Shanti Inorganics IPO Financials, Risk Factors, Peers & Objects of Issue

An investor-focused breakdown of the Shanti Inorganics IPO offer document: restated financial performance, key ratios, valuation across the price band, competitive strengths, risk factors, listed peers, objects of the issue and the business model, all drawn from the company's RHP disclosures.

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Shanti Inorganics IPO Financial Performance (Restated)

On a restated consolidated basis, the company revenue increased by 25% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.

Here is how the books have moved over the last three financial years:

All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.

Profits have scaled from ₹7.99 Cr to ₹2.50 Cr over two years. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.

Shanti Inorganics IPO Key Performance Indicators (KPI)

Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.

Shanti Inorganics IPO Valuation, Pre IPO vs Post IPO

The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:

Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.

Shanti Inorganics IPO Competitive Strengths (as disclosed in the RHP)

Shanti Inorganics IPO Risk Factors (per RHP)

It is essential to read the complete risk factors in the offer document before investing; this list summarises the key disclosures only.

Shanti Inorganics IPO Business Model

• Shanti Inorganics Limited manufactures and sells specialty chemicals including Ammonium Bi Sulphite, S.B.S. Solution, Sodium Sulphite Powder, and other chemical products.
• Revenue is generated primarily through product sales, with total revenue from operations of Rs. 7,122.02 lakhs for the year ended March 31, 2026.
• Sales are split between domestic (Rs. 4,119.33 lakhs in FY2026) and international markets (Rs. 3,002.69 lakhs in FY2026).
• Key raw materials include anhydrous ammonia (Rs. 529.66 lakhs consumed in FY2026) and sulphur dioxide (Rs. 1,317.24 lakhs consumed in FY2026).
• Manufacturing scale is supported by Plant & Machinery with a gross block of Rs. 2,560.04 lakhs as of May 31, 2026.
• The company operates from Gujarat, with facilities including factory sheds and industrial plots totaling Rs. 371.14 lakhs in land value.
• Capital work-in-progress of Rs. 1,904.23 lakhs as of May 31, 2026, indicates ongoing expansion projects.
• Trade receivables of Rs. 1,991.20 lakhs as of May 31, 2026, reflect customer credit exposure.

Shanti Inorganics IPO Industry Snapshot

• 100% FDI is allowed under the automatic route for companies engaged in the manufacturing sector as per the DPIIT FDI Policy.
• MSMED Act, 2006 revised MSME definitions effective April 01, 2025: Micro enterprise (investment ≤ Rs. 2.5 Cr, turnover ≤ Rs. 10 Cr), Small enterprise (investment ≤ Rs. 25 Cr, turnover ≤ Rs. 100 Cr), Medium enterprise (investment ≤ Rs. 125 Cr, turnover ≤ Rs. 500 Cr).
• The Company was incorporated as 'Shanti Inorgo Chem (Guj) Private Limited' on January 13, 2010 in Ahmedabad, Gujarat.
• GST replaced multiple cascading taxes including Central Excise Duty, Commercial Tax, VAT, Service Tax, Entry Tax, and Customs Duty.
• Income Tax Act, 2025 consolidates the Income Tax Act, 1961 and came into force on April 01, 2026 without changes to prevailing tax rates.
• The Competition Act, 2002 prohibits anti-competitive agreements and abuse of dominant positions and established the Competition Commission of India (CCI) to regulate combinations.

Shanti Inorganics IPO Litigation

• Direct tax
• Indirect tax

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Last updated: 02 Sep 2026, 22:25 IST