Shyam Dhani Industries is coming out with a ₹38.49 crore book-built IPO, which is entirely a fresh issue of 0.55 crore shares. The company will not be offering any shares for sale by existing shareholders.
The IPO will open for subscription on December 22, 2025, and close on December 24, 2025. The basis of allotment is likely to be finalised on December 26, 2025, and the shares are expected to list on the NSE SME platform on December 30, 2025.
The price band for the IPO is fixed at ₹65 to ₹70 per share. Investors can apply in a lot size of 2,000 shares. Retail investors will need to invest a minimum of ₹2.80 lakh for 4,000 shares at the upper price band. For HNI investors, the minimum application is 3 lots or 6,000 shares, which comes to ₹4.20 lakh.
The IPO is being managed by Holani Consultants Pvt. Ltd., which is also acting as the market maker. Bigshare Services Pvt. Ltd. has been appointed as the registrar for the issue.
Shyam Dhani Industries IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- ₹91.30 lakh will be used to buy new machinery for installation at the existing manufacturing units.
- ₹66 lakh will be spent on setting up a 200 KW solar rooftop power system.
- ₹700 lakh will go towards partial repayment of existing cash credit loans.
- ₹1,465 lakh will be used to meet additional working capital needs, such as raw materials, inventory, and day-to-day expenses.
- A portion of the funds may also be used for general business purposes, as required.
About Shyam Dhani Industries Limited
Shyam Dhani Industries Limited was incorporated in 1995 and is an ISO-certified company engaged in the manufacturing, exporting, wholesaling, and supply of premium spices.
The company offers a wide range of products, including spice powders, blended spices, and whole spices. It also trades and distributes grocery items such as black salt, rock salt, rice, poha, and kasuri methi, along with herbs and seasonings like oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder. In total, the company processes 163 different spice varieties under its flagship brand “SHYAM”.
The company’s manufacturing facility is located in Jaipur, Rajasthan, and it sells its products through multiple channels. These include general trade through wholesalers and distributors, modern trade via supermarkets and retail chains, and quick commerce platforms that offer faster delivery. Shyam Dhani Industries is also involved in private labelling, HoReCa (hotel, restaurant, and catering) sales, and exports, helping it reach a wide customer base.
As of November 30, 2025, the company employed 394 people across various departments such as finance, compliance, production, quality control, marketing, logistics, operations, maintenance, and management. The company’s key strengths include its focus on high-quality natural products, ethical and sustainable sourcing practices, an experienced management team, a diversified product range, cost-efficient in-house manufacturing, and a strong and consistent financial track record.
Industry Outlook
- India is the largest producer, consumer, and exporter of spices in the world, with production and exports growing steadily every year.
- Spices production crossed 11 million tonnes, while exports rose to US$ 3.7 billion, driven mainly by chilli, cumin, turmeric, ginger, and coriander.
- India grows around 75% of the world’s recognised spice varieties, giving it a strong global advantage in the spices market.
- Demand for Indian spices remains strong across Asia, the US, Middle East, and Europe, with China and the US being the top buyers.
- The FMCG sector in India is growing at a healthy pace, supported by rising incomes, population growth, urbanisation, and higher consumption of branded food products.
- FMCG revenues are expected to grow 7–9% annually, with rural demand recovering and modern trade and e-commerce expanding quickly.
How To Apply for the Shyam Dhani Industries 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 Shyam Dhani Industries 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 Shyam Dhani Industries IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One 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 Shyam Dhani Industries Limited
Registered office: Shyam Dhani Industries Ltd. Address, F-438-A, Road No. 12, VKIA, Jaipur, Rajasthan, 302013
Phone: +91 9257061811
Email: info@shyamspices.co.in
Website: https://www.shyamspices.co.in/
Shyam Dhani Industries IPO Reservation
| Investor Category | Shares Offered (% of Total Issue) |
| Market Maker | 2,80,000 (5.09%) |
| QIB | 26,04,000 (47.36%) |
| NII (HNI) | 7,86,000 (14.30%) |
| Retail (RII) | 18,28,000 (33.25%) |
| Total | 54,98,000 (100.00%) |
Shyam Dhani Industries IPO Lot Size Details
| Application | Lots | Shares | Amount (₹) |
| Individual Investors (Retail) – Min | 2 | 4,000 | 2,80,000 |
| Individual Investors (Retail) – Max | 2 | 4,000 | 2,80,000 |
| S-HNI – Min | 3 | 6,000 | 4,20,000 |
| S-HNI – Max | 7 | 14,000 | 9,80,000 |
| B-HNI – Min | 8 | 16,000 | 11,20,000 |
Shyam Dhani Industries IPO Promoter Holding
The promoters of the company include Mr. Ramawtar Agarwal, Mrs. Mamta Devi Agarwal, and Mr. Vithal Agarwal.
| Share Holding Pre-Issue | 98.11% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Shyam Dhani Industries IPO
| KPI (as of March 31, 2025) | Value |
| Return on Equity (ROE) | 41.06% |
| Return on Capital Employed (ROCE) | 39.00% |
| Debt / Equity Ratio | 2.00 |
| Return on Net Worth (RoNW) | 34.07% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.65% |
| Price to Book Value | 4.41 |
Shyam Dhani Industries IPO Registrar and Lead Managers
Shyam Dhani Industries IPO Lead Managers
- Holani Consultants Pvt.Ltd
Registrar for Shyam Dhani Industries IPO
Bigshare Services Pvt.Ltd.
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
- Website: https://ipo.bigshareonline.com/IPO_Status.html
Financial Performance of Shyam Dhani Industries Limited
| Particulars | Period Ended as of Sep 30 2025 | Period Ended as of Mar 31 2025 | Period Ended as of Mar 31 2024 | Period Ended as of Mar 31 2023 |
| Assets (₹ Cr) | 88.79 | 82.47 | 52.84 | 27.51 |
| Total Income (₹ Cr) | 63.83 | 124.75 | 107.64 | 68.10 |
| Profit After Tax (PAT) (₹ Cr) | 4.20 | 8.04 | 6.30 | 2.92 |
| EBITDA (₹ Cr) | 8.66 | 14.52 | 10.88 | 5.97 |
| Net Worth (₹ Cr) | 27.81 | 23.61 | 15.56 | 9.26 |
| Reserves & Surplus (₹ Cr) | 12.93 | 8.73 | 14.42 | 8.12 |
| Total Borrowing (₹ Cr) | 48.18 | 47.24 | 24.45 | 12.75 |
Strengths and Opportunities of Shyam Dhani Industries Limited
- The company makes and processes more than 163 types of spices, including powdered, blended, and whole spices, to suit different customer tastes.
- It has a manufacturing unit in Chomu, Jaipur, along with a separate packaging and R&D facility in the Vishwakarma Industrial Area, helping improve quality and reduce costs.
- The company sells through B2B and D2C models, including private labels, HoReCa sales, and exports, which helps diversify its revenue.
- The business is led by Ramawtar Agarwal, Mamta Devi Agarwal, and Vithal Agarwal, who have over 10 years of experience in the consumer food industry.
- The company has boosted brand awareness through focused marketing efforts, including a 24-month celebrity endorsement agreement with Preity Zinta.
Risks and Threats of Shyam Dhani Industries Limited
- The company relies heavily on agricultural commodities like spices, so profits can be affected by fluctuations in raw material prices due to weather, crop yields, or seasonal changes.
- Most operations and manufacturing are in Rajasthan, which exposes the company to local risks such as regulatory changes, labor issues, or natural disasters.
- The spice and FMCG industry is highly competitive, with organised players like MDH and Everest, as well as numerous unorganised regional competitors, potentially affecting market share and pricing.
- Being a food manufacturer, the company must follow strict food safety standards (FSSAI). Any lapse could result in product recalls, legal issues, and damage to reputation.
- The business needs substantial working capital for inventory and operations, and poor cash flow management or insufficient funding could limit growth.
