Shellz India Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- 33,50,400 shares · indicative
- Face value
- ₹10
About the company
Incorporated in May 2012, Shellz India Limited is engaged in the manufacturing and marketing of confectionery products and the manufacturing and supply of food and bakery ingredients. Its product portfolio comprises over 300 SKUs across multiple categories, catering to consumers in urban, semi-urban and rural markets.The Company markets its consumer products under two brands, Hugs and Tosca. The Hugs portfolio includes baked treats, choco delights, jellies, and panned and sugar confectionery, primarily positioned at mass-market price points, with most products priced at ₹10 or below. The Tosca brand focuses on the mass-premium segment through differentiated product formats and packaging, with an emphasis on e-commerce and quick-commerce channels. Its portfolio also includes Tosca Oat Choco, an oat and cereal-based bar developed as an alternative to traditional confectionery products.
Financial snapshot
| Particulars | FY26 | FY27 |
|---|---|---|
| Revenue | ₹192.61 cr | ₹188.96 cr (-1.90%) |
| PAT | ₹13.37 cr | ₹16.32 cr (22.06%) |
| PAT Margin | 6.94 % | 8.64 % (24.50%) |
| EBITDA | ₹30.15 cr | ₹34.08 cr (13.03%) |
| EBITDA Margin | 15.65 % | 18.04 % (15.27%) |
| ROE | 22.68 % | 6.47 % |
| ROCE | 19.11 % | 4.69 % |
| D/E | 1.71 | 1.72 |
What to consider
Business strengths
- Differentiated Products Across Price PointsThe Company develops differentiated confectionery products across formats, categories and price points, including products such as Dip Sticks and Push Up, supported by an in-house team of food and packaging technologists.
- Mass-Market Presence with Diversified PortfolioA majority of the Company's SKUs are priced at ₹10 or below, aligning with affordability-driven, frequent, impulse-led consumption patterns across urban, semi-urban and rural markets in India.
- Super Stockist-Led Distribution ModelProducts are distributed through a network of over 200 super stockists, enabling wide geographic reach across multiple states without a field-intensive retail sales structure.
Key risks
- Inability to Anticipate Consumer PreferencesThe Company's success depends on anticipating evolving tastes, regional variations and price sensitivity in the mass-market confectionery segment; failure to adapt could reduce demand, brand loyalty and sales.
- Significant IndebtednessAs of September 30, 2025, total sanctioned and outstanding indebtedness was ₹10,181.88 lakhs and ₹9,201.24 lakhs respectively, with a Debt-Equity ratio of 1.76 times; restrictive covenants and past repayment delays could adversely affect operations.
- Outstanding Legal ProceedingsThe Company, Subsidiaries, Group Companies, Promoters and Directors are involved in various criminal, tax, statutory and civil proceedings aggregating significant amounts, including ₹1,453.60 lakhs against the Company, which could adversely affect financial condition.
Peer comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Shellz India Ltd. | 15.37 | 67.63 | 22.68 | Consolidated |
| Annapurna Swadisht Ltd. | 14.38 | 151.33 | 8.66 | 9.50 |