Shah Investor's Home Limited

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Mainboard IPO · IPO Guide

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Price Band

₹159 – ₹167

Lot Size

85Shares

Min. Investment

₹14,195

Allotment Status

OUT · Check Now →

Subscription

38.12x

Expert Rating

Avoid

Videos

2 Available

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IPO Market Value (GMP)

LAST UPDATED	03 Oct 2026, 17:33
PREMIUM / SHARE As per market view	₹ 16 (9.58%)
AVG EARN / LOT As per market view	R - ₹ 1,360 (1 Lot)

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Lot Size Calculator (Rs 167/share)

Application	Lots	Shares	Amount
🏷️ Retail (Min)	1	85	₹14,195
🏷️ Retail (Max)	14	1,190	₹1,98,730
💼 S-HNI (Min)	15	1,275	₹2,12,925
💼 S-HNI (Max)	70	5,950	₹9,93,650
💼 B-HNI (Min)	71	6,035	₹10,07,845

Retail: ≤ ₹2L • S-HNI: ₹2L–₹10L • B-HNI: > ₹10L

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Final Subscription Breakdown

✅ Final Closed Figures · 30-Sep-2026 18:48

Final Subscription 38.12x

Total Bids Recd 14.41 Cr Shares

Shares Offered 37.79 L Shares

QIB 28.05x

Offered: 10.80 L

Bids Recd: 3.03 Cr

FIIs: 30.15 L

Mutual Funds: 1,275

NII (HNI) 95.54x

Offered: 8.10 L

Bids Recd: 7.74 Cr

sHNI (₹2L–₹10L) 76.32x

Bids: 2.06 Cr

bHNI (> ₹10L) 105.15x

Bids: 5.68 Cr

Retail (RII) 19.26x

Offered: 18.90 L

Bids Recd: 3.64 Cr

Cut-Off Bids: 3.15 Cr

📅 Day-by-Day Subscription Growth

Day 1

28 Sep 2026

0.31x

Day 2

29 Sep 2026

1.10x

Day 3 (Final)

30 Sep 2026

38.12x

As per financials, Shah Investor's Home Limited has shown top-line and net profit contraction in FY26 alongside a regional concentration in Gujarat, RoNW is 7.35% and the Post-Issue P/E is 19.70, 15.11, and 26.76 respectively as per FY24, FY25, and FY26 earnings. So the issue looks fully priced. The company is an established full-service retail stock broking and financial services firm offering products starting from equity and derivatives broking to margin trading facility (MTF), mutual fund distribution, and depository participant services, which is highly competitive business segment. So, we give a AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Key Strengths

Growth Drivers & Highlights

2 Positives

Established 30-Year Franchise:

Operating since 1994, serving over 85,000 demat clients across 11 branches and 181 Authorized Persons in Western India.

Reasonable Tangible Book Protection:

Priced at 1.31x Post-Issue P/B (NAV Rs 127.58 per share), providing tangible asset backing.

Risks & Concerns

Key Challenges & Headwinds

5 Risks

Earnings Contraction in FY26:

Operational revenue fell 24.18% and PAT plunged 43.54% in FY26 due to subdued trading turnover.

Extreme Geographic Concentration:

93.74% of FY26 broking revenue originated from Gujarat alone.

Receivables Expansion:

Trade receivables surged to 37.63% of operational revenue in FY26 (Rs 26.89 Cr) despite falling sales.

High Contingent Liabilities:

Bank guarantees (Rs 60.00 Cr) and tax demands (Rs 4.25 Cr) total Rs 64.25 Crore (~35.8% of Net Worth).

Corporate Governance Issue:

SEBI issued an Adjudication Order dated February 11, 2026 imposing a penalty of ₹4,00,000 on SIHL for failing to upstream client funds on an end-of-day (EOD) basis and transferring funds from settlement accounts to down streaming nodal accounts in violation of SEBI circulars.

Updated on: 30-Sep-2026 18:54
As on Date	QIB	NII	RII	Total
Shares Offered / Reserved	10,79,840	8,09,880	18,89,720	37,79,440
Day 1 28-09-26	5,38,900 (0.50)	2,06,210 (0.25)	4,44,805 (0.24)	11,89,915 (0.31)
Day 2 29-09-26	11,70,110 (1.08)	12,90,045 (1.59)	16,94,135 (0.90)	41,54,290 (1.10)
Day 3 30-09-26	3,02,89,750 (28.05)	7,73,75,415 (95.54)	3,63,94,875 (19.26)	14,40,60,040 (38.12)

Open Date	Sep 28, 2026
Close Date	Sep 30, 2026
Allotment Date	Oct 05, 2026
Listing Date	Oct 06, 2026
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 159 to ₹ 167 Per Equity Share
Issue Size	Fresh Issue of up to 53,99,200 Equity Shares aggregating up to ₹90.17 Cr
Retail (Min)	1 Lot (85 Shares - ₹ 14,195)
Retail (Max)	14 Lots (1,190 Shares - ₹ 1,98,730)
S-HNI (Min)	15 Lots (1,275 Shares - ₹ 2,12,925)
S-HNI (Max)	70 Lots (5,950 Shares - ₹ 9,93,650)
B-HNI (Min)	71 Lots (6,035 Shares - ₹ 10,07,845)
Allocation	QIB: 50% \| NII: 15% \| RII: 35%
Promoter Shareholding	84.34% (Pre-Issue) 62.81% (Post-Issue)
Registrar	MUFG Intime India Private Limited
Lead Manager	Beeline Capital Advisors Private Limited

Incorporated in October 1994, Shah Investor's Home Limited (SIHL) is an established retail stock broking and financial services firm with over three decades of operational history in India. Operating as a full-service broker, its core business model encompasses equity delivery, futures and options (F&O), currency derivatives, and commodity brokerage services across the National Stock Exchange (NSE), BSE, and MCX. Beyond secondary market broking, the company offers depository participant services through NSDL, Margin Trading Facility (MTF), stock lending and borrowing (SLBM), and the distribution of third-party financial products like mutual funds and PMS. These services are marketed under the brand name "Shah Investors" through physical channels and digital platforms like "SIHL Moneymaker" and "SIHL Fundspro".

The company caters primarily to retail investors, High Net Worth Individuals (HNIs), Non-Resident Indians (NRIs), and corporate clients. As of March 31, 2026, SIHL serviced over 100,000 demat accounts and maintained an active client base of 38,189 trading accounts. Geographically, its operations are heavily concentrated in Western India, particularly Gujarat, which contributed 93.74% of total brokerage revenue (₹43.40 Cr) in FY26, alongside 3.61% from Maharashtra. Physical operations are conducted across 11 branches in key cities including Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot, supported by an extensive network of 181 Authorised Persons spread across 28 cities.

As a pure financial services and stock broking intermediary, physical manufacturing infrastructure, factory locations, and plant capacity utilization figures are not applicable. Instead, operational capacity is reflected in technology interfaces, exchange memberships, and client transaction handling:

Turnover Volumes: In FY26, the total Average Daily Turnover (ADTO) stood at ₹179.75 Cr (Cash ADTO of ₹85.71 Cr and F&O ADTO of ₹94.04 Cr), compared to ₹238.74 Cr in FY25.

Margin Trading: The MTF book capacity reached ₹20.96 Cr across 476 active users as of March 31, 2026, expanding further to ₹54.20 Cr across 746 active clients as of August 2026.

Operational capabilities are supported by digital platform investments and risk management systems. The company developed "ALGOFY", an API-powered algorithmic trading platform enabling strategy development, backtesting, and automated execution. Digital platforms contributed 42.62% of brokerage income (₹19.74 Cr) in FY26, up from 22.37% in FY25 and 17.61% in FY24. Additionally, SIHL operates a wholly owned subsidiary in GIFT City—SIHL Global Investments (IFSC) Private Limited—which has entered into a global access referral agreement with NSEIX Global Access IFSC Limited to enable retail clients to trade international equities and ETFs from developed markets.

Based on its historical financial data, Shah Investor's Home Limited posted total income and net profits of ₹79.05 Cr / ₹18.05 Cr in FY24, ₹94.47 Cr / ₹23.41 Cr in FY25, and ₹72.40 Cr / ₹13.10 Cr in FY26 on a restated consolidated basis. The company experienced a top-line contraction of 23.36% and a net profit drop of 44% in FY26 following rapid revenue expansion in FY25. Total borrowings increased from ₹3.54 Cr in FY24 to ₹18.47 Cr in FY26 to fund working capital requirements. It boasts an average EPS of ₹11.03 and an average RoNW of 10.30% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.46 against a NAV of ₹114.07 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.31. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 19.57 (FY24), 15.09 (FY25), and 26.95 (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Beeline Capital Advisors Private Limited. MUFG Intime India Private Limited, which has handled over 50 public issues in the last three fiscal years, is acting as the Registrar to the Offer.

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY26	72.40	54.09	13.10
FY25	94.47	63.06	23.41
FY24	79.05	55.05	18.05

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Shah Investor's Home Limited Current	1.46	26.95	7.35%	72
SMC Global Securities Limited	1.42	17.1	8.07%	1,967
Share India Securities Limited	1.78	13.2	13.0%	1,577

Shah Investor's Home Limited

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