Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 286400
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 429600
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
27.05%
Market Maker
9.84%
QIB
18.03%
NII / HNI
13.52%
Retail
31.56%
Institutional Corporate Dossier
Shellz India
COMPANY PROFILE & DNA
Incorporation / Founded
07-05-12
Active Vintage
Corporate Headquarters
Delhi, Delhi
Registered Hub
👔 Leadership & Promoter Group
Key Management
Kapil Garg, Shalini Garg
⚙️ Business Overview & Portfolio
Core Offerings
Manufacturer and marketer of confectionery products and food bakery ingredients
🎯 Target Market & End-Use
Revenue Drivers
Chocolates, jellies, candies and bakery ingredients for impulse consumption
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Diversified confectionery product portfolio offered at accessible mass market price points across India
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment or prepayment of certain outstanding borrowings
₹ 22.00
Allocation
🎯 Objective 02
Funding our incremental working capital requirements
₹ 23.00
Allocation
🎯 Objective 03
General corporate purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 47.24 | 192.62 | 186.97 | 162.41 |
| EBITDA | 8.13 | 28.6 | 21.12 | 16.24 |
| Profit After Tax (PAT) | 4.08 | 13.37 | 8.3 | 5.25 |
| Net Worth | 63.03 | 58.95 | 40.58 | 26.99 |
| Total Borrowing | 108.56 | 100.83 | 78.18 | 70.93 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
192.62
₹ Cr
YoY Growth
3.02
3-Year CAGR
8.9
28.6
₹ Cr
YoY Growth
35.37
3-Year CAGR
32.68
13.37
₹ Cr
YoY Growth
61.05
3-Year CAGR
59.52
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 22.68 | 20.46 | 20.87 | Strong |
| ROCE (Capital Employed)ROCE | 19.11 | 17.5 | 17.5 | Strong |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.4
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 1.71 | 0.73 | Low |
| EPS (₹) | 15.37 | 13.52 | Diluting |
| ROE (%) | 22.68 | 11.24 | Bad |
| ROCE (%) | 19.11 | 12.57 | Bad |
| P/E (Valuation) | 11.65 | 13.24 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 24.87 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Shellz India Limited IPO CANDIDATE | 192.62 | 13.24 (Ask) | 19.11 | 11.24% (Post Issue) | 14.85% |
| Annapurna Swadisht Limited | 520.08 | 8.66 | 18.71 | 9.96 | 13.5 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Differentiated product portfolio across diverse price points
- Integrated in-house manufacturing and product development capabilities
- Super stockist distribution network ensuring wide coverage
- Experienced promoters and strong managerial execution track record
Weaknesses
Internal Operational Constraints
- High working capital intensity and inventory holding period
- Substantial debt burden impacting debt to equity ratio
- Regional revenue concentration in Northern Indian markets
- Contingent liabilities arising from disputed statutory demands
Opportunities
External Growth Tailwinds
- Rapid expansion of modern trade and online sales
- Growing consumer demand for packaged confectionery products
- Capacity expansion financed through IPO proceeds deployment
- Export market expansion across emerging international geographies
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from organized and unorganized confectionery players
- Fluctuations in raw material prices impacting profit margins
- Changing consumer preferences toward healthier snack alternatives
- Regulatory changes governing food safety and packaging standards
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
179
Score 6/10 (Base 4, Sector +1, Co +3, Risk -2) | SECTOR MOAT: Confectionery market growing at 9.1% CAGR with PLI tailwinds, though fragmented. | COMPANY MOAT: Strong profitability with FY26 ROCE of 19.11% and ROE of 26.87%, expanding EBITDA margins from 11.66% to 15.65%, supported by 300+ SKUs and super stockist network. | KEY RISKS: Top 10 clients drive 62.93% revenue, high working capital with 175 inventory days, negative CFO, and 1.71 debt-equity. | VERDICT: High-margin FMCG business constrained by working capital drag.
27.05
9.84
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-