A confectionery manufacturer opens its Rs 59.97 crore BSE SME issue on October 15
Shellz India Ltd (SIL) manufactures and markets confectionery products with a diversified portfolio of over 300+ SKUs across categories including choco delights, jellies, baked treats and other formats, plus food and bakery ingredients.
It focuses on accessible price points and wide geographic distribution across urban, semi-urban, small-town and rural markets.
It markets under two brands: Hugs (mass-market, mostly priced at Rs 10 or below, across baked treats, choco delights, jellies, and panned/sugar confectionery) and Tosca (mass-premium, e-commerce and quick-commerce focused, including the oat-and-cereal-based “Tosca Oat Choco”).
As of March 31, 2026, products were distributed through 300+ super stockists across Kirana outlets in around 24 states. SIL also does private-label manufacturing for third parties and exports to the MiddEast, South Asia and Europe. It had 258 employees as of August 31, 2026. The company operates in a highly competitive and fragmented segment.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 15, 2026 |
| Issue Closes | October 19, 2026 |
| Listing | BSE SME |
| Listing Date | October 23, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 170 – Rs 179 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 59.97 crore (33,50,400 shares, entirely fresh) |
| Min. Application | 1,600 shares (multiples of 800 thereafter) |
| Post-IPO Market Cap | Rs 216.00 crore |
| IPO as % of Post-IPO Capital | 27.76% |
| Lead Manager | Socradamus Capital Pvt. Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely fresh. Proceeds: Rs 23.00 crore for working capital, Rs 22.00 crore for repayment/prepayment of borrowings, and the rest for general corporate purposes.
Post-IPO, paid-up equity rises from Rs 8.72 crore to Rs 12.07 crore; the company issued an 11:1 bonus in November 2025.
Price Band Analysis
At the upper band of Rs 179, the issue is valued at a P/E of about 13.24x on FY27-annualised earnings and 16.16x on FY26, with a P/BV of 2.48 (June 30, 2026 NAV of Rs 72.31). The company reported an average EPS of Rs 11.90 and average RoNW of 21.40% over three fiscals.
GMP Watch
The Shellz India IPO GMP is flat at ₹0 as of the days around opening — no premium recorded, offering no directional signal.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 162.81 | 187.39 | 193.18 | 47.43 |
| Net Profit (PAT) | 5.25 | 8.30 | 13.37 | 4.08 |
| PAT Margin (%) | 3.24 | 4.44 | 6.94 | 8.63 |
| RoCE (%) | 15.89 | 17.50 | 19.11 | 4.69 |
Total income grew only marginally — from Rs 162.81 crore (FY24) to Rs 193.18 crore (FY26) — but PAT jumped sharply, from Rs 5.25 crore to Rs 13.37 crore, with PAT margin more than doubling (3.24% to 6.94%, and 8.63% in Q1-FY27).
Trade receivables stood at Rs 53.89 crore — higher than the Q1-FY27 total income — a notable concern. No dividend history.
Shellz India brings a diversified 300+-SKU confectionery business to the SME board, with the Hugs and Tosca brands, a 24-state distribution footprint, private-label and export legs, and a large India-confectionery market tailwind.
