IPO Analysis
Shellz India IPO Analysis: GMP, Financials, Valuation & Risks
Shellz India’s IPO is open from October 15 to October 19, 2026, with a price band of 170 to 179 per share. We review its financials, valuation and risks.
By Vatsal Patel
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Shellz India is a BSE SME bookbuilding IPO, open from October 15 to October 19, 2026. The price band is 170 to 179 per share, and the issue comprises 33,50,400 shares, aggregating up to 60 Cr.
The company makes and markets confectionery products and supplies food and bakery ingredients. Its financial figures show revenue and profit growth across the years shown, alongside rising borrowings. The risks include brand concentration, working-capital needs, pending claims and a planned manufacturing shift.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | SME bookbuilding IPO |
| Exchange | BSE SME |
| Price band | 170 to 179 per share |
| Issue size | 33,50,400 shares, aggregating up to 60 Cr |
| Fresh issue | 30,20,800 shares, aggregating up to 54 Cr |
| Face value | 10 per share |
| Retail minimum | 2 lots, 1,600 shares, amount 2,86,400 |
| Retail maximum | 2 lots, 1,600 shares, amount 2,86,400 |
| S-HNI minimum | 3 lots, 2,400 shares, amount 4,29,600 |
| S-HNI maximum | 6 lots, 4,800 shares, amount 8,59,200 |
| B-HNI minimum | 7 lots, 5,600 shares, amount 10,02,400 |
| Opens | October 15, 2026 |
| Closes | October 19, 2026 |
| Allotment | October 21, 2026 |
| Refunds | October 22, 2026 |
| Demat credit | October 22, 2026 |
| Listing | October 23, 2026 |
Business
Incorporated in May 2012, Shellz India manufactures and markets confectionery products and manufactures and supplies food and bakery ingredients. Its portfolio includes over 300 SKUs under the Hugs and Tosca brands, as well as private-label manufacturing for third-party customers and exports to markets including the Middle East, South Asia and Europe.
Hugs focuses on mass-market products, while Tosca targets the mass-premium segment and includes an oat and cereal-based bar. As of March 31, 2026, the company reported a network of over 300 super stockists, with products available through kirana outlets across approximately 24 states.
Financials
The company’s reported financial figures are shown below. The unit is not stated in the figures presented here.
| Period ended | Assets | Revenue | Profit after tax | EBITDA | Net worth | Total borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2024 | 147.04 | 162.81 | 5.25 | 18.94 | 26.99 | 70.93 |
| 31 Mar 2025 | 167.36 | 187.39 | 8.30 | 22.79 | 40.58 | 78.18 |
| 31 Mar 2026 | 213.72 | 193.18 | 13.37 | 30.15 | 58.95 | 100.83 |
| 30 Jun 2026 | 229.36 | 47.43 | 4.08 | 8.52 | 63.03 | 108.56 |
Revenue, EBITDA and profit after tax rose across the annual periods shown. Total borrowings also increased over those periods, reaching 100.83 as of March 31, 2026 and 108.56 as of June 30, 2026.
Valuation
The reported return on equity is 6.69%, return on capital employed is 4.69%, and return on net worth is 6.47%. The debt-to-equity ratio is 1.72.
The reported net asset value is 72.31 per share, with a price-to-book value of 2.48. Basic EPS is 15.37. A price-to-earnings ratio is not stated.
GMP
The unofficial grey market quote was 0 as of October 15, 2026, at 1:06 am IST. GMP is an unofficial quote, not an exchange figure. It can change, and the actual listing price may differ from it.
Strengths
- The company has over 300 SKUs across the Hugs and Tosca brands.
- Its distribution network covers approximately 24 states, with over 300 super stockists reported as of March 31, 2026.
- It combines its own brands with private-label manufacturing and exports.
- Its operations include in-house manufacturing, product development, research and development, and quality assurance.
Risks
- High borrowings, past repayment delays, a recalled unsecured loan, limited cash and substantial working-capital needs raise liquidity and refinancing concerns.
- Pending litigation includes quantified claims of ₹2,628.04 lakhs against the company. Six past IBC petitions are also disclosed.
- Hugs generated 93.04% of revenue for the three months ended June 30, 2026. The brand is owned by a subsidiary and licensed under a renewable one-year agreement.
- Raw-material price and supply volatility, supplier disputes and the absence of long-term supply contracts could affect production and margins.
- The proposed manufacturing shift from Delhi to Sonipat creates execution and continuity risks. The Delhi factory licence was absent from April 1, 2025 to May 20, 2026.
- Food contamination, product deterioration, changes in health-related demand and food-safety regulation could affect sales or expose the company to penalties.
- Low-price competition, dependence on third-party distribution, expansion execution risks and disclosed bank-statement mismatches add business and reporting uncertainty.
Important dates
| Event | Date |
|---|---|
| IPO opens | October 15, 2026 |
| IPO closes | October 19, 2026 |
| Allotment | October 21, 2026 |
| Refunds | October 22, 2026 |
| Shares credited to demat | October 22, 2026 |
| Listing | October 23, 2026 |
Promoters
Kapil Garg and Shalini Garg are the promoters of Shellz India.
FAQs
What is the Shellz India IPO price band?
The price band is 170 to 179 per share.
When does the Shellz India IPO close?
The IPO closes on October 19, 2026.
What is the issue size?
The issue comprises 33,50,400 shares, aggregating up to 60 Cr. The fresh issue is 30,20,800 shares, aggregating up to 54 Cr.
What was the latest Shellz India IPO GMP?
The unofficial grey market quote was 0 as of October 15, 2026, at 1:06 am IST. GMP is not an exchange figure.
When is Shellz India’s listing date?
The stated listing date is October 23, 2026.