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Shyam Dhani Industries IPO
Shyam Dhani Industries Ltd
₹2,60,000 /2000 sharesMinimum Investment
Shyam Dhani Industries IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 22 Dec ‘25 - 24 Dec ‘25 | ₹2,60,000 | 2,000 | ₹65 - ₹70 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 38.49 Cr | RHP PDF | 26 Dec ‘25 | 30 Dec ‘25 |
| Face value |
|---|
| 10 |
About Shyam Dhani Industries
Founded in
2010
MD/CEO
Mr Ramawtar Agarwal
Parent organisation
Shyam Dhani Industries Ltd
Strengths & Risks of Shyam Dhani Industries
Strengths
Risks
The company claims to have adopted integrated pest management (IPM) to reduce reliance on chemical pesticides in its spice sourcing and support preventive, natural pest-control methods. It positions this as a way to lower pesticide-residue risks and encourage more environmentally conscious farming practices.
The company claims its manufacturing unit in Jatawali (Jaipur, Rajasthan) can handle end-to-end activities under one roof, including sourcing, mixing recipes, and testing/measurement. It also claims this integrated setup provides better control over quality and cost advantages versus using external job work.
The company claims to manufacture and process a wide range of products, including ground spices, blended spices, whole spices, and grocery items such as salts, rice, poha, and kasuri methi, among others. It also states that products are offered in multiple packaging sizes to serve different buying needs.
The company states that it has been in the spices business for over a decade and claims this experience has helped it build repeat customer relationships and maintain supply consistency. It also claims to have a network of 432 wholesalers and distributors as of FY25, supported by an in-house sales and marketing team for market feedback and demand tracking.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue increased from Rs 67.95 crore in FY23 to Rs 107.60 crore in FY24 and Rs 124.68 crore in FY25. PAT increased from Rs 2.92 crore in FY23 to Rs 6.30 crore in FY24 and Rs 8.04 crore in FY25.
The top 10 suppliers accounted for Rs 20.41 crore (42.11 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 41.75 crore (40.86 percent) in FY25; Rs 60.74 crore (58.66 percent) in FY24; and Rs 35.80 crore (68.70 percent) in FY23. Also, the company does not have any long-term agreements with these vendors. Any disruption in raw material supply or failure by suppliers to meet quantities, schedules, credit terms, or quality standards can adversely affect the company’s ability to fulfil orders on time, which would hurt its business and financial condition.
Raw materials consumed accounted for Rs 47.82 crore (74.98 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 109.58 crore (87.89 percent) in FY25; Rs 89.44 crore (83.12 percent) in FY24; and Rs 49.64 crore (73.05 percent) in FY23. Any adverse movement in raw material availability or prices, or inability to procure supplies on acceptable terms, can compress margins and materially affect the company’s business, financial condition, and results of operations.
Shyam Dhani Industries primarily procures key raw materials during the harvest season (January to April) and stores them in leased cold storage facilities for year-round use, thereby increasing its reliance on seasonal availability. Abnormal monsoons, extreme weather events, or weak crop yields can reduce availability, raise prices, and affect raw material quality, potentially forcing procurement from higher-cost regions or suppliers. This can adversely affect the company’s profitability, cash flows, and results of operations.
As of September 30, 2025, the company had trade receivables of Rs 10.28 crore, representing 17.02 percent of the company’s total current assets. This is an increase from Rs 8.59 crore (16.01 percent) in FY25; Rs 5.59 crore (14.73 percent) in FY24; and Rs 3.74 crore (22.99 percent) in FY23. Any delay or default in collections can increase working capital needs, pressure liquidity, and lead to provisions or write-offs, which can adversely affect its results of operations and financial condition.
The company, its promoters, KMPs and SMPs are involved in certain ongoing legal proceedings. Adverse judgments in any of these cases could hurt the company’s business prospects.
The top customer accounted for Rs 21.31 crore (33.41 percent) of the company’s revenue for the period ended September 30, 2025; Rs 37.91 crore (30.41 percent) in FY25; Rs 22.06 crore (20.50 percent) in FY24; and Rs 16.31 crore (24.00 percent) in FY23. If the company is unable to retain this key client, or if business from the client declines because of disputes, competition, or changing demand, the company’s revenue, cash flows, and financial condition could be materially affected.
General trade accounted for Rs 30.01 crore (47.05 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 66.81 crore (53.58 percent) in FY25; Rs 72.89 crore (67.74 percent) in FY24; and Rs 63.19 crore (92.99 percent) in FY23. It does not have long-term contracts with distributors and dealers in this channel, which increases vulnerability if a key distributor reduces or discontinues business. Any disruption in the general trade network, loss of key distributors, or unfavourable changes in trade terms can adversely affect the company’s revenue and profitability.
Ground spices accounted for Rs 30.05 crore (47.11 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 61.94 crore (49.68 percent) in FY25; Rs 55.56 crore (51.63 percent) in FY24; and Rs 46.94 crore (69.07 percent) in FY23. Any decline in demand for ground spices, inability to maintain consistent quality, or failure to respond to changing consumer preferences can adversely affect the company’s revenue, cash flows, and financial condition.
The company reported negative cash flow from operating activities amounting to Rs 6.16 crore in FY25 and Rs 5.40 crore in FY24, negative cash flow from investing activities of Rs 0.75 crore for the period ended September 30, 2025; Rs 13.80 crore in FY25; Rs 4.40 crore in FY24; and Rs 2.52 crore in FY23, and negative cash flow from financing activities of Rs 1.11 crore for the period ended September 30, 2025, and Rs 0.61 crore in FY23. Sustained negative cash flow in the future could adversely affect the company’s operations, liquidity, and financial condition.
Raw materials sourced from Rajasthan accounted for Rs 21.19 crore (43.72 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 46.47 crore (45.48 percent) in FY25; Rs 62.22 crore (60.09 percent) in FY24; and Rs 21.61 crore (41.46 percent) in FY23. Also, the state accounted for Rs 40.89 crore (64.07 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 85.74 crore (68.73 percent) in FY25; Rs 81.33 crore (75.59 percent) in FY24 and Rs 61.03 crore (89.62 percent) in FY23. This concentration increases exposure to region-specific risks such as adverse weather, natural disasters, policy changes, civil unrest, or other disruptions that can impact procurement and operations.
As of November 30, 2025, the company had outstanding financial indebtedness of Rs 46.32 crore. Failure to service or repay these loans can harm the company’s operations and financial position.
Shyam Dhani Industries Financials
*All values are in Rs. Cr
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Application Details of Shyam Dhani Industries IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹65 - 70 | ₹2 - 5 Lakh | 2000 |
For Shyam Dhani Industries IPO, eligible investors can apply as Individual investor.