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Shanti Inorganics Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹83 per share per share
Lot Size 3200 Shares
Min. Investment ₹265600
Issue Size ₹47.24 Cr
Face Value ₹10
IPO Open 31 August 2026
IPO Close 02 September 2026
Allotment 03 Sep 2026
Listing 07 Sep 2026
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Subscription status for Shanti Inorganics Ltd IPO

As of 06 Sep 26, 8:59 PM. Will get Updated in every 30 minutes

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NII -

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Key dates

IPO schedule for Shanti Inorganics Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 31 Aug 2026
IPO Close 02 Sep 2026
Allotment 03 Sep 2026
Refund / Unblock 04 Sep 2026
Listing 07 Sep 2026
About the company

Who is Shanti Inorganics Ltd ?

Shanti Inorganics Limited was incorporated as 'Shanti Inorgo Chem (Guj) Private Limited' as a Private Company in Ahmedabad, Gujarat, pursuant to a Certificate of incorporation dated January 13, 2010, issued by the Registrar of Companies, Gujarat. It was converted into a public Company to 'Shanti Inorgo Chem (Guj) Limited' on March 1, 2025. Further, the name of the Company was further changed from 'Shanti Inorgo Chem (Guj) Limited' to 'Shanti Inorganics Limited' and a fresh Certificate of Incorporation dated May 6, 2025, was issued by the Registrar of Companies, Central Processing Centre.

Company is engaged in the business of manufacturing and trading of sulphur based inorganic chemicals. The product portfolio consists of ammonium bisulphite, sodium bisulphite solutions, sodium meta/ bisulphite, and sodium sulphite powder, which are primarily used as preservatives, reducing agents, oxygen scavengers and process intermediates across multiple industries such as oil drilling, pharmaceuticals, food and beverages, pulp & paper and water treatment. In the inorganic chemical industry, products are categorized into two grades, food grade and technical grade. The manufacturing facilities are located at Vatva and Bavla, in Ahmedabad with an installed capacity of 16,200 MTPA and 18,000 MTPA, respectively.

The Company took over the running business of a partnership firm of the Promoters namely 'Shanti Industries' via going concern basis vide Takeover Agreement with effect from April 01, 2010. Since then, it has consistently expanded its production and operational capabilities. It commenced the business with production of sodium bisulphite in a powder form and thereafter started manufacturing of sodium bisulphite in a liquid form as well as started manufacturing of sodium metabisulphite, a higher-grade derivative of sodium bisulphite.

In 2016, Company further expanded our product portfolio by commencing the manufacturing of ammonium bisulphite solutions. It transitioned from using sulphur burning furnaces to procuring liquefied sulphur dioxide (SO2), which improved production efficiency, reduced emissions and enhanced environmental compliance in 2019. It expanded the installed capacity from 10,700 MTPA to 16,200 MTPA by investing in new plant equipment, including dryers, centrifuges, storage tanks and heat exchangers in 2022. The Company has commenced Phase I production of Manufacturing Unit II in FY 25.

Company is planning the initial public offering of 50,00,000 equity shares of face value of Rs 10 each through fresh issue.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income72.9358.4645.06
EBITDA17.1113.418.92
PAT10.227.995.12
AUM97.0466.0452.69

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Geographical diversification through exports to international market.
  • Long standing relationship with diversified customers across multiple industries.
  • Strategically located production facilities with access to abundant resources of raw materials and longterm relationships with suppliers.
  • Certifications and compliance with quality and food safety standards.
  • Experienced Promoters and Senior Management with extensive domain knowledge.
  • Consistent financial performance.

Risks

  • The company derives a substantial portion of its revenue from the food and beverages, oil drilling and chemical industries. Consequently, any material decline in the performance of the food and beverages, oil drilling and chemical industries, or the company's failure to sustain, grow, or efficiently manage its sales within these industries may materially and adversely affect the company's business operations, financial condition and results of operations.
  • The Company derives revenue from diversified customers. Its inability to acquire new customers or loss of all or a substantial portion of any of the company's major customers, for any reason and/or continued reduction of the business from them, could have a material adverse impact on the company's business, results of operations, cash flows and financial condition.
  • The company does not maintain long-term contractual arrangements with the majority of its customers. As a result, the loss of one or more key customers, or any significant reduction in their demand for the company's products, could materially and adversely affect its business operations, financial condition, results of operations and cash flows.
  • Certain entities forming part of the company's Group Companies, are in the same line of business as its. There are no non-compete agreements between the Company and such Group Companies. The company cannot assure that the said entity will not expand which may increase its competition, which may adversely affect the company's business operations and financial condition.
  • The company operates in a competitive industry, and increasing competition may adversely affect its business, financial condition and results of operations.
  • A substantial portion of the company's revenue is derived from exports, exposing it to risks associated with international markets. Any adverse developments in these markets may materially and adversely affect the company's business operations, financial condition and results of operations.
  • A significant increase in the cost of raw materials, particularly if not matched by a corresponding increase in product pricing or revenue, could materially and adversely affect the company's profit margins and overall financial performance. If the company is unable to pass on these increased costs to its customers, it may result in reduced profitability and negatively impact the company's results of operations and financial condition.
  • The company has not made any long-term supply arrangement or agreement with its suppliers. In an eventuality where the company's suppliers are unable to deliver it the required materials, at a competitive price, in a time-bound manner it may have a material adverse effect on the company's business operations and profitability.
  • The company's manufacturing facilities situated in Vatva, Ahmedabad ("Manufacturing Unit - I") and Bavla, Ahmedabad ("Manufacturing Unit - II - Phase I") is critical for its business and any disturbance, slowdown or shutdown of the company's manufacturing facilities, may have an adverse impact on its business, results of operations and financial conditions.
  • The company's proposed project of capital expenditure relating towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite for phase II of Manufacturing Unit - II is subject to the risk of unanticipated delays in implementation and cost overruns.

Shanti Inorganics Ltd IPO — frequently asked questions

The Shanti Inorganics Ltd IPO opens on 31 August 2026 and closes on 02 September 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Shanti Inorganics Ltd IPO is Rs 83 to Rs 83 per share. The lot size is 3200 shares per lot, requiring a minimum investment of Rs 265600 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 3200 lots as per SEBI guidelines.
You can apply for the Shanti Inorganics Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Shanti Inorganics Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 02 September 2026 at 5:00 PM.
Allotment for Shanti Inorganics Ltd IPO is scheduled on 03 Sep 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 04 Sep 2026. The shares are expected to list on 07 Sep 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Shanti Inorganics Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Shanti Inorganics Ltd IPO bid before the subscription window closes on 02 September 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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