| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 162.41 | 186.97 | 192.61 |
| Expenses | 154.83 | 174.77 | 173.88 |
| Other Income | 0.39 | 0.41 | 0.56 |
| Total Revenue | 162.80 | 187.39 | 193.18 |
| Profit Before Tax | 7.97 | 12.62 | 19.29 |
| Net Profit | 5.25 | 8.30 | 13.37 |
Shellz
Shellz IPO
₹2,72,000
0.23 xOver-subscribedBidding Dates 15 Oct, 26 -19 Oct, 26
Min Investment ₹2,72,000
Lot Size800
Price Range ₹170 – ₹179
Issue Size ₹59.97 Cr.
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IPO Subscription Details
Retail Subscription Details
0.2 x
Non-Institutional Buyers (sHNI)
0.54 x
Non-Institutional Buyers (bHNI)
0.66 x
Qualified Institutional Buyers (QIB)
0 x
Total0.23 x
0.23 x IPO Timeline
IPO Offer Start
15 Oct,26
IPO Offer Ends
19 Oct,26
Allotment Finalisation
21 Oct,26
Refund Initiation
22 Oct,26
Listing of Shares
23 Oct,26
IPO Analysis
Strengths
The company develops differentiated confectionery products across formats including baked treats, choco delights, jellies, and panned & sugar candies, supported by an in-house team of food and packaging technologists, with offerings ranging from mass-market ₹1 products to premium 'Tosca' items like 'Oat Choco' at ₹100–₹400.
A majority of the company's SKUs are priced at ₹10 or below, aligning with Indian confectionery consumption patterns where 68% of non-adult consumers opt for confectionery at ₹10 or below, enabling participation across urban, semi-urban, and rural markets.
The company distributes products through a network of over 300 super stockists across 24 states in India, with the super stockist channel contributing 94.38% of revenue (₹4,458.57 lakhs) for the period ended June 30, 2026, enabling wide geographic reach without a direct retail salesforce.
Risks
As of June 30, 2026, the company's total outstanding indebtedness was ₹10,949.12 lakhs with a Debt-Equity ratio of 1.72 times, exposing it to risks including cash flow constraints, floating interest rate fluctuations, and restrictive lender covenants. There have been instances of delayed repayment of principal and interest reported in credit history records, and certain unsecured loans have been recalled by lenders, creating additional liquidity pressure.
During Fiscals 2024–2026 and the period ended June 30, 2026, approximately 94–96% of total revenue from operations was attributable to super stockists, with no long-term contracts or formal agreements in place. Any discontinuation, dispute, or loss of key super stockists could materially disrupt the company's distribution network and adversely affect revenue and financial condition.
The company derived 79.66%, 75.34%, 72.66%, and 71.47% of revenue from operations from North India for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively. This geographic concentration exposes the company to region-specific risks such as civil unrest, natural disasters, and adverse economic or political developments that could disproportionately impact financial performance.
Objectives
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or pre-payment of certain existing borrowings availed from banks and financial institutions, with aggregate outstanding borrowings intended to be repaid not exceeding the allocated amount in Lakhs.
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements in Fiscal 2027, supporting expansion of manufacturing and distribution operations, procurement of raw materials, and scaling of its confectionery product portfolio.
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, administration, marketing, repairs, maintenance, and other ordinary course business expenses, subject to applicable regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 147.04 | 105.33 | 213.72 |
| Fixed Assets | 22.44 | 53.17 | 57.82 |
| Total Equity & Liabilities | 147.04 | 105.33 | 213.72 |
| Total Liabilities | 120.03 | 126.77 | 46.37 |
| Current Liabilities | 93.42 | 105.33 | 108.39 |
| Non Current Liabilities | 26.61 | 21.44 | 46.37 |
| Total Equity | 26.99 | 40.58 | 58.95 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 1.53 | -1.68 | 1.11 |
| Investing Activities | -3.93 | -30.52 | -7.02 |
| Operating Activities | 8.36 | 22.10 | -11.30 |
| Financing Activities | -2.90 | 6.73 | 19.44 |
About Shellz
Shellz India Limited is engaged in the manufacturing and marketing of confectionery products in India, offering a diversified portfolio of 300+ SKUs across baked treats, choco delights, jellies, and panned & sugar candies under its flagship 'Hugs' brand (mass-market, ₹10 and below) and premium 'Tosca' brand (e-commerce/modern trade focused). The...more
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Managing DirectorKapil Garg
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