SHANTI INORGANICS LIMITED
About the company
Shanti Inorganics Limited is an Ahmedabad-based manufacturer of sulphur-based inorganic chemicals, established in 1998. Its product portfolio includes sodium metabisulphite, sodium sulphite, sodium bisulphite and ammonium bisulphite solutions, serving diverse industrial applications.
The company operates advanced manufacturing facilities with automated production capabilities and focuses on consistent quality, process efficiency and product innovation. Its chemicals are used across food & beverage, pharmaceuticals, oil & gas, water treatment, textiles, leather and pulp & paper industries.
Shanti Inorganics has a strong export-oriented business, with over 60% of production exported to more than 15 countries and a customer base comprising several multinational corporations. It is also expanding manufacturing capacity to cater to growing demand for sulphite-based chemicals.
Shanti Inorganics Limited has demonstrated consistent financial growth from FY24 to FY26, with Total Revenue rising from ₹44.87 Crs to ₹71.22 Crs and Profit After Tax doubling from ₹5.12 Crs to ₹10.22 Crs. Operating profitability has expanded steadily as EBITDA margins improved from 19.45% in FY24 to 21.62% in FY26, reaching a strong 25.16% in the first two months of FY27 (generating ₹2.50 Crs PAT on ₹15.98 Crs Revenue). Furthermore, the company's financial stability expanded significantly over the period, with Shareholders' Funds increasing from ₹17.60 Crs to ₹50.74 Crs.
The promoters of Shanti Inorganics Limited are Mr. Manojkumar Jayantilal Patel and Mr. Avnish Manojkumar Patel. Mr. Manojkumar Jayantilal Patel serves as the Chairman and Managing Director, while Mr. Avnish Manojkumar Patel is the Joint Managing Director of the Company.
Shanti Inorganics Limited is making Fresh issue of up to 56,91,200 having face value of Rs 10 each aggregating Rs 47 crs. The net offer to the public is 54,06,400 shares within the price band of Rs 79-83 per share. XX shares offered to retail, while XX shares offered to the Non-Institutional HNI category, XX shares to QIBs, XX shares to Anchor investors and XX shares to Market Makers.
The shares will be listed on the NSE Emerge platform of the National Stock Exchange (NSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Shanti Inorganics Limited – Pursuing Excellence Relentlessly
Experienced Promoter-Led Management to Drive Growth: Manojkumar Jayantilal Patel and Avnish Manojkumar Patel, as Chairman & Managing Director and Joint Managing Director, respectively, provide strong promoter-led leadership and strategic direction. Their continued involvement is expected to support business expansion, operational execution and long-term growth of the company.
Integrated Manufacturing-Led Business Model – Shanti Inorganics Limited follows a manufacturing-led business model, with in-house production across two facilities and increasing capacity to maintain control over production, quality and supply. Its shift to liquefied SO₂, efficient manufacturing processes and capacity expansion support better resource utilization, lower production inefficiencies and improved cost efficiency.
Focused on Market Expansion and Customer Diversification Shanti Inorganics Limited’s growth strategy is focused on expanding its international presence while diversifying its customer base across multiple industries to reduce market concentration. It also leverages its strategic manufacturing locations, established supplier relationships and quality certifications to strengthen competitiveness and support sustainable growth.
Post the Public Issue Shanti Inorganics Limited long-term growth will improve Shanti Inorganics Limited’s long-term growth plan is focused on significantly expanding manufacturing capacity, with Phase II of Bavla Unit expected to take total installed capacity to 1,15,344 MTPA and drive economies of scale It also plans to expand its domestic and international customer base, enter new geographies and target high-growth end-user industries such as seafood processing, gold mining and specialty chemicals.
Risks
Intense competition from domestic and international players may pressure the company on pricing, margins and customer retention, particularly where competitors offer similar quality products. Failure to maintain quality, regulatory compliance, timely delivery and strong customer relationships could weaken its market position and affect business growth.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Shanti Inorganics Limited – Pursuing Excellence Relentlessly
Experienced Promoter-Led Management to Drive Growth: Manojkumar Jayantilal Patel and Avnish Manojkumar Patel, as Chairman & Managing Director and Joint Managing Director, respectively, provide strong promoter-led leadership and strategic direction. Their continued involvement is expected to support business expansion, operational execution and long-term growth of the company.
Integrated Manufacturing-Led Business Model – Shanti Inorganics Limited follows a manufacturing-led business model, with in-house production across two facilities and increasing capacity to maintain control over production, quality and supply. Its shift to liquefied SO₂, efficient manufacturing processes and capacity expansion support better resource utilization, lower production inefficiencies and improved cost efficiency.
Focused on Market Expansion and Customer Diversification Shanti Inorganics Limited’s growth strategy is focused on expanding its international presence while diversifying its customer base across multiple industries to reduce market concentration. It also leverages its strategic manufacturing locations, established supplier relationships and quality certifications to strengthen competitiveness and support sustainable growth.
Post the Public Issue Shanti Inorganics Limited long-term growth will improve Shanti Inorganics Limited’s long-term growth plan is focused on significantly expanding manufacturing capacity, with Phase II of Bavla Unit expected to take total installed capacity to 1,15,344 MTPA and drive economies of scale It also plans to expand its domestic and international customer base, enter new geographies and target high-growth end-user industries such as seafood processing, gold mining and specialty chemicals.
Risks
Intense competition from domestic and international players may pressure the company on pricing, margins and customer retention, particularly where competitors offer similar quality products. Failure to maintain quality, regulatory compliance, timely delivery and strong customer relationships could weaken its market position and affect business growth.
Our verdict
Our View on This IPO
Shanti Inorganics Limited which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Shanti Inorganics Limited follows a manufacturing-led business model, with in-house production across two facilities and increasing capacity to maintain control over production, quality and supply. Its shift to liquefied SO₂, efficient manufacturing processes and capacity expansion support better resource utilization, lower production inefficiencies and improved cost efficiency.
Shanti Inorganics Limited’s growth strategy is focused on expanding its international presence while diversifying its customer base across multiple industries to reduce market concentration. It also leverages its strategic manufacturing locations, established supplier relationships and quality certifications to strengthen competitiveness and support sustainable growth.
More importantly, Shanti Inorganics Limited promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs 97.97 crs crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 17.24 crore.
We are confident that Shanti Inorganics Limited will deliver consistent performance and provide a good investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
Disclaimer
This document is meant for the recipient only for use as intended and not for circulation. This document
should not be reproduced or copied or made available to others. Recipients may not receive this report at
the same time as other recipients. The information contained herein is from the public domain or sources are
believed to be reliable. While reasonable care has been taken to ensure that information given is at the
time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of
research it cannot be warranted or represented that it is accurate or complete and it should not be relied
upon as such. In so far as this report includes current or historical information, it is believed to be
reliable, although its accuracy and completeness cannot be guaranteed. Opinions expressed are current
opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis,
the information discussed in this material, Mr Avinash Gorakshakar is under no obligation to update or keep
the information current. Further there may be regulatory, compliance, or other reasons that prevent me from
doing so. Prospective investors and others are cautioned that any forward-looking statements are not
predictions and may be subject to change without notice. Avinash Gorakshakar and any person connected with
it, will not in any way be responsible for the contents of this report or for any losses, costs, expenses,
charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or
non-acting on any information/material contained in the report. This is not an offer to sell or a
solicitation to buy any securities or an attempt to influence the opinion or behaviour of investors or
recipients or provide any investment/tax advice. This report is for information only and has not been
prepared based on specific investment objectives. The securities discussed in this report may not be
suitable for all investors. Investors must make their own investment decision based on their own investment
objectives, goals and financial position and based on their own analysis. Trading in stocks, stock
derivatives, and other securities is inherently risky and the recipient agrees to assume complete and full
responsibility for the outcomes of all trading decisions that the recipient makes, including but not limited
to loss of capital. Opinions, projections and estimates in this report solely constitute the current
judgment of the author of this report as of the date of this report and do not in any way reflect the views
of Avinash Gorakshakar. The securities described herein may or may not be eligible for sale in all
jurisdictions or to certain category of investors. Persons in whose possession this document may come are
required to inform themselves of and to observe such restriction.
SEBI REGN NO. INH000001071