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.
