Shanti Inorganics Limited

Shanti Inorganics Limited manufactures and supplies sulphur based inorganic chemicals used across industrial applications. Its product portfolio includes sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite, with the company maintaining one of the larger domestic production capacities for bisulphites. The company operates its existing manufacturing facilities in Gujarat and is developing a new facility at Bavla, Ahmedabad to expand production capacity. Its business is supported by established manufacturing capabilities, customer relationships and experience in specialty inorganic chemicals. The company has also increased its installed capacity at its Vatva unit and commenced commercial operations at Phase I of the Bavla unit.

Shanti Inorganics IPO is an NSE SME book-built issue of ₹47.24 Cr comprising entirely of a fresh issue, priced at ₹79 to ₹83 per share with a lot size of 1,600 shares. The IPO opens on August 31, 2026 and closes on September 2, 2026, with tentative listing on September 7, 2026. The company proposes to use approximately ₹43 Cr towards part funding the capital expenditure for a new Bavla facility manufacturing sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite, with the balance for general corporate purposes. FY2026 revenue was ₹72.93 Cr and PAT was ₹10.22 Cr, while the reported FY2026 P/E at the upper band is around 8.87x. Key strengths include improving revenue and profitability, specialty chemical manufacturing capabilities and expansion potential, while key risks include execution of the new facility, chemical-sector cyclicality, customer concentration and dependence on continued demand for its products.