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Shayona Engineering IPO
Shayona Engineering Ltd
₹2,80,000 /2000 sharesMinimum investment
IPO listing details
Listed on
30 Jan '26
Issue price
₹144.00
Listing price
₹144.00
Listing gains
₹0.00 (0.00%)
Exchange
--
IPO details
Minimum investment
₹2,80,000
Price range
₹140 - ₹144
Lot size
1,000
Issue size
14.86 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers3.33x
Non-Institutional Investor8.01x
Retail Individual Investor3.72x
Total5.18x
As of 27 Jan'26, 05:01 PM
Schedule
22 Jan 2026
IPO open date
27 Jan 2026
IPO close date
28 Jan 2026
Allotment date
28 Jan 2026
Funds unblock or debit
30 Jan 2026
Tentative listing date
About
Founded in
2017
MD/CEO
Mr Vipul Bhikhabhai Solanki
Parent organisation
Shayona Engineering Ltd
Shayona Engineering Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Shayona Engineering claims to have a diverse product portfolio and the capability to develop a wide range of machinery and machined parts for industries, including marine & shipping, chemical & pharmaceutical, dairy & food, electrical & electronics, and automobile, among others.
The company says its modern facilities and testing capabilities enable it to deliver consistent, quality-assured castings across a wide range of processes and sizes. It also offers customised engineering services and aims to become a global leader in the foundry industry.
Shayona Engineering claims to focus on continuous innovation and quality improvement to ensure customer satisfaction, helping it attract new clients and maintain long-standing relationships.
The company says it maintains strict quality standards across all processes, from raw material sourcing to packaging, and prioritises complete customer satisfaction. It also offers in-house CAD, 3D modelling, prototyping, reverse engineering, and inspection to deliver precision-engineered parts.
The company says its experienced team of engineers and designers, supported by modern software and techniques, has been instrumental in its growth and development.
The company has witnessed a consistent increase in its income from operations and profit after tax (PAT). Income from operations increased from Rs 12.57 crore in FY23 to Rs 15.26 crore in FY24 and Rs 23.09 crore in FY25, while PAT increased from Rs 0.61 crore in FY23 to Rs 1.71 crore in FY24 and Rs 2.42 crore in FY25.
A significant portion of the company’s revenue comes from a limited number of customers, and the loss of or reduction in business from any of them could adversely impact its financial performance. The top five customers accounted for Rs 14.70 crore (76.82 percent) of the company’s revenue for the period ended November 30, 2025; Rs 11.10 crore (48.07 percent) in FY25; Rs 10.34 crore (68.25 percent) in FY24; and Rs 10.50 crore (83.74 percent) in FY23. Loss of any of these customers, a decrease in business from them, or failure by the company to expand its customer base can hurt its topline, profitability, and cash flows.
The company relies on a few suppliers for the supply of raw materials. The top five suppliers accounted for Rs 5.55 crore (45.72 percent) of the company’s total purchases for the period ended November 30, 2025; Rs 5.01 crore (28.00 percent) in FY25; Rs 5.89 crore (55.52 percent) in FY24; and Rs 6.30 crore (57.38 percent) in FY23. If any of these suppliers discontinue their business with Shayona Engineering or are unable to supply material due to financial constraints or other issues, it could hurt the business prospects of Shayona Engineering.
The company experienced negative cash flow from operating activities of Rs 2.30 crore in FY25, Rs 0.20 crore in FY24, and Rs 2.60 crore in FY23, and negative cash flow from investing activities of Rs 10.29 crore for the period ending November 2025, Rs 8.81 crore in FY25, Rs 1.52 crore in FY24, and Rs 0.30 crore in FY22. Operating cash flows have improved over the years. Also, Shayona Engineering has made significant investments in fixed assets. However, the company depends on increased borrowings to fund its operations and growth initiatives.
The company conducts business with its customers on a purchase order basis and does not enter into long-term contracts with them. So, if the company is unable to maintain relationships with its customers for some reason, it could adversely affect its business, prospects, results of operations, and financial condition.
The company’s operations are concentrated in Gujarat. That creates geographical concentration risk.
Also, Gujarat accounted for 53.37 percent, 98.59 percent, 100 percent, and 67.03 percent of its total domestic revenue for the eight months ending November 30, 2025, FY25, FY24, and FY23, respectively. Any disruption – environmental, regulatory, operational, or climate-related – could hurt the company’s operations and profits.
For the eight months ending on November 30, 2025, FY25, FY24, and FY23, Shayona Engineering’s trade receivables stood at Rs 12.17 crore, Rs 11.74 crore, Rs 5.62 crore, and Rs 2.50 crore, respectively. This shows a rising trend over the years. While the company says it has not faced any default in the past, it cannot guarantee that defaults will not take place in the future. In case of defaults, the company’s operations, profits, and cash flows could be negatively impacted.
As of November 30, 2025, the company had outstanding financial indebtedness of Rs 22.61 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Application details
For Shayona Engineering IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹140 - ₹144 | ₹2 - ₹5 Lakhs | 1000 |