Overview
Updated 2 hr agoShellz India Limited is a confectionery manufacturer based in Delhi, operating in the mass-market segment with products priced below ₹10. The company offers a diverse portfolio including baked treats, chocolates, jellies, and panned sugar candies, primarily distributed through a super stockist-led model.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,43,200 |
| bNII (min) | 7 | 5,600 | ₹10,02,400 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Consumer Food |
| Price band | ₹170–179 |
| Final issue price | ₹179.00 |
| Face value | ₹10 per share |
| Lot size | 800 shares |
| Minimum investment | ₹1,43,200 |
| Issue size | ₹60.00 Cr |
| Market cap at upper band | ₹216 Cr |
| P/E at upper band | 11.7x |
| Registrar | Bigshare Services Private Limited |
| Lead managers | Socradamus Capital Private Limited |
| NSE symbol | SHELLZ |
| ISIN | INE0Z7301016 |
Shareholder quota and promoter holding
Company & business
Incorporated in 2012 as Tifosi Foods Private Limited, the company was later renamed Shellz India Limited. It manufactures and markets confectionery products under the 'Hugs' and 'Tosca' brands, focusing on the mass-market segment with price points generally below ₹10. The company operates through a distributor-driven general trade network and is currently consolidating its manufacturing operations at a new facility in Sonipat, Haryana. Its product range includes baked treats, choco delights, jellies, and panned sugar candies, catering to various consumer segments across India.
Objects of the issue — how the money will be used
- Repayment or prepayment, in full or in part, of certain outstanding borrowings (₹22 Cr)
- Funding incremental working capital requirements (₹23 Cr)
- General corporate purposes
Key strengths
- Diversified product portfolio across confectionery categories
- Strong presence in the mass-market segment with affordable price points
- Scalable super stockist-led distribution model
- Integrated in-house manufacturing capabilities
- Experienced promoters and management team
Key risks
- Significant indebtedness and restrictive covenants
- Dependence on a limited number of super stockists for a large portion of revenue
- Operational risks associated with shifting manufacturing to a new facility
- Lack of long-term agreements with suppliers and customers
- Exposure to raw material price volatility (cocoa, sugar, milk solids)
- Outstanding legal proceedings involving the company and promoters
- Reliance on trademarks registered in the name of a subsidiary
Promoters
Kapil Garg, Shalini Garg
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 162.41 | -- | 5.25 | 147.04 | 26.99 | 70.93 |
| FY25 | 186.97 | -- | 8.30 | 167.36 | 40.58 | 78.18 |
| FY26 | 192.62 | -- | 13.37 | 213.72 | 58.95 | 100.83 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Shellz India this issue | 192.6 | 15.37 | 11.7x | 22.68 | 67.63 |
| Annapurna Swadisht Limited | 520.1 | 14.38 | 8.7 | 9.50 | 151.33 |
This issue is priced at 11.7x P/E against a peer median of 8.7x: a premium of 35%. A measurement, not a verdict.
Other Consumer Food IPOs
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Milky Mist Dairy FoodMILKYMIST · BSE, NSE · Mainboard · Consumer Food+29.6%18 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.