Shellz India IPO
Shellz India shares listed on BSE SME on 23 October 2026 after an IPO priced at ₹179, an issue of ₹59.97 crore.
- Minimum investment
- ₹2,86,4002 lots of 800 shares, at the issue price
- Issue price
- ₹179
- Lot size
- 800 sharesApply for 2 lots minimum
- Issue size
- ₹59.97 croreFresh issue only
- Bidding
- 15 Oct to 19 Oct
- Listing
- 23 OctBSE SME
Dates
Shellz India IPO dates
RHP cover page and Terms of the Issue; listing date from the BSE bhavcopy- 14 OctAnchor bidding
- 15 OctBidding opens
- 19 OctBidding closes, UPI by 5 pm
- 21 OctAllotment
- 22 OctRefunds and demat credit (expected)
- 23 OctListing
- Today7 Nov
Read before you apply
Shellz India IPO review: read before you apply
Worth checking
- SeriousMany legal cases
31 cases are pending against the company involving ₹26.28 crore, and 13 against the promoter involving ₹7.27 crore (Risk factor 3). Six operational creditors once filed insolvency cases against it; all were settled or dismissed (Risk factor 4).
- SeriousDebt is higher than equity
Borrowings were ₹108.56 crore in June 2026 against equity of ₹63.03 crore. Finance costs took ₹9.30 crore in FY26, more than two-thirds of that year's profit (our calculation).
- Factory licence gap
The Delhi factory had no valid factory licence from 1 April 2025 to 20 May 2026 (Risk factor 6).
- Plant shift planned
The company plans to move manufacturing from Delhi to Sonipat, Haryana, which can disrupt production (Risk factor 5).
- Cash flow swings
Cash from operations was negative ₹11.31 crore in FY26, after ₹22.11 crore positive in FY25 (Risk factor 8).
- Depends on super stockists and North India
Super stockists bought 95.91% and North India gave 75.34% of FY26 revenue (Risk factors 11 and 16).
Strengths
- Profit is growing
Profit after tax rose from ₹5.25 crore in FY24 to ₹13.37 crore in FY26.
- Large product range
Over 300 products across chocolates, jellies, baked treats and bakery ingredients, sold at low price points.
- Fresh money cuts debt
₹22 crore of the issue goes to repaying loans.
- Valuation in rupees
At ₹179, the P/E on FY26 EPS of ₹15.37 is 11.6x (our calculation). The one listed peer, Annapurna Swadisht, is at 8.66x in the RHP.
What Shellz India does
Shellz India makes and sells low-priced confectionery: chocolate treats, jellies, baked items and other sweets, plus food and bakery ingredients. It sells through super stockists into towns and villages as well as cities.
It was set up in 2012 as Tifosi Foods and is based in Delhi. The promoters are Kapil Garg and Shalini Garg, who own 88.11% before the IPO.
Listing and subscription
Shellz India IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹179
- Listing price
- ₹179
- Gain at open
- 0.0%
- Day close
- ₹170.05
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Shellz India IPO price band, lot size and issue size
RHP cover page and The Issue. Issue size in rupees is our calculation at ₹179.| Issue price | ₹179 |
| Lot size | 800 shares, minimum 2 lots (1,600 shares) |
| Issue size | ₹59.97 crore, 33,50,400 shares |
| Fresh issue | ₹59.97 crore |
| Face value | ₹10 per share |
| Market maker | 3,29,600 shares (₹5.90 crore) for Mansi Share and Stock Broking Private Limited |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
Shares of the net issue after the market maker portion. QIBs get at most 50%, non-institutional investors at least 15% and individual investors at least 35%.
What the company will do with the money
RHP, Objects of the Issue (p. 108)| Object of the issue | ₹ crore |
|---|---|
| Repay borrowings | 22.00 |
| Working capital | 23.00 |
| General corporate purposes (up to 15% of the issue or ₹10 crore, whichever is lower) |
Minimum and maximum investment
Our calculation: at ₹179 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 1,600 | ₹2,86,400 |
| Small NII (min) | 3 | 2,400 | ₹4,29,600 |
| Small NII (max) | 6 | 4,800 | ₹8,59,200 |
| Big NII (min) | 7 | 5,600 | ₹10,02,400 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Issue PriceSet to the issue price, ₹179. Change it to see what you would be paying for.
- Market cap
- ₹216 cr
- P/E (FY26)
- 11.6x
- Price to book
- 3.4x
- Market cap to sales
- 1.1x
- Peer average P/E
- 8.66x
Based on FY26 EPS of ₹15.37, 1.21 crore shares, net worth of ₹63.03 crore (June 2026) and revenue of ₹192.62 crore. Shares after the IPO (our calculation from the RHP share counts).
Financials
Shellz India financials
RHP, Restated Consolidated Financial Information, ₹ croreBorrowings and net worth
Revenue grew 8.9% a year from FY24 to FY26 (our calculation), while profit more than doubled.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 162.41 | 186.97+15.1% | 192.62+3.0% | 47.24 |
| Finance costs | 8.27 | 8.50 | 9.30 | 2.30 |
| Profit after tax | 5.25 | 8.30+58.1% | 13.37+61.1% | 4.08 |
| EPS (₹) | 6.09 | 9.59 | 15.37 | 4.68 |
| Net worth | 26.99 | 40.58 | 58.95 | 63.03 |
| Borrowings | 70.93 | 78.18 | 100.83 | 108.56 |
| Inventories | 54.81 | 65.66 | 70.22 | 69.68 |
| Trade receivables | 55.71 | 35.55 | 48.60 | 53.89 |
| Cash from operations | 8.37 | 22.11 | -11.31 | 6.26 |
Q1 FY27 is April to June 2026 and is not annualised. FY24 and FY25 are standalone. EPS is adjusted for the bonus issue. Borrowings add long and short term amounts (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue PriceThe RHP names one listed peer. P/E for Shellz at ₹179 is our calculation.
| Company | EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|
| Shellz India | 15.37 | 11.6x at ₹179 (ours) | 22.68% | 67.63 |
| Annapurna Swadisht | 14.38 | 8.66x | 9.50% | 151.33 |
The RHP names one listed peer, Annapurna Swadisht, at a P/E of 8.66x. One peer is a thin comparison.
Company
About Shellz India
Business
RHP, Risk Factors 11 and 16Almost all sales go through super stockists, who sell on to distributors and shops. There are no long-term contracts with them. Exports are under 1% of revenue.
Revenue by region, FY26
- Products
- 300+
- Sales via super stockists, FY26
- 95.91%
- Inventory days, FY26
- 175
- Receivable days, FY26
- 79
Key risks
RHP, Risk Factors- Consumer tastesFailing to keep up with tastes or quality could hurt sales.
- High debtLarge borrowings carry interest costs and lender conditions.
- Legal casesMany cases are pending against the company and the promoter.
- Past insolvency casesSix operational creditors filed insolvency applications in the past.
- Plant shiftMoving production from Delhi to Sonipat may disrupt output.
- Licence gapThe Delhi plant ran without a valid factory licence for about 14 months.
- ComplaintsComplaints were received about the draft prospectus.
- Struck-off entitiesAuditors flagged incorrect reporting of dealings with struck-off companies.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingShalini Garg bought her shares in March 2025 at ₹34.92 each.
Promoters Kapil Garg and Shalini Garg own 88.11% before the IPO and about 63.64% after it (our calculation). Shalini Garg bought her shares in March 2025 at ₹34.92 each.
| Shareholder | Shares | Before IPO | After IPO (ours) |
|---|---|---|---|
| Kapil Garg (promoter) | 62,40,000 | 71.59% | 51.71% |
| Shalini Garg (promoter) | 14,40,000 | 16.52% | 11.93% |
| Arwa Umesh | 5,07,276 | 5.82% | 4.20% |
| Vishnuma Global Solutions | 1,54,500 | 1.77% | 1.28% |
RHP, Capital Structure
IndustryIndia confectionery market FY'25: ₹93,100 crore
- India confectionery market FY'25
- ₹93,100 crore
- Growth FY'19 to FY'25
- 9.1% a year
- Confectionery eaten per person FY'25
- 0.39 kg
- India confectionery exports CY25
- USD 777.4 million (about 17% a year since CY20)
Ken Research report 'India's Confectionery Market' in the RHP, commissioned and paid for by the company (p. 147, p. 149 and p. 156)
LitigationAgainst the company: criminal, tax, regulatory and civil: 31 · By the company: 29 · Against the promoter: criminal, tax and civil: 13
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory and civil | 31 | ₹26.28 crore |
| By the company | 29 | ₹3.17 crore |
| Against the promoter: criminal, tax and civil | 13 | ₹7.27 crore |
The RHP says the company has filed recovery cases against some of its super stockists (Risk factor 16).
RHP, Risk Factor 3 and Outstanding Litigation (p. 300)
Company detailsLegal name, registered office, CIN and website
| Legal name | Shellz India Limited |
| Incorporated | 7 May 2012, as Tifosi Foods Private Limited |
| Promoters | Kapil Garg, Shalini Garg |
| Market maker | Mansi Share and Stock Broking Private Limited |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Shellz India IPO allotment status
Out from 21 Oct 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select Shellz India LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
The RHP and exchange notices are linked here from the exchange website once checked.
Questions
Shellz India IPO FAQs
When does the Shellz India IPO open and close?
The Shellz India IPO opens on Thursday, 15 October 2026 and closes on Monday, 19 October 2026. Anchor bidding is on 14 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Shellz India IPO price band and lot size?
The price is ₹179 per share. The lot size is 800 shares, so the minimum application is 1,600 shares, or ₹2,86,400 at the upper price.
What is the Shellz India IPO size?
The Shellz India IPO is of ₹59.97 crore. It is a fresh issue only.
What is the Shellz India IPO allotment date?
Allotment is on Wednesday, 21 October 2026. Refunds and demat credit are expected on 22 October 2026.
What is the Shellz India IPO listing date?
Shellz India shares are due to list on BSE SME on Friday, 23 October 2026.
Who is the registrar of the Shellz India IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Shellz India do?
Shellz India is a Delhi-based maker of low-priced confectionery, including chocolate treats, jellies and baked items, sold through super stockists across India.
Is the Shellz India IPO a fresh issue?
Yes. All 33,50,400 shares are new, so the money goes to the company.
What will Shellz India do with the IPO money?
₹22 crore to repay loans, ₹23 crore for working capital, and the rest for general corporate purposes.
Where will Shellz India list?
On the BSE SME platform, with Mansi Share and Stock Broking as market maker.
How did Shellz India shares list?
They opened at ₹179 on BSE SME on 23 Oct 2026, the same as the issue price, and closed the day at ₹170.05, 5% lower (BSE bhavcopy, our calculation).
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