Shyam Dhani Industries Limited IPO: Analysis, Financials & Valuation
Shyam Dhani Industries Limited IPO is an upcoming SME Book Building IPO set to be listed on the NSE EMERGE platform. The company operates in the agro-processing sector and is headquartered in Jaipur, Rajasthan. The IPO has a total issue size of ₹38.49 crore, and Holani Consultants is the merchant banker for the issue.
The company filed its Draft Red Herring Prospectus (DRHP) on March 28, 2025.
Shyam Dhani Industries IPO – Key Details
| Particular | Details |
|---|---|
| IPO Type | SME IPO |
| Exchange | NSE EMERGE |
| Issue Type | Book Building |
| IPO Size | ₹38.49 Crore |
| Sector | Agro |
| Merchant Banker | Holani Consultants |
| DRHP Filed On | 28 March 2025 |
Company Overview
Shyam Dhani Industries Limited is engaged in the agro sector, catering to domestic markets with a focus on scalable operations. The company has shown consistent growth in revenue and profitability, supported by improving margins and return ratios.
Financial Performance (Restated)
All figures are in ₹ Crore
Balance Sheet Snapshot
| Particulars | 30-Sep-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Assets | 88.79 | 82.47 | 52.84 | 27.51 |
| Net Worth | 27.81 | 23.60 | 15.56 | 9.26 |
| Total Debt | 48.18 | 47.23 | 24.45 | 12.75 |
Profit & Loss Highlights
| Particulars | FY26 (Annualised) | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | 127.54 | 124.68 | 107.60 | 67.95 |
| EBITDA | 17.38 | 14.58 | 10.88 | 5.96 |
| PAT | 8.40 | 8.04 | 6.30 | 2.92 |
📌 Note: FY26 numbers are annualised based on 30-Sep-25 data.
Performance Indicators (KPI)
| Metric | 30-Sep-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| EBITDA Margin (%) | 13.63 | 11.69 | 10.11 | 8.77 |
| PAT Margin (%) | 6.59 | 6.45 | 5.86 | 4.30 |
| EPS (₹) | 2.82 | 5.41 | 4.24 | 1.97 |
| ROE (%) | 15.10 | 34.07 | 40.49 | 31.53 |
| ROCE (%) | 19.53 | 39.00 | 46.16 | 39.69 |
| ROA (%) | 4.73 | 9.75 | 11.92 | 10.61 |
| Debt-Equity (x) | 1.73 | 2.00 | 1.57 | 1.38 |
IPO Valuation Metrics
At the IPO price, Shyam Dhani Industries is valued at:
| Valuation Metric | Value |
|---|---|
| Market Capitalisation | ₹142.59 Cr |
| Enterprise Value (EV) | ₹190.76 Cr |
| EV / EBITDA | 10.98x |
| P/E Ratio | 16.97x |
| P/B Ratio | 2.15x |
| NAV | ₹18.70 |
Valuation Insight:
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The P/E of 16.97x appears reasonable for an SME agro company with improving margins.
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EV/EBITDA below 11x suggests fair valuation compared to peer SME listings.
Strengths of Shyam Dhani Industries IPO
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Consistent revenue growth
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Improving EBITDA and PAT margins
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Healthy ROCE and ROE
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Agro sector offers stable demand
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SME valuation appears reasonably priced
Risks to Consider
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High debt levels compared to net worth
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SME stocks can have lower liquidity
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Dependence on agro-commodity cycles
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Short listed operating history at scale
Shyam Dhani Industries IPO – Key FAQs
What is the revenue of Shyam Dhani Industries?
The company reported ₹127.54 crore revenue on an annualised basis in FY26.
What is the PAT of Shyam Dhani Industries?
The Profit After Tax (PAT) stood at ₹8.40 crore in FY26 (annualised).
What is the PE ratio of Shyam Dhani IPO?
The IPO is priced at a P/E multiple of 16.97x.
What is the market capitalisation post IPO?
The post-IPO market capitalisation is ₹142.59 crore.
Shyam Dhani Industries IPO fairly valued?
Based on earnings growth, margins, and SME peer comparison, the IPO appears fairly valued, though investors should consider SME-specific risks.
Conclusion: Should You Consider Shyam Dhani Industries IPO?
Shyam Dhani Industries Limited IPO presents a moderate-risk SME investment opportunity with stable financial growth, improving profitability, and reasonable valuation metrics. Long-term investors with a high risk appetite may consider the IPO after evaluating business fundamentals and SME liquidity risks.