Shanti InorganicsShare price, financial results, shareholding and management
- Market cap
- ₹315 cr
- Stock P/E
- 31.5peers 11.4
- Book value
- ₹28.4
- Price to book
- 6.43
- EV / operating profit
- -
- Market cap to sales
- 4.44
- ROCE · FY26
- 23.0%
- ROE · FY26
- 26.8%
- ROE, 3-year average
- 31.9%
- Operating margin · FY26
- 22.0%peers 15.3%
- Sales growth, 3 years
- +24.6%
- Profit growth, 3 years
- +25.0%
- Debt to equity
- 0.63peers 0.12
- Borrowings
- ₹31 cr
- Interest cover
- 15.0×
- Cash from business / op. profit
- 40%
- Debtor days
- 101
- Pledged
- 0.00%
- Promoter holding
- 56.05%
- Change in promoter holding
- -
- Shareholders
- 875
- High / low since listing
- ₹224 / ₹150
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Shanti Inorganics share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 92,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -11.1%
- Since IPO
- +120.0%
- Traded a day, 20 days
- ₹1.82 cr
- Taken for delivery
- 73%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +25% | +25% |
| 3 years, a year | - | - |
About Shanti Inorganics: business, products and customers
Shanti Inorganics makes sulphur based chemicals that food makers, chemical plants, oil drillers and water treatment plants use to preserve food, remove oxygen or clean water. It supplies customers in India and abroad from two plants near Ahmedabad, and its shares trade on NSE Emerge.
Shanti Inorganics makes four related chemicals: ammonium bisulphite solution, sodium bisulphite as powder or solution, sodium metabisulphite and sodium sulphite anhydrous. Customers use them as preservatives in food and drinks, as oxygen removers in oil drilling and boilers, as dechlorinating agents in water treatment, and as reducing agents in dyes, pharma and other chemical work. The business began as a trading firm run by the promoters and was taken over by the company in 2010.
It earns a manufacturing margin: it buys liquefied sulphur dioxide, ammonia, soda ash and caustic soda, mostly from suppliers close to its Gujarat plants, and converts them into finished chemicals. A large part of sales goes abroad, and the company pays export freight and forwarding itself, booked under selling expenses, so margins move with the export share and with shipping costs; the offer document shows export freight falling in FY26 after a sharp rise in FY25. Some revenue is plain trading: in FY26 it resold soda ash dense, which added sales at a thin margin and should not be read as plant output.
Read more about the business
The older plant at Vatva runs close to full. The first phase of a new plant at Bavla, which makes sodium sulphite anhydrous, started in February 2025 and is still lightly used, so its depreciation and interest arrive before its volumes. A much larger second phase at Bavla is being built with IPO money, bank loans and internal cash.
The offer document says the market is unorganised and made up of many small and medium makers, and that no listed company has a similar product range or risk profile, so it names no listed peers. It says competition turns on price, quality, compliance, reliability and long relationships.
From the offer document (red herring prospectus, 2026) and the Crisil rating rationale of 17 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 25% a year last year.
- It earns a high return on the money it uses: ROCE 23% in FY26.
To watch
- Bavla phase two: building and machinery from September 2026, trial production from April 2027 and commercial production planned for June 2027 (Offer document, p.116).
- Use of Bavla phase one, which ran at 15.0% of capacity in FY26 (Offer document, p.193).
- The export share, which fell to 29.3% of revenue in the two months to May 2026 (Offer document, p.180).
- Spending of the ₹42.5 cr of IPO money set aside for phase two within FY27 (Offer document, p.107).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Shanti Inorganics revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
Shanti Inorganics profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 45 | 57 | 71 |
| Expenses | 36 | 45 | 56 |
| Operating profit | 9 | 12 | 15 |
| OPM | 19.0% | 21.0% | 22.0% |
| Other income | 0 | 1 | 2 |
| Interest | 1 | 2 | 1 |
| Depreciation | 1 | 1 | 2 |
| Exceptional and other items | · | 1 | · |
| Profit before tax | 7 | 11 | 14 |
| Tax rate | 28.6% | 27.3% | 28.6% |
| Net profit | 5 | 8 | 10 |
| EPS ₹ | 80.50 | 125.63 | 8.84 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Shanti Inorganics profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 19.0% | 21.0% | 22.0% |
| Tax rate | 28.6% | 27.3% | 28.6% |
| ROCE | · | 28.2% | 23.0% |
| ROE | · | 37.0% | 26.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Shanti Inorganics debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Shanti Inorganics balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 0.64 | 0.64 | 12 |
| Reserves | 17 | 25 | 37 |
| Net worth | 17.64 | 25.64 | 49 |
| Borrowings | 24 | 25 | 31 |
| Other liabilities | 11.36 | 15.36 | 17 |
| Total liabilities | 53 | 66 | 97 |
| Fixed assets | 7 | 37 | 40 |
| Capital work in progress | 18 | 5 | 12 |
| Investments | 1 | 1 | 1 |
| Other assets | 27 | 23 | 44 |
Shanti Inorganics cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | 3 | 16 | 6 |
| Cash from investing | -19 | -16 | -22 |
| Cash from financing | 17 | -1 | 16 |
| Net cash flow | 1 | -1 | 0 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 97 | 100 | 101 |
| Inventory days | 11 | 37 | 64 |
| Days payable | 124 | 167 | 136 |
| Cash conversion cycle | -17 | -29 | 30 |
| Working capital days | 6 | -41 | 30 |
Shanti Inorganics peers and competitors
Listed SME companies in the same industryBy sales, Shanti Inorganics is number 29 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Renol Polychem | 89 | 10.7 | 90 | 8.3 | 13.1% | 0.17 |
| Shlokka Dyes | 67 | 13.5 | 81.9 | 5 | 13.9% | 0.31 |
| Biopol Chemicals | 51 | 5.7 | 81.1 | 9 | 16.6% | 0.17 |
| Shanti Inorganics | 315 | 31.5 | 71 | 10 | 22.0% | 0.63 |
| Saroja Pharma Industries India | 16 | 10.1 | 70.1 | 1.6 | 5.3% | 0.83 |
| Deepak Chemtex | 103 | 12.1 | 67.3 | 8.5 | 16.8% | 0.01 |
| Technichem Organics | 76 | 28.0 | 56.6 | 2.7 | 7.8% | 0.38 |
| Devson Catalyst | 520 | 40.0 | 56 | 13 | 30.0% | 0.06 |
| Prolife Industries | 33 | 7.7 | 54.5 | 4.3 | 7.5% | 0.01 |
| Speb Adhesives | 192 | 28.0 | 50.6 | 6.9 | 17.9% | 0.00 |
| Snehaa Organics | 41 | 5.1 | 49.4 | 8.1 | 23.8% | 0.07 |
| Median of the 10 others | 72 | 11.4 | 61.9 | 7.5 | 15.3% | 0.12 |
Shanti Inorganics shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Shanti Inorganics shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 26 | |
|---|---|
| Promoters | 56.05% |
| Foreign investors (FIIs) | 6.36% |
| Indian institutions (DIIs) | 9.42% |
| HNIs (over ₹2 lakh each) | 8.06% |
| Small holders (up to ₹2 lakh) | 14.72% |
| Companies and others | 5.39% |
| Number of shareholders | 875 |
The named holders are at 4 Sept 2026, each under the group the pattern files them in.
Shanti Inorganics study: the business from its own documents
Read from 3 of the company's own documentsShanti Inorganics so far
From the company's own record
- January 2010Company formed
- 7 Sept 2026Listed on NSE Emerge at ₹83
- 30 Sept 2026Promoters at 56.05%
- 13 Oct 2026Highest close since listing, ₹217.30
Shanti Inorganics key facts from the filings
Each figure with the document it comes from
- Revenue FY26
- ₹71.2 cr
- Revenue from operations, up from ₹57.1 cr in FY25, with an EBITDA margin of 21.6%.Offer document, p.179
- Vatva plant use
- 92.6%
- Share of the 18,800 tonne a year Vatva capacity used in FY26, after 98.0% in FY25: the older plant is nearly full.Offer document, p.193
- Bavla phase one use
- 15.0%
- Share of the 18,000 tonne a year Bavla capacity used in FY26, its first full year after starting in February 2025.Offer document, p.178 and p.193
- Capacity being built
- 78,544 tonnes
- Yearly capacity of Bavla phase two, which would lift the total to 1,15,344 tonnes a year.Offer document, p.183
- Project cost
- ₹107.7 cr
- Cost of Bavla phase two: ₹42.5 cr from the IPO, ₹34.0 cr of HDFC Bank term loan, ₹12.4 cr from a private placement and the rest from internal cash.Offer document, p.107
Show 5 more facts
- Exports
- 42.6%
- Share of FY26 revenue sold abroad, down from 53.8% in FY25; Eswatini, Malaysia and the UAE were the largest markets.Offer document, p.180 and p.184
- Top ten customers
- 63.4%
- Share of FY26 revenue from the ten largest customers; the largest alone gave 13.6%.Offer document, p.180
- Food and drinks
- 35.8%
- Share of FY26 revenue from food and beverage customers, the largest end use, ahead of chemicals at 22.4% and oil drilling at 12.8%.Offer document, p.181
- Trading sales
- ₹7.1 cr
- FY26 revenue from goods bought and resold rather than made, mainly soda ash dense; there was none in FY25.Offer document, p.179 and p.188
- Credit rating
- Crisil BBB/Stable
- Long term bank loan rating upgraded from Crisil BBB-/Stable in September 2026, after the IPO.Credit rating announcement, 22 September 2026, p.1 and p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it will build Bavla phase two to make sodium metabisulphite, sodium bisulphite and ammonium bisulphite in food and technical grades, with building and machinery work from September 2026, trial production from April 2027 and commercial production in June 2027. It says it plans to use the IPO money for the project within FY27, and that it aims to reach customers in Europe and North and South America and into new uses such as seafood processing, gold mining and leather.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Shanti Inorganics turns a few bought in raw materials into preservative and water treatment chemicals and supplies them to many industries at home and abroad.
Its weak spots are a small product range in a crowded market, a handful of large customers, and a big new plant that must be built and filled while the last new plant is still mostly idle.
AverageCan it set its own prices?Purity lets it pass on raw material swings, but it makes common chemicals where price is a main point of competition.
AverageHow strong is it against rivals?It is one of the larger Indian makers of bisulphites, but the field is unorganised and highly competitive, with domestic and foreign makers and traders.
WatchWho are its customers?Customers come from many industries and countries, but a few large buyers carry much of the revenue.
WatchDoes it need a lot of money?The new plant needs far more money than the company has spent before, funded by the IPO, bank loans and its own cash.
AverageCan it keep finding new work?Domestic customer numbers grew in FY26 and the company plans new markets, but export customer numbers have been flat.
AverageDo good and bad years swing a lot?Margins have held in a narrow band, but the mix of industries and countries buying from it changes a lot from year to year.
Who runs Shanti Inorganics?
Promoters, directors and officers; tap a name for the background
MJManojkumar Jayantilal PatelPromoter, Chairman and Managing Director · holds 40.36%
Holds a Bachelor of Commerce degree from Sardar Patel University, Vallabh Vidyanagar. Set up and ran the proprietorship Shanti Industries, trading inorganic chemicals, which later became a partnership and was taken over by the company in 2010. Has over 26 years in making and trading sulphur based inorganic chemicals and looks after administration, business development and finance.
Offer document, p.214 and p.216AMAvnish Manojkumar PatelPromoter and Joint Managing Director · holds 9.79%
Attended a diploma course in electronics and telecommunication engineering from the Maharashtra State Board of Technical Education. Part of the Shanti Industries partnership from 2008 to 2010 and with the company since January 2010, with over 17 years in the industry; works on manufacturing, procurement and marketing and directly oversees sales.
Offer document, p.214, p.216 and p.196SASuhani Avnishkumar PatelNon-Executive Director · holds 2.95%
Completed higher secondary education and has over seven years in administration; headed the company's admin department from January 2017 to November 2024 and has been a non-executive director since December 2024.
Offer document, p.214 and p.216ISIndira Suresh VoraIndependent Director
A practising Chartered Accountant and Fellow of ICAI, registered as an insolvency professional since 2018; earlier a Chief Manager at Union Bank of India, with more than 15 years of professional experience. On the board since April 2025 and chair of the audit committee.
Offer document, p.215, p.216 and p.222NKNiraj K DalalIndependent Director
A practising Chartered Accountant and Associate of ICAI, proprietor of Niraj Dalal & Co. since 2015, with over 13 years in finance. On the board since April 2025.
Offer document, p.215 and p.216RKRaval Kalpeshbhai AmbaprasadChief Financial Officer
Holds a Bachelor of Commerce degree from Gujarat University and has over 31 years in accountancy, earlier at Metrochem Industries, Quippo Energy and Ascent Finchem. With the company since March 2024 and Chief Financial Officer since January 2025.
Offer document, p.226 and p.227Shanti Inorganics latest news and announcements
Announcements · Documents · Corporate actionsShanti Inorganics announcements
5 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Credit RatingCredit RatingPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
Shanti Inorganics annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Shanti Inorganics share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Shanti Inorganics' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,72,47,400 shares).
- !The FY26 results imply 1,20,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹125.63) and FY26 (₹8.84) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shanti Inorganics
What does Shanti Inorganics do?
Shanti Inorganics makes sulphur based chemicals that food makers, chemical plants, oil drillers and water treatment plants use to preserve food, remove oxygen or clean water. It supplies customers in India and abroad from two plants near Ahmedabad, and its shares trade on NSE Emerge.
What is the share price of Shanti Inorganics?
₹183 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shanti Inorganics?
₹315 cr at the close on 6 Nov 2026, on 1,72,47,400 shares.
What is the P/E of Shanti Inorganics?
31.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shanti Inorganics' revenue and profit?
Revenue ₹71 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Shanti Inorganics?
Manojkumar Jayantilal Patel, Avnish Manojkumar Patel; promoters held 56.05% at 30 Sept 2026.
What was the IPO price of Shanti Inorganics?
₹83 a share; it listed on 7 Sept 2026.
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Built from 2 credit rating notes, 1 offer document, 5 exchange announcements, 1 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.