crore in FY2025 (-42.0%). Net worth stood at ₹51.77 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.8× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.46× post-issue earnings and 3.82× book value, against a return on net worth of 11.95% and a debt-to-equity ratio of 1.76. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Kapil Garg and Shalini Garg. Promoter holding stands at 88.11% before the issue and comes down to 63.64% after listing.
Frequently asked questions
- Who are the promoters of Shellz India and what is their holding?
- The promoters are Kapil Garg and Shalini Garg. Promoter holding is 88.11% before the issue and 63.64% after listing.
- What is the P/E ratio of the Shellz India IPO?
- At the upper price band, the Shellz India IPO is valued at 18.8× pre-issue earnings and 17.46× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shellz India IPO?
- The net proceeds go primarily toward funding our incremental working capital requirements and, among 3 disclosed objects.