Shanti Inorganics IPO Price Band Announced
Shanti Inorganics Limited has announced the price band and schedule for its upcoming SME IPO.
The IPO will open for subscription on August 31, 2026, and close on September 2, 2026. The company has fixed a price band of ₹79 to ₹83 per equity share.
At the upper price band, Shanti Inorganics plans to raise approximately ₹47.24 crore by issuing 56,91,200 equity shares with a face value of ₹10 each. The shares are proposed to list on the NSE Emerge platform.
Shanti Inorganics IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | August 31, 2026 |
| IPO Close Date | September 2, 2026 |
| Anchor Investor Date | August 28, 2026 |
| Price Band | ₹79 – ₹83 |
| Face Value | ₹10 per share |
| Issue Shares | 56,91,200 Shares |
| Issue Size | Approx. ₹47.24 Cr |
| Issue Type | Book Built SME IPO |
| Listing Exchange | NSE Emerge |
| Allotment Date | September 3, 2026 |
| Demat / Refunds | September 4, 2026 |
| Listing Date | September 7, 2026 |
The latest IPO announcement confirms the ₹79–₹83 price band and approximately ₹47.24 crore issue size.
What Does Shanti Inorganics Do?
Shanti Inorganics operates in the specialty chemicals sector, primarily manufacturing and supplying sulphur-based inorganic chemicals.
The company was incorporated in 2010 and is based in Ahmedabad, Gujarat. Its products serve industrial customers that require sulphur-based chemical inputs for their manufacturing processes.
This makes Shanti Inorganics a business-to-business manufacturer rather than a consumer-facing chemicals company.
IPO to Fund New Manufacturing Facility
The most important part of the Shanti Inorganics IPO story is its proposed manufacturing expansion.
The company plans to use a substantial portion of IPO proceeds to establish a new manufacturing facility at Bavla in Ahmedabad, Gujarat.
The proposed facility is planned with an aggregate capacity of approximately 78,544 MTPA.
For Shanti Inorganics, this expansion could significantly increase the scale at which it can manufacture and supply sulphur-based inorganic chemicals.
The success of this investment will depend on how quickly the new capacity becomes operational and how effectively the company can generate additional customer demand.
Strong Financial Growth Ahead of IPO
Shanti Inorganics enters the IPO after reporting growth in both revenue and profitability.
| Financial Metric | FY2025 | FY2026 |
|---|---|---|
| Revenue | ₹58.46 Cr | ₹72.93 Cr |
| PAT | ₹8.00 Cr | ₹10.22 Cr |
Revenue increased by approximately 24.8% in FY2026, while PAT rose by roughly 27.8%.
The longer-term numbers are also encouraging. From FY2024 to FY2026, revenue recorded a CAGR of approximately 25.99%, while PAT grew at around 41.35% CAGR.
This faster profit growth indicates improving earnings alongside business expansion.
Why the New Plant Matters
Shanti Inorganics' existing business has already reached revenue of more than ₹70 crore.
The proposed Bavla facility could provide the manufacturing capacity needed for the company's next phase of growth.
Additional capacity could allow the company to serve larger orders, expand its customer base and potentially introduce additional products.
However, capacity expansion only creates value when utilisation increases.
After the IPO, investors should therefore monitor how quickly the new plant ramps up and whether revenue growth keeps pace with the additional manufacturing capacity.
Specialty Chemicals Offer a Long-Term Opportunity
India has developed into an important global chemicals manufacturing market.
Domestic manufacturers can benefit as customers seek reliable suppliers and diversify their sourcing networks.
Specialty and industrial chemical businesses can also develop long-term customer relationships because customers often require consistent product specifications and quality.
For Shanti Inorganics, maintaining product quality while expanding capacity will be important for retaining customers and winning new business.
Customer Concentration Is a Major Risk
One of the biggest risks investors should consider is customer concentration.
According to IPO disclosures, the company's top 10 customers accounted for approximately 71.03% of revenue. The company also does not have long-term agreements with many customers.
This means losing a major customer or experiencing lower orders from a few large customers could materially affect revenue.
Expanding the customer base alongside manufacturing capacity will therefore be important after the IPO.
Raw-Material Prices Can Affect Margins
Chemical manufacturing businesses depend heavily on raw materials.
Changes in sulphur and other chemical-input prices can affect production costs.
If raw-material prices increase quickly and Shanti cannot immediately pass those increases to customers, margins could come under pressure.
The company will therefore need to balance procurement costs, customer pricing and inventory efficiently.
Shanti Inorganics GMP Today
As of August 25, 2026, recent grey-market tracking indicates a Shanti Inorganics IPO GMP of approximately ₹25 per share.
Against the upper issue price of ₹83, this represents an unofficial premium of roughly 30%.
However, the IPO does not open until August 31, so the GMP can change significantly before bidding begins.
GMP is an unofficial and unregulated indicator and should not be treated as a guaranteed listing return.
What Looks Positive?
Shanti Inorganics enters the IPO with several encouraging factors.
The company has reported healthy revenue and PAT growth, operates in a specialised industrial chemicals segment and plans to use IPO capital for a major expansion of manufacturing capacity.
FY2026 revenue reached ₹72.93 crore, while PAT increased to ₹10.22 crore.
The proposed Bavla facility could become an important growth driver if the company successfully increases utilisation and expands its customer network.
Key Risks to Watch
Customer concentration remains one of the most important concerns, with the top 10 customers contributing a large share of revenue.
Investors should also consider raw-material price volatility, absence of long-term customer contracts, execution risks associated with the new plant and working-capital requirements.
Because Shanti Inorganics will list on NSE Emerge, SME-market liquidity and higher share-price volatility should also be considered.
Final View on Shanti Inorganics IPO
The Shanti Inorganics IPO opens from August 31 to September 2, 2026, at a price band of ₹79–₹83 per share. At the upper price band, the company plans to raise approximately ₹47.24 crore, with listing expected on NSE Emerge on September 7.
The company's recent financial trend is positive, with revenue rising to ₹72.93 crore and PAT reaching ₹10.22 crore in FY2026.
The bigger story, however, is the proposed 78,544 MTPA manufacturing facility in Bavla, Ahmedabad. If Shanti Inorganics can successfully commission the facility, attract additional customers and maintain profitability as capacity increases, the IPO-funded expansion could become an important next stage for the business.
For investors, the main factors to watch are IPO valuation, customer concentration, new-plant execution, raw-material costs and whether the company's strong recent profit growth remains sustainable after expansion.
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