Sheel BiotechShare price, financial results, shareholding and management
- Market cap
- ₹120 cr
- Stock P/E
- 10.2peers 19.7
- Book value
- ₹62.4
- Price to book
- 0.95
- EV / operating profit
- 7.8
- Market cap to sales
- 1.09
- ROCE · FY26
- 13.4%
- ROE · FY26
- 11.1%
- ROE, 3-year average
- 13.3%
- Operating margin · FY26
- 14.8%peers 11.1%
- Sales growth, 3 years
- 7.3%
- Profit growth, 3 years
- 33.0%
- Debt to equity
- 0.07peers 0.21
- Borrowings
- ₹9 cr
- Interest cover
- 8.3×
- Cash from business / op. profit
- -108%
- Debtor days
- 205
- Pledged
- 0.00%
- Promoter holding
- 72.31%
- Change in promoter holding
- +0.01 pts
- Shareholders
- 374
- 52-week high / low
- ₹81 / ₹38
- 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.
Sheel Biotech share price chart
Close on 5 Nov 2026 · +4.41% on the day · Vol 24,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -4.6%
- 3 months
- -9.1%
- 6 months
- +29.3%
- 1 year
- -23.7%
- Since IPO
- -6.1%
- Traded a day, 20 days
- ₹0.08 cr
- Taken for delivery
- 96%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +8% | +7% |
| 3 years, a year | +7% | +33% |
About Sheel Biotech: business, products and customers
Sheel Biotech grows young plants in a laboratory, builds greenhouses and packhouses, plants and looks after city greenery, and runs organic farming and farmer group programmes, mostly for government departments. It has started growing blueberries, and its shares trade on NSE Emerge.
Sheel Biotech was set up in Delhi in 1991 and runs a tissue culture laboratory at Manesar, Gurugram, which grows disease-free plantlets of bananas, berries, flowers and other plants; the FY26 annual report puts its capacity at 1.5 crore plants a year. Around that lab it has built four other lines: greenhouses and packhouses built to order, planting and landscaping for development authorities and smart cities, organic farming and certification programmes, and the setting up of farmer producer organisations.
Most of the work is won through government tenders under schemes such as the National Horticulture Mission; the company bills on completion of each task. That shapes the numbers: sales pile up in the second half of the year, when departments close their work, and money due from government clients stays outstanding for months, so profit turns into cash slowly. Uttar Pradesh and Bihar gave most of FY25 revenue.
Read more about the business
The newest line is blueberry farming. IPO money paid for about six acres at Phaltan, Maharashtra in FY26, and about five more acres were added at Hingane, Satara in FY27; an exchange filing of 10 September 2026 reports commercial transactions of ₹14.5 crore finalised for the blueberry project, and a filing of 13 October 2026 reports a ₹4.5 crore Himachal Pradesh order for a demonstration blueberry farm and tissue culture laboratory.
The offer document compares its figures with Jain Irrigation Systems and Vrundavan Plantation, the listed companies it chose as peers; Jain Irrigation is far larger, and Vrundavan Plantation is a smaller plantation business. Neither does the same mix of tissue culture, greenhouse building and government farm programmes.
From the offer document, the FY26 annual report, the FY26 results filed with NSE in June 2026 and the subject lines of the company's exchange announcements of July, September and October 2026.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.07.
- The promoters own a large part of the company: 72.31%.
To watch
- Other current assets of ₹31.3 crore at March 2026, up from ₹1.2 crore a year earlier, and whether they turn into cash (FY26 results filed with NSE, p.3).
- Execution of the ₹21.4 crore Jammu and Kashmir Centres of Excellence order (Exchange announcement, 28 July 2026).
- The blueberry project: farms at Phaltan and Hingane and the ₹14.5 crore of commercial transactions reported in September 2026 (Annual report FY26, p.10; Exchange announcement, 10 September 2026).
- The land sale approved for consideration at the September 2026 annual general meeting, whose size and price were not stated in the notice (Annual report FY26, p.41).
- 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.
Sheel Biotech revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew roughly in step with sales.
SME companies report every six months.
Sheel Biotech half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 11 | 21.85 | 88.17 |
| Expenses | 14 | 20.08 | 73.66 |
| Operating profit | -2 | 1.77 | 14.52 |
| OPM | -22.0% | 8.1% | 16.5% |
| Interest | 1 | 1.15 | 0.77 |
| Depreciation | 0 | 0.51 | 0.55 |
| Profit before tax | -4 | 0.25 | 13.76 |
| Net profit | -4 | 0.19 | 11.57 |
Sheel Biotech profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 63 | 84 | 89 | 103 | 102 | 110.02 |
| Expenses | 56 | 78 | 80 | 89 | 87 | 93.74 |
| Operating profit | 7 | 6 | 9 | 14 | 15 | 16.28 |
| OPM | 10.0% | 8.0% | 10.0% | 14.0% | 15.0% | 14.8% |
| Other income | 0 | 0 | 0 | 0 | 1 | 0.71 |
| Interest | 1 | 1 | 2 | 1 | 2 | 1.91 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1.07 |
| Exceptional and other items | · | 1 | · | · | · | · |
| Profit before tax | 5 | 5 | 6 | 12 | 13 | 14.02 |
| Tax rate | 0.0% | 0.0% | 16.7% | 16.7% | 15.4% | 16.1% |
| Net profit | 5 | 5 | 5 | 10 | 11 | 11.76 |
| EPS ₹ | 3.31 | 3.11 | 3.50 | 7.22 | 7.20 | 6.69 |
| Dividend payout | 0.0% | 28.0% | 25.0% | 12.0% | 14.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
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.
Sheel Biotech 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 moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 10.0% | 8.0% | 10.0% | 14.0% | 15.0% | 14.8% |
| Tax rate | 0.0% | 0.0% | 16.7% | 16.7% | 15.4% | 16.1% |
| ROCE | · | 7.4% | 9.6% | 14.5% | 15.2% | 13.4% |
| ROE | · | 8.5% | 8.1% | 14.7% | 14.0% | 11.1% |
| Dividend payout | 0.0% | 28.0% | 25.0% | 12.0% | 14.0% | 0.0% |
Sheel Biotech debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. 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.
Sheel Biotech balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 15 | 20.35 |
| Reserves | 53 | 56 | 59 | 69 | 69 | 106.64 |
| Net worth | 57 | 60 | 63 | 73 | 84 | 126.99 |
| Borrowings | 21 | 24 | 19 | 24 | 17 | 8.98 |
| Other liabilities | 4 | 9 | 12 | 9 | 10 | 9.81 |
| Total liabilities | 82 | 93 | 94 | 106 | 111 | 145.78 |
| Fixed assets | 8 | 8 | 8 | 7 | 7 | 9.48 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 3 |
| Investments | 0 | 1 | 1 | 1 | 1 | 0.79 |
| Other assets | 74 | 84 | 85 | 98 | 103 | 132.51 |
| Receivables | · | · | · | · | · | 61.80 |
| Inventory | · | · | · | · | · | 29.57 |
| Cash | · | · | · | · | · | 2.18 |
| Trade payables | · | · | · | · | · | 3.06 |
Sheel Biotech cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | 2 | 9 | -1 | 9 | -17.57 |
| Cash from investing | · | -2 | -2 | 0 | -2 | -6.57 |
| Cash from financing | · | 0 | -7 | 2 | -6 | 25.86 |
| Net cash flow | · | 0 | 0 | 1 | 1 | 1.72 |
| Capital spending | · | · | · | · | · | 6.66 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 352 | 280 | 230 | 204 | 198 | 205 |
| Inventory days | 55 | 120 | 177 | 263 | 272 | 212 |
| Days payable | 30 | 85 | 75 | 37 | 29 | 22 |
| Cash conversion cycle | 377 | 315 | 332 | 430 | 441 | 395 |
| Working capital days | 348 | 274 | 255 | 256 | 275 | 361 |
Sheel Biotech peers and competitors
Listed SME companies in the same industryBy sales, Sheel Biotech is number 29 of the 86 listed SME companies in commercial services & supplies.
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 |
|---|---|---|---|---|---|---|
| Qualitek Labs | 670 | 44.7 | 125 | 15 | 24.0% | 0.61 |
| Rockingdeals Circular Economy | 195 | 19.7 | 120 | 9.9 | 13.6% | 0.22 |
| Cadsys (India) | 36 | - | 117 | -18.5 | -12.6% | 0.21 |
| Shreenath Paper Products | 34 | 11.2 | 115 | 3 | -0.1% | 0.59 |
| Silicon Rental Solutions | 85 | 8.5 | 114 | 10 | 35.0% | 0.05 |
| Sheel Biotech | 120 | 10.2 | 110 | 11.8 | 14.8% | 0.07 |
| Happy Square Outsourcing Services | 40 | 6.7 | 109 | 6 | 6.5% | 0.17 |
| Khfm Hospitality And Facility Management Services | 90 | 25.8 | 107 | 3.5 | 8.6% | 0.52 |
| Anlon Technology Solutions | 571 | 41.1 | 106 | 13.9 | 19.8% | 0.16 |
| Infollion Research Services | 171 | 13.4 | 100 | 12.7 | 14.7% | 0.00 |
| Bombay Metrics Supply Chain | 47 | 28.3 | 92.6 | 1.7 | 3.8% | 0.53 |
| Median of the 10 others | 88 | 19.7 | 112 | 7.9 | 11.1% | 0.21 |
Sheel Biotech shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Sheel Biotech 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.
| Oct 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 71.26% | 72.30% | 72.31% |
| Foreign investors (FIIs) | 2.28% | - | - |
| Indian institutions (DIIs) | 10.25% | 9.49% | 9.66% |
| HNIs (over ₹2 lakh each) | 1.40% | 5.31% | 6.64% |
| Small holders (up to ₹2 lakh) | 10.69% | 5.58% | 5.60% |
| Companies and others | 4.12% | 7.32% | 5.79% |
| Number of shareholders | 636 | 395 | 374 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Sheel Biotech study: the business from its own documents
Read from 3 of the company's own documentsSheel Biotech so far
From the company's own record
- November 1994Company formed
- 8 Oct 2025Listed on NSE Emerge at ₹63
- 13 Oct 2026Order worth ₹4.54 cr
- 30 Sept 2026Promoters at 72.31%
- 8 Oct 2025Highest close since listing, ₹86.68
Sheel Biotech key facts from the filings
Each figure with the document it comes from
- Revenue in FY26
- ₹110.0 cr
- Revenue from operations for the year to March 2026, up 8.1% from ₹101.8 crore; profit after tax was ₹11.8 crore.Annual report FY26, p.46
- Second half weight
- ₹88.2 cr of ₹110.0 cr
- Revenue in the six months to March 2026; the first half brought ₹21.8 crore.FY26 results filed with NSE, June 2026, p.5
- Government tenders
- 56.6%
- Share of FY25 revenue from government tenders, down from 72.2% in FY24.Offer document, p.218
- Two states
- 71.3%
- Share of FY25 revenue from Uttar Pradesh and Bihar together.Offer document, p.217
- Largest line
- 34.5%
- Share of FY25 revenue from landscaping and planting; greenhouse and packhouse was 28.0% and tissue culture 20.4%.Offer document, p.217
Show 5 more facts
- Lab capacity
- 1.5 crore plants a year
- Tissue culture output capacity at Manesar, as the FY26 annual report states.Annual report FY26, p.15
- Operating cash flow
- −₹17.6 cr
- Cash used by operations in FY26 despite the profit, as other current assets rose to ₹31.3 crore from ₹1.2 crore.FY26 results filed with NSE, June 2026, p.3 and p.6
- Money due from clients
- ₹61.8 cr
- Trade receivables at March 2026, up from ₹55.1 crore a year earlier.FY26 results filed with NSE, June 2026, p.3
- IPO money
- ₹34.0 cr at ₹63
- Raised in October 2025; ₹2.7 crore was unspent at March 2026, mostly from the ₹9.1 crore set aside for capital spending.Annual report FY26, p.53
- New government order
- ₹21.4 cr
- Five Centres of Excellence in Jammu and Kashmir, reported to the exchange on 28 July 2026.Exchange announcement, 28 July 2026 (subject line only)
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 has reported new work since its FY26 results: five Centres of Excellence in Jammu and Kashmir and a demonstration blueberry farm with a tissue culture laboratory for the Himachal Pradesh agriculture department. It says it is extending into blueberries, strawberries and raspberries, and reported commercial transactions finalised for its own blueberry project in September 2026.
| What management said | When | What happened |
|---|---|---|
| ₹9.1 crore of IPO money for capital spending | Prospectus, 2025 | ₹6.7 crore used on the blueberry project by March 2026, ₹2.5 crore unspent (Annual report FY26, p.53) |
| ₹15.9 crore of IPO money for working capital | Prospectus, 2025 | Fully used by March 2026 (Annual report FY26, p.53) |
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.
Sheel Biotech earns most of its money carrying out farm and greenery work paid for by government schemes, and its own plant lab supplies part of that work.
It has grown steadily with healthy margins, but it waits a long time to be paid and leans on two states and on government budgets.
WatchCan it set its own prices?Most work is won by bidding in government tenders, where the price is set by competition.
AverageHow strong is it against rivals?Three decades of tissue culture work and a recognised lab help it qualify for schemes, but it names intense competition as a threat.
WatchWho are its customers?Government departments and agencies are the main payers, and two states give most of the revenue.
WatchDoes it need a lot of money?It needs few machines, but unpaid bills and other current assets tie up most of a year's sales, and the blueberry farms need fresh spending.
StrongCan it keep finding new work?It has kept winning government work since listing, including orders for new laboratories and Centres of Excellence.
AverageDo good and bad years swing a lot?Yearly sales have risen steadily, but within each year most revenue lands in the second half, and weather and government budgets can delay work.
Who runs Sheel Biotech?
Promoters, directors and officers; tap a name for the background
DCDivye ChandakPromoter and Managing Director · holds 10.59% after the IPO
Bachelor in Chemical Engineering from the University of Manchester and a postgraduate programme in management from the Institute of Management Technology, Ghaziabad. Seven years in marketing and business development; looks after marketing. The offer document states Divye Chandak is the son of Sanjay Chandak.
Offer document, p.176, p.252 and p.257SCSanjay ChandakPromoter and Executive Director · holds 11.41% after the IPO
Doctorate in Business Administration from California Public University, USA. 27 years in biotechnology, tissue culture, floriculture, seeds, organic certification and protected cultivation; focuses on sourcing technology and tie-ups in India and abroad. The offer document states Sanjay Chandak is the son of Satya Narayan Chandak.
Offer document, p.176, p.252 and p.257SNSatya Narayan ChandakPromoter and founder; former Chairman · holds 7.42% after the IPO
Founded the company in 1991. Doctorate from The Open International University, Colombo (2013), M.Com and B.Com from the University of Rajasthan and LLB from the University of Lucknow; 34 years across agriculture, biotechnology, tissue culture and banking. The FY26 annual report records the resignation as Chairman and executive director during the year.
Offer document, p.175 and p.251; Annual report FY26, p.56MCMini ChadhaPromoter and Non-Executive Director
Master's degree in education from Delhi University; guides the company's social responsibility work. On the board since 22 August 2024. The offer document lists Mini Chadha as the mother of Divye Chandak.
Offer document, p.176, p.253 and p.257SNSatya Narain Chandak (HUF), Sanjay Chandak (HUF) and Sumeet Chandak (HUF)Promoters (Hindu undivided families) · holds 23.12% together
Family holding entities named as promoters in the offer document; after the IPO they held 7.20%, 7.67% and 8.25% respectively.
Offer document, p.24SSSatbir SinghChief Financial Officer (from 3 July 2026)
Appointed with effect from 3 July 2026; the filing read gives no background. Earlier Chief Financial Officers resigned with effect from 10 October 2025 and 7 April 2026.
Exchange announcement, 3 July 2026 (subject line only); Annual report FY26, p.84RCRamesh Chandra SrivastavaIndependent Director
Doctorate from IIT Kharagpur and 40 years in agricultural research management with ICAR institutes at Almora and Bhubaneswar.
Offer document, p.255SBShyamsundar BangIndependent Director
M.Tech; associated with the Jubilant group for over 24 years and a director of Jubilant Beverages and Jubilant Bevco; chairs a FICCI task force on manufacturing excellence.
Offer document, p.254 and p.255AKAtul KumarIndependent Director
Master's in finance from Sikkim Manipal University and in economics from the Indian Agriculture Research Institute; 36 years in financial institutions and government, and Chief Executive Officer of UP State Cooperative Bank at the time of the offer document.
Offer document, p.255Sheel Biotech latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters 72.30% to 72.31%; Aarth AIF Growth Fund up to 4.36%.
- 13 Oct 2026: order worth ₹4.54 cr announced.
Sheel Biotech announcements
52 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 ↗
- Integrated Filing- GovernanceStatement of Investor Complaints under Regulation 13(3) of Securities and Exchange Board of India (LODR), 2015 for the quarter ended 30th Sept, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enSheel Biotech Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q2 FY 2026PDF ↗
- Updates' Award of Work having contract value of Rs. 4.54 Crore from the Department of Agriculture, Government of Himachal Pradesh, for establishment of Demonstration BPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingvoting results of Annual General Meeting held on September 24, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- General Updatesas General Updates regarding the Change in Name of the Statutory Auditor firm of the CompanyPDF ↗
- Updatesfinalisation of Commercial Transactions for Blueberry Project amounting to INR 14.53 CroresPDF ↗
- Updatesregarding Record Date & Book Closure for the purpose of 35th Annual General MeetingPDF ↗
Sheel Biotech annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Sheel Biotech 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 Sheel Biotech's data · 9
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 (2,03,52,550 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Sheel Biotech
What does Sheel Biotech do?
Sheel Biotech grows young plants in a laboratory, builds greenhouses and packhouses, plants and looks after city greenery, and runs organic farming and farmer group programmes, mostly for government departments. It has started growing blueberries, and its shares trade on NSE Emerge.
What is the share price of Sheel Biotech?
₹59.2 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Sheel Biotech?
₹120 cr at the close on 5 Nov 2026, on 2,03,52,550 shares.
What is the P/E of Sheel Biotech?
10.2 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Sheel Biotech's revenue and profit?
Revenue ₹110 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of Sheel Biotech?
Divye Chandak, Sanjay Chandak, Satya Narayan Chandak, Mini Chadha, Satya Narain Chandak (HUF), Sanjay Chandak (HUF) and Sumeet Chandak (HUF); promoters held 72.31% at 30 Sept 2026.
What was the IPO price of Sheel Biotech?
₹63 a share; it listed on 8 Oct 2025.
What is Sheel Biotech's website?
www.sheelbiotech.com
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Built from 1 offer document, 1 result filing, 1 annual report, 52 exchange announcements, 3 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.