IPO Analysis
Shivchem Agro IPO Analysis: GMP, Financials, Valuation & Risks
Shivchem Agro IPO is a BSE SME issue with a price band of 59 to 62 per share and GMP of 10 as of 30 Sept 2026, 2:47 am IST.
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Summary
Shivchem Agro IPO is an SME book build issue on BSE SME. The price band is 59 to 62 per share, and the issue size is Approx 14.01 Crores, entirely a fresh issue.
As of 30 Sept 2026, 2:47 am IST, the unofficial grey market premium was 10, which implies an estimated listing price of 72 and an estimated listing gain of 16.13%.
The company has reported profit in the available financial years, but the valuation metrics and financial data should be read with caution because some items are not available and the published financial snapshots are limited.
IPO snapshot
| Particulars | Details |
|---|---|
| Company | Shivchem Agro |
| IPO type | SME |
| Exchange | BSE SME |
| Issue type | Book build Issue |
| Price band | 59 to 62 Per Share |
| Face value | 5 Per Equity Share |
| Issue size | Approx 14.01 Crores |
| Fresh issue | Approx 14.01 Crores |
| Offer for sale | Not available |
Lot size
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,48,000 |
| Retail Maximum | 2 | 4000 | 2,48,000 |
| S-HNI Minimum | 3 | 6000 | 3,72,000 |
| S-HNI Maximum | 8 | 16,000 | 9,92,000 |
| B-HNI Minimum | 9 | 18,000 | 11,16,000 |
Dates
| Event | Date |
|---|---|
| Issue opens | September 28, 2026 |
| Issue closes | September 30, 2026 |
| Allotment | October 1, 2026 |
| Refunds | October 5, 2026 |
| Credit to demat | October 5, 2026 |
| Listing | October 6, 2026 |
Business
Shivchem Agro is a company with promoters Rohit Agarwal, Sachin Agarwal and Deepa Agarwal.
The available data shows the company operating across insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers. It has also expanded licenses, distributors, godowns and production capacity over time.
The business commentary available in the data suggests sharp growth, but also notes internal inconsistencies across sections. That means the operating picture should be viewed carefully and in context.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 10.95 | 9.22 | 1.29 | 16.41 |
| 2025 | 27.50 | 24.11 | 2.51 | 36.16 |
| 2026 | - | - | - | - |
The company has shown higher revenue and profit in 2025 compared with 2024. Based on the available figures, it remained profitable in the reported years.
The analysis note in the data also highlights that FY2025 revenue is very small relative to profit in one extracted view, while another restated view shows a much larger operating scale. That makes direct comparison less straightforward.
Valuation
| Metric | Value |
|---|---|
| EPS | 11.55 (Basic) |
| P/E | N/A |
| RONW | 45.33% |
| NAV | 44.05 |
| ROE | -% |
| ROCE | -% |
| EBITDA margin | -% |
| PAT margin | -% |
The issue does not have a P/E value listed as available in the data, so valuation comparison is limited.
On the available numbers, EPS is 11.55 (Basic) and NAV is 44.05. The published RONW is 45.33%.
GMP
The unofficial grey market premium was 10 as of 30 Sept 2026, 2:47 am IST. The estimated listing price was 72, and the estimated listing percentage was 16.13%.
GMP trend
| Date | GMP | Estimated listing % |
|---|---|---|
| 2026-09-23 | 0 | 0 |
| 2026-09-25 | 0 | 0 |
| 2026-09-26 | 0 | 0 |
| 2026-09-27 | 0 | 0 |
| 2026-09-28 | 6 | 9.68 |
| 2026-09-29 | 10 | 16.13 |
| 2026-09-30 | 10 | 16.13 |
This is an unofficial grey market indication, not an exchange figure. It can change quickly and may not reflect the eventual listing outcome.
Strengths
- Expanded licenses from 35 in FY23 to 232 in FY24 and 258 in FY25.
- Built a distribution network of 516 distributors across 5 states with 6 godowns.
- Scaled product mix across insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers.
- Increased production capacity to 65 lakh litre/kilograms in FY25 from 56 lakh in FY24.
- Maintained profitability every year since operations began, with no audit qualifications reported.
Risks
- Operations depend on multiple approvals under the Insecticides Act and Fertilizer Control Order; suspension or non-compliance can halt sales.
- Raw material costs are high and concentrated with a few suppliers, exposing margins to price shocks and supply disruption.
- Customer and distributor concentration can impair revenue if key accounts are lost or channel execution weakens.
- Unsecured borrowings and loan documentation gaps increase refinancing, recall, and liquidity pressure risk.
- Pending trademarks and possible IP disputes may limit brand protection and increase legal costs.
- Promoter guarantees and employee attrition create key-person and financing continuity risk.
Important dates
| Event | Date |
|---|---|
| Issue opens | September 28, 2026 |
| Issue closes | September 30, 2026 |
| Allotment | October 1, 2026 |
| Refunds | October 5, 2026 |
| Credit to demat | October 5, 2026 |
| Listing | October 6, 2026 |
Who may find this IPO relevant
This IPO may be of interest to readers tracking SME issues on BSE SME, and to those comparing a small fresh issue against reported profitability and an unofficial grey market indication.
It may also be relevant for readers who want to review a business with expansion in licenses, distribution and production capacity, while also noting regulatory, supplier and customer concentration risks.
FAQs
What is the issue size of Shivchem Agro IPO?
The issue size is Approx 14.01 Crores.
What is the price band?
The price band is 59 to 62 Per Share.
What is the lot size for retail investors?
The retail minimum and retail maximum lot size is 2, with 4000 shares and an amount of 2,48,000.
What is the unofficial grey market premium?
The unofficial grey market premium was 10 as of 30 Sept 2026, 2:47 am IST.
When is the listing date?
The listing date is October 6, 2026.