| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 77.82 | 94.27 | 71.48 |
| Expenses | 55.05 | 63.06 | 54.09 |
| Other Income | 1.23 | 0.19 | 0.92 |
| Total Revenue | 79.05 | 94.47 | 72.40 |
| Profit Before Tax | 24.01 | 31.40 | 18.31 |
| Net Profit | 18.05 | 23.42 | 13.11 |
Shah Investors Home
Shah Investors Home IPO
₹13,515
0.24 xOver-subscribedBidding Dates 28 Sept, 26 -30 Sept, 26
Min Investment ₹13,515
Lot Size85
Price Range ₹159 – ₹167
Issue Size ₹90.17 Cr.
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IPO Subscription Details
Retail Subscription Details
0.15 x
Non-Institutional Buyers (sHNI)
0.22 x
Non-Institutional Buyers (bHNI)
0.05 x
Qualified Institutional Buyers (QIB)
0.5 x
Total0.24 x
0.24 x IPO Timeline
IPO Offer Start
28 Sept,26
IPO Offer Ends
30 Sept,26
Allotment Finalisation
01 Oct,26
Refund Initiation
05 Nov,26
Listing of Shares
06 Oct,26
IPO Analysis
Strengths
The company has served over 1,00,000 demat accounts with more than 38,000 active trading accounts and 181 authorised persons across 11 branches, witnessing a CAGR of 15.30% in customer additions from fiscal 2024 to 2026, with active accounts growing from 35,535 to 38,189.
The company operates digital platforms 'SIHL Moneymaker' (33,287 downloads, 12,452 active users, rated 4.5 on Google Play) and 'SIHL Fundspro', with digital brokerage income growing from 17.61% (FY24) to 42.62% (FY26) of total brokerage income, supported by an in-house ERP system and algo trading platform 'ALGOFY'.
The company maintains strong client retention with 72.61% of active clients having account tenure of more than 5 years (27,728 clients as of FY26), operating across equity cash (94.62% of active clients) and derivatives segments, generating total brokerage income of ₹4,630.20 lakhs in FY26.
Risks
The broking segment contributes 64.78%, 68.90%, and 71.60% of revenue for Fiscals 2026, 2025, and 2024 respectively, with Gujarat alone accounting for over 93% of brokerage income in each year. Any disruption, increased competition, or adverse economic conditions in Gujarat could materially impact the company's business, cash flows, and financial condition.
The company operates under supervision of multiple regulators including SEBI, NSE, BSE, MCX, AMFI, and NSDL, and has received regulatory findings including a SEBI adjudication order imposing a penalty of ₹4 lakh and NSE inspection penalties of ₹37,500 and ₹1,000. Any failure to comply with applicable laws could result in fines, suspension, or cancellation of licenses, materially affecting business operations and reputation.
Revenue generated through Authorised Persons represented 53.91%, 54.14%, and 58.36% of total revenue from operations in Fiscals 2026, 2025, and 2024 respectively, with attrition rates reaching up to 20.69%. The company is also legally liable for acts of omission and commission by its 181 Authorised Persons, creating significant operational and compliance risk.
Objectives
The company proposes to utilize a portion of the Net Proceeds to fund its working capital requirements in Fiscal 2027, primarily towards margin trading facility (MTF) book expansion, trade receivables, and other balances with banks, to support increased transaction volumes and client exposures.
The company intends to utilize a portion of the Net Proceeds for general corporate purposes including meeting ongoing contingencies, business requirements, funding growth opportunities, strategic initiatives, capital expenditure, and investment in subsidiaries, subject to not exceeding a specified percentage of Gross Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 298.76 | 302.57 | 304.44 |
| Current Assets | 271.56 | 274.34 | 270.04 |
| Fixed Assets | 27.20 | 28.22 | 34.40 |
| Total Equity & Liabilities | 298.76 | 302.57 | 304.44 |
| Total Liabilities | 147.27 | 133.50 | 123.90 |
| Current Liabilities | 140.23 | 130.05 | 121.37 |
| Non Current Liabilities | 7.04 | 3.45 | 2.53 |
| Total Equity | 151.49 | 169.06 | 180.54 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 101.69 | -44.96 | -20.82 |
| Investing Activities | -1.52 | -11.23 | -9.94 |
| Operating Activities | 110.19 | -31.86 | -19.70 |
| Financing Activities | -6.98 | -1.86 | 8.83 |
About Shah Investors Home
Shah Investor's Home Limited (SIHL) is a retail broking company with over three decades of experience, offering equity and derivatives brokerage, depository services, margin trading facility, and mutual fund distribution under the brand 'Shah Investors'. The company operates through 11 branches across Gujarat and Maharashtra, supported by 181 authorised persons,...more
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Managing DirectorTanmay Upendra Shah
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