Shellz India IPO
Shellz India LtdSME
This IPO opens on 15 Oct 2026.
- Open date
- 15 Oct 2026
- Close date
- 19 Oct 2026
- Min. Investment
- ₹2,86,400
- Lot Size
- -
- Fresh Issue
- ₹59.97 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date15 Oct 2026
- Upcoming: IPO close date19 Oct 2026
- Upcoming: Allotment date21 Oct 2026
- Upcoming: Funds unblock or debit22 Oct 2026
- Upcoming: Tentative listing date23 Oct 2026
About
Promoter shareholding in Shellz India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Kapil Garg | 62,40,000 | 71.59% | 62,40,000 | 51.71% |
| Shalini Garg | 14,40,000 | 16.52% | 14,40,000 | 11.93% |
Financials of Shellz India IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 158.52 | 162.41 | 186.97 |
| Total Expenses | 154.02 | 154.83 | 174.77 |
| Profit Before Tax | - | - | - |
| Total Profit | 3.19 | 5.25 | 8.30 |
Shellz India IPO Strengths & Risks
- Ability to develop differentiated products across formats and price points.
- Our presence at mass-market price-points supported by a diversified product portfolio.
- Super stockist-led distribution model enabling scalable market reach.
- Integrated in-house manufacturing capabilities with focus on scalability and process control.
- In-house product development capabilities supported by technical expertise.
- Experienced Promoters and Management Team.
- Risks Relating to the Business: Our inability to anticipate, respond to and meet the tastes, preferences or consistent quality requirements of our consumers or our inability to accurately predict and successfully adapt to changes in market demand or consumer preference could reduce demand for our products, affect our brand loyalty and impact our sales.
- Risks Relating to the Business: We have incurred significant indebtedness which exposes us to various risks which may have an adverse effect on our business, results of operations and financial conditions. Conditions and restrictions imposed on us by the agreements governing our indebtedness could adversely affect our ability to operate our business. Further, there have been certain instances of delay in repayment of borrowings which have been reported in our credit history records, including in reports issued by credit information companies.
- Risks Relating to the Business: There are outstanding legal proceedings involving our Company, Subsidiaries, Group Companies, Promoters, Directors, Key Managerial Personnel and Senior Managerial Personnel. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: We had been in past subject to legal proceedings under Insolvency and Bankruptcy Code, 2016 and Section 138 of the Negotiable Instruments Act, 1881. Any such legal proceedings against our Company would lead to an adverse impact on the results of operations, cash flows and financial condition.
- Risks Relating to the Business: Our proposed shifting of manufacturing operations from Delhi to Sonipat, Haryana may involve operational risks and uncertainties which could adversely affect our business, operations and financial condition.
- Risks Relating to the Business: Our Delhi Manufacturing Unit did not hold a valid factory licence for a certain period, which may expose us and our officers to regulatory action.
- Risks Relating to the Business: We have been involved in disputes and litigation with certain vendors and suppliers in the past and may continue to face such disputes in the future. Further, we do not have long-term agreements with most of our suppliers for the supply of raw materials. Any disruption in procurement of raw materials or deterioration of supplier relationships could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: We have experienced negative cash flows in previous Fiscals and may continue to have negative cash flows in the future.
- Risks Relating to the Business: We do not have long-term agreements with majority of our customers. Any changes or cancellations to our orders or our inability to forecast demand for our products may adversely affect our business, results of operations and financial condition.
- Risks Relating to the Business: We have received complaints in relation to certain aspects on our Draft Red Herring Prospectus post the filing of our Draft Red Herring Prospectus which have been responded to.
- Risks Relating to the Business: During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, we derived 79.66%, 75.34%, 72.66% and 71.47% of our revenue from operations from our customers in North India, which exposes us to risks specific to these Indian geographies and market.
- Risks Relating to the Business: Our inability to manage our inventory and foresee accurate demand for our products for a future period may adversely affect our reputation, business, results of operation and our financial performance.
- Risks Relating to the Business: We require certain approvals, licenses, registrations and permits for conducting our business and our inability to obtain, retain or renew them in a timely manner, or at all, may adversely affect our business, results of operations and financial condition.
- Risks Relating to the Business: Any future penalties or demands raised by statutory authorities may adversely impact the financial position of the Company.
- Risks Relating to the Business: There has been delay in filing of forms with the Registrar of Companies as per the stipulated timelines prescribed under the Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for delay in such compliances could impact the reputation and financial position of the Company to that extent.
- Risks Relating to the Business: Our relationship with our super stockists is critical to our business. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, 94.38%, 95.91%, 96.32% and 94.39% respectively, of our total revenue from operations was attributable to our super stockists. If we are unable to maintain successful relationships with our super stockists, our business, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: Our business prospects on the strength and market acceptance of our brands, and any inability to sustain or increase product sales could negatively impact our business performance.
- Risks Relating to the Business: Any non-compliance including contamination or deterioration of our products could result in legal liability, damage our reputation and adversely affect our business prospects and consequently our financial performance.
- Risks Relating to the Business: Incorrect Reporting of Transactions with Struck-Off Entities by the auditors in Financial Statements.
- Risks Relating to the Business: Concerns over nutritional values of our products may reduce demand for our products or increase the cost of our products.
- Risks Relating to the Business: Our group companies and our wholly owned subsidiary may have conflict of interest that may arise out of common business pursuits in the ordinary course of business.
- Risks Relating to the Business: Our inability to comply with food safety laws, environmental laws and other applicable regulations in relation to our manufacturing facilities may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: If any new products that we launch are not as successful as we anticipate, our business, cash flows, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: We could be adversely affected due to restrictions on the use of our brand names or any negative publicity associated with our products.
- Risks Relating to the Business: We operate in a competitive business environment. Pricing pressure from our competitors may affect our ability to maintain or increase our product prices and, in turn, our revenue from product sales, gross margin and profitability, which may materially and adversely affect our business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: If we are unable to successfully expand our manufacturing operations, improve capacity utilisation or supply our products across various regions of India, our business, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The industry in which we operate poses various risks and challenges as provided in the Industry Report titled "India's Confectionery Market" dated March 25, 2026, which is exclusively prepared for the purposes of the Issue and issued by Ken Research and is commissioned and paid for by our Company ("Ken Report").
- Risks Relating to the Business: Our previous Statutory Auditors, M/s Kumar V & Associates, Chartered Accountants, and our current Statutory Auditors, M/s RSAV & Company, Chartered Accountants, have included certain observations for Fiscals 2024, 2025 and 2026 in their reporting under the Companies (Auditors Report) Order, 2020.
- Risks Relating to the Business: Our business requires significant amount of working capital. We may not be able to obtain future financing on favourable terms or at all. If we experience insufficient cash flows from our operations or are unable to borrow funds to meet our working capital requirements, it may materially and adversely affect our business and results of operations.
- Risks Relating to the Business: Our historical growth in revenue and profitability may not be indicative of our future performance, and we may not be able to sustain such growth levels in the future.
- Risks Relating to the Business: Any delays and/or defaults in customer payments could result in increase of working capital investment and/or reduction of our Company's profits, thereby affecting our operation and financial condition.
- Risks Relating to the Business: Our group companies have incurred losses in the Fiscal 2024 and may incur losses in the future.
- Risks Relating to the Business: We have contingent liabilities and our financial condition could be adversely affected if any of these contingent liabilities materialize.
- Risks Relating to the Business: We have unsecured loans outstanding from our related parties, which may be recalled at any time and could adversely affect our financial condition.
- Risks Relating to the Business: We are exposed to foreign currency fluctuation risks, particularly in relation to export of our products, which may adversely affect our results of operations, financial condition and cash flows
- Risks Relating to the Business: The logo used by our Company is not registered under the Trade Marks Act, 1999. Failure to protect our intellectual property rights may adversely affect our competitive business position, financial condition and profitability.
- Risks Relating to the Business: Certain of the trademarks, logos and copyrights used in our business are either unregistered or registered in the name of our subsidiary, and any inability to protect or continue using such intellectual property may adversely affect our business, brand recognition and prospects.
- Risks Relating to the Business: India has stringent labour legislations that protect the interests of workers, and if our employees unionize, we may be subject to industrial unrest, slowdowns and increased wage costs.
- Risks Relating to the Business: The Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of our Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
- Risks Relating to the Business: The Objects of the Issue include funding incremental working capital requirements, which is based on certain assumptions and estimates. Any failure in arranging adequate working capital for our operations may adversely affect our business, results of operations, cash flows and financial conditions.
- Risks Relating to the Business: We have recently backward integrated production of packaging materials for our products as part of our ongoing integrated operations, which exposes us to operational and execution risks, which could further adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Any disruption, shutdown or under-utilisation of our current manufacturing facility in Delhi, delay in commissioning our new facility in Sonipat, Haryana could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our manufacturing operations involve cooking and heat-based processes, and any disruption, inefficiency, or failure in such processes may adversely affect our production, product quality and results of operations.
- Risks Relating to the Business: We have a large work force, and our employee benefit expense and labour charges are one of the larger components of our fixed operating costs. An increase in employee benefit expenses and/ or labour charges could reduce our profitability. Further, our operations could be adversely affected by work stoppages or increased wage demands by our employees or any other kind of dispute with our employees.
- Risks Relating to the Business: We have incurred significant capital expenditure in the past and will continue to incur significant capital expenditure in the future, and such expenditure may not yield the benefits we anticipate.
- Risks Relating to the Business: We are dependent on third party logistic and support service providers for the delivery of raw materials and finished products and any disruptions in their services including transportation services or a decrease in the quality of their services may adversely affect our business, financial condition and results of operations
- Risks Relating to the Business: Our business, results of operations and financial condition may be adversely affected if operations at the facilities of our raw material suppliers are disrupted. Our business, results of operations and financial condition may also be affected if the operations of our customers are disrupted.
- Risks Relating to the Business: Our inability to expand or effectively manage our super stockist and distribution network, or any disruption in our supply or distribution infrastructure, could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: We are dependent on several key personnel, including our senior management, and the loss of, or our inability to attract or retain such persons could adversely affect our business, results of operations and financial condition.
- Risks Relating to the Business: Any inadequacy in packaging, storage, handling, or transportation of our products, or any failure or delay in delivery to distributors, retailers, or customers, could adversely affect our business, results of operations and financial condition.
- Risks Relating to the Business: We are subject to labour laws and other industry standards, and our operations could be adversely affected by strikes, work stoppages or increase in wage demands.
- Risks Relating to the Business: Interruption or failure of our information technology systems or data backup processes could adversely affect our manufacturing, logistics and business operations, and may result in loss of operational or business data.
- Risks Relating to the Business: Our failure to protect confidential information like our product recipes, pricing or launch information could adversely affect our competitive position.
- Risks Relating to the Business: We may be unable to grow our business in semi-urban and rural markets, which may adversely affect our business prospects and results of operations.
- Risks Relating to the Business: Our company may be subject to claims of infringement of third-party intellectual property rights that are costly to defend, result in the diversion of management's time and efforts, require the payment of damages and limit our ability to use particular technologies in the future.
- Risks Relating to the Business: Our registered and corporate office, manufacturing and warehousing facilities are operated on lease basis and our inability to renew such lease agreements may adversely affect our business, results of operations and financial condition.
- Risks Relating to the Business: If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks. Despite our internal control systems, we may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect our reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our manufacturing operations depend on the availability of groundwater, and any restrictions on extraction, depletion of groundwater levels, or regulatory actions relating to groundwater usage may adversely affect our operations.
- Risks Relating to the Business: Our manufacturing operations are dependent on the adequate and uninterrupted supply of electrical power at a reasonable cost. Unavailability of such adequate and uninterrupted supply of electrical power may significantly impact our business and results of operations.
- Risks Relating to the Business: Our insurance coverage may not be adequate to protect us against all potential losses, which may have a material adverse effect on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: We have commissioned an industry report from Ken Research Private Limited, which has been used for industry related data in this Red Herring Prospectus.
- Risks Relating to the Business: Our success depends largely upon the knowledge and experience of one of our Promoter, Kapil Garg.
- Risks Relating to the Business: Our Promoters and Promoter Group will continue to retain a majority shareholding in our Company after the Issue, which will allow them to exercise significant influence over us.
- Risks Relating to the Business: Our Directors and Promoters may enter into ventures which are in businesses similar to ours.
- Risks Relating to the Business: We have entered, and will continue to enter, into related party transactions which may involve conflicts of interest. Further, our Promoters, Directors and Key Managerial Personnel may have interests in us other than reimbursement of expenses incurred and normal remuneration or benefits.
- Risks Relating to the Business: The determination of the Price Band is based on various factors and assumptions, and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchange.
- Risks Relating to the Business: We have presented certain supplemental information of our performance and liquidity which is not prepared under or required under AS.
- Risks Relating to the Business: Significant differences exist between Indian GAAP and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of our financial condition.
- Risks Relating to the Business: Pursuant to listing of the Equity Shares, we may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
