Shah Investor's Home IPO

About Shah Investor's Home IPO

Shah Investor's Home IPO, a mainboard IPO, opens on Monday, September 28, 2026 and closes on Wednesday, September 30, 2026. The allotment of shares will take place on Thursday, October 1, 2026. The listing of shares will take place on Tuesday, October 6, 2026.

Shah Investor's Home IPO's price band is set at ₹159 to ₹167 per share. The lot size for an application is 85. The minimum amount of investment required by a retail investor is ₹14,195 (85 shares) based on the upper price.

Shah Investor's Home is a retail-focused stockbroker with over three decades of experience, providing equity and derivatives broking, margin trading, depository, and mutual fund distribution services under the brand 'Shah Investors'.

Objectives of Shah Investor's Home IPO

• Funding working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India's broking industry was valued at about ₹0.52 lakh crore as of FY 25. The figure stood at ₹0.19 lakh crore in March 2020. CareEdge Research projects the industry to reach ₹0.81–0.86 lakh crore by March 2028, a CAGR of 16–18% over the next two to three years. Cheaper investing and rising financial literacy drive this growth.

Investor accounts registered with NSDL and CDSL reached 1,991 lakh as of June 2025, up from 409 lakh in March 2020. NSE active clients touched 479 lakh in Q1 FY 26. Between FY 20 and Q1 FY 26, NSE registered active clients grew at a CAGR of 32.8%, helped by easier account opening, digitalisation, and improving financial literacy.

Margin trading is expanding even faster. The industry MTF book reached ₹0.88 lakh crore in June 2025, a 23.7% rise over March 2025 and an 87% CAGR since March 2020. Gujarat held 8.7% of NSE registered investors in FY 26 to date. That state generated 93.74% of the brokerage income of Shah Investor's Home in FY 26, so regional investor growth feeds directly into its business.

About Shah Investor's Home Limited

Shah Investor's Home was incorporated as Shah Investors Home Private on October 12, 1994. It began operations as a trading member of the National Stock Exchange of India in 1995 and registered as a depository participant with NSDL in 1997. BSE capital market membership followed in 2004.

As of March 31, 2026, it had 85,422 total clients and 38,189 active clients. These clients are served through 11 branches in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot, along with a network of 181 authorised persons. Its SIHL Moneymaker app had 33,287 downloads by March 31, 2026. In FY 26 the Company launched ALGOFY, an API-powered algo trading platform, and received NSE approval for its in-house algo platform on August 17, 2026.

Subsidiary SIHL Global Investments (IFSC) Private operates from GIFT City and gives clients access to global markets through a referral agreement with NSEIX Global Access IFSC Limited. SIHL Dynamic Growth Fund received SEBI registration as a Category III AIF on February 11, 2026.

Strengths of Shah Investor's Home

• The Company served 38,189 active clients as of March 31, 2026 through 11 branches and a network of 181 authorised persons across Gujarat and Maharashtra.
• Clients associated with the company for more than five years numbered 27,728 in FY 26, forming 72.61% of its active client base.
• Brokerage income earned through its digital platforms rose to 42.62% of total brokerage income in FY 26 from 17.61% in FY 24.
• The margin trading facility book grew 117.40% to ₹20.96 crore in FY 26 with a reported default rate of 0.00%.
• Over three decades of operations have given the Company memberships of NSE, BSE, and MCX along with depository participant registration with NSDL.

Risks of Shah Investor's Home

• Gujarat contributed 93.74% of brokerage income in FY 26, so any slowdown or heightened competition in that one state could sharply reduce revenue.
• Broking formed 64.78% of revenue from operations in FY 26, which leaves earnings exposed to falling market volumes, as seen in the 24.18% revenue decline that year.
• Authorised persons generated 53.91% of revenue from operations in FY 26, so losing key partners could shrink the client base and income.
• SEBI and NSE inspections in 2024–25 flagged lapses in the handling of client funds, and further regulatory action could bring penalties or licence restrictions.
• Net cash from operating activities was negative at ₹19.70 crore in FY 26 and ₹31.86 crore in FY 25, which could strain funding for working capital.
• The margin trading business began only in FY 25, and client defaults during sharp market falls could cause credit losses as the book grows.

Anchor Investor Bidding Date

Friday, September 25, 2026

IPO Registrar and Book Running Lead Managers

Registrar
MUFG Intime India Private (formerly Link Intime India Private Limited)
Telephone: +91 8108114949
Email: shahInvestors.ipo@in.mpms.mufg.com

Book Running Lead Manager
Beeline Capital Advisors Private Limited

Shah Investor's Home Contact Details
810, X-Change Plaza, DSCCSL (53E), Road 5E, Block 53, Zone 5, Gift City,
Gandhinagar – 382050, Gujarat, India.
Email: company.secretary@sihl.in
Tel: +91 9904053335

Shah Investor's Home Business Model

The company earns its revenue through brokerage on equity, derivatives, and commodity trades executed for its clients, which, together with mutual fund distribution commissions, contributed ₹46.30 crore or 64.78% of revenue from operations in FY 26. Brokerage fees depend on the volume of transactions executed, and 53.91% of revenue from operations in FY 26 came through its network of authorised persons, with whom the Company shares brokerage.

Interest income forms the second stream. In FY 26, interest on delayed payments contributed 17.56% of revenue from operations, interest on bank deposits contributed 9.53%, and interest on margin funding contributed 3.11%.

Shah Investor's Home Growth Trajectory

Shah Investor's Home Limited's Total Income for FY26 was ₹72.40 crore, whereas in FY25 and FY24 it was ₹94.47 crore and ₹79.05 crore, respectively. The Profit After Tax for FY26 was ₹13.20 crore, whereas in FY25 and FY24 it was ₹23.39 crore and ₹17.93 crore, respectively. Their EBITDA for FY26 was ₹21.62 crore, whereas in FY25 and FY24 it was ₹35.31 crore and ₹25.13 crore, respectively.

Shah Investor's Home Market Position

Gujarat accounted for 36,720 of the Company's 38,189 active clients, or 96.15%, as of March 31, 2026, while Maharashtra accounted for 907 and other states for 562. Its 11 branches are located in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot, supported by 181 authorised persons.

Total traded value executed for clients in FY 26 was ₹44,397.93 crore, of which ₹44,376.28 crore was on NSE. Equity cash clients made up 94.62% of active clients in FY 26, and income from the equity cash segment formed 60.34% of total brokerage income. Mutual fund assets under distribution stood at ₹54.38 crore as of March 31, 2026.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹72.40 crore, ₹13.20 crore, and ₹21.62 crore, respectively.

How to apply for Shah Investor's Home IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.