Shah Investor's Home Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹90.17 crore
- Face value
- ₹10
- Issue method
- 100% Book Building
- Fresh issue
- ₹90.17 crore
- Symbol
- SHAHINVEST
- ISIN
- INE029N01014
Subscription
30.97×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 2,79,92,115 | 25.92× |
| Foreign Institutional Investors(FIIs) | — | 8,99,555 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 1,13,25,485 | — |
| Mutual funds | — | 0 | — |
| Others | — | 1,57,67,075 | — |
| Non Institutional Investors | — | 6,61,48,020 | 81.68× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 5,00,49,700 | 92.7× |
| Corporates | — | 3,13,990 | — |
| Individuals(Other than RIIs) | — | 4,78,10,035 | — |
| Others | — | 19,25,675 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 1,60,98,320 | 59.63× |
| Corporates | — | 69,700 | — |
| Individuals(Other than RIIs) | — | 1,51,95,620 | — |
| Others | — | 8,33,000 | — |
| Retail Individual Investors(RIIs) | — | 2,28,97,725 | 12.12× |
| Cut Off | — | 1,92,69,585 | — |
| Price bids | — | 36,28,140 | — |
| Total | — | 1.17 | 30.97× |
About the company
Incorporated in October 1994, Shah Investor’s Home Limited is a retail broking company providing a range of financial services, with over three decades of experience in the securities market. The Company primarily offers equity and derivatives brokerage services, facilitating the buying and selling of equities, IPOs and other securities for retail customers, including resident and non-resident Indians. In addition to its core brokerage operations, the Company provides mutual fund distribution, margin funding, and stock lending and borrowing (SLB) services under the brand name “Shah Investors”. As of March 31, 2026, the Company had served over 1,00,000 demat accounts, with more than 38,000 active clients and a network of over 181 authorised persons. The Company operates through 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, with its branch and authorised-person network primarily serving customers across Gujarat and Maharashtra.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹94.27 cr | ₹71.47 cr (-24.19%) |
| PAT | ₹23.41 cr | ₹13.11 cr (-44.00%) |
| PAT Margin | 24.83 % | 18.34 % (-26.14%) |
| EBITDA | ₹35.31 cr | ₹21.62 cr (-38.77%) |
| EBITDA Margin | 37.46 % | 30.25 % (-19.25%) |
| ROE | 13.85 % | 7.30 % |
| ROCE | 20.35 % | 10.61 % |
| D/E | 0.03 | 0.10 |
What to consider
Business strengths
- Strong Regional ClienteleThe company has built a sizeable retail client base across Gujarat and maintains a strong regional presence. Its network extends across multiple cities in Gujarat along with Mumbai.
- Financial & Operating Track RecordShah Investor's Home has a track record of financial performance and operating efficiency. Its established presence since 1994 provides experience in the retail broking business.
- Technology-Enabled ServicesThe company leverages technology to enhance client satisfaction and facilitate its brokerage and financial services. This supports its ability to serve retail customers across its branch and authorised-person network.
Key risks
- Dependence on Broking Revenue & GujaratThe broking segment contributed 64.78%, 68.90% and 71.60% of revenue in Fiscal 2026, 2025 and 2024, respectively. A significant portion of this revenue came from Gujarat, which contributed 93.74%, 93.30% and 93.53%, respectively, making the company exposed to any reduction in broking revenue or adverse developments in its key geographical market.
- Regulatory & Compliance RiskThe company is subject to extensive statutory and regulatory requirements and supervision. Any failure to comply with applicable laws or adverse changes in the regulatory framework could result in regulatory action and adversely affect its business and financial condition.
- Dependence on Authorised PersonsThe company relies significantly on its network of Authorised Persons for business operations and expansion.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Shah Investor's Home Ltd. | 8.38 | 8.38 | 114.07 | 7.35 |
| Smc Global Securities Ltd. | 4.87 | 4.87 | 62.27 | 16.28 |
| Share India Securities Ltd. | 14.79 | 14.76 | 120.41 | 11.70 |
| Arihant Capital Markets Ltd. | 2.87 | 2.87 | 40.23 | 27.09 |