This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2012, Shellz India Limited manufactures packaged confectionery including baked treats, choco delights, jellies, panned & sugar candies, and food & bakery ingredients. It operates manufacturing facilities in Delhi and Sonipat, selling through 300+ super stockists across India and exporting to overseas markets.
Established confectionery brands Hugs and Tosca with wide distribution network of over 300 super stockists and in-house manufacturing capabilities.
Short: Manufacturer and seller of packaged confectionery products under brands Hugs and Tosca, as well as private label manufacturing and export.
Source: p.195, 226
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 13.3705 | 6.94% | 192.6152 | yes | 19.4489 | |
| standalone | FY25 | 8.302 | 4.44% | 186.9732 | yes | 6.7309 | |
| standalone | FY24 | 5.2545 | 3.24% | 162.4126 | yes | -2.9023 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
What CARO observations were reported regarding quarterly statements submitted to banks?
The statutory auditors noted differences between quarterly statements filed with banks for working capital facilities (exceeding INR 5 Crore) and the books of accounts regarding stock, trade receivables, sales, and purchases across FY24, FY25, and FY26.
p.35, 36, 264
What are the direct tax proceedings pending against the Promoters?
Promoter Kapil Garg faces an income tax demand of INR 3.61 Crore and Promoter Shalini Garg faces an income tax demand of INR 3.66 Crore for AY 2024-25 under Section 144 assessment orders, against which appeals have been filed before CIT(Appeals).
p.310
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2025-11-10 | Kapil Garg | 5720000 | 0 | promoter | bonus | p.98, 101 |
| 2025-11-10 | Shalini Garg | 1320000 | 0 | promoter | bonus | p.98, 101 |
| 2024-08-31 | Vishnuma Global Solutions Private Limited | 154500 | 97.08 | financial investor | preferential | p.97, 150 |
Ceo: Kapil Garg
Direct tax demands pending against Promoters Kapil Garg (INR 3.61 Cr) and Shalini Garg (INR 3.66 Cr) under Section 144 of Income Tax Act for AY 2024-25 under appeal.
Auditor name: RSAV & Company
Skin in game: Promoters hold 88.11% pre-issue equity share capital of the company.
Source: p.8, 68, 100, 310
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Kapil Garg | 10.8071 | loan taken | director | Unsecured loan provided to Company for operational requirements | p.91, 298 |
| Shalini Garg | 4.1811 | loan taken | director | Unsecured loan provided to Company for operational requirements | p.91, 298 |
| Shellz Overseas Private Limited | 0.1149 | rent | group company | Rent paid for corporate office premises | p.292 |
| Shellz Overseas Private Limited | 0.125 | other | group company | Trademark user fee for Hugs and Tosca brands | p.292 |
| Kapil Garg | 0.15 | remuneration | director | Managing Director remuneration in FY26 | p.211, 248 |
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Underlying volume growth, Price growth, Rural against urban growth, Gross margin, A&P, % of sales. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the FMCG framework (from the listed sector). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
The same read, applied to the companies this one competes with.