Minimum Investment
About Company
Company Name: Shellz India Limited
Industry / Sector: FMCG / Confectionery & Bakery Products
Founded Year: May 2012
Promoters: Kapil Garg, Sumit Kumar
Shellz India Limited is a New Delhi-based confectionery manufacturer and supplier of food and bakery ingredients, operating under the popular brands 'Hugs' and 'Tosca'. Incorporated in May 2012, the company maintains a portfolio of over 300 stock-keeping units (SKUs) across baked treats, choco delights, jellies, panned confectionery, and sugar confectionery. While the 'Hugs' brand caters to the mass market, 'Tosca' targets the mass-premium segment through differentiated products and packaging, with a focus on e-commerce and quick-commerce channels. The company also offers products like Tosca Oat Choco, an oat- and cereal-based bar. As of March 31, 2026, the company had a robust distribution network. The company plans to expand its manufacturing operations at its Sonipat facility and strengthen its financial position through debt reduction.
IPO Basic Details
| Company Name | Shellz India Limited |
| IPO Type | SME IPO |
| Price Band | ₹170 – ₹179 |
| Lot Size | 800 Shares |
| Total Issue Size | 33,50,400 Equity Shares (₹59.97 Cr) |
IPO Strengths & Risks
Strengths
- Established brand presence with 'Hugs' and 'Tosca' in the Indian confectionery market
- Diversified product portfolio of over 300 SKUs
- Dual-brand strategy covering both mass and mass-premium segments
- Strong focus on e-commerce and quick-commerce channels for the 'Tosca' brand
- Plans for capacity expansion at the Sonipat facility
- Consistent revenue growth with FY26 revenue at ₹192.62 Cr
- Improving profitability with PAT growth of 61% in FY26
Risks
- Intense competition in the FMCG/confectionery sector
- Dependence on raw material prices (sugar, cocoa, etc.)
- Regulatory risks related to food safety and standards
- Execution risks related to capacity expansion plans
- Concentration risk in product portfolio or geographies
- Working capital intensive nature of operations
IPO Important Dates
| IPO Open Date | 15 Oct 2026 |
| IPO Close Date | 19 Oct 2026 |
| Basis of Allotment | 21 Oct 2026 |
| Refund Initiation | 21 Oct 2026 |
| Demat Credit Date | 21 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not more than 50% of the Net Issue |
| Retail Quota | Not less than 35% of the Net Issue |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 1,600 | ₹2,86,400 (at upper band) |
| Retail Maximum | 15 Lots | 12,000 | ₹21,48,000 (at upper band) |
| S-HNI Minimum | 3 Lots | 2,400 | ₹4,29,600 (at upper band) |
| S-HNI Maximum | 10 Lots | 8,000 | ₹14,32,000 (at upper band) |
| B-HNI Minimum | 11 Lots | 8,800 | ₹15,75,200 (at upper band) |
Key Performance Indicators (KPI)
| ROE | 22.69% (FY26) |
| ROCE | 18.51% (FY26) |
| RoNW | - |
| PAT Margin | 6.94% (FY26) |
| EBITDA Margin | 15.7% (FY26), 18% (Q1 FY27) |
| EPS | ₹15.34 (FY26), ₹13.52 (FY25) |
| NAV per share | - |
| Debt to Equity | 1.71 (FY26) |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Q1 FY2027 (Jun 30, 2026) | ₹229.36 Cr | ₹47.24 Cr | ₹4.08 Cr | ₹8.52 Cr | ₹63.03 Cr | ₹108.56 Cr |
| FY2026 (Mar 31, 2026) | ₹213.72 Cr | ₹192.62 Cr | ₹13.37 Cr | ₹30.15 Cr | ₹58.95 Cr | ₹100.83 Cr |
| FY2025 (Mar 31, 2025) | ₹167.36 Cr | ₹186.97 Cr | ₹8.30 Cr | ₹24.96 Cr | ₹40.58 Cr | ₹78.18 Cr |
| FY2024 (Mar 31, 2024) | ₹147.04 Cr | ₹162.41 Cr | ₹5.25 Cr | ₹20.36 Cr | ₹26.99 Cr | ₹70.93 Cr |
Grey Market Premium
| GMP Price | ₹35 (as of 19 Oct 2026, 08:00 AM) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 19 Oct 2026 |
| Estimated Listing Price | ₹214 (approx. 19.5% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 0.89x (Day 2, 16 Oct 2026, 5:37 PM) |
| QIB (Ex Anchor) | 0.00x |
| HNI Subscription | 2.18x |
| Retail Subscription | 0.85x |
| Anchor | - |
IPO Intermediaries
Registrar: Bigshare Services Pvt. Ltd.
Registrar Website: https://www.bigshareonline.com
IPO Lead Manager(s)
Company Information
IPO Documents
Frequently Asked Questions (FAQ)
Explore More Investment Opportunities
Discover IPOs, unlisted shares, and broker comparison tools curated for smart investors.