Shyam Dhani IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹107 cr
- Stock P/E
- 12.6peers 15.2
- Book value
- ₹33.2
- Price to book
- 1.57
- EV / operating profit
- 7.9
- Market cap to sales
- 0.74
- ROCE · FY26
- 17.0%
- ROE · FY26
- 18.4%
- ROE, 3-year average
- 36.5%
- Operating margin · FY26
- 11.3%peers 9.0%
- Sales growth, 3 years
- 28.9%
- Profit growth, 3 years
- 41.7%
- Debt to equity
- 0.52peers 0.34
- Borrowings
- ₹35.9 cr
- Interest cover
- 4.2×
- Cash from business / op. profit
- -51%
- Debtor days
- 32
- Pledged
- 0.00%
- Promoter holding
- 72.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 711
- High / low since listing
- ₹140 / ₹47
- 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.
Shyam Dhani Industries share price chart
Close on 6 Nov 2026 · -1.14% on the day · Vol 1.26 L
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
- -3.7%
- 3 months
- -18.1%
- 6 months
- -25.7%
- Since IPO
- -25.7%
- Traded a day, 20 days
- ₹0.08 cr
- Taken for delivery
- 90%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +17% | +7% |
| 3 years, a year | +29% | +42% |
| Latest half, H2 FY26 | +26% | +8% |
About Shyam Dhani Industries: business, products and customers
Shyam Dhani Industries makes and packs ground spices, masala blends and whole spices under the SHYAM brand at a plant near Jaipur, and sells them through wholesalers, big retail chains and delivery apps. Its shares trade on NSE Emerge.
Shyam Dhani Industries was set up in Jaipur in October 2010 and became a public company in 2024; its Managing Director, Ramawtar Agarwal, has run a spice business of the same name as a sole proprietorship since 1995. It sells 164 varieties: ground spices such as chilli, turmeric and coriander powder, blends such as garam masala and chhole masala, whole spices such as cumin and fennel, and grocery items such as black salt, poha and kasuri methi.
Raw spices are bought from mandis and traders across India, mostly between October and February when quality is best, then cleaned, ground, blended and packed at its own plant at Jatawali, Chomu, near Jaipur; whole spices and groceries are packed at a rented unit in Jaipur's VKIA area. Until FY23 almost all sales went through wholesalers and distributors; since FY24 retail chains such as D-Mart, Reliance Retail and Metro Cash and Carry have taken close to half, and it also sells on Swiggy Instamart, Zepto, Blinkit and Flipkart Minutes and exports a little to the UAE.
Read more about the business
Because spices are bought in season and stocked for the year, a large part of the money goes into inventory, and the company had been funding that with bank loans before the share issue. Retail chains pay wholesale prices and the company pays for sales staff placed in their stores, so modern trade lifts volumes without a matching rise in margin. The Managing Director's proprietorship is both a top ten customer and a top ten supplier and rents the VKIA unit to the company, and a group company, Shyam Sakha Industries, makes whole spices.
The offer document compares the company with two listed spice companies, Madhusudan Masala and NHC Foods, while saying they are not strictly comparable in business model or scale.
From the offer document (Red Herring Prospectus, December 2025) and the company's exchange announcements of June to October 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 29% a year over three years.
- The promoters own a large part of the company: 72.00%.
To watch
- Results for the half year to September 2026, the first full half with the issue money and the new advertising.
- The appeal against the TIKHALAL injunction in the Bombay High Court (offer document, p.298).
- The food safety cases against the Managing Director's proprietorship over garam masala samples (offer document, p.300).
- The exchange's clarification on the March 2026 results, answered on 14 July 2026 (exchange announcement).
- 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.
Shyam Dhani Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Shyam Dhani Industries half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 65 | 64 | 81.99 |
| Expenses | 58 | 55 | 74.15 |
| Operating profit | 7 | 9 | 7.84 |
| OPM | 11.0% | 14.0% | 9.6% |
| Interest | 2 | 2 | 1.53 |
| Depreciation | 1 | 1 | 1.05 |
| Profit before tax | 5 | 6 | 5.67 |
| Net profit | 4 | 4 | 4.34 |
Shyam Dhani Industries profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 35 | 44 | 68 | 108 | 125 | 145.77 |
| Expenses | 33 | 42 | 62 | 97 | 110 | 129.27 |
| Operating profit | 2 | 2 | 6 | 11 | 15 | 16.50 |
| OPM | 5.0% | 4.5% | 9.0% | 10.0% | 12.0% | 11.3% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.45 |
| Interest | 1 | 1 | 1 | 2 | 3 | 3.59 |
| Depreciation | 1 | 0 | 1 | 1 | 1 | 2.06 |
| Profit before tax | 0 | 1 | 4 | 8 | 11 | 11.31 |
| Tax rate | 25.0% | 100.0% | 25.0% | 25.0% | 27.3% | 24.5% |
| Net profit | 0 | 0 | 3 | 6 | 8 | 8.54 |
| EPS ₹ | 2.10 | 2.97 | 25.52 | 55.07 | 5.41 | 5.20 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Shyam Dhani Industries 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
| FY20 | FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 4.5% | 9.0% | 10.0% | 12.0% | 11.3% |
| Tax rate | 25.0% | 100.0% | 25.0% | 25.0% | 27.3% | 24.5% |
| ROCE | · | 11.8% | 25.0% | 32.8% | 25.5% | 17.0% |
| ROE | · | 0.0% | 42.9% | 50.0% | 41.0% | 18.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shyam Dhani Industries 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 longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Shyam Dhani Industries balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 15 | 20.66 |
| Reserves | 4 | 4 | 8 | 14 | 9 | 47.96 |
| Net worth | 5 | 5 | 9 | 15 | 24 | 68.61 |
| Borrowings | 11 | 13 | 13 | 24 | 47 | 35.91 |
| Other liabilities | 2 | 5 | 6 | 14 | 11 | 13.96 |
| Total liabilities | 18 | 23 | 28 | 53 | 82 | 118.48 |
| Fixed assets | 0 | 0 | 8 | 12 | 27 | 26.48 |
| Capital work in progress | 0 | 0 | 2 | 2 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 18 | 23 | 18 | 39 | 55 | 92 |
| Receivables | · | · | · | · | · | 12.82 |
| Inventory | · | · | · | · | · | 54.03 |
| Cash | · | · | · | · | · | 12.41 |
| Trade payables | · | · | · | · | · | 8.66 |
Shyam Dhani Industries cash flow
₹ crore
| FY20 | FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 3 | -5 | -6 | -8.38 |
| Cash from investing | 0 | 0 | -3 | -4 | -14 | -13.28 |
| Cash from financing | 0 | 0 | -1 | 10 | 20 | 21.56 |
| Net cash flow | 0 | 0 | -1 | 1 | 0 | -0.10 |
| Capital spending | · | · | · | · | · | 1.43 |
Working capital
Days
| FY20 | FY21 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 28 | 23 | 21 | 19 | 25 | 32 |
| Inventory days | 86 | 114 | 77 | 128 | 163 | 191 |
| Days payable | 23 | 42 | 22 | 44 | 25 | 31 |
| Cash conversion cycle | 91 | 95 | 76 | 103 | 163 | 193 |
| Working capital days | 82 | 87 | 19 | 27 | 20 | 92 |
Shyam Dhani Industries peers and competitors
Listed SME companies in the same industryBy sales, Shyam Dhani Industries is number 25 of the 43 listed SME companies in food products.
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 |
|---|---|---|---|---|---|---|
| Jhandewalas Foods | 37 | 6.1 | 176 | 6 | 4.6% | 0.23 |
| Elfin Agro India | 173 | 28.8 | 175 | 6 | 5.0% | 0.09 |
| Srivari Spices And Foods | 244 | 15.3 | 174 | 16 | 17.0% | 0.45 |
| Leo Dryfruits & Spices Trading | 103 | 9.3 | 174 | 11 | 11.0% | 0.50 |
| Chatha Foods | 220 | 36.7 | 166 | 6 | 7.0% | 0.46 |
| Sonalis Consumer Products | 17 | 1.8 | 150 | 9 | 7.0% | 0.09 |
| Shyam Dhani Industries | 107 | 12.6 | 146 | 8.5 | 11.3% | 0.52 |
| Shri Ahimsa Naturals | 961 | 33.0 | 123 | 29.1 | 29.1% | 0.11 |
| Mother Nutri Foods | 194 | 16.2 | 123 | 12 | 13.0% | 0.64 |
| SSMD Agrotech India | 53 | 8.8 | 115 | 6 | 7.0% | 0.03 |
| Shivashrit Foods | 212 | 15.1 | 114 | 14.1 | 21.2% | 0.46 |
| Median of the 10 others | 184 | 15.2 | 158 | 10 | 9.0% | 0.34 |
Shyam Dhani Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Shyam Dhani Industries 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.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 72.00% | 72.00% |
| Foreign investors (FIIs) | 4.48% | 4.04% |
| Indian institutions (DIIs) | 7.56% | 6.35% |
| HNIs (over ₹2 lakh each) | 0.00% | 3.50% |
| Small holders (up to ₹2 lakh) | 12.92% | 10.05% |
| Companies and others | 3.04% | 4.06% |
| Number of shareholders | 733 | 711 |
The named holders are at 31 March 2026, beside 29 Dec 2025, each under the group the pattern files them in.
Shyam Dhani Industries study: the business from its own documents
Read from 1 of the company's own documentsShyam Dhani Industries so far
From the company's own record
- 30 Dec 2025Listed on NSE Emerge at ₹70
- 31 March 2026Promoters at 72.00%
- 30 Dec 2025Highest close since listing, ₹132.17
Shyam Dhani Industries key facts from the filings
Each figure with the document it comes from
- Volume sold
- 5,133 tonnes
- Spices and groceries sold in FY25, up from 3,402 tonnes in FY23; ground spices were 63% of the volume.Offer document, p.157
- Ground spice capacity
- 8,760 tonnes a year
- After an expansion that started on 29 March 2025; FY25 output was 4,531 tonnes, 51.7% of capacity.Offer document, p.173
- Retail chains
- 48.7% of sales
- Modern trade share in the six months to September 2025, from 0.4% in FY23; wholesalers and distributors gave 47.1%.Offer document, p.160
- Sales in Rajasthan
- 64.1%
- Share of revenue in the six months to September 2025, down from 89.6% in FY23 as Punjab grew to 17.9%.Offer document, p.158
- Top ten customers
- 57.9% of sales
- Share in the six months to September 2025; they include D-Mart's owner, Reliance Retail, Metro and the Managing Director's proprietorship.Offer document, p.177
Show 5 more facts
- Distributors
- About 389
- Wholesalers and distributors across India at September 2025, against 432 at March 2025.Offer document, p.159 and p.163
- Exports
- 2.2% of sales
- UAE sales in the six months to September 2025; the company has a US FDA registration to start selling in the USA.Offer document, p.158 and p.165
- Staff turnover
- 72.7%
- Employee attrition in FY25 among a workforce of 394 in November 2025; many plant workers leave during the crop season.Offer document, p.177 and p.178
- Trademark dispute
- Injunction on TIKHALAL
- On 2 January 2025 the Bombay High Court barred the use of TIKHALAL in a suit by Everest Food Products claiming ₹5.0 cr; the company has appealed.Offer document, p.298
- Issue money
- ₹13.3 cr for working capital
- Beside ₹10.0 cr to repay loans, ₹6.4 cr for brand marketing, ₹1.6 cr for machines and ₹0.6 cr for a rooftop solar plant.Offer document, p.27
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 spend issue money on advertising over two years, with actor Priety G. Zinta as brand ambassador and ad films made under an agreement with PAMV Studios, and will widen its reach with retail chains and delivery apps. It also plans new packing and cleaning machines and a rooftop solar plant at the Chomu plant, aims to start exporting to the USA under its FDA registration, and has leased land in Dhar, Madhya Pradesh, for a chilli stem cutting plant. These are the company's statements, not newboard's.
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.
Shyam Dhani earns a processing margin on spices it purchases in the mandi, grinds, blends and packs under its own brand.
Its weak spots are that price decides most sales, raw spice costs move with the weather, and stock bought in season ties up a lot of money.
WatchCan it set its own prices?Very little: the company itself says price decides most sales, and large retail chains pay wholesale prices.
AverageHow strong is it against rivals?It has a strong network in Rajasthan and shelf space in big chains, but competes with many brands and faces trademark objections.
AverageWho are its customers?Distributors and large retail chains, with the top ten giving well over half of sales.
WatchDoes it need a lot of money?Not much for plant, but a lot for stock bought in season, which was funded with loans before the issue.
AverageCan it keep finding new work?Spices are bought every day, and it has added retail chains and delivery apps, but sales are still centred on Rajasthan.
AverageDo good and bad years swing a lot?Demand is steady, but raw spice quality and cost change with the seasons and the weather.
Who runs Shyam Dhani Industries?
Promoters, directors and officers; tap a name for the background
RARamawtar AgarwalPromoter, Chairman and Managing Director · holds 43.97%
With the company since it was set up in 2010 and proprietor of Shyam Dhani Industries since March 1995, with over thirty years in the spice trade. B.Com. from MDS University, Ajmer, and, as the offer document states, a PhD in Food Industry from Maryland State University, USA. Responsible for purchasing, financial performance and use of resources.
Offer document, p.161 and p.197MDMamta Devi AgarwalPromoter and Whole Time Director · holds 14.46%
Director since the company was set up and Whole Time Director since 2024; secondary education from the Board of Secondary Education, Rajasthan (1991). Partner in Shree Nath Trading Company from 2007 to 2024, with over seventeen years in the spice trade; oversees blended spice production and new recipes. The offer document lists Ramawtar Agarwal as husband.
Offer document, p.197 and p.198VAVithal AgarwalPromoter and Whole Time Director · holds 10.03%
Joined in December 2017; senior secondary education from CBSE. Handles business plans, key clients and marketing. The offer document lists Ramawtar Agarwal and Mamta Devi Agarwal as parents.
Offer document, p.197 and p.198AKAjay Kumar SharmaChief Financial Officer
B.Com. from Monad University; joined in January 2015 as accounts and finance controller and became Chief Financial Officer in November 2024.
Offer document, p.210BMBirdi Mal DasotIndependent Director
Chartered Accountant in practice since 1973, with a law degree and a diploma in labour law from Jodhpur University; over fifty years in audit and tax. Joined the board in November 2024.
Offer document, p.197BLBanwari Lal GuptaIndependent Director
Chartered Accountant in practice since 1988 and a partner in G R A M and Associates LLP, with over thirty seven years in accounting and audit. Joined the board in November 2024.
Offer document, p.198Shyam Dhani Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹82 cr (+26%), net profit ₹4.3 cr (+8%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.00%.
Shyam Dhani Industries announcements
20 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 ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Outcome of Board MeetingHeld on September 02, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Shyam Dhani Industries Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing OPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst / Investor MeetPDF ↗
Shyam Dhani Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Shyam Dhani Industries 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 Shyam Dhani Industries' 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 (2,06,56,000 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 changes basis between FY24 (₹55.07) and FY25 (₹5.41) 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, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shyam Dhani Industries
What does Shyam Dhani Industries do?
Shyam Dhani Industries makes and packs ground spices, masala blends and whole spices under the SHYAM brand at a plant near Jaipur, and sells them through wholesalers, big retail chains and delivery apps. Its shares trade on NSE Emerge.
What is the share price of Shyam Dhani Industries?
₹52 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shyam Dhani Industries?
₹107 cr at the close on 6 Nov 2026, on 2,06,56,000 shares.
What is the P/E of Shyam Dhani Industries?
12.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shyam Dhani Industries' revenue and profit?
Revenue ₹146 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Shyam Dhani Industries?
Ramawtar Agarwal, Mamta Devi Agarwal, Vithal Agarwal; promoters held 72.00% at 31 March 2026.
What was the IPO price of Shyam Dhani Industries?
₹70 a share; it listed on 30 Dec 2025.
What is Shyam Dhani Industries' website?
www.shyamspices.co.in
More SME companies like Shyam Dhani Industries
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Jeyyam Global FoodsJEYYAM · NSE Emerge · Food Products · listed 2024Market cap ₹107 cr
- Leo Dryfruits & Spices TradingVANDU · BSE SME · Food ProductsMarket cap ₹104 cr
- DSM Fresh FoodsZAPPFRESH · BSE SME · Food ProductsMarket cap ₹100 cr
- Rukmani Devi Garg Agro ImpexRDGAIL · BSE SME · Food ProductsMarket cap ₹120 cr
- Gujarat Peanut And Agri ProductsGPAPL · BSE SME · Food ProductsMarket cap ₹93 cr
- Crazy SnacksCRAZY · BSE SME · Food ProductsMarket cap ₹125 cr
Every listed SME company in Food Products → · SME companies listed in 2025 →
Built from 1 offer document, 20 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.