By Wealthova | Last Updated: October 13, 2026
Shellz India Limited, an established player in the Indian food processing and packaging sector incorporated in 2012, is gearing up to make its primary market debut with an upcoming ₹59.97 Crore SME IPO. Operating as a specialized confectionery and FMCG manufacturer, the business focuses on producing high-quality baked treats, chocolates, jellies, and pan-and-sugar confectionery. The company caters to a vast domestic consumer base through its two flagship brands—“Hugs” for accessible mass-market treats and “Tosca” for premium urban consumers—while also supplying specialized bakery ingredients. The subscription window for this book-built issue opens on October 15, 2026, and closes on October 19, 2026. The price band is set between ₹170 to ₹179 per equity share. The ₹59.97 Crore offering is structured entirely as a 100% Fresh Issue (33.50 Lakh shares), with no Offer for Sale (OFS) component. Retail investors must apply for a minimum of 2 lots (1,600 shares), requiring an investment of ₹2,86,400 at the upper price band. The company plans to utilize the fresh capital primarily to repay existing outstanding borrowings (₹22.00 Crore) and fund incremental working capital requirements (₹23.00 Crore), alongside general corporate purposes. Set to list on the BSE SME platform, market participants are closely watching this fast-growing FMCG enterprise, backed by a robust FY26 total revenue of ₹193.18 Crore and a strong net profit of ₹13.37 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
October 15, 2026
October 19, 2026
₹170 to ₹179
(Book Built)800 Shares (Base)
(Min. 2 Lots / 1,600 Shares for Retail)₹59.97 Cr
(33.50 Lakh Shares)₹59.97 Cr
(Entirely Fresh Issue, No OFS)35.00% Allocation
(Of the Net Offer)₹10 Base
SME (BSE SME)
Shellz India Limited is a fast-growing FMCG and food processing enterprise specializing in the manufacturing of high-quality confectionery products, chocolates, and baked goods. The company operates a highly diversified business model encompassing branded consumer sales, private-label manufacturing, and international exports.
The company’s core operational pillars include:
The ₹59.97 Crore BSE SME IPO is structured entirely as a 100% Fresh Issue (consisting of 33.50 Lakh shares), with absolutely no Offer for Sale (OFS) from the founding promoters, Kapil Garg and Shalini Garg.
The net proceeds from this fresh capital injection will be directly utilized by the company for the following strategic corporate objectives:
₹23.00 Crore is heavily allocated to fund incremental day-to-day working capital requirements, essential for procuring raw inventory (sugar, cocoa) and extending credit to their extensive super stockist network.
₹22.00 Crore is earmarked for the repayment or prepayment of existing borrowings, which will significantly deleverage their balance sheet and boost net profit margins by reducing ongoing finance costs.
₹14.97 Crore (Balance of the issue) will be deployed towards broader corporate initiatives, brand building for "Hugs" and "Tosca", and to cover the associated expenses of the public offering.
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹162.81 | ₹26.99 | ₹5.25 | ₹147.04 |
| FY 2025 | ₹187.39 | ₹40.58 | ₹8.30 | ₹167.36 |
| FY 2026 | ₹193.18 | ₹58.95 | ₹13.37 | ₹213.72 |
| Financial KPI (Mar 31, 2026)* | Value |
|---|---|
| Return on Equity (ROE) | 26.87% (FY26) |
| Return on Capital Employed (ROCE) | 19.11% (FY26) |
| EBITDA Margin | 15.65% (FY26) |
| PAT Margin | 6.94% (FY26) |
| Debt to Equity Ratio | 1.71x (Pre-IPO / Will deleverage post-issue) |
| Return on Net Worth (RoNW) | 22.68% (FY26) |
| Earnings Per Share (EPS) | ₹15.34 (Pre-IPO) | ₹13.52 (Post-IPO) |
| Price/Earning (P/E) Ratio | 11.67x (Pre-IPO) | 13.24x (Post-IPO) |
| Net Asset Value (NAV) | ₹67.63 (Pre-IPO) |
| Price to Book (P/B) Value | 2.65x (At Upper Band) |
| Market Cap at Offer Price | ₹156.03 Cr (Pre-IPO) | ₹216.00 Cr (Post-IPO) |
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 88.11% | 63.64% |
| Public / Institutional / Others | 11.89% | 36.36% |
Shellz India Limited enters the BSE SME market backed by its core founding promoters, Kapil Garg and Shalini Garg. Prior to the IPO, the promoter group held a dominant 88.11% equity stake, reflecting extreme operational control and conviction. The ₹59.97 Crore offering is structured entirely as a 100% Fresh Issue (33.50 Lakh shares), with absolutely no secondary dilution (Offer for Sale) by existing promoters. Post-issue, the promoter holding will adjust to a comfortable majority stake of 63.64%. By not offloading a single share, the founders ensure their continued alignment with minority shareholders while aggressively leveraging fresh public capital to bridge heavy FMCG working capital requirements and retire existing corporate debt.
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | NAV (₹) |
|---|---|---|---|
| Shellz India Limited (IPO) | 13.52 (Post-IPO) | 13.24x | 67.63 |
| Annapurna Swadisht Limited | 14.38 | 8.66x | 151.33 |
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
Bigshare Services Private Limited
Phone: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: bigshareonline.com
|
| 🏢 Company Contact |
Shellz India Limited
Registered & Corporate Office: 39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Delhi – 110026, India.
Phone: +91 11 4850 4850
Email: investor@shellz.in
Website: shellz.in
|
| 💼 Merchant Bankers |
Socradamus Capital Private Limited
Book Running Lead Manager
Phone: +91 22 4961 4235
Email: mb@socradamus.in
|