- POSITIVE
Annual Revenue Shellz Mar-2026 Annual Revenue is Rs 193 Cr which is growth of 3.1% YoY.
- POSITIVE
Annual Net Profit Shellz Mar-2026 Annual Net Profit is Rs 13 Cr which is growth of 57.9% YoY.
Shellz India Ltd. IPO Details
Shellz India was incorporated on May 07, 2012. The company manufactures and markets a wide range of confectionery products in India, offering over 250 SKUs across categories such as chocolates, jellies, baked treats, and other confectionery formats. It also supplies food and bakery ingredients, focusing on affordable products distributed across urban, semi-urban, rural, and smaller-town markets
| Bidding Dates |
|---|
| 15 Oct 2026 - 19 Oct 2026 |
| Subscription |
|---|
| 50.79x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹272,000 | 2 | 2 | 800 | 3.4 M | ₹170 - ₹179 | 63.64 % | ₹569.6 M - ₹599.7 M | RHP DOC |
Shellz IPO SUBSCRIPTION STATUS
19 Oct '26Total50.79x
Retail Individual Investor56.09x
HNI (NII) Investors50.47x
Qualified Institutional Buyers41.92x
Shellz IPO overall subscription rate was 50.79 times the total available shares
Shellz IPO retail subscription rate was 56.09 times in the retail segment
Shellz IPO non-institutional investor subscription rate was 50.47 times in the non-institutional investor category
Shellz IPO Qualified Institutional Bidder subscription rate was 41.92 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
19 Oct 2026 (Day 3) | 56.09x | 50.47x | 41.92x |
16 Oct 2026 (Day 2) | 0.85x | 1.68x | - |
15 Oct 2026 (Day 1) | 0.65x | 1.18x | - |
Shellz FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY27 | 47.2 | 4.1 | 6.3 | -6.2 | 18.0% |
| FY26 | 192.6 | 13.4 | -11.3 | -20.8 | 15.7% |
| FY25 | 187.0 | 8.3 | 22.1 | 15.8 | 12.2% |
| FY24 | 162.4 | 5.3 | 8.4 | 4.4 | 11.7% |
Shellz IPO SUBSCRIPTION STATUS DETAILS
Shellz has 3.4 M shares on offer
Shellz IPO offer price is in the range ₹170 - ₹179
Shellz IPO minimum Investment is ₹272000
Shellz IPO issue size is ₹ 569.6 M - ₹ 599.7 M
Shellz has a minimum lot size of 800 Shares per application
Shellz NUMBER OF SHARES ON OFFER
Total3.4 M
Fresh Issue3.4 M
Offer for Sale0
Post Issue Promoter Holding %63.64 %
Shellz IPO IMPORTANT DATES
| Issue Open Date | 15 Oct 2026 |
| Issue close Date | 19 Oct 2026 |
| Allotment Date | 21 Oct 2026 |
| Refund Date | 22 Oct 2026 |
| Demat Account Credit Date | 22 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Listing on Exchange(s) | BSE |
| Shellz Allotment Status | Exchange/ Registrar |
Shellz IPO subscription opens on 15 Oct 2026, and closes on 19 Oct 2026
IPO allotment for Shellz is expected to be finalized on Wednesday, 21 Oct 2026
IPO listing for Shellz will be on BSE on Friday, 23 Oct 2026
Shellz IPO LISTING GAINS
| Issue Price (adjusted) | 179.0 |
| Listing Open Price | 179.0 |
| Listing Close Price | 170.1 |
| Listing Gain% | 0.0% |
| Current Gain% | -5.0% |
Shellz Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shellz India Ltd. | 170 | 205.2 | 11.1 | 1.1 | 22.7 | 6.2 | 193.2 | 13.4 | 15.3 | ||||
| Nestle India Ltd. | 1175 | 226576.9 | 55.6 | 1.5 | 8.9 | 67.8 | 26.5 | 23195 | 14.5 | 3499.1 | 9.1 | 21.1 | 38.2 |
| Britannia Industries Ltd. | 4537.9 | 109303.6 | 42 | 2.2 | 5.6 | 49.6 | 26 | 19375.6 | 6.6 | 2533.5 | 16.3 | 108.1 | 18.7 |
| Hatsun Agro Products Ltd. | 1000.9 | 22294.9 | 60.7 | 26.7 | 2 | 18.3 | 8 | 9972.9 | 14.8 | 356.2 | 24.8 | 16.5 | 2.3 |
| Milky Mist Dairy Food Ltd. | 271.8 | 20920.5 | 27.4 | 4.7 | 3145 | 33.6 | 127 | 175.7 | |||||
| Zydus Wellness Ltd. | 463.4 | 14742 | 78.3 | -1.8 | 3.2 | 3.4 | 1.9 | 3967.4 | 45.7 | 197.2 | -43.2 | 5.9 | -42.5 |
Annual
Balance Sheet
Ratios
Cash Flow
Shellz annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 193.3 | 187.4 | 162.8 | ||
Operating Exp. Ann. | 161.2 | 162.4 | 142.5 | |
Operating Profit Ann. | 31.5 | 24.5 | 20 | |
OPM Ann. % | 16.32% | 13.10% | 12.26% | |
| 174 | 174.8 | 154.8 | ||
EBITDA Ann. | 32.1 | 25 | 20.4 | |
EBITDA Ann. margin % | 16.61% | 13.32% | 12.50% | |
Interest Ann. | 9.2 | 8.5 | 8.3 | |
Depr. | 3.6 | 3.8 | 4.1 | |
PBT Ann. | 19.3 | 12.6 | 8 | |
Tax Ann. | 6.2 | 4.3 | 2.7 | |
| 13.1 | 8.3 | 5.3 | ||
Net Profit Ann. | 13.1 | 8.3 | 5.3 | |
NPM Ann. % | 6.80% | 4.44% | 3.23% | |
EPS Adj. latest Ann. | - | - | - |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
3.1%
2Y CAGR
9%
Net Profit Ann.
1Y CHG
57.8%
2Y CAGR
57.2%
Operating Exp. Ann.
1Y CHG
-0.7%
2Y CAGR
6.4%
Shellz INFORMATION ON IPO ISSUE
About Shellz
Shellz India was incorporated on May 07, 2012. The company manufactures and markets a wide range of confectionery products in India, offering over 250 SKUs across categories such as chocolates, jellies, baked treats, and other confectionery formats. It also supplies food and bakery ingredients, focusing on affordable products distributed across urban, semi-urban, rural, and smaller-town markets
Object of the Issue
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company
- Funding their incremental working capital requirements
- General corporate purposes
Shellz - PROMOTERS
| Name |
|---|
| Kapil Garg |
| Shalini Garg |
Shellz - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Kapil Garg | Chairman & Managing Director |
| Shalini Garg | Non-Executive Director |
| Sapna Tomar | Independent Director |
| Narinder Sethi | Independent Director |
Shellz Book Running Lead Manager
Socradamus Capital Private Limited
mb@socradamus.in
Shellz Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Shellz Strengths
Extensive stockist network
The company utilizes a super stockist-led distribution model with over 200 super stockists, enabling extensive reach across urban, semi-urban, and rural markets in India. This scalable and cost-efficient network supports broad product availability, efficient market coverage, and geographic expansion while allowing the company to focus on manufacturing and product development
Strength
Diversified product portfolio
The company develops differentiated confectionery products across multiple categories, formats, and price points, catering to diverse consumer preferences and consumption occasions. Its portfolio includes innovative offerings and premium products under the Tosca brand, enabling it to serve both mass-market and premium segments while expanding its product reach
Strength
Integrated manufacturing capabilities
The company’s product development is supported by an in-house team of food and packaging technologists who manage formulation, testing, packaging design, and commercialization. This integrated approach enables efficient product innovation, seamless coordination with manufacturing, and consistent quality across product categories and formats
Strength
Shellz Risks
Food safety & quality risk
The company is exposed to risks of product contamination, deterioration, labeling errors, improper storage, and non-compliance with food safety standards throughout its supply chain and manufacturing process. Any such incident could result in regulatory action, legal liability, reputational damage, product recalls, and adverse effects on business performance and financial results
Risk
Regulatory risks
The company is subject to various food safety, environmental, health, and operational regulations governing its manufacturing activities. Any failure to comply with applicable laws, standards, or licensing requirements could result in penalties, regulatory actions, operational disruptions, and adverse effects on its business, financial condition, and results of operations
Risk
Competition
The company operates in a highly competitive and price-sensitive confectionery market, facing competition from organized, regional, multinational, and unorganized players. Intense pricing pressure may limit its ability to increase product prices, potentially affecting sales volumes, market share, profit margins, cash flows, and overall financial performance
Risk
IPO FAQs
The promoters of the company are Kapil Garg and Shalini Garg.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 170.0 - 179.0.
The IPO application opens on Oct 15, 2026 and closes on Oct 19, 2026.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 272,000.0, the maximum value for this IPO is Rs 286,400.0.
This IPO will be allotted on Oct 21, 2026.
The refund will be credited to your account on Oct 22, 2026.
The allotted shares will be credited to your demat on Oct 22, 2026.
Shellz India Ltd.’s shares will list on the stock exchanges on Oct 23, 2026.