| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 44.87 | 57.11 | 71.22 |
| Expenses | 38.20 | 47.69 | 59.11 |
| Other Income | 0.19 | 1.35 | 1.71 |
| Total Revenue | 45.06 | 58.46 | 72.93 |
| Profit Before Tax | 6.86 | 10.77 | 13.83 |
| Net Profit | 5.12 | 7.99 | 10.22 |
Shanti Inorganics
Shanti Inorganics IPO
₹2,52,800
0.97 xOver-subscribedBidding Dates 31 Aug, 26 -02 Sept, 26
Min Investment ₹2,52,800
Lot Size1,600
Price Range ₹79 – ₹83
Issue Size ₹47.24 Cr.
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IPO Subscription Details
Non-Institutional Buyers (sHNI)
0.39 x
Non-Institutional Buyers (bHNI)
0.31 x
Qualified Institutional Buyers (QIB)
0 x
Total0.97 x
0.97 x IPO Timeline
IPO Offer Start
31 Aug,26
IPO Offer Ends
02 Sept,26
Allotment Finalisation
03 Sept,26
Refund Initiation
04 Sept,26
Listing of Shares
07 Sept,26
IPO Analysis
Strengths
The company exports to 15 countries with exports contributing 29.28% to 53.83% of revenue from operations across different periods, serving diverse industries and demonstrating strong geographical diversification.
The company serves customers across food & beverages, chemicals, oil drilling, pharmaceuticals and other industries, with 4 out of top 10 customers associated for more than 5 years, reducing industry-specific risks.
The company's manufacturing units are strategically located in Gujarat near industries generating liquid SO2, ensuring consistent supply of key raw materials and reducing logistic costs and lead time.
Risks
The company derives a substantial portion of revenue from food and beverages (36.27%), oil drilling (1.59%), and chemical industries (37.69%) as of May 31, 2026. Any material decline in performance of these industries may materially and adversely affect the company's business operations, financial condition and results of operations.
The company's top 10 customers account for 71.03% of revenue as of May 31, 2026, with the top customer contributing 11.23%. Loss of major customers or reduction in business from them could have a material adverse impact on business, results of operations, cash flows and financial condition.
The company does not maintain long-term contractual arrangements with majority of customers, relying on purchase orders on transactional basis. Orders can be amended, postponed or cancelled at customer discretion, exposing the company to fluctuations in demand and revenue visibility.
Objectives
The company intends to establish a new manufacturing facility with an installed capacity of 78,544 MTPA to manufacture sodium meta bisulphite, sodium bisulphite powder/solution and ammonium bisulphite. This expansion will cater to growing domestic and export demand and enable the company to manufacture higher-grade products with enhanced quality and efficiency.
The company intends to deploy the balance net proceeds towards general corporate purposes including brand building and marketing expenses, salaries and wages, rent, administration expenses, electricity bills, IT infrastructure upgradation, insurance expenses, payment of taxes and duties, repair and maintenance, strategic initiatives, and funding growth opportunities.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 52.69 | 66.04 | 97.04 |
| Current Assets | 23.53 | 21.28 | 32.01 |
| Fixed Assets | 29.16 | 44.76 | 65.03 |
| Total Equity & Liabilities | 52.69 | 66.04 | 97.04 |
| Total Liabilities | 35.08 | 40.44 | 48.80 |
| Current Liabilities | 21.31 | 27.63 | 25.80 |
| Non Current Liabilities | 13.78 | 12.81 | 23.00 |
| Total Equity | 17.60 | 25.60 | 48.24 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 1.43 | -1.38 | 0.34 |
| Investing Activities | -19.33 | -16.11 | -22.10 |
| Operating Activities | 3.47 | 15.53 | 6.10 |
| Financing Activities | 17.29 | -0.81 | 16.34 |
About Shanti Inorganics
The company is engaged in the business of manufacturing and supply of sulphur based inorganic chemicals. The company holds one of the largest domestic production capacities for bisulphites with capacity of 18,800 MTPA. The company's product portfolio consists of ammonium bisulphite solution, sodium bisulphite powder or solution, sodium meta bisulphite...more
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Managing DirectorManojkumar Jayantilal Patel
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