Shyam Dhani Industries Limited

Shyam Dhani Industries Limited is engaged in the manufacturing and processing of 164 type/varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name 'SHYAM'. In addition to the spices offerings, they are also engaged in trading and distribution of Grocery Products such as Black Salt,Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) etc. and a diverse range of Herbs and seasonings which includes Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder etc. The company sources the raw material of spices directly from mandis and suppliers situated across India and process and manufacture them at our manufacturing facility situated at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil – Chomu, Jaipur, Rajasthan. The manufacturing facility is equipped with plant and machinery to facilitate efficient production process of cleaning, drying, grading, grinding and packaging. The Company operates across multiple sales channels, catering to both Business to Business ('B2B') and Direct to Consumer ('D2C') markets. In the B2B space, they serve customers through General Trade (wholesalers and distributors across India), Modern Trade (supermarkets and big retail chains), and Quick Commerce Platforms (through quick commerce apps), ensuring the products are easily accessible to consumers. They are also involved in Private Labelling, HoReCa (Hotel, Restaurant, and Catering) sales, and Export Sales. As per financial performance, Shyam Dhani Industries Limited has posted total income / net profits of Rs 68.10 / 2.92 Cr (FY23), Rs 107.63 / Rs 6.30 Cr (FY24), Rs 124.75 Cr / 8.04 Cr (FY25) and Rs 63.82 Cr / 4.20 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also higher trade receivables around 29% of FY25 total sales and high borrowings are red flags. Company has an average EPS of Rs 4.45 and average RoNW of 35.80% for last three fiscals. Issue is priced at a P/BV of 3.74 as per NAV of Rs 18.7/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 22.94, 17.98 and 17.21 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Holani Consultants Private Limited is associated with this IPOs, and has handled 10 IPOs in last three fiscal years. From last 10 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, one is trading below issue price and remaining all are trading above issue price or at par. ( As on 10.12.25 ) As per financials, Shyam Dhani Industries Limited has shown good growth, RoNW is 34.07% and P/E is 22.94, 17.98 and 17.21 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but high borrowings raises doubts. Company is engaged in the manufacturing and processing of 164 type/varieties of spices, which is highly competitive business segment. Performance of BRLM is very good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Ramawtar Agarwal
• 2 Mrs. Mamta Devi Agarwal
• 3 Mr. Vithal Agarwal