Shyam Dhani Industries Limited is a Jaipur-based FMCG company engaged in manufacturing and selling spices and grocery products under the “SHYAM” brand. The company earns revenue from sale of ground spices, blended spices, whole spices and grocery products. Its products are widely used in households, HoReCa, and retail grocery platforms across India through organized and direct distribution channels.

Key Clients & Manufacturing Facilities
The company supplies products to leading organized retail platforms such as D-Mart, Reliance Retail, Metro Cash & Carry and other wholesale distributors. Shyam Dhani operates an integrated manufacturing facility located at Jatawali, Chomu, Jaipur, Rajasthan. The facility supports end-to-end processing including sourcing, blending, grinding, testing and packaging, ensuring cost efficiency, quality control and timely execution.

Product Portfolio & Order Book Execution
The product portfolio includes ground spices (47% of FY25 revenue), blended spices (18%), whole spices (30%) and grocery products (5%). These products cater across the food consumption lifecycle of customers, from daily cooking to bulk institutional usage. The company operates on a steady order-execution model with continuous replenishment orders, supported by its integrated facility ensuring timely fulfillment and minimal execution risk.

Mergers, Capex & Expansion Plans
The company acquired plant and machinery and leased premises from its promoter-owned proprietary firm in FY25 to consolidate operations. Future expansion includes capacity enhancement, installation of new machinery worth ₹163.06 lakh, and aggressive marketing investments. The company plans to deploy IPO proceeds to support production scalability, branding, and operational efficiency to drive long-term growth.

Employees & Banker to the Company
As on November 30, 2025, we had 394 employees. The Banker to the Company is HDFC Bank Limited, Yes Bank Limited.

MANAGEMENT & GROWTH VISION

The management team, led by promoter Mr. Ramawtar Agarwal, has over a decade of experience in the spices and FMCG segment. Management aims to strengthen brand presence, expand capacity, and deepen penetration in organized retail and private labels. Growth funding will be arranged through IPO proceeds, internal accruals, and optimized working capital cycles, ensuring disciplined capital deployment for both near-term and long-term expansion.

INDUSTRY OVERVIEW

Shyam Dhani operates in the Indian spices and grocery market, a large and growing FMCG segment. The Indian spices market is valued at over ₹80,000 crore with an estimated CAGR of 8–10%. The industry is fragmented with organized players like MDH, Everest, Ramdev and Badshah. Globally, the spices market exceeds USD 20 billion, driven by rising packaged food consumption and export demand, with steady mid-single digit growth outlook.

KEY RISK FACTORS

1. Regulatory and Quality Risk
   The company is subject to strict FSSAI and legal metrology regulations. Past penalties of ₹3.02 lakh indicate risk of quality lapses, which could impact brand reputation and financial performance.
2. Litigation Risk
   The company and promoters are involved in ongoing trademark and regulatory litigations. Any adverse judgment could result in penalties, restrictions on branding, or increased compliance costs.
3. Intense Competition
   The spices industry is highly competitive with strong national brands and unorganized players. Price pressure and aggressive marketing by competitors may affect margins and market share.
4. Raw Material Price Volatility
   Spices are agricultural commodities and subject to seasonal and price volatility, which can impact input costs and gross margins if not passed on to customers.
5. Brand Concentration Risk
   A majority of revenue is derived from the “SHYAM” brand. Any reputational damage could materially impact sales across all product categories.

KEY STRENGTHS, MOAT & OPPORTUNITIES

1. Integrated Manufacturing Facility
   End-to-end manufacturing under one roof improves quality control, reduces outsourcing costs and ensures timely execution, creating operational efficiency.
2. Diversified Product Portfolio
   Revenue is spread across ground, blended, whole spices and grocery products, reducing dependency on any single category and improving revenue stability.
3. Strong Retail Distribution Network
   Direct registrations with organized retail platforms enhance margins, reduce intermediary dependence and improve brand visibility across India.
4. Brand Building Strategy
   Significant IPO allocation of ₹635.63 lakh towards marketing and brand ambassador engagement is expected to strengthen recall and demand.
5. Growing FMCG Demand
   Rising urbanization, packaged food adoption and organized retail growth provide long-term volume growth opportunities for the company.
6. Experienced Management Team
   Promoter-driven leadership with deep operational understanding supports disciplined growth, execution efficiency and strategic decision-making.

Shyam Dhani Industries Limited is a Jaipur-based FMCG company engaged in manufacturing and selling spices and grocery products under the “SHYAM” brand. The company earns revenue from sale of ground spices, blended spices, whole spices and grocery products. Its products are widely used in households, HoReCa, and retail grocery platforms across India through organized and direct distribution channels.

Key Clients & Manufacturing Facilities
The company supplies products to leading organized retail platforms such as D-Mart, Reliance Retail, Metro Cash & Carry and other wholesale distributors. Shyam Dhani operates an integrated manufacturing facility located at Jatawali, Chomu, Jaipur, Rajasthan. The facility supports end-to-end processing including sourcing, blending, grinding, testing and packaging, ensuring cost efficiency, quality control and timely execution.

Product Portfolio & Order Book Execution
The product portfolio includes ground spices (47% of FY25 revenue), blended spices (18%), whole spices (30%) and grocery products (5%). These products cater across the food consumption lifecycle of customers, from daily cooking to bulk institutional usage. The company operates on a steady order-execution model with continuous replenishment orders, supported by its integrated facility ensuring timely fulfillment and minimal execution risk.

Mergers, Capex & Expansion Plans
The company acquired plant and machinery and leased premises from its promoter-owned proprietary firm in FY25 to consolidate operations. Future expansion includes capacity enhancement, installation of new machinery worth ₹163.06 lakh, and aggressive marketing investments. The company plans to deploy IPO proceeds to support production scalability, branding, and operational efficiency to drive long-term growth.

Employees & Banker to the Company
As on November 30, 2025, we had 394 employees. The Banker to the Company is HDFC Bank Limited, Yes Bank Limited.

MANAGEMENT & GROWTH VISION

The management team, led by promoter Mr. Ramawtar Agarwal, has over a decade of experience in the spices and FMCG segment. Management aims to strengthen brand presence, expand capacity, and deepen penetration in organized retail and private labels. Growth funding will be arranged through IPO proceeds, internal accruals, and optimized working capital cycles, ensuring disciplined capital deployment for both near-term and long-term expansion.

INDUSTRY OVERVIEW

Shyam Dhani operates in the Indian spices and grocery market, a large and growing FMCG segment. The Indian spices market is valued at over ₹80,000 crore with an estimated CAGR of 8–10%. The industry is fragmented with organized players like MDH, Everest, Ramdev and Badshah. Globally, the spices market exceeds USD 20 billion, driven by rising packaged food consumption and export demand, with steady mid-single digit growth outlook.

KEY RISK FACTORS

1. Regulatory and Quality Risk
   The company is subject to strict FSSAI and legal metrology regulations. Past penalties of ₹3.02 lakh indicate risk of quality lapses, which could impact brand reputation and financial performance.
2. Litigation Risk
   The company and promoters are involved in ongoing trademark and regulatory litigations. Any adverse judgment could result in penalties, restrictions on branding, or increased compliance costs.
3. Intense Competition
   The spices industry is highly competitive with strong national brands and unorganized players. Price pressure and aggressive marketing by competitors may affect margins and market share.
4. Raw Material Price Volatility
   Spices are agricultural commodities and subject to seasonal and price volatility, which can impact input costs and gross margins if not passed on to customers.
5. Brand Concentration Risk
   A majority of revenue is derived from the “SHYAM” brand. Any reputational damage could materially impact sales across all product categories.

KEY STRENGTHS, MOAT & OPPORTUNITIES

1. Integrated Manufacturing Facility
   End-to-end manufacturing under one roof improves quality control, reduces outsourcing costs and ensures timely execution, creating operational efficiency.
2. Diversified Product Portfolio
   Revenue is spread across ground, blended, whole spices and grocery products, reducing dependency on any single category and improving revenue stability.
3. Strong Retail Distribution Network
   Direct registrations with organized retail platforms enhance margins, reduce intermediary dependence and improve brand visibility across India.
4. Brand Building Strategy
   Significant IPO allocation of ₹635.63 lakh towards marketing and brand ambassador engagement is expected to strengthen recall and demand.
5. Growing FMCG Demand
   Rising urbanization, packaged food adoption and organized retail growth provide long-term volume growth opportunities for the company.
6. Experienced Management Team
   Promoter-driven leadership with deep operational understanding supports disciplined growth, execution efficiency and strategic decision-making.