The Indian SME IPO market is attracting investors, and the Shyam Dhani Industries Limited IPO is one of the upcoming public issues that is drawing attention. With a strong presence in the spices and grocery segment, an expanding distribution system, and improved financial performance, the Shyam Dhani IPO is being closely watched by retail and high-net-worth individual (HNI) investors.
In this article, we will provide you with all the information about the Shyam Dhani IPO, including its GMP, issue details, company overview, financial information, valuation, allotment status, and listing dates, in simple and easy-to-understand language.
About Shyam Dhani Industries Limited
Shyam Dhani Industries Limited is engaged in the manufacturing, processing, trading, and distribution of spices and grocery products under the brand name “SHYAM”. The company offers a wide product portfolio that includes:
- Ground Spices
- Blend Spices
- Whole Spices
- Grocery items such as:
- Black Salt
- Rock Salt
- Rice
- Poha
- Kasuri Methi (Dried Fenugreek)
- Herbs and seasonings like:
- Oregano
- Peri Peri
- Chilli Flakes
- Mixed Herbs
- Onion Flakes
- Tomato Powder
This diverse range of products helps the company reach various customer segments and reduces its dependence on a single product category.
Manufacturing Facility & Operations
Shyam Dhani Industries sources raw materials directly from mandis and suppliers across India, ensuring quality control and cost efficiency.
The company processes these raw materials at its manufacturing unit located at:
Khasra No. 06/1067, Manpura Road, Jatawali, near Delhi Bypass,
Tehsil – Chomu, Jaipur, Rajasthan
The facility is equipped with modern machinery for:
- Cleaning
- Drying
- Grading
- Grinding
- Packaging
This integrated setup allows smooth operations and supports consistent product quality, which is crucial in the food and spices industry.
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Sales Channels & Business Model
Shyam Dhani Industries operates across multiple sales channels, catering to both B2B and D2C markets.
B2B Sales Channels
- General Trade (wholesalers and distributors)
- Modern Trade (supermarkets and retail chains)
- Quick Commerce platforms (delivery apps)
- Private Label manufacturing
- HoReCa (Hotels, Restaurants, Catering)
- Export sales
D2C Market
The company sells directly to consumers using its brand presence, helping improve margins and brand recall.
This diversified channel strategy reduces business risk and supports long-term growth.
Promoters of Shyam Dhani Industries
The company is promoted by experienced individuals:
- Mr. Ramawtar Agarwal
- Mrs. Mamta Devi Agarwal
- Mr. Vithal Agarwal
The promoters bring industry knowledge and operational experience, which plays a key role in business expansion and execution.
Shyam Dhani IPO Details
Here are the key details of the Shyam Dhani IPO:
| Particulars | Details |
| IPO Opening Date | 22 December 2025 |
| IPO Closing Date | 24 December 2025 |
| Issue Price | ₹65 – ₹70 per share |
| Face Value | ₹10 per share |
| Total Issue Size | 54,98,000 shares |
| Issue Amount | ₹35.74 – ₹38.49 crore |
| Fresh Issue | 54,98,000 shares |
| Offer for Sale | Nil |
| Lot Size | 2,000 shares |
| Minimum Bid | 4,000 shares |
| Minimum Investment | ₹2,80,000 |
| Listing Platform | NSE Emerge |
| Retail Allocation | 35% |
The IPO is entirely a fresh issue, meaning the funds raised will go directly into the company.
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Objective of the IPO
Although detailed utilisation is mentioned in the prospectus, typically funds from SME IPOs like Shyam Dhani are used for:
- Working capital requirements
- Business expansion
- Strengthening the distribution network
- General corporate purposes
These objectives indicate a growth-focused strategy.
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Shyam Dhani IPO GMP Today
Grey Market Premium (GMP) gives an informal indication of investor sentiment before listing.
Shyam Dhani IPO GMP (as of 15 December 2025)
| Date | IPO GMP | Subject to Sauda |
| 15 December 2025 | ₹20 | ₹31,000 |
A GMP of ₹20 suggests positive market expectations, but investors should remember that GMP is unofficial and volatile. It should not be the sole basis for investment decisions.
Shyam Dhani Financial Performance
The company has shown steady growth in revenue and profitability over the years.
Financials (₹ in Crores)
| Particulars | FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 |
| Revenue | 67.95 | 107.61 | 124.68 | 63.78 |
| Expenses | 63.87 | 99.22 | 113.98 | 58.19 |
| Net Income | 2.92 | 6.30 | 8.04 | 4.20 |
Key Observations:
- Revenue has grown consistently.
- Net profit has nearly tripled from FY23 to FY25.
- H1 FY26 performance indicates stable momentum.
Shyam Dhani Valuations & Margins
| Metric | FY 2023 | FY 2024 | FY 2025 |
| EPS (₹) | 1.97 | 4.24 | 5.41 |
| P/E Ratio | – | – | 12.01 – 12.94 |
| RONW (%) | 31.57 | 40.50 | 34.07 |
| NAV (₹) | 6.23 | 10.47 | 15.87 |
| ROCE (%) | 39.69 | 46.16 | 39.00 |
| EBITDA (%) | 8.78 | 10.12 | 11.65 |
| Debt/Equity | 1.38 | 1.57 | 2.00 |
Valuation Insight:
The P/E range of around 12x–13x appears reasonable compared to growth and profitability, though debt levels should be monitored.
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Shyam Dhani IPO Review
Positive Factors
- Growing revenue and profit trend
- Diverse product portfolio
- Multiple sales channels (B2B + D2C)
- Reasonable IPO valuation
- Positive GMP trend
Risk Factors
- High debt-to-equity ratio
- SME segment liquidity risk
- Dependency on raw material prices
- Competitive FMCG and spice industry
Overall IPO Review:
Shyam Dhani IPO looks moderately attractive for investors with a medium to high risk appetite, especially those looking at SME IPO opportunities.
Shyam Dhani IPO Allotment Status
The basis of allotment will be finalised on 26 December 2025.
Investors can check the allotment status on the registrar’s website:
- Registrar: Bigshare Services Private Limited
- Website: www.bigshareonline.com
Shyam Dhani IPO Important Dates
| Event | Date |
| IPO Opens | 22 December 2025 |
| IPO Closes | 24 December 2025 |
| Allotment Finalization | 26 December 2025 |
| Refund Initiation | 29 December 2025 |
| Shares Credited to Demat | 29 December 2025 |
| Listing Date | 30 December 2025 |
Lead Manager & Registrar Details
Lead Manager
Holani Consultants Private Limited
Jaipur, Rajasthan
Website: www.holaniconsultants.co.in
Registrar
Bigshare Services Private Limited
Mumbai, Maharashtra
Website: www.bigshareonline.com
Company Contact Details
Shyam Dhani Industries Limited
F-438-A, Road No. 12, VKIA,
Jaipur, Rajasthan – 302013
Phone: +91 9257061811
Email: info@shyamspices.co.in
Website: www.shyamspices.co.in
Conclusion
The Shyam Dhani IPO offers investors exposure to a growing spices and grocery company with improving financials and a diversified business model.
While risks like debt and SME volatility exist, the reasonable valuation and positive GMP make it worth tracking. Investors should align their decisions with their risk tolerance and investment horizon.