Shanti Inorganics IPO
Shanti Inorganics IPO is an SME IPO raising ₹47 Cr at ₹79 – ₹83 a share. It listed on 7 Sept 2026 at ₹158, +90.0% against its issue price of ₹83, and trades at ₹176 today (+112.2% since issue). It was subscribed 153× in total.
152.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Shanti Inorganics Limited manufactures sulphur-based inorganic chemicals — specifically ammonium bisulphite solution, sodium bisulphite (powder and solution), sodium metabisulphite and sodium sulphite powder/anhydrous. These bisulphites are sold to industrial users as preservatives, reducing agents, oxygen scavengers and process intermediates across food & beverages, chemicals, oil drilling, pharmaceuticals, water treatment, ceramics, agrochemicals and other sectors. Manufacturing is done at two units in Ahmedabad, Gujarat (Vatva Unit and Bavla Unit).
How it earns
Sells manufactured sulphur-based inorganic chemicals (and a small trading portion) to business customers in domestic and international markets on a B2B basis.
Who buys
No specific customer names are disclosed. In Fiscal 2026 the company sold to 64 domestic customers and 20 export customers spread across 15+ countries including Eswatini, Malaysia, UAE, Qatar, Nigeria, Russia, Colombia, Turkey, Puerto Rico, Iraq, Vietnam, Azerbaijan, Egypt, Ghana and Philippines. Customer concentration in Fiscal 2026: top 1 customer 13.55%, top 5 customers 41.87%, top 10 customers 63.35% of revenue from operations. 4 of the top 10 customers have been associated with the company for more than 5 years.
Scale
Two manufacturing units in Ahmedabad, Gujarat. Vatva Unit (Unit I): installed capacity 18,800 MTPA on ~1,140 sq m. Bavla Unit (Unit II) Phase I commenced commercial production in Feb 2025 with 18,000 MTPA capacity on ~8,601 sq m; proposed Phase II will add 78,544 MTPA, taking combined installed capacity to 1,15,344 MTPA. Revenue from operations grew from ₹4,486.72 lakhs (Fiscal 2024) to ₹7,122.02 lakhs (Fiscal 2026) — i.e. from about ₹44.87 crore to ₹71.22 crore (1 crore = 100 lakhs = 10 million).
What it says sets it apart
- One of the largest domestic production capacities for bisulphites at 18,800 MTPA at the existing Vatva Unit (Source: CareEdge Report)
- Plants in Ahmedabad are located in close proximity to industries that generate liquefied sulphur dioxide, providing a reliable, cost-effective supply of the key raw material and reducing logistics costs and lead time
- Holds food-grade and quality certifications — ISO 9001:2015, NSF (drinking water treatment chemicals), KOSHER, HACCP and HALAL — enabling access to food, beverage and pharma customers domestically and abroad
- Geographic diversification through exports to 15+ countries; exports contributed 42.57% of revenue from operations in Fiscal 2026
- Diversified end-use customer base across 13+ industries (food & beverages, chemicals, oil drilling, pharma, water treatment, ceramics, agrochemicals, etc.) reduces industry-specific concentration risk
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs83 / stated EPS Rs9.36 (Fiscal 2026 Basic & Diluted EPS, adjusted for 15:1 bonus issue (post-bonus)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Period ended May 31, 2026 | ₹16 Cr | ₹2 Cr | 15.6% | ₹51 Cr | ₹35 Cr |
| FY2025-26 | ₹71 Cr | ₹10 Cr | 14.3% | ₹48 Cr | ₹31 Cr |
| FY2024-25 | ₹57 Cr | ₹8 Cr | 14.0% | ₹26 Cr | ₹25 Cr |
| FY2023-24 | ₹45 Cr | ₹5 Cr | 11.4% | ₹18 Cr | ₹24 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 12risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Vivro Financial Services Private Limited — median +5.2% across the 7 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 14 Oct 2026.
What to watch
- The asking multiple is 8.9× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: FSSAI registration previously rejected, reapplying (prospectus page 56).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SHANTI INORGANICS LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.