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:
The P/E of 16.97x appears reasonable for an SME agro company with improving margins.
EV/EBITDA below 11x suggests fair valuation compared to peer SME listings.
Strengths of Shyam Dhani Industries IPO
Consistent revenue growth
Improving EBITDA and PAT margins
Healthy ROCE and ROE
Agro sector offers stable demand
SME valuation appears reasonably priced
Risks to Consider
High debt levels compared to net worth
SME stocks can have lower liquidity
Dependence on agro-commodity cycles
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.