1. At a Glance – SME IPO With Heavy Metal Ambitions

Shayona Engineering Limited is coming to the SME party with a ₹14.86 crore fresh issue, a price band of ₹140–₹144, and a pre-IPO market cap of ₹56.05 crore. No OFS drama, no promoter exit tantrums — pure capital raise.
This is one of those classic “small issue, heavy machinery, big confidence” IPOs. Precision castings up to 3 metric tons, automation equipment, fabrication, machining — basically everything that sounds expensive, oily, and difficult to pronounce in a family dinner.

Retail investors need to bring ₹2.88 lakh minimum, because SME IPOs don’t believe in middle-class emotions. Debt is high, margins are decent, and ROE used to be hot but has cooled faster than IPO hype after listing day.
Latest PAT margin sits at 12.8%, EBITDA margin ~21%, but Debt/Equity at 1.83 is the elephant sitting on the CNC machine.

Curious already? Good. Let’s open the RHP microscope.

2. Introduction – Another SME IPO, Another “Engineering Solutions” Story?

If Indian SME IPOs were Bollywood movies, “engineering solutions” would be the most reused script after “inspired from real events.”

Shayona Engineering was incorporated in 2017, which makes it young, hungry, and still in expansion mode. The company operates out of Vadodara, Gujarat, a place where engineering companies are born faster than chai breaks.

What makes Shayona interesting is breadth — castings, machining, dies, moulds, automation, fabrication, turnkey machinery. Basically, if it’s made of metal and requires precision, Shayona wants a bite.

Financially, the company has grown fast:

• Assets from ₹7.27 Cr (FY23) to ₹41.12 Cr (Nov 2025)
• PAT from ₹0.61 Cr to ₹2.45 Cr

But growth hasn’t been free. Debt has ballooned to ₹22.61 Cr, which is why a chunk of IPO money is going straight to loan repayment. Sensible move, but also a silent confession.

So the question is simple:
Is this a growth story with manageable debt, or a debt story hiding behind growth charts?

3. Business Model – WTF Do They Even Do?

Imagine a factory that does:

• Castings
• Machining
• Fabrication
• Automation
• Reverse engineering
• Turnkey machinery

All under one roof.

Shayona doesn’t sell one product. It sells engineering capability. Clients come with a problem (“we need this heavy thing, but precise, fast, and custom”), Shayona figures it out.

Their castings range from a few grams to 3 metric tons, which means they play across small precision parts and massive industrial components. Add CNC & VMC machining, and suddenly you’re not just a casting vendor — you’re a solutions supplier.

This model has two advantages:

1. Higher margins than plain casting
2. Sticky clients

But also one disadvantage:

• Capital intensity + working capital stress

Engineering companies don’t die due to lack of orders. They die because cash gets stuck in machines, inventory, and receivables. Remember this line — it’ll matter later.

4. Financials Overview – Growth With a Debt Hangover

Key Financial Comparison (₹ Cr)

Margins are respectable. No complaints there.
But revenue dipped from FY25 to Nov 2025 — likely due to partial-year data, but still worth watching.

EPS (Post-IPO) is stated at ₹9.44, implying:

• At ₹144 price →