| Price | 59 to 62 |
|---|---|
| GMP Rumors | ₹0 |
| Lot size | 2000 |
| Issue size | ₹14.01 Cr |
| Allotment | 01-10-2026 |
| Refund | 05-10-2026 |
| Listing | 06-10-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE18CU01023 |
| Allotment Status | Maashitla |
| Video |  |
BSE List Price : ₹62.00
| Category | Times |
|---|---|
| QIBs | 1x |
| HNIs | 1.12x |
| Retail | 3.50x |
| Total : 2.25x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4,000 | ₹248,000 |
| Retail Maximum | 2 | 4,000 | ₹248,000 |
| S - HNI Minimum | 3 | 6,000 | ₹372,000 |
| S - HNI Maximum | 8 | 16,000 | ₹992,000 |
| B - HNI Minimum | 9 | 18,000 | ₹1,116,000 |
Shivchem Agro Limited is an Indian agrochemical manufacturer, distributor and seller incorporated in September 2021. The company manufactures, stocks, distributes and sells agricultural formulations used for crop protection, pest control, weed management, plant growth and fertilisation. Its products are available in both solid and liquid formulations.
The company operates a 22,680 sq. ft. manufacturing facility at Jhajjar, Haryana, with installed annual capacity of approximately 65.08 lakh kg/litres. As of 31 March 2026, it had 685 distributors across 8 states and operated five regional godowns.
The company is licensed for 176 agrochemical products and has authorisations for 82 fertiliser products.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹10.95 | ₹9.22 | ₹1.29 | ₹16.41 |
| 2025 | ₹27.50 | ₹23.98 | ₹2.60 | ₹36.29 |
| 2026 | ₹33.84 | ₹29.44 | ₹3.25 | ₹45.04 |
Rohit Agarwal
Sachin Agarwal
Deepa Agarwal
Diversified Product Portfolio:
The company has a broad product portfolio covering insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilisers, reducing dependence on a single product category.
Expanding Distribution Network:
The distributor network increased from 185 in FY2024 to 685 in FY2026, covering 8 states, supported by five regional godowns.
Large Product Licensing Base:
The company holds registrations for 176 agrochemical products under the applicable regulatory framework and authorisations for 82 fertiliser products.
Growing Revenue & Profit:
Revenue from operations increased from 10.94 crore in FY2024 to 33.82 crore in FY2026, while PAT increased from 1.29 crore to 3.25 crore during the same period.
Farmer-Focused Sales Approach:
A dedicated sales and field team conducts product demonstrations, farmer workshops and product education, supporting direct engagement with the agricultural market.
Automated Manufacturing Infrastructure:
The Jhajjar facility includes automated filling and packaging machinery, an Effluent Treatment Plant and a Wet Scrubber Unit.
Single Manufacturing Facility:
Manufacturing operations are concentrated at the company's Jhajjar, Haryana facility. Any fire, equipment failure, labour disruption or other operational issue could affect production.
Regulatory & Licensing Risk:
The company's business depends on maintaining registrations and approvals for its agrochemical and fertiliser products. Non-renewal, cancellation, restrictions or chemical bans could affect operations and sales.
Raw Material Price Volatility:
The company depends on chemical raw materials and inputs whose prices can be affected by global supply conditions, crude-oil-linked costs, currency movements and geopolitical developments.
Supplier Concentration:
The largest supplier contributed 33.57% of purchases in FY2026, while the top five suppliers accounted for 60.60%.
Working Capital Risk:
Raw-material inventory days increased to 259 days and trade receivable days to 151 days in FY2026. The company is using a significant portion of IPO proceeds for working capital.
Weather & Monsoon Dependence:
Demand for agrochemicals is influenced by monsoon conditions, rainfall, crop cycles and agricultural activity. Unfavourable weather can affect farmers' spending and product demand.
Geographical Concentration:
In FY2026, Andhra Pradesh, Assam, Haryana and Telangana together represented a substantial portion of revenue, making performance sensitive to conditions in these markets.
Competition & Product Resistance:
The company operates in a competitive generic agrochemical market. Pest or weed resistance can also reduce the effectiveness and demand for particular products over time.
1. Working Capital Requirements
Approximately 6.90 crore is proposed to be utilised towards the company's working capital requirements.
2. Repayment / Prepayment of Loans
Approximately 3.50 crore is proposed for repayment or prepayment, in full or part, of certain loans availed by the company.
3. General Corporate Purposes
The remaining portion of the issue proceeds is proposed to be utilised towards general corporate purposes, subject to the applicable limits.
Key Utilisation
Working Capital: 6.90 crore
Debt Repayment: 3.50 crore
General Corporate Purposes: Balance amount
The stated objects therefore primarily focus on strengthening working capital and reducing certain borrowings, rather than adding a new manufacturing facility.
Shivchem Agro Ltd.
Unit No. 703, 704, Amba Tower,
Plot No.2, Community Centre, D.C Chowk, Sector-9
Rohini Sec-11
North West Delhi, New Delhi, 110085
Phone: +91 11 4600855
Email: compliance@shivchemagro.com
Website: http://www.shivchemagro.com/
Maashitla Securities Pvt. Ltd.
Phone: 011-45121795
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues