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Shanti Inorganics is engaged in the manufacturing and trading of sulphur-based inorganic chemicals, including ammonium bisulphite, sodium bisulphite solutions, sodium meta/bisulphite, and sodium sulphite powder. These products serve various industries such as oil drilling, pharmaceuticals, food and beverages, pulp & paper, and water treatment, primarily as preservatives, reducing agents, and oxygen scavengers.
The company's business quality is strong, supported by clear growth strategies and competitive strengths. Market sentiment is overwhelmingly positive, as evidenced by high GMP and significant oversubscription across all investor categories. While there are moderate risks related to working capital and foreign exchange, these are outweighed by the strong positives. The post-IPO P/E of 9.54x against an industry P/E of 37.71x presents a compelling value proposition, indicating substantial upside potential.
The exceptionally high GMP (43.37% premium) and massive oversubscription across all investor categories strongly indicate significant listing gains.
Strong fundamentals, attractive valuation, and overwhelming market demand suggest continued positive momentum post-listing in the short term.
The company's robust growth, improving margins, strategic expansion plans, and presence in a stable industry provide a solid foundation for long-term value creation, despite some operational risks.
| Category | Shares Offered | % of Issue | Share |
|---|---|---|---|
| QIB | 27,00,800 | 47.46% | |
| NII (HNI) | 8,11,200 | 14.25% | |
| Retail | 18,94,400 | 33.29% | |
| Market Maker | 2,84,800 | 5% |
| Investor | |||
|---|---|---|---|
| TATTVAM AIF TRUST-Aanjay Ageless AIF Fund | 4,81,600 | ₹4 Cr | 29.74% |
| KHANDELWAL FINANCE PVT.LTD. | 1,21,600 | ₹1.01 Cr | 7.51% |
| TIGER STRATEGIES FUND | 1,21,600 | ₹1.01 Cr | 7.51% |
| INDIA MAX INVESTMENT FUND LTD. | 6,03,200 | ₹5.01 Cr | 37.25% |
| FINWAVE GLOBAL OPPORTUNITIES FUND | 2,91,200 | ₹2.42 Cr | 17.98% |
Premium gain of 43.37% over issue price.
Strong and consistent revenue and profit growth (CAGR of 27.28% for revenue and 41.25% for PAT from FY24-FY26).
Improving EBITDA and PAT margins, indicating enhanced profitability.
Robust return ratios (ROE 27.68%, ROCE 23.4% as of Mar 2026).
Attractive valuation with a post-IPO P/E of 9.54x, significantly below the industry average.
Clear growth strategies including capacity expansion and geographic diversification.
Experienced promoters and management team.
Very strong market sentiment indicated by high GMP (43.37% premium) and overwhelming oversubscription across all categories (142.17x overall).
Diversified product portfolio and customer base across multiple industries.
Successful execution of capacity expansion, increased market penetration in high-value regions, and sustained demand from key industries like pharmaceuticals and oil drilling.
Steady growth in existing markets, moderate success in expansion initiatives, and stable raw material prices.
Delays in expansion projects, intense competition, adverse changes in regulatory environment, or significant fluctuations in raw material costs and foreign exchange rates.
Positive: Exceptional revenue and PAT growth (CAGR 27.28% and 41.25% respectively, FY24-FY26).
Concern: Low current ratio (0.78) indicating potential working capital pressure.
Advisory: conflicting source data: roe_pct (investorgain_kpi=5.05 vs investorgain_highlights=21.2)
Listing-gain vs long-term: Strong Apply / Apply.