Shivchem Agro IPO

MicrocapFertilisers and Agrochemicals SME

IPO Details

Bidding Dates

28 Sep '26 - 30 Sep '26

Minimum Investment

₹2,48,000 / 2 Lots (8,000 shares)

Price Range

₹59 - ₹62

Maximum Investment

₹2,48,000 / 2 Lots (8,000 shares)

Retail Discount

N.A.

Issue Size

₹14 Cr

Investor category and sub category

Retail Individual Investors (RII) | Non-institutional Investors, QIB

Shivchem Agro IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

28 Sept '26

IPO Closing Date

30 Sept '26

Basis of Allotment

01 Oct '26

Initiation of Refunds

05 Oct '26

IPO Listing Date

06 Oct '26

About Shivchem Agro Limited IPO

Shivchem Agro IPO is a ₹14.01 crore book-built issue comprising an entirely fresh issue of 22.60 lakh shares.

Shannon Advisors Private Limited is the book-running lead manager, while Maashitla Securities Private Limited is the registrar. Nikunj Stock Brokers Limited is the market maker for the issue.

Industry Outlook

Global Agrochemicals Market

Fertilisers: The global fertiliser market was valued at USD 132.7 billion in 2024 and is projected to reach USD 171.2 billion by 2029, growing at a 5.2% CAGR.
Pesticides: The global pesticide market was valued at USD 84.5 billion in 2024 and is expected to reach USD 102.3 billion by 2029, at a 3.9% CAGR.

Indian Agrochemicals Market

Market Position: India is the fourth-largest agrochemical producer globally and the second-largest pesticide exporter. Pesticide exports reached USD 4.19 billion in FY2024, growing at a 12% CAGR over the previous decade.
Domestic Market: India's agrochemical market was estimated at USD 22.56 billion in 2024 and is projected to reach USD 39.40 billion by 2029, representing an 11.8% CAGR.
Fertiliser Segment: Accounted for around 60% of the domestic market, valued at USD 13.79 billion in 2024 and projected to reach USD 22.86 billion by 2029.
Pesticide Segment: Accounted for around 40% of the market, valued at USD 8.76 billion in 2024 and projected to reach USD 16.54 billion by 2029, growing at a 13.5% CAGR.

Fertiliser Production Trends

Production Growth: Domestic fertiliser production increased from 339 lakh metric tonnes (LMT) in FY2015 to 497 LMT in FY2024, a 3.9% CAGR.
Urea Dominance: Urea accounted for 63% of total fertiliser production in FY2024, while nitrogenous fertilisers represented 78% of total nutrient production.
Import Dependence: India continues to rely on imports of key raw materials such as rock phosphate, phosphoric acid, and potash.

Pesticide Production Trends

Production Growth: Technical-grade pesticide production increased from 187,000 MT in FY2015 to 280,000 MT in FY2024, a 4.12% CAGR.
Herbicides: Recorded the fastest growth at a 6.86% CAGR, supported by rising farm labour costs and weed management needs.
Fungicides: Production grew at a 5.25% CAGR.
Insecticides: Remained the largest category by production volume, with a more moderate 1.79% CAGR.
Bio-Pesticides: Government initiatives supporting sustainable and organic farming are contributing to the adoption of bio-pesticides and other biological inputs.

Key Demand Drivers

Growing Population & Limited Farmland: Population growth and declining agricultural land per person are increasing the need to improve crop productivity.
GST Rate Changes: In September 2025, GST on sulphuric acid, nitric acid, and ammonia was reduced from 18% to 5%, while rates on bio-pesticides and certain plant growth regulators were reduced from 12% to 5%.
Government Support: Schemes such as PM-KISAN, Kisan Credit Card, PMFBY, and Soil Health Card support farmer income, credit access, crop protection, and nutrient management.
Technology Adoption: Precision farming, agricultural drones, and digital platforms for direct farmer ordering are gaining adoption.

Industry Challenges

Climate Sensitivity: Erratic monsoons, droughts, floods, and extreme weather can affect crop cycles and demand for agricultural inputs.
Raw Material Volatility: Dependence on imported raw materials exposes manufacturers to international price movements and geopolitical disruptions.
Regulatory Requirements: Product registrations and approvals under CIBRC can increase compliance requirements and entry barriers.
Residue & Resistance Concerns: Greater focus on chemical residues, soil health, and pest resistance is influencing the use and development of crop protection products.

Competitive Landscape

Fragmented Market: India's generic agrochemical market remains fragmented, with competition from domestic manufacturers and low-cost Chinese imports.
Recent Performance: After strong growth of around 38% in FY2022 and FY2023, industry sales declined by 19.74% in FY2024, amid Chinese oversupply, pricing pressure, and uneven monsoon conditions.
Growth Opportunities: Expansion of formulation products, wider rural distribution, backward integration, bio-pesticides, and contract manufacturing are among the key areas shaping the sector.

Shivchem Agro IPO Objectives

Working Capital Requirements: ₹690.00 lakh to fund the company's additional working capital needs.
Debt Repayment: ₹350.00 lakh for the full or partial repayment or prepayment of outstanding loans and borrowings.
General Corporate Purposes: To meet general operating expenses, business development costs, and other corporate requirements.

About Shivchem Agro Limited

Shivchem Agro Limited, formerly known as Shivchem Agro Private Limited, is an ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified agrochemical manufacturing company based in Delhi, India. The company manufactures, stocks, distributes, and sells agricultural formulations in liquid and solid forms, including emulsifiable concentrates, powders, and granules, for crop protection and farm productivity.

As per the Red Herring Prospectus, Shivchem Agro holds manufacturing licences for 258 agrochemical products. These include 176 products registered under the Insecticides Act, 1968, comprising 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators, and 3 rodenticides.

It also has authorisations for 82 fertiliser products under the Fertilizer Control Order, 1985. In FY 2025–26, herbicides contributed the largest share of sales at 43.53%, followed by insecticides at 30.32% and fungicides at 15.86%.

The company operates a 22,680 sq. ft. manufacturing facility in Village Barhana, Jhajjar, Haryana, equipped with automated filling and packaging machinery, an Effluent Treatment Plant, and a Wet Scrubber Unit. Its annual production capacity stands at 65,07,500 kg/litre, up from 56,00,000 kg/litre in FY 2023–24.

Shivchem Agro is licensed to distribute and sell its products across 8 states, including Andhra Pradesh, Telangana, Odisha, Assam, Bihar, West Bengal, Uttar Pradesh, and Madhya Pradesh. It operates 5 regional godowns, and its distributor network increased from 185 in FY 2023–24 to 685 as of March 31, 2026.

Its sales operations are supported by a 39-member sales and marketing team and a 6-member field team that conducts product demonstrations, farmer workshops, and digital outreach.

Financial Performance of Shivchem Agro Limited

Particulars	FY26	FY25	FY24
Revenue from Operations (₹ crore)	33.82	27.47	10.94
EBITDA (₹ crore)	5.98	4.32	1.93
EBITDA Margin (%)	17.69%	15.75%	17.64%
Profit After Tax (PAT) (₹ crore)	3.25	2.60	1.29
PAT Margin (%)	9.61%	9.47%	11.82%
Net Profit Margin (%)	9.61%	9.47%	11.82%
Return on Equity (RoE) (%)	28.76%	46.57%	151.37%
Return on Capital Employed (ROCE) (%)	30.04%	31.99%	37.55%

Shivchem Agro Limited Peer Comparison

Company	Face Value (₹)	Revenue from Operations (₹ Crore)	Diluted EPS (₹)	P/E Ratio	Return on Net Worth (%)	NAV per Equity Share (₹)
Shivchem Agro Limited	5.00	33.82	6.16	-	28.76	24.50
Super Crop Safe Limited	2.00	53.13	0.52	27.83	6.69	7.80
Sikko Industries Limited	1.00	65.01	0.33	15.21	5.92	1.98

Strengths and Opportunities of Shivchem Agro IPO

Diversified Product Portfolio: Shivchem Agro has manufacturing licences for 258 agrochemical products, including 176 products registered under the Insecticides Act, 1968, and 82 products authorised under the Fertilizer Control Order, 1985.

Expanding Distribution Network: The company's distributor network increased from 185 in FY 2023–24 to 685 in FY 2025–26 across 8 states. It also operates 5 regional godowns to support product distribution.

Direct Farmer Engagement: A 39-member sales team conducts on-field product demonstrations to educate farmers about product usage, dosage and application. The company also provides digital resources through its website and YouTube channel.

Manufacturing Infrastructure: Shivchem Agro operates a 22,680 sq. ft. manufacturing facility in Jhajjar, Haryana, with an annual production capacity of 65,07,500 kg/litre. Automated filling and packaging equipment supports production efficiency.

Quality & Environmental Standards: The company holds ISO 9001:2015, ISO 22000:2018 and ISO 31000:2018 certifications. Its facility also has an Effluent Treatment Plant and Wet Scrubber Unit.

Improving Debt Position: The company's debt-to-equity ratio declined from 1.24 in FY 2023–24 to 0.56 in FY 2025–26, indicating a reduction in financial leverage.

Contract Manufacturing & Job Work: The existing manufacturing facility can undertake contract manufacturing and job work for third-party brands, providing an opportunity to diversify revenue.

Bio-Based Products: Growing demand for organic farming and eco-friendly agricultural inputs could support expansion into bio-pesticides and bio-fertilisers.

Geographic Expansion: The company's portfolio of 258 approved products provides scope to expand its distribution network into additional agricultural markets across India.

Agrochemical Industry Growth: The domestic agrochemical market is projected to grow at an 11.8% CAGR to USD 39.40 billion by 2029, providing an industry-level growth opportunity.

Capacity Utilisation: Capacity utilisation remains below full capacity, including 25.53% for insecticides and 57.35% for herbicides in FY 2025–26, leaving scope to increase production using existing infrastructure.

Risks and Threats of Shivchem Agro IPO

Regulatory Approvals & License Compliance: Operations depend on maintaining registrations for 176 agrochemical products under the Insecticides Act, 1968, and approvals for 82 fertiliser products under the Fertilizer Control Order, 1985. Delays, non-renewals, revocations or chemical bans could affect sales and production.

Pending Name Updates & Trademark Objections: Some product licences and registrations remain in the former name, Shivchem Agro Private Limited, following its conversion to a public company. Of the 22 trademark applications filed, 19 have faced regulatory objections.

Single Manufacturing Facility: Production is concentrated at a 22,680 sq. ft. facility in Jhajjar, Haryana. Any disruption, equipment failure, fire or labour issue could affect overall production. Both the manufacturing unit and registered office are leased.

Supplier Concentration: Raw materials are purchased through purchase orders without long-term supply agreements. The top supplier accounted for 33.57% of purchases, while the top 5 suppliers accounted for 60.60% in FY 2025–26.

Customer Concentration: The company does not have long-term binding customer contracts and sells through 685 regional distributors across 8 states. Its top 10 customers contributed 28.71% of revenue in FY 2025–26.

Working Capital & Receivables Risk: Credit sales to distributors can lead to collection delays and cash flow pressure. Net operating cash flow was negative at ₹434.34 lakh in FY 2023–24 and ₹299.85 lakh in FY 2024–25, before turning positive at ₹179.25 lakh in FY 2025–26.

Recallable Unsecured Debt: As of March 31, 2026, the company had ₹377.62 lakh of unsecured loans from financial institutions that can be recalled by lenders on demand.

Weather & Monsoon Dependence: Agrochemical demand is influenced by rainfall and monsoon patterns. Droughts, delayed monsoons and unseasonal floods can affect pest activity and farmers’ spending on crop protection products.

Raw Material Price Volatility: Dependence on chemical inputs, crude oil derivatives and global supply chains exposes the company to higher raw material costs due to geopolitical events, currency movements and supply disruptions.

Pest Resistance & Product Obsolescence: Pests and weeds can develop resistance to existing chemical molecules, reducing the effectiveness and demand for certain products.

Shift Towards Organic & Bio-Based Products: Government initiatives and rising demand for residue-free agriculture could increase the adoption of bio-pesticides, bio-fertilisers and organic farming alternatives.

Chinese Oversupply & Price Competition: Low-cost Chinese chemical imports and intense competition in the generic agrochemical market can put pressure on product prices and margins.

Geographic Concentration: The company generates 100% of its revenue from India, with significant exposure to Andhra Pradesh (33.98%), Assam (20.82%), Haryana (19.76%) and Telangana (16.49%) in FY 2025–26. A slowdown in these markets could affect revenue.

Shivchem Agro IPO Reservation

Investor Category	Shares	% of Total Issue
QIB	1,08,000	4.78%
NII (HNI)	10,14,000	44.87%
└ bNII > ₹10 lakh	6,76,000	29.91%
└ sNII < ₹10 lakh	3,38,000	14.96%
Retail	10,24,000	45.31%
Market Maker	1,14,000	5.04%
Total	22,60,000	100.00%

Shivchem Agro IPO Promoter Holding

The promoters of the company are Rohit Agarwal, Sachin Agarwal, and Deepa Agarwal.

Share Holding Pre-Issue	92.73%
Share Holding Post Issue	64.91%

Shivchem Agro IPO Prospectus

Shivchem Agro IPO DRHP

Shivchem Agro IPO Registrar and Lead Managers

Shivchem Agro IPO Lead Managers

Shannon Advisors Private Limited

Registrar for Shivchem Agro IPO

Maashitla Securities Private Limited

Contact Number: 011-45121795

Email Address: investor.ipo@maashitla.com

Shivchem Agro IPO Registrar

How To Apply for Shivchem Agro IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.

Locate the IPO Section: Navigate to the 'IPO' section on the platform.

Select IPO: Find and select the Shivchem Agro IPO from the list of open IPOs.

Enter the Lot Size: Specify the number of lots you want to bid for.

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Shivchem Agro IPO?

Steps to check IPO allotment status on Angel One’s app:

Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Shivchem Agro IPO

Registered Office: Unit No. 703, 704, Amba Tower, Plot No.2, Community Centre, D.C Chowk, Sector-9 Rohini Sec-11 North West Delhi, New Delhi, 110085

Phone: +91 11 46008555

E-mail: compliance@shivchemagro.com

Website: www.shivchemagro.com

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Shivchem Agro IPO FAQs

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of 2 lots, comprising 8,000 equity shares. At the price of ₹62 per share, the minimum investment amount is ₹2,48,000.

When will the Shivchem Agro IPO be allotted?

The basis of allotment for the Shivchem Agro IPO is expected to be finalised on October 1, 2026.

How to increase your chances of getting a Shivchem Agro IPO allotment?

1. Multiple Submissions: Use different Demat accounts to make multiple applications.

2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.

3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Shivchem Agro IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Shivchem Agro Limited using one PAN?

You can submit only one application using your PAN card.

What is 'pre-apply' for Shivchem Agro Limited IPO?

Pre-apply allows investors to apply for the Shivchem Agro IPO two days before the subscription period opens, ensuring an early submission of your application.