Shanti Inorganics IPO

About Shanti Inorganics IPO

The public issue of the Shanti Inorganics IPO, an SME IPO, opens on Monday, August 31, 2026 and closes on Wednesday, September 2, 2026. The allotment of shares will take place on Thursday, September 3, 2026. The credit of shares to the demat account will take place on Friday, September 4, 2026. The initiation of refunds will take place on Friday, September 4, 2026. The listing of shares will take place on Monday, September 7, 2026. The equity shares offered through the IPO are proposed to be listed on the NSE SME platform.

The offer consists of a fresh issue component. The fresh issue will include 0.57 crore shares of ₹47.24 crore. The total number of shares and aggregate amount are 56,91,200 shares aggregating up to ₹47 crore.

Shanti Inorganics IPO’s price band is set at ₹79 to ₹83 per share. The lot size for an application is 1,600. The minimum amount of investment required by a retail individual investor (retail) is ₹2,65,600 (3,200 shares) based on the upper price band.

Shanti Inorganics is engaged in the business of manufacturing and supply of sulphur based inorganic chemicals. They hold one of the largest domestic production capacities for bisulphites with a capacity of 18,800 MTPA.

Objectives of Shanti Inorganics IPO

• Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat (Proposed Project).
  
• General corporate purposes.
  

Industry Outlook

India's chemical industry has showcased robust growth over the years, evolving into a key pillar of the country’s manufacturing landscape. The chemical industry is one of the most pervasive sectors in manufacturing, owing to its critical role in enabling a wide array of end-use applications. The Indian chemicals industry is highly diversified, encompassing over 80,000 commercial products, including basic chemicals, petrochemicals, agrochemicals, paints, gases, personal care chemicals, and pharmaceuticals. It is a key enabler of India's industrial and agricultural development and acts as a fundamental building block for several downstream industries such as textiles, paper, packaging, paints and coatings, soaps and detergents, and healthcare.

About Shanti Inorganics

Shanti Inorganics is engaged in the business of manufacturing and supply of sulphur based inorganic chemicals. They hold one of the largest domestic production capacities for bisulphites with a capacity of 18,800 MTPA (Source: CareEdge Report). Their product portfolio consists of ammonium bisulphite solution, sodium bisulphite powder or solution, sodium meta bisulphite and sodium sulphite powder/anhydrous, which are primarily used as preservatives, reducing agents, oxygen scavengers and process intermediates across multiple industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers and mining.

Strengths of Shanti Inorganics

• Geographical diversification through exports to international markets.
• Long standing relationships with diversified customers across multiple industries.
• Strategically located production facilities with access to abundant resources of raw materials and long-term relationships with suppliers.
• Certifications and compliance with quality and food safety standards.
• Experienced promoters and senior management with extensive domain knowledge.

Risks of Shanti Inorganics

• They derive a substantial portion of their revenue from the food and beverages, oil drilling and chemical industries.
• The company derives revenue from diversified customers.
• They do not maintain long-term contractual arrangements with the majority of their customers.
• Certain entities forming part of their group companies, are in the same line of business as theirs.
• They operate in a competitive industry, and increasing competition may adversely affect their business, financial condition and results of operations.

Peer Comparison

There are no listed companies whose business operations are similar to that of the company or are of a comparable size to that of the company. Accordingly, it is not possible to provide an industry comparison in relation to the company.

Anchor Investor Bidding Date

Friday, August 28, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Kfin Technologies Ltd.
Email: shanti.ipo@kfintech.com
Tel.: 040-79615565

Book Running Lead Manager
Vivro Financial Services Pvt.Ltd.

Shanti Inorganics Contact Details
Plot No.-2015, Phase III GIDC, Vatva
Ahmedabad, Gujarat, 382445
Email: info@shantiinorganics.com
Phone: +91-97277 52562

Shanti Inorganics Business Model

The company earns its revenue through the manufacturing and supply of sulphur based inorganic chemicals.

Shanti Inorganics Growth Trajectory

Shanti Inorganics’s Total Income for FY26 was ₹72.93 crore, whereas in FY25 and FY24 it was ₹58.46 crore and ₹45.06 crore, respectively.

The Profit After Tax for FY26 was ₹10.22 crore, whereas in FY25 and FY24 it was ₹7.99 crore and ₹5.11 crore, respectively.

Their EBITDA for FY26 was ₹15.40 crore, whereas in FY25 and FY24 it was ₹12.06 crore and ₹8.72 crore, respectively.

Shanti Inorganics Market Position

Shanti Inorganics manufactures, markets and sells their products in domestic as well as international markets. In the domestic market, they sold their products to 29, 64, 48 and 46 customers for the two month period that ended May 31, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. In the international market, they sold their products to 8, 20, 21 and 21 customers for the two months period that ended May 31, 2026, Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, who are based in countries such as Eswatini, Malaysia, the United Arab Emirates, Qatar, Nigeria, Russia, Colombia, Turkey, Puerto Rico, Iraq, Vietnam, Azerbaijan, Egypt, Ghana and Philippines.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹72.93 crore, ₹10.22 crore, and ₹15.40 crore, respectively.

How to apply for Shanti Inorganics 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.