Shivchem Agro IPO
Shivchem Agro IPO Details
-
Open Date
28 Sep 2026
-
Close Date
30 Sep 2026
- IPO Price Range
₹ 59 to ₹62
- IPO Size
₹ 14.01 Cr
Shivchem Agro IPO Timeline
Shivchem Agro IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 28-Sep-2026 | 0.00 | 0.14 | 0.10 | 0.11 |
| 29-Sep-2026 | 0.00 | 0.60 | 0.68 | 0.61 |
Last Updated: 29 September 2026 5:27 PM by 5paisa
Shivchem Agro Limited is an agrochemical company engaged in the manufacturing, stocking, distribution and sale of agricultural formulations. Its product portfolio covers insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilisers, with formulations available in solid and liquid forms.
The Company operates through a distribution-led business model and supplements its product sales with on-field demonstrations. As of March 31, 2025, Shivchem Agro had 258 products licensed or manufactured, compared with 232 in FY24 and 35 in FY23. Its distribution network expanded to 516 distributors across five states, while its annual production volume capacity stood at 65,00,000 kg/litres in FY25. Its manufacturing facility is located in Jhajjar, Haryana.
Established in: 2021
Managing Director: Sachin Agarwal
Peers:
Super Corp Safe Limited
Sikko Industries Ltd
The peer companies are identified in Shivchem Agro's DRHP for broad comparison and may differ in scale, business model and geographic presence.
Shivchem Agro Objectives
1. Funding the working capital requirements of the Company
2. Repayment/prepayment, in full or part, of certain loans availed by the Company
3. General corporate purposes
Shivchem Agro IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹14.01 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹14.01 Cr |
Shivchem Agro IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 4,000 | 2,48,000 |
| Individual investors (IND) (Max) | 2 | 4,000 | 2,48,000 |
| HNI (Min) | 3 | 6,000 | 3,72,000 |
| S-HNI (Max) | 8 | 16,000 | 9,92,000 |
| B-HNI (Min) | 9 | 18,000 | 11,16,000 |
Shivchem Agro IPO Reservation Table
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* | Total Applications |
|---|---|---|---|---|---|
| QIB (Ex Anchor) | 0.00 | 1,08,000 | 0 | 0 | 0 |
| Non-Institutional Buyers | 0.60 | 10,14,000 | 6,08,000 | 3.770 | 0 |
| bNII (> ₹10L) | 0.80 | 6,76,000 | 5,40,000 | 3.348 | |
| sNII (< ₹10L) | 0.20 | 3,38,000 | 68,000 | 0.422 | |
| Individual Investors | 0.68 | 10,24,000 | 7,00,000 | 4.340 | 0 |
| Total ** | 0.61 | 21,46,000 | 13,08,000 | 8.110 | 32 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores.) | FY23 | FY24 | FY25 |
| Revenue | 2.28 | 10.94 | 27.47 |
| EBITDA | 0.18 | 1.93 | 4.26 |
| PAT | 0.13 | 1.29 | 2.51 |
| Particulars (In ₹ Crores.) | FY23 | FY24 | FY25 |
| Total Assets | 2.75 | 16.41 | 36.16 |
| Share Capital | 0.05 | 0.05 | 2.64 |
| Total Liabilities | 2.75 | 16.41 | 36.16 |
| Particulars (In ₹ Crores.) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) operating activities | -0.68 | -4.34 | -3.00 |
| Net Cash Generated From / (used in) Investing Activities | — | — | — |
| Net Cash Generated From / (used in) financing activities | — | — | — |
| Net Increase (Decrease) In Cash And Cash Equivalents | — | — | — |
Strengths
1. Shivchem Agro has a diversified portfolio spanning insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilisers.
2. Its distribution network expanded to 516 distributors in FY25 from 185 in FY24 and 21 in FY23.
3. The Company conducts on-field product demonstrations to support product awareness and usage among customers.
4. Its manufacturing setup includes automated filling and packaging machines and can manufacture a wide range of formulations.
Weaknesses
1. The Company reported negative operating cash flow across FY23, FY24 and FY25 despite reporting profits during these years.
2. Supplier concentration remains significant, with the largest supplier accounting for 44.16% of purchases in FY25 and the top three suppliers accounting for 60.27%.
3. Shivchem Agro has a relatively short operating history, having been incorporated in September 2021.
4. Borrowings stood at ₹8.26 crore in FY25, although the debt-to-equity ratio improved to 0.86 from 4.73 in FY24.
Opportunities
1. The Company's presence can be expanded beyond the five states covered in FY25 as its distributor network grows.
2. Its product base has increased from 35 licensed or manufactured products in FY23 to 258 in FY25, leaving scope to broaden the portfolio further.
3. Additional working capital can support inventory, distribution and operating requirements as the business expands.
4. Demand for crop-protection products and fertilisers provides opportunities to serve a wider agricultural customer base.
Threats
1. The agrochemical industry faces competition from domestic as well as international manufacturers across product categories and geographies.
2. Changes in regulatory requirements or restrictions applicable to agrochemical products can affect operations and product availability.
3. Supply disruptions and dependence on imported inputs can affect raw-material availability and costs.
4. Uneven rainfall, adverse climatic conditions and pricing pressure arising from excess supply can affect agrochemical demand and industry margins.
1. Revenue from operations increased from ₹2.28 crore in FY23 to ₹27.47 crore in FY25, while PAT rose from ₹0.13 crore to ₹2.51 crore.
2. The Company had 258 licensed or manufactured products across multiple agrochemical and fertiliser categories in FY25.
3. Its distribution network reached 516 distributors across five states as of March 31, 2025.
4. The debt-to-equity ratio declined to 0.86 in FY25 from 4.73 in FY24 and 6.16 in FY23, although operating cash flow remained negative.
India's agrochemical market serves agricultural requirements across crop protection, plant growth and fertilisation, while remaining sensitive to agricultural cycles, regulation, raw-material prices and climatic conditions. The industry report included in Shivchem Agro's DRHP notes that the sector saw strong sales growth in FY22 and FY23 before sales declined in FY24 amid inventory build-up, pricing pressure caused by excess supply from China, adverse climatic conditions and uneven rainfall.
Against this backdrop, Shivchem Agro has expanded from a relatively small operating base. Revenue from operations rose from ₹2.28 crore in FY23 to ₹27.47 crore in FY25, while the number of distributors increased from 21 to 516. The number of products licensed or manufactured also rose from 35 to 258 during the same period. Further expansion in distribution and product coverage may provide avenues for growth, although working-capital requirements, competition, regulatory conditions and cash-flow management remain important considerations.
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FAQs
Shivchem Agro IPO opens on September 28, 2026 and closes on September 30, 2026.
The Shivchem Agro IPO has a total issue size of approximately ₹14.01 crore. The offer is structured as a fresh issue, with no offer-for-sale component.
The price band of Shivchem Agro IPO is fixed at ₹59 to ₹62 per equity share.
To apply for Shivchem Agro IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Shivchem Agro IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification on your UPI app to authorise the blocking of funds.
The bid lot is 2,000 shares, while the minimum retail application is two lots or 4,000 shares. At the upper price band of ₹62 per share, the minimum retail investment is ₹2,48,000.
The tentative basis of allotment date for Shivchem Agro IPO is October 1, 2026.
Shivchem Agro IPO is tentatively scheduled to list on the BSE SME platform on October 6, 2026.
Shannon Advisors Private Limited is the Book Running Lead Manager to the Shivchem Agro IPO. Maashitla Securities Private Limited is the registrar to the issue.
The Company intends to use the net proceeds towards funding its working capital requirements, repayment or prepayment of certain borrowings, and general corporate purposes.