Shellz India Ltd.
SHELLZSME
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Overview
Shellz India Limited is an India-based confectionery manufacturer and marketer with a wide portfolio spanning baked treats, chocolate and milk-based confectionery, jellies/puddings, and panned/sugar candies, complemented by a B2B line of food and bakery ingredients. The company sells primarily through its value-focused “Hugs” brand (largely sub-₹10 price points) and is scaling “Tosca” for higher-priced, more differentiated products aimed at urban and digital channels, supported by in-house product development and manufacturing facilities in Delhi and an expanding site in Sonipat, Haryana.
- Opening Date
Oct 15, 2026
- Closing Date
Oct 19, 2026
- Listing Date
Oct 23, 2026
- IPO Type
SME
- IPO Status
Listing today
- Issue Size
59.97 Cr
- Fresh Issue
59.97 Cr
- Offer for Sale
0 Cr
- Price Band
₹170 - ₹179
- Lot Size
800
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
- P/E Ratio
11.67
- EPS
15.34
- ROE
6.69%
- ROCE
4.69%
- RONW
6.47%
- Debt to Equity Ratio
1.72
- PAT Margin
8.63%
- EBITDA Margin
18.04%
- P/B
2.48
Bull vs Bear
Bull case
- •
A wide range of low-priced products can match local tastes, so the business isn’t dependent on one hero SKU to keep shelves moving.
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The super-stockist distribution setup can scale faster than building a large direct sales force, which matters in impulse products where availability drives sales.
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Making products and some packaging in-house can improve control over quality and supply timing, which helps protect brand trust over many years.
Bear case
- •
Consumer tastes can shift quickly; if the company misses trends, demand and repeat purchases can drop, hurting volumes and brand strength.
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High debt and past repayment delays can squeeze cash, raise interest burden, and limit flexibility if lenders tighten terms or recall loans.
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Many legal cases across the company and promoter group can create costs, management distraction, or penalties, which can pressure profits and reputation.
