Shellz India IPO
Shellz India IPO is a SME issue of ₹59.97 Cr (Fresh capital only). The price band is ₹170–179 per share with a lot of 800 shares (₹1,43,200 minimum). Bidding runs 15–19 Oct, allotment is on 21 Oct 2026 and listing on 23 Oct 2026 on BSE SME. The latest grey market premium is ₹0 (0.00%), updated 14 Oct 2026, 03:00 PM IST.
IPO details
| Detail | Value |
|---|---|
| Price band | ₹170–179 |
| Lot size | 800 shares |
| Minimum investment | ₹1,43,200 |
| Issue size | ₹59.97 Cr |
| Issue type | Fresh capital only |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹179 |
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 15 Oct 2026 |
| Bidding closes | 19 Oct 2026 |
| Allotment | 21 Oct 2026 |
| Refunds | 22 Oct 2026 |
| Shares credited to demat | 22 Oct 2026 |
| Listing | 23 Oct 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹1,43,200 |
| Retail (Max) | 1 | 800 | ₹1,43,200 |
| HNI (Min) | 2 | 1,600 | ₹2,86,400 |
About Shellz India
Shellz India Limited was incorporated in May 2012. It makes and markets confectionery products and also makes and supplies food and bakery ingredients. Its range has over 300 SKUs sold to buyers in urban, semi-urban and rural areas. The company sells under two brands. Hugs covers baked treats, choco delights, jellies and sugar confectionery at mass-market prices, and most products cost Rs 10 or less. Tosca is a mass-premium brand sold mainly through e-commerce and quick-commerce channels, and includes Tosca Oat Choco, an oat and cereal bar. Products reach kirana outlets in about 24 states through over 300 super stockists, as on 31 March 2026. The company also makes private-label products for other brands and exports to the Middle East, South Asia and Europe. It runs its own manufacturing, product development and quality assurance, and had 258 full-time employees on 31 August 2026.
Shellz India financials
| ₹ crore | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 229.36 | 213.72 | 167.36 | 147.04 |
| Total Income | 47.43 | 193.18 | 187.39 | 162.81 |
| Profit After Tax | 4.08 | 13.37 | 8.30 | 5.25 |
| EBITDA | 8.52 | 30.15 | 22.79 | 18.94 |
| NET Worth | 63.03 | 58.95 | 40.58 | 26.99 |
| Reserves and Surplus | 54.31 | 50.24 | 39.89 | 26.35 |
| Total Borrowing | 108.56 | 100.83 | 78.18 | 70.93 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 13.24 |
| EPS (₹) | 13.52 |
| RoE | 6.69% |
| RoCE | 4.69% |
| RoNW | 6.47% |
| PAT Margin | 8.63% |
| EBITDA Margin | 18.04% |
| Debt / Equity | 1.72 |
| NAV (₹) | 72.31 |
Strengths
- Total income rose from Rs 162.81 crore in FY2024 to Rs 187.39 crore in FY2025 and Rs 193.18 crore in FY2026.
- Profit after tax rose from Rs 5.25 crore in FY2024 to Rs 8.30 crore in FY2025 and Rs 13.37 crore in FY2026, a rise of 61% in the last year.
- EBITDA rose from Rs 18.94 crore in FY2024 to Rs 30.15 crore in FY2026, and net worth grew from Rs 26.99 crore to Rs 58.95 crore over the same years.
- Return on equity was 26.87% and return on net worth was 22.68% for FY2026.
- At the upper band of Rs 179 the issue is priced at 13.24 times post issue EPS of Rs 13.52, and at 11.67 times pre issue EPS of Rs 15.34.
- The whole Rs 59.97 crore issue is fresh capital, with no offer for sale. Rs 22.00 crore is to repay borrowings and Rs 23.00 crore is for working capital.
- Over 300 super stockists take the products to kirana outlets in about 24 states, and the company has two brands at different price points.
Risks
- The latest figures cover only the three months to 30 June 2026. The post issue EPS of Rs 13.52 is based on annualised earnings for that period, so it may not hold for a full year.
- The KPI table shows RoE of 6.69% and RoCE of 4.69% for the quarter to 30 June 2026, against 26.87% and 19.11% for FY2026, so the two periods are not comparable.
- The source notes that the financial statements for 2026 are consolidated, so the FY2026 and June 2026 figures may not be directly comparable with earlier standalone years.
- Total borrowing rose from Rs 70.93 crore in FY2024 to Rs 100.83 crore in FY2026 and Rs 108.56 crore on 30 June 2026. Debt to equity was 1.72 on 30 June 2026.
- Total income grew only 3% between FY2025 and FY2026, from Rs 187.39 crore to Rs 193.18 crore, while profit after tax grew 61%.
- Rs 22.00 crore of the proceeds goes to repay borrowings, and no amount is given for general corporate purposes.
- Promoters Kapil Garg and Shalini Garg hold 88.11% before the issue and will hold 63.64% after it.
- The company sells low-priced mass-market confectionery, mostly at Rs 10 or below, and depends on super stockists for distribution, so input costs and distributor terms can affect margins.
- This is an SME issue. One lot is 800 shares, which is about Rs 1.43 lakh at the upper band of Rs 179, and SME shares usually trade in low volume after listing.
Allotment status
Registrar: Bigshare Services Private Limited. Check Shellz India IPO allotment status.
FAQs
What is the price band of Shellz India IPO?
₹170–179 per share.
What is the lot size of Shellz India IPO?
800 shares, which costs ₹1,43,200 at the upper price band.
What is the GMP of Shellz India IPO?
₹0 (0.00%) as of 14 Oct 2026, 03:00 PM IST. GMP is unofficial and not a prediction of the listing price.
When does Shellz India IPO open and close?
It opens on 15 Oct 2026 and closes on 19 Oct 2026.
When is the allotment date of Shellz India IPO?
21 Oct 2026.
When will Shellz India IPO list?
23 Oct 2026 on BSE SME.