Shellz India Limited is a Delhi-based confectionery manufacturing and marketing company engaged in producing chocolates, jellies, baked treats, candies and food and bakery ingredients. Incorporated in May 2012, the company offers over 300 SKUs across multiple product categories, catering to consumers in urban, semi-urban and rural markets.
The company markets its products under two brands:
- Hugs: The flagship mass-market brand offers baked treats, choco delights, jellies, and panned and sugar confectionery, including chocolates, wafers, biscuit sticks and candies, with most products priced at ₹10 or below.
- Tosca: Targets the mass-premium segment with differentiated chocolate and cereal-based products, including Tosca Oat Choco, focusing on modern retail, e-commerce and quick-commerce channels.
The company also manufactures food and bakery ingredients, undertakes private-label manufacturing and exports products to the Middle East, South Asia and Europe. Its manufacturing operations are supported by facilities in Delhi and Sonipat, Haryana, along with in-house product development and quality assurance capabilities.
As of March 31, 2026, the company had over 300 super stockists, distributing products through retail networks across approximately 24 Indian states.
As of August 31, 2026, Shellz India Limited employed 258 full-time employees across its operations.
Shellz India IPO – Details
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 33,50,400 Shares Worth ₹59.97 Crore Fresh Issue: 33,50,400 Shares Worth ₹59.97 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹170 – ₹179 per share |
| Market Lot | 800 Shares |
| Min Order | 800 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Shellz India IPO – Date Schedule
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Initiation of Refund | 22 October 2026 |
| Credit of Shares to Demat | 22 October 2026 |
| IPO Listing Date | 23 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 19, 2026 |
Shellz India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1600 | ₹2,86,400 |
| Retail (Max) | 2 | 1600 | ₹2,86,400 |
| S-HNI (Min) | 3 | 2400 | ₹4,29,600 |
| S-HNI (Max) | 6 | 4800 | ₹8,59,200 |
| B-HNI (Min) | 7 | 5600 | ₹10,02,400 |
Competitive Strength
- Super stockist-led distribution model enabling scalable market reach.
- Ability to develop differentiated products across formats and price points.
- In-house product development capabilities supported by technical expertise.
- Presence in the mass-market segment supported by a diversified product portfolio.
- Integrated in-house manufacturing capabilities with a focus on scalability and process control.
Company Promoters
- Kapil Garg
- Shalini Garg
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹162.81 Cr | ₹154.84 Cr | ₹5.25 Cr | ₹70.93 Cr |
| 31 March 2025 | ₹187.39 Cr | ₹174.77 Cr | ₹8.30 Cr | ₹78.18 Cr |
| 31 March 2026 | ₹193.18 Cr | ₹173.89 Cr | ₹13.37 Cr | ₹100.83 Cr |
| 30 June 2026 | ₹47.43 Cr | ₹41.60 Cr | ₹4.08 Cr | ₹108.56 Cr |
Key Performance Indicator
| KPI | Values (June 30, 2026) |
|---|---|
| ROE | 6.69% |
| ROCE | 4.69% |
| Debt/Equity | 1.72 |
| RoNW | 6.47% |
| PAT Margin | 8.63% |
| EBITDA Margin | 18.04% |
| NAV | 72.31 |
| Price to Book Value | 2.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 15.34 | 13.52 |
| P/E (x) | 11.67 | 13.24 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by Company. | ₹22.00 |
| Funding the incremental working capital requirements. | ₹23.00 |
| General Corporate Purposes. |
✅Strengths
- Diversified Portfolio with 300+ SKUs across confectionery categories.
- Strong Distribution with 300+ super stockists across 24 states.
- Established Brands with Hugs and Tosca.
- In-house Manufacturing supporting scalability.
- Industry Growth Potential driven by demand for affordable confectionery.
⚠️Risks
- Distribution Dependence with over 94% revenue from super stockists.
- Raw Material Costs accounted for 74.20% of revenue in Q1 FY2027.
- Regional Concentration with 79.66% revenue from North India in Q1 FY2027.
- High Competition from domestic and multinational brands.
- Working Capital Needs due to inventory and receivables.
Shellz India IPO Promoter Holding
| Pre-Issue Share Holding | 88.11% |
| Post Issue Share Holding | 63.64% |
Shellz India IPO Prospectus
Company Contact Information
| Shellz India Limited 39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Shivaji Park, West Delhi, New Delhi, 110026 Phone: 011 4850 4850 Email: investor@shellz.in Website: https://www.shellz.in/ |
Shellz India IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: 8657578989/8069219065/8069219060 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Shellz India IPO Lead Manager(s)
| 1. Socradamus Capital Private Limited |
Shellz India IPO FAQ
| What is the Shellz India IPO? Shellz India IPO is an SME IPO. The issue is priced at ₹170 – ₹179 per equity share. The IPO is to be listed on BSE SME. |
| When will Shellz India IPO open? The IPO is to open on 15 October 2026 for QIB, NII and Retail Investors. |
| What is Shellz India IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Shellz India IPO Size? Shellz India IPO size is ₹59.97 Crore. |
| What are the Shellz India IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1600 Shares for ₹2,86,400, while the maximum bid is 1600 Shares for ₹2,86,400. |
| What is the Shellz India IPO Allotment Date? Shellz India IPO allotment date is 21 October 2026. |
| What is the Shellz India IPO Listing Date? Shellz India IPO listing date is 23 October 2026. The IPO is to be listed on the BSE SME. |
