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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil BBB-/Stable/Crisil A3
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 8 Jul 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2023-24)
Source: CRISILInvestment Thesis
Shanti Inorganics Limited is a small-scale specialty inorganic chemicals company based in Vadodara with revenues of ~Rs. 58.5 Cr. It operates in the sulphur chemicals segment with stable industrial demand but faces commodity price risks and competitive pressures. At a market cap of ~Rs. 40 Cr, the stock appears modestly valued relative to revenues, though limited disclosure constrains deeper analysis.
Pros
Cons
Business Segments
Sulphur-Based Chemicals
Manufacturing of sulphur derivatives and specialty inorganic chemicals for industrial use including fertilizers, rubber, and pharmaceuticals
Revenue Model
B2B sales of sulphur-based specialty inorganic chemicals to industrial customers in fertilizer, rubber processing, and related sectors. Revenue is derived from bulk chemical supply contracts.
Detailed Analysis
Growth Plans
Growing domestic fertilizer sector demand driving sulphur chemical consumption
Potential for import substitution in specialty sulphur chemicals
Industry Tailwinds
Growing domestic fertilizer sector demand driving sulphur chemical consumption
Potential for import substitution in specialty sulphur chemicals
Comparable Companies
GSFC · ~8,000 Cr
TRANSPEK · ~1,200 Cr
Frequently Asked Questions
About Shanti Inorganics Limited
Shanti Inorganics Limited is a specialty inorganic chemicals company focused on sulphur-based chemicals and related industrial chemicals. The company reported revenues of approximately Rs. 58.5 Cr and conducted an SME IPO for listing on BSE SME. Shanti Inorganics manufactures sulphur chemicals, precipitated sulphur, and related products used in rubber, agriculture, pharmaceuticals, and industrial applications. The company is headquartered in Gujarat, India's chemical manufacturing heartland.
Key Milestones
Incorporated in 2010 in Gujarat as a Public Limited company
Operates from Vadodara, Gujarat — a major chemicals manufacturing corridor
Revenues reached approximately Rs. 58.5 Cr, establishing presence in sulphur specialty chemicals
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Industry Headwinds
Global sulphur price cycles affecting input costs and margins
Intensifying competition from larger listed chemical companies
Key Strengths
Specialty chemicals niche with technical barriers
Gujarat location—proximity to major chemical consumers
BSE SME listing provides growth capital access
Key Weaknesses
Small scale in fragmented chemicals market
Commodity-linked sulphur prices impact margins
Dependence on raw material imports
Upward Factors
Sustained improvement in operating income while maintaining healthy operating margins.
Sustenance of healthy financial risk profile with gearing falling below 1 time.
Downward Factors
than-expected revenue or a steep decline in margins below ~15% on a sustained basis. Larger than expected debt-funded capex leading to deterioration of financial risk profile with gearing above 2.5 times and interest coverage below 3 times on a sustained basis Delay in ramp up of new capacities leading to lower-than-expected cash accruals
Sulphur prices are tied to global refinery output and crude oil cycles, creating significant revenue volatility for sulphur-based chemical manufacturers.
Source: Company Financial Filings
The inorganic specialty chemicals market in India is competitive with many MSME players, limiting pricing power for small-scale manufacturers.
Source: AlphaHub Research
Chemical manufacturing in India is subject to stringent environmental regulations; any non-compliance could disrupt operations.
Source: Regulatory Filings
Small scale in fragmented chemicals market
Source: Media Reports / Public Records
Commodity-linked sulphur prices impact margins
Source: Company Financial Filings
Dependence on raw material imports
Source: AlphaHub Research
Sulphur prices are tied to global refinery output and crude oil cycles, creating significant revenue volatility for sulphur-based chemical manufacturers.
The inorganic specialty chemicals market in India is competitive with many MSME players, limiting pricing power for small-scale manufacturers.
Chemical manufacturing in India is subject to stringent environmental regulations; any non-compliance could disrupt operations.
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