Shah Investor's
What they do: The business model details are not explicitly provided, but the company is not dependent on single or few customers and does not experience seasonal business fluctuations.
By IPO Milega Research · Published · Updated
Analysis score 5.2 +1 for 28.05x QIB subscription
The company has a moderate financial position with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- +9.58%
- ₹16 a share
- Subscribed
- 38.12x
- Total
- Retail odds
- 5.2%
- 1 in 19
GMP is an unofficial grey market indication.
- Price band
- ₹159-167
- Lot size
- 85 shares
- Min. investment
- ₹14,195
- Issue size
- 90.17 Cr.
- Open28 Sept 2026
- Close30 Sept 2026
- Allotment1 Oct 2026
- Listing6 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 28.05x
- S-HNI
- 2.04x
- B-HNI
- 1.37x
- Retail
- 19.26x
₹183 (+9.58%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance6.0
- Flexibility6.0
- Timing5.0
- Risk4.0
The approximate gains potential is based on the company's fundamentals due to the unavailability of GMP data. SIHL has a strong EBITDA margin and a diversified service offering, but faces challenges such as regional concentration and regulatory scrutiny. The market environment is volatile, which may impact listing gains.
Strengths3
- Launched digital app-based platform 'SIHL Moneymaker' in 2023.
- Implemented a VMWare-based virtualized environment in 2007.
- Launched 'ALGOFY', an API-powered algo trading platform in 2026.
Concerns5
- High dependency on Gujarat region for brokerage income.
- Regulatory scrutiny and penalties from SEBI.
- Significant reliance on forward-looking statements.
- Potential currency conversion risks.
- Outstanding borrowings with restrictive covenants.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,1951 lots, 85 shares
- Retail Maximum1,98,73014 lots, 1190 shares
- S-HNI Minimum2,12,92515 lots, 1275 shares
- S-HNI Maximum9,93,65070 lots, 5950 shares
- B-HNI Minimum10,07,84571 lots, 6035 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 85 | 14,195 |
| Retail Maximum | 14 | 1190 | 1,98,730 |
| S-HNI Minimum | 15 | 1275 | 2,12,925 |
| S-HNI Maximum | 70 | 5950 | 9,93,650 |
| B-HNI Minimum | 71 | 6035 | 10,07,845 |
Timing
5.0/10The market timing for Shah Investor's IPO appears to be moderate. While the company is entering the market with a reasonable IPO size of 90.17 Cr., the prospectus indicates several risks related to market volatility, regulatory compliance, and potential share dilution. These factors could impact investor confidence and the initial performance of the shares post-listing.
- Time to market
- The timing is neither highly favorable nor unfavorable. The IPO size is moderate, but the market conditions and regulatory challenges mentioned in the prospectus suggest a balanced approach to the timing decision.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE, NSE
Key milestones
- 28 Sept 2026IPO Opens
- 30 Sept 2026IPO Closes
- 1 Oct 2026Basis of Allotment
- 5 Oct 2026Refunds Initiated
- 5 Oct 2026Credit to Demat Account
- 6 Oct 2026Listing Date
Financials
5.0/10- Revenue
- ₹72.4 Cr
- -23.4%
- Profit after tax
- ₹13.11 Cr
- -44.0%
- Net margin
- 18.1%
- -6.7 pts
- Assets
- ₹304 Cr
- +0.6%
- Return on equity
- 7.59%
- Debt to equity
- 0.10
- ROCE
- 10.61%
- Return on net worth
- 7.35%
- NAV per share (₹)
- 114.07
Financial performance trend
Amount ₹ in croresThe company has a moderate financial position with a stable revenue trend and a positive profit margin. However, the lack of detailed financial data limits a comprehensive analysis.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks1
- Operational risks1
- Regulatory risks1
High regional concentration and regulatory scrutiny pose significant risks, despite low financial leverage.
How the company offsets these
Diversifying revenue sources and enhancing compliance can mitigate risks.
Financial risks2
- Outstanding borrowings with restrictive covenants.
- Currency conversion risks.
Market risks1
- High dependency on Gujarat region for brokerage income.
Operational risks1
- Significant reliance on forward-looking statements.
Regulatory risks1
- Regulatory scrutiny and penalties from SEBI.
Performance
6.0/10Shah Investors Home Limited (SIHL) is a retail brokering firm with a focus on equity and derivatives brokerage services. The company has a significant presence in Gujarat and Maharashtra, operating through 11 branches and serving over 100,000 demat accounts. Despite a decline in revenue and profit in FY26, SIHL has shown resilience with a diversified service offering and technological advancements.
- Historical growth
- The company experienced fluctuating revenue growth with a significant decline of 24.18% in FY26 after a 21.14% increase in FY25 and a 50.58% increase in FY24., Fluctuating
- Market comparison
- SIHL's revenue and profit margins are lower compared to peers like SMC Global and Share India Securities. However, SIHL maintains a strong EBITDA margin of 30.24% in FY26, higher than SMC Global's 20.05%.
- Future potential
- The company plans to expand its brokerage business and geographical presence, focusing on technology and innovation to enhance client satisfaction.
- Operational consistency
- The company has been operational since 1994, showing long-term presence but with recent revenue fluctuations.
- Experience
- The management team has extensive experience, with key members having over 17 to 30 years in the industry.
- Track record
- The management has successfully led the company through technological advancements and service diversification.
Key achievements
- 01Launched digital app-based platform 'SIHL Moneymaker' in 2023.
- 02Implemented a VMWare-based virtualized environment in 2007.
- 03Launched 'ALGOFY', an API-powered algo trading platform in 2026.
Flexibility
6.0/10SIHL has a strong regional presence and has adapted to market demands by launching digital platforms like 'SIHL Moneymaker' and 'ALGOFY'. However, its revenue from operations has been inconsistent, with a significant decline in FY26.
SIHL has shown operational agility by expanding its digital offerings and increasing its active client base. The launch of new platforms and services indicates a proactive approach to market changes.
Shah Investors Home Limited (SIHL) demonstrates moderate flexibility and adaptability. The company has a strong presence in Gujarat and Maharashtra, with a focus on retail brokering services. It has diversified its offerings with digital platforms and algo trading, but faces challenges in revenue growth and operational cash flows.
- Product diversification
- SIHL offers a range of financial services including equity and derivatives brokerage, mutual fund distribution, and margin trading. The introduction of algo trading and digital platforms further diversifies its product offerings.
- Future adaptability
- SIHL's future adaptability potential is promising due to its investment in technology and digital platforms. However, sustaining revenue growth and improving cash flows will be critical for long-term adaptability.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.