Shyam Dhani Industries Limited is an ISO-certified spice manufacturing and processing company, engaged in the manufacturing, trading, distribution, and export of premium spices and grocery products under its flagship brand “SHYAM”. The company has been operating in the Indian spice industry for over a decade and caters to both domestic and international markets.
The company offers a diversified product portfolio of over 163 spice varieties, covering ground spices, blended spices, and whole spices. Its product range also extends to grocery and seasoning products such as black salt, rock salt, rice, poha, kasuri methi, and a wide variety of herbs and seasonings, including oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder.
Shyam Dhani Industries operates a manufacturing and processing facility located in Jaipur, Rajasthan, equipped with modern infrastructure for cleaning, grinding, blending, and packaging of spices. The company emphasizes quality control, standardized processing, and hygienic manufacturing practices, in line with applicable food safety and regulatory requirements.
The company follows a multi-channel distribution model, supplying products through general trade networks (wholesalers and distributors), modern trade formats (supermarkets and retail chains), and quick commerce platforms (app-based delivery models), ensuring wide product accessibility. In addition, it services private label customers, HoReCa (Hotel, Restaurant and Catering) clients, and export markets rhp-shyam-dhani.
As of November 30, 2025, Shyam Dhani Industries Limited had a total workforce of 394 employees, spanning production and operations, quality control, marketing and logistics, accounts and finance, compliance, maintenance, senior management, and permanent labour, supporting its integrated operations and growth strategy.
Shyam Dhani Industries IPO – Details
| IPO Opening Date | 22 December 2025 |
| IPO Closing Date | 24 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 54,98,000 Shares Worth ₹38.49 Crore Fresh Issue: 54,98,000 Shares Worth ₹38.49 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹65 – ₹70 per share |
| Market Lot | 2000 Shares |
| Min Order | 2000 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Shyam Dhani Industries IPO – Date Schedule
| IPO Open Date | 22 December 2025 |
| IPO Close Date | 24 December 2025 |
| Basis of Allotment | 26 December 2025 |
| Initiation of Refund | 29 December 2025 |
| Credit of Shares to Demat | 29 December 2025 |
| IPO Listing Date | 30 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 24, 2025 |
Shyam Dhani Industries IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,80,000 |
| 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 |
Competitive Strength
- Offering high-quality natural spices while promoting sustainable, ethical sourcing and production.
- Experienced management team and promoters with a qualified workforce.
- Established a manufacturing facility and integrated production with cost efficiencies.
- Diversified product portfolio.
- Strong and consistent financial performance.
Company Promoters
- Mr. Ramawtar Agarwal
- Mrs. Mamta Devi Agarwal
- Mr. Vithal Agarwal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹68.10 Cr | ₹63.87 Cr | ₹2.92 Cr | ₹12.75 Cr |
| 31 March 2024 | ₹107.64 Cr | ₹99.22 Cr | ₹6.30 Cr | ₹24.45 Cr |
| 31 March 2025 | ₹124.75 Cr | ₹113.98 Cr | ₹8.04 Cr | ₹47.24 Cr |
| 30 September 2025 | ₹63.83 Cr | ₹58.19 Cr | ₹4.20 Cr | ₹48.18 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 41.06% |
| ROCE | 39.00% |
| Debt/Equity | 2.00 |
| RoNW | 34.07% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.65% |
| Price to Book Value | 4.41 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.31 | 4.07 |
| P/E (x) | 13.19 | 17.21 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Purchase of machinery for installation at the existing manufacturing unit located at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil – Chomu, Jaipur, Rajasthan. | ₹0.91 |
| Purchase of 200 KW Solar Rooftop Grid-connected PV System. | ₹0.66 |
| Part Repayment of the existing Cash Credit Facility availed by the company from scheduled commercial banks. | ₹0.70 |
| Funding the incremental working capital requirements of the company. | ₹14.65 |
| General Corporate Purposes. | – |
✅Strengths
- Processes 163 varieties of spices under the “SHYAM” brand.
- In-house manufacturing unit in Jaipur, Rajasthan.
- Presence across general trade, modern trade, quick commerce, HoReCa, private label & exports.
- ISO-certified operations with a focus on quality control.
- Experienced promoters with over a decade in the spice business.
⚠️Risks
- Raw material price volatility may impact margins.
- Working-capital intensive business model.
- Operates in a highly competitive spice industry.
- Manufacturing concentration at a single location.
- Dependence on distributors and channel partners.
Shyam Dhani Industries IPO Promoter Holding
| Pre-Issue Share Holding | 98.11% |
| Post Issue Share Holding | – |
Shyam Dhani Industries IPO Prospectus
Company Contact Information
| Shyam Dhani Industries Ltd. 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 Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Shyam Dhani Industries IPO Lead Manager(s)
| 1. Holani Consultants Pvt.Ltd. |
Shyam Dhani Industries IPO FAQ
| What is Shyam Dhani Industries’ IPO? Shyam Dhani Industries IPO is an SME IPO. The issue is priced at ₹65 – ₹70 per equity share. The IPO is to be listed on NSE SME. |
| When will Shyam Dhani Industries IPO open? The IPO is to open on 22 December 2025 for QIB, NII, and Retail Investors. |
| What is Shyam Dhani Industries IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Shyam Dhani Industries IPO Size? Shyam Dhani Industries IPO size is ₹38.49 Crore. |
| What are the Shyam Dhani Industries IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 4000 Shares for ₹2,80,000, while the maximum bid is 4000 Shares for ₹2,80,000. |
| What is the Shyam Dhani Industries IPO Allotment Date? Shyam Dhani Industries IPO allotment date is 26 December 2025. |
| What is the Shyam Dhani Industries IPO Listing Date? Shyam Dhani Industries IPO listing date is 30 December 2025. The IPO is to be listed on the NSE SME. |
