The Shyam Dhani IPO will open on December 22, 2025, and close on December 24, 2025. The IPO of Shyam Dhani Industries is a book build issue. The company plans to raise approximately ₹38.49 crores through an initial public offering (IPO) that will include the sale of up to [.] equity shares with a face value of ₹10 each and a new issue of ₹38.49 crores.
The IPO price range for Shyam Dhani IPO Industries is ₹65 to ₹70 per share. QIB is 50%, HNI is 15%, and the retail quota is 35%. On December 30, 2025, Shyam Dhani IPO Industries will go public on the NSE. The IPO date for Shyam Dhani Industries has been set for December 26, 2025.
The company projects revenue of ₹124.75 crore in 2025, compared to ₹107.64 crore in 2024. The company projects a profit of ₹8.04 crore in 2025, compared to a profit of ₹6.30 crore in 2024. According to financials, IPO investors should apply for the long term.
About Shyam Dhani Industries IPO
Established in 1995, Shyam Dhani Industries Limited is an ISO-certified company that manufactures, exports, and supplies premium spices, including spice powders and whole spices.
They process and manufacture these spices at our facility in Jatawali, Jaipur, Rajasthan. This facility is equipped with modern machinery for cleaning, drying, grading, grinding, and efficient packaging.
They offer a variety of packaging options: ground spices come in 25g to 25kg pouches and HDPE bags; blended spices come in 5g to 1kg cardboard boxes and pouches; whole spices come in 50g to 25kg pouches and small plastic jars.
Shyam Dhani Industries Limited's revenue grew 16% from the financial year ending March 31, 2024, to March 31, 2025, and profit after tax (PAT) increased 28%.
Incorporated in 1995, Shyam Dhani Industries Limited is an ISO-certified company and manufacturer, exporter, wholesaler, and supplier of Premium Spices, Spices Powder, Whole Spices, etc.
Shyam Dhani Industries Limited, incorporated in 1995, is an ISO-certified company and a manufacturer, exporter, wholesaler, and supplier of premium spices, spice powders, whole spices, and more.
They trade and distribute grocery products such as black salt, rock salt, rice, poha, kasuri methi, and a variety of herbs and seasonings, such as oregano, peri peri, chili flakes, mixed herbs, onion flakes, and tomato powder.
The company processes 163 varieties of spices, including ground, blended, and whole spices, under the brand name "SHYAM."
The company trades and distributes grocery products such as black salt, rock salt, rice, poha, kasuri methi, and a variety of herbs and seasonings, such as oregano, peri peri, chili flakes, mixed herbs, onion flakes, and tomato powder.
The company's manufacturing unit is located in Jaipur, Rajasthan.
The company operates through general trade (wholesalers and distributors), modern trade (supermarkets and retail chains), and quick commerce platforms (apps), providing easy access to the product sales chain. They are also involved in private labeling, HoReCa (hotel, restaurant, catering) sales, and export sales.
As of November 30, 2025, they had 394 employees, including those in accounts and finance, compliance, maintenance, marketing and logistics, production and operations, quality, top-level management, and permanent labor.
Competitive Strengths:
Provides high-quality natural spices and promotes sustainable, ethical sourcing and production.
Promoters with an experienced management team and a qualified workforce.
Established a manufacturing facility and integrated production with cost efficiency.
Diversified product portfolio.
Strong and consistent financial performance.
Shyam Dhani IPO Details
| IPO Open Date | December 22, 2025 |
| IPO Close Date | December 24, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹65 to ₹70 Per Share |
| Issue Size | Approx ₹38.49 Crores |
| Fresh Issue | Approx ₹38.49 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Shyam Dhani Industries IPO Market Lot
The Shyam Dhani Industries IPO minimum market lot is 4,000 shares with ₹2,80,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 4,000 | ₹2,80,000 |
| Retail Maximum | 2 | 4,000 | ₹2,80,000 |
| S-HNI Minimum | 3 | 6,000 | ₹4,20,000 |
| S-HNI Maximum | 7 | 14,000 | ₹9,80,000 |
| B-HNI Minimum | 8 | 16,000 | ₹11,20,000 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 15,60,000 Shares | 28.37% |
| QIB (Ex. Anchor) | 10,44,000 Shares | 18.99% |
| NII Shares Offered | 7,86,000 Shares | 14.30% |
| Retail Shares Offered | 18,28,000 Shares | 33.25% |
Shyam Dhani Industries IPO Anchor Investors
| Anchor Bidding Date | December 19, 2025 |
| Anchor Investors List | |
| Shares Offered | 15,60,000 Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | January 25, 2026 |
| lock-in period end date 50% shares (90 Days) | March 26, 2026 |
Shyam Dhani Industries IPO Dates
The Shyam Dhani IPO date is December 22 and the close date is December 24. The Shyam Dhani Industries IPO allotment will be finalized on December 26 and the IPO listing on December 30.
| IPO Open Date: | December 22, 2025 |
| IPO Close Date: | December 24, 2025 |
| Basis of Allotment: | December 26, 2025 |
| Refunds: | December 29, 2025 |
| Credit to Demat Account: | December 29, 2025 |
| IPO Listing Date: | December 30, 2025 |
| IPO Bidding Cut-off Time: | December 24, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Ramawtar Agarwal, Mrs. Mamta Devi Agarwal and Mr. Vithal Agarwal.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,48,72,000 | 98.11% |
| Promoter Holding Post Issue | 2,03,70,000 | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Purchase of machineries for installation at existing manufacturing unit located at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil – Chomu, Jaipur, Rajasthan | ₹0.91 |
| Purchase of 200 KW Solar Rooftop Grid-connected PV System | ₹0.66 |
| Part Repayment of existing Cash Credit Facility availed by the company from scheduled commercial banks | ₹7.0 |
| Funding the incremental working capital requirements of the company | ₹14.65 |
| General Corporate Purpose | ₹- |
Shyam Dhani Industries IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹68.10 | ₹63.87 | ₹2.92 | ₹27.51 |
| 2024 | ₹107.64 | ₹99.22 | ₹6.30 | ₹52.84 |
| 2025 | ₹124.75 | ₹113.98 | ₹8.04 | ₹82.47 |
| September 2025 | ₹63.83 | ₹58.19 | ₹4.20 | ₹88.79 |
Shyam Dhani Industries IPO Valuation – FY2025
Check Shyam Dhani IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 41.06% |
| ROCE: | 39.00% |
| EBITDA Margin: | 11.65% |
| PAT Margin: | 6.45% |
| Debt to equity ratio: | 2.00 |
| Earning Per Share (EPS): | ₹5.41 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.07% |
| Net Asset Value (NAV): | ₹15.87 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Madhusudan Masala Limited | 8.49 | 13.56 | 12.77% | 63.10 | 216.50 Cr. |
| NHC Foods Ltd | 0.31 | 3.06 | 8.09% | 1.39 | 341.41 Cr. |
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IPO Lead Managers aka Merchant Bankers
- Holani Consultants Pvt.Ltd.
Company Address
Shyam Dhani Industries Ltd.
Office No. 901, 902, 903, 904 & 908,
Abhishree Adroit, Nr. Swaminarayan Temple
Vastrapur
Ahmedabad, Gujarat, 380015
F-438-A, Road No. 12, VKIA,
Jaipur, Rajasthan 302013, India.
Email: info@shyamspices.co.in
Phone: +91 9257061811
Website: www.shyamspices.co.in
IPO Registrar
Bigshare Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html