Shanti Inorganics IPO Opens Today: Check GMP, Price Band, Lot Size, Financials and Key Details

Shanti Inorganics IPO has opened for subscription today, August 31, 2026, in the SME segment. The public issue will remain open for three days and close on September 2, 2026. The company has fixed the IPO price band at ₹79 to ₹83 per share and plans to raise approximately ₹47.24 crore through the issue. The shares are proposed to be listed on the NSE SME platform.

The IPO comes from a company engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its products are used across several industries, including food and beverages, pharmaceuticals, chemicals, water treatment, oil drilling, ceramics, agrochemicals and other industrial applications.

Shanti Inorganics IPO Details

The issue consists of a fresh issue, with no offer-for-sale component. The company intends to use the IPO proceeds primarily toward capital expenditure for its proposed manufacturing facility at Bavla, Ahmedabad, Gujarat, along with general corporate purposes.

Shanti Inorganics IPO GMP Today

The latest available Shanti Inorganics IPO GMP is around ₹31 per share. Based on the upper price band of ₹83, the grey-market indication suggests an estimated listing price of approximately ₹114 per share.

The ₹31 GMP was reported on August 30, 2026, ahead of the IPO opening.

GMP is an unofficial indicator and is not controlled or guaranteed by the stock exchanges. It can change significantly during the IPO period. Investors should therefore consider the company's financials, valuation and business prospects rather than relying only on the grey market premium.

Shanti Inorganics IPO Subscription Dates

The subscription window is open from August 31 to September 2, 2026. The tentative allotment is scheduled for September 3, followed by refunds and demat credit on September 4. The shares are expected to list on September 7.

These dates are tentative and can change depending on the IPO process.

Shanti Inorganics IPO Lot Size and Minimum Investment

The IPO lot size is 1,600 shares. At the upper price band of ₹83, one lot represents ₹1.328 lakh. However, the minimum individual application is reported as two lots, or 3,200 shares, making the minimum investment approximately ₹2.656 lakh.

The relatively high minimum application amount is an important consideration for investors evaluating this SME IPO.

About Shanti Inorganics

Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite, sodium bisulphite solutions, sodium metabisulphite and sodium sulphite products.

These chemicals have applications across a wide range of industries. They can be used as preservatives, reducing agents, oxygen scavengers and process intermediates.

The company's customer industries include:

• Food and beverages
• Pharmaceuticals
• Chemicals
• Oil drilling
• Water treatment
• Ceramics
• Agrochemicals
• Petrochemicals
• Paints and polymers
• Mining
• Cosmetics
• Pulp and paper

This diversified end-use exposure gives the company access to multiple industrial markets, although demand can vary across individual sectors.

Shanti Inorganics Manufacturing Capacity

One of the company's notable operating points is its manufacturing capacity for bisulphite products. Available IPO information indicates a domestic production capacity of approximately 18,800 MTPA for bisulphites.

The company operates manufacturing facilities in Ahmedabad, Gujarat, and is also proposing a new facility at Bavla through the IPO-funded expansion plan.

The proposed facility is expected to support additional manufacturing capacity for products including sodium metabisulphite, sodium bisulphite powder and ammonium bisulphite.

Shanti Inorganics IPO Objectives

The main objective of the IPO is to provide funding for expansion of the company's manufacturing infrastructure.

The proceeds are intended for:

1. Capital expenditure toward establishing a new manufacturing facility at Bavla, Ahmedabad.
2. Funding manufacturing capacity for sodium metabisulphite, sodium bisulphite powder and ammonium bisulphite.
3. General corporate purposes.

The expansion could help the company increase production capacity and support future revenue growth if demand for its products continues to expand.

Shanti Inorganics Financial Performance

Shanti Inorganics has reported consistent growth in revenue and profit over the last three financial years.

Revenue increased from ₹45.06 crore in FY2024 to ₹58.46 crore in FY2025 and further to ₹72.93 crore in FY2026. Profit after tax also increased from ₹5.12 crore to ₹7.99 crore and then ₹10.22 crore during the same period.

The financial trend shows growth in both revenue and profitability, which is one of the key factors investors may examine in the IPO.

For the interim period ended May 31, 2026, the company reported revenue of ₹16.10 crore and PAT of ₹2.50 crore. The interim period represents only part of a financial year and should not be directly compared with the full-year figures.

Shanti Inorganics Financial Growth

The company's revenue increased by roughly 29% between FY2024 and FY2025 and another 25% between FY2025 and FY2026.

Profit growth has also been strong. PAT increased from ₹5.12 crore in FY2024 to ₹10.22 crore in FY2026, effectively doubling over two years.

The increase in net worth is another notable change, although investors should review the complete balance sheet and cash-flow statements before drawing conclusions about financial strength.

Shanti Inorganics IPO Valuation

At the upper IPO price of ₹83, available market data places the company's post-issue valuation at around the SME-company level, with reported P/E around 9.5x based on the available financial figures.

The valuation should be considered alongside the company's growth rate, manufacturing capacity, debt levels and the risks associated with the chemical industry.

Shanti Inorganics Export Business

The company has an international customer base and supplies its products to several overseas markets. Available company information indicates exports to more than 15 countries, giving Shanti Inorganics exposure beyond the domestic market.

International sales can provide additional growth opportunities, but they can also expose the company to currency fluctuations, overseas regulations, logistics costs and changes in international demand.

Shanti Inorganics IPO Strengths

Some of the key positive factors investors may consider include:

• Revenue has increased consistently over recent years.
• PAT has grown strongly from FY2024 to FY2026.
• The company operates in several end-user industries.
• Its products have applications across essential industrial processes.
• The company has an established manufacturing base in Gujarat.
• It has an international customer base.
• IPO funds will support additional manufacturing capacity.
• The issue is entirely a fresh issue.
• The current GMP indicates positive grey-market sentiment.

These strengths should be evaluated together with the company's financial and operational risks.

Shanti Inorganics IPO Risks

Despite the positive financial trend, investors should consider several risks before applying.

Raw-material price risk: Raw materials accounted for a significant portion of total income. If input prices increase sharply and the company cannot fully pass those costs to customers, margins could come under pressure.

Supplier concentration: The company depends on third-party suppliers for raw materials, and its top five suppliers represented a significant portion of purchases in the reported periods.

Customer concentration: The company does not maintain long-term contractual arrangements with most customers. Orders are generally based on purchase transactions, which means customers may reduce, postpone or cancel orders.

Debt exposure: The company had outstanding financial indebtedness of approximately ₹34.85 crore as of May 31, 2026. Higher borrowing can increase financial costs and repayment obligations.

Chemical-industry competition: Pricing is an important factor in the inorganic-chemical market. Increased competition could put pressure on selling prices and margins.

SME liquidity risk: After listing, SME shares may have lower trading liquidity compared with Mainboard stocks, potentially making it difficult to exit at the desired price.

Shanti Inorganics IPO Review

Shanti Inorganics offers an interesting SME IPO story based on revenue growth, improving profitability and planned manufacturing expansion. The company operates in a specialized chemical segment with applications across several industries and has an established presence in both domestic and export markets.

The financial numbers are one of the stronger aspects of the IPO. Revenue rose from ₹45.06 crore in FY2024 to ₹72.93 crore in FY2026, while PAT increased from ₹5.12 crore to ₹10.22 crore.

The proposed Bavla facility could provide another growth avenue if the additional capacity is utilized effectively. However, the company remains exposed to raw-material prices, supplier concentration, customer order patterns and debt obligations.

The current GMP of around ₹31 indicates strong unofficial market sentiment, but GMP should be treated only as an indicator and not as a guaranteed listing return.

What Investors Should Watch in Shanti Inorganics IPO

Investors tracking the IPO should focus on several factors during and after the issue:

• Subscription demand across investor categories.
• Movement in the grey-market premium.
• Valuation compared with chemical-sector peers.
• Progress of the proposed Bavla manufacturing facility.
• Raw-material cost trends.
• Export and domestic sales growth.
• Debt and interest costs.
• Profit margins after expansion.
• Liquidity after NSE SME listing.

These factors will provide a better picture of the company's long-term prospects than GMP alone.

Shanti Inorganics IPO Key Highlights

Conclusion

The Shanti Inorganics IPO is attracting attention with its improving financial performance, diversified chemical-product applications and proposed manufacturing expansion. Revenue and profit have both grown consistently, while the IPO proceeds are aimed at expanding production capacity at the proposed Bavla facility.

The current GMP of around ₹31 indicates strong unofficial market interest, but investors should remember that grey-market prices can change quickly and do not guarantee the actual listing price.

The key question for long-term investors will be whether Shanti Inorganics can maintain its revenue and profit growth while managing raw-material costs, supplier dependence, customer concentration and debt. Investors should study the company's offer documents and risk factors carefully before making an IPO decision.

Disclaimer: Grey Market Premium figures are unofficial and may change at any time. GMP is not a guaranteed listing price or return. This article is for informational purposes only and should not be considered investment advice.