Shreeji Global FMCG Ltd Q2FY26 IPO — ₹85 Cr Spice Bomb with 122% PAT Surge and the Masala Market’s New Drama
1. At a Glance
Hold your cumin seeds — Rajkot just dropped a spice bomb on NSE SME! Shreeji Global FMCG Ltd, the newest FMCG entrant, has launched a book-built IPO worth ₹85 crore, entirely fresh issue — no “promoter offloading drama,” at least not yet. The IPO price band sits at ₹120–₹125 per share, and the company looks like that local masala brand from your kitchen that just learned how to file an RHP.
The issue opened on Nov 4, 2025, closed on Nov 7, 2025, and will list on Nov 12, 2025. Retail investors are playing it safe (or spicy) with a lot size of 2,000 shares—₹2.5 lakh per lot, the financial equivalent of buying 50 kg of coriander powder in bulk.
The company’s PAT jumped 122% in FY25, while revenue increased 11%, indicating a magical combination of accounting alchemy and margin mirchi. ROE sits at a sizzling 51.74%, with Debt/Equity of 1.03, and PAT margin of just 1.87%—yes, they earn less than ₹2 on every ₹100 of spice, but still boast an ROE hotter than red chilli powder.
Market Cap at listing? ₹284.5 crore. The promoters — the Kakkad family (Jitendra, Vivek, Tulshidas & Dhruti) — own 99.99% pre-IPO, dropping to 70.12% post-issue, showing a “humble” dilution but still keeping the masala jar tightly closed.
The street whispers that it’s “high risk, low return.” But as any Gujarati FMCG entrepreneur would say: “Jo khataro nahi le, to dhaniya kahan mile?”
2. Introduction
Shreeji Global FMCG — a name that sounds like it should already be listed next to ITC but is actually a fresh SME entrant from Rajkot, Gujarat, the land of snacks, spices, and infinite entrepreneurship. The company is making waves in the spice and agri-processing segment, and its IPO has become the talk of Dalal Street — partly because of the numbers, and partly because it’s the only IPO that smells like cumin.
In a country where FMCG is dominated by HUL, ITC, and Dabur, Shreeji is like that new student in class who insists he’s the topper because he once won a quiz at Navratri. The brand “SHETHJI” — yes, that’s the actual brand name — is trying to bring Gujarati wholesomeness to the national plate. From turmeric to jeera, from wheat to sesame, Shreeji wants to be the “Ambani of masalas.”
But the real story lies in the numbers: revenue grew from ₹589 crore (FY24) to ₹651 crore (FY25), but PAT exploded 122% to ₹12.15 crore. What’s cooking? Efficiency? Scale? Or the accountant’s new Excel formula?
The IPO promises new factories, solar power, cold storage, and working capital. The anchor investors have already spiced up ₹14.53 crore worth of pre-listing bids, locking their funds until Feb 2026 — long enough to see if this masala stays fragrant or goes stale.
So, let’s dive into the chutney of financials, roasting and ratios, and see if Shreeji Global is the next Everest Spices or just another “jeera jaat.”
3. Business Model – WTF Do They Even Do?
In simple terms: they sell what your mom buys every week.
Shreeji Global FMCG Ltd is a spice and agri-commodity processing company. Their product line covers everything from ground and whole spices to grains, pulses, seeds, and flour. They also import and process exotic ingredients — cloves from Madagascar, cassia from Vietnam, and desiccated coconut from Sri Lanka. Basically, they buy food from other countries, crush it nicely in Rajkot and Morbi, and sell it in packets ranging from 20 grams to 40 kilograms.
Their brand name — “SHETHJI” — screams Indian tradition, but the packaging aims for modern retail shelves. The company serves individual traders, small businesses, and corporates, a mix of B2B and D2C. The logic is simple: if it grows, grinds, or garnishes, they sell it.
Strategic edge? They claim two processing facilities and “geographic advantage” in Gujarat — meaning proximity to ports, easy logistics, and access to skilled spice tasters. Their scalability is baked into India’s never-ending obsession with food flavour.
But here’s the kicker: margins are thin, competitors are cutthroat, and “organic” claims are everywhere. This market eats newcomers faster than a Gujarati eats dhokla at 6 a.m.
Still, the Kakkads seem to believe they can add enough “tadka” to stand out — by expanding production, installing solar panels, and investing in cold storage to preserve freshness (and hopefully their EBITDA margins).
4. Financials Overview
Let’s see if the numbers have the same aroma as the presentation.
Source table
Metric (₹ Cr)
Aug 2025
Mar 2024
Mar 2025
YoY % (FY25 vs FY24)
QoQ % (Aug vs Mar 25)
Revenue
251.18
588.99
650.85
11.8%
-61.4%*
EBITDA
13.83
10.92
20.37
86.6%
-32.1%
PAT
9.20
5.47
12.15
122%
-24.2%
EPS (₹)
9.70 (post IPO)
7.61 (pre IPO)
—
27.4%
—
(*August figure represents a partial period; decline is due to 5-month reporting vs full year FY25.)
Commentary: Margins look like they’ve just discovered Excel formulas for “profit smoothing.” EBITDA margin for FY25 is around 3.13%, which in FMCG land is thinner than a papad. Yet, PAT jumped 122%. Either the accountants deserve a bravery award, or the company managed to cut costs aggressively.
Annualised EPS (based on Aug 2025) at ₹9.7 means the P/E ratio at upper band (₹125) is roughly 12.89x—reasonable for SME FMCG, but still spicy compared to the bland 1.87% PAT margin.
5. Valuation Discussion – Fair Value Range
Let’s crunch it like coriander seeds:
A. P/E Method Post-issue EPS = ₹9.70 At IPO price ₹120–₹125 → P/E = 12.37x–12.89x If we assign a fair range of 10–14x (industry peer SME FMCG average), the fair value lands between ₹97–₹136 per share.
B. EV/EBITDA Method EV = Market Cap (₹284.5 Cr) + Debt (₹30.45 Cr) – Cash (assume ₹5 Cr post-issue) ≈ ₹309.95 Cr EBITDA FY25 = ₹20.37 Cr EV/EBITDA = 15.2x Industry small FMCG peers average 12–18x → fair value range ₹100–₹145
