Shivchem Agro IPO
Shivchem Agro IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹59-62 |
| Face Value | ₹5 |
| Lot Size | 2000 Shares |
| Issue Size | ₹14.01 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| BSE Scrip Code | 8008 |
| Min Investment | ₹124,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹124,000 |
| Retail (Max) | 1 | 2,000 | ₹124,000 |
| HNI (Min) | 2 | 4,000 | ₹248,000 |
Strengths & Risks
Strengths
- Sales have tripled in two years, from Rs 10.95 crore in FY2024 to Rs 27.50 crore in FY2025 and Rs 33.84 crore in FY2026.
- Profit has grown from Rs 1.29 crore in FY2024 to Rs 2.60 crore in FY2025 and Rs 3.25 crore in FY2026.
- Return ratios are strong, with RoCE of 30.04% and RoNW of 28.76%.
- The issue is priced at about 14.39 times earnings on an EPS of Rs 4.31.
- Holding licences for 176 products gives it room to widen its range without waiting for fresh approvals.
- The distribution network of 685 distributors across eight states is substantial for a company of this age.
- The plant has its own effluent treatment and wet scrubber units, which matters for staying compliant in a chemical business.
- Net worth has grown from Rs 1.50 crore in FY2024 to Rs 12.92 crore in FY2026.
Risks
- The company is very young, having been started only in September 2021, so it has under five years of history.
- This is a very small issue of Rs 14.01 crore and a small company, with a net worth of Rs 12.92 crore.
- Agrochemical demand depends on the monsoon and on the farming season. A poor season cuts sales and leaves stock with distributors.
- Agrochemical makers usually give long credit to distributors, which blocks working capital, and Rs 6.90 crore of the issue goes to working capital.
- The market is crowded with large national and multinational companies that have stronger brands with farmers.
- Chemical manufacturing carries pollution and regulatory risk, and product registrations can be withdrawn or restricted.
- Promoter holding will come down from 92.73% to 64.91% after the issue.
- This is an SME issue. One lot is 2,000 shares, which is about Rs 1.24 lakh at the upper band of Rs 62, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 45.04 | 36.29 | 16.41 |
| Total Income | 33.84 | 27.50 | 10.95 |
| Profit After Tax | 3.25 | 2.60 | 1.29 |
| EBITDA | 5.98 | 4.32 | 1.93 |
| NET Worth | 12.92 | 9.67 | 1.50 |
| Reserves and Surplus | 10.28 | 7.04 | 1.45 |
| Total Borrowing | 7.28 | 8.26 | 7.10 |
About The Company
Shivchem Agro Limited was started in September 2021. It is an agrochemical company that makes, stocks, distributes and sells crop protection products for farmers.
Its range covers insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers. As on the date of its Red Herring Prospectus it was licensed to make 176 agrochemical products, including 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators and 3 rodenticides. It also holds authorisation to make 82 fertilizers, of which it currently makes 8.
It is licensed to sell across eight states, and as on 31 March 2026 it had 685 distributors supported by five godowns. Its manufacturing facility at Jhajjar in Haryana has an effluent treatment plant and a wet scrubber unit to handle wastewater and air emissions, and the company holds ISO 9001:2015 and ISO 22000:2018 certification.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | 108,000 | — |
| Non-Institutional Investors (NII) | 0.12× | 1,128,000 | — |
| Retail Individual Investors (RII) | 0.1× | 1,024,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 0.11× | 2,260,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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