IPO closes on 30 Sep'26
Shah Investor's Home Limited
Minimum Investment
₹ 14,195 / 85 shares
Our Verdict:
Avoid
- Both revenue and PAT have declined in the most recent year — revenue from ₹94.47cr (FY25) to ₹72.40cr (FY26) and PAT from ₹23.42cr to ₹13.11cr — after growing from FY24 to FY25, a pattern consistent with broking revenue being tied to market trading volumes and sentiment rather than a structurally growing business.
- The balance sheet is conservative (debt-to-equity of just 0.10x) and margins remain healthy (PAT margin 18.24%, EBITDA margin 30.24%), but RoE of 7.59% is modest, and at a post-IPO P/E of ~27x on a declining-earnings year, the valuation assumes some recovery in trading activity rather than reflecting the current run-rate.
- The client base of 38,000+ active clients across 100,000+ demat accounts is concentrated through 11 branches mainly in Gujarat and Maharashtra, so the business's fortunes are tied to retail trading activity and market sentiment in a fairly specific regional footprint rather than a pan-India base.
About the company
Founded in
12 Oct'94
Managing director
Upendra Trikamlal Shah
- Shah Investor's Home Limited is a Gujarat-based retail broking company offering equity brokerage, mutual fund distribution, margin funding and stock lending/borrowing services.
- As of March 31, 2026, the company served over 100,000 demat accounts and more than 38,000 active clients through 11 branches and a network of 181+ authorised persons across cities including Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot.
- The company's physical network and customer acquisition strategy remain concentrated in Gujarat and Maharashtra.
- Promoters: Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah
STRENGTHS
- Low Leverage: Debt-to-equity of just 0.10x reflects a conservative, low-risk balance sheet for a financial services business.
- Healthy Operating Margins: FY26 EBITDA margin of 30.24% and PAT margin of 18.24% indicate an efficient core broking operation.
- Established Client Base: Over 100,000 demat accounts and 38,000+ active clients built over a multi-decade operating history since 1994.
- Diversified Service Offering: Provides equity brokerage, mutual fund distribution, margin funding and stock lending/borrowing services rather than relying solely on transactional brokerage.
- Multi-City Branch Network: Operates 11 branches and 181+ authorised persons across Gujarat and Maharashtra, providing an established regional physical presence.
RISK FACTORS
- Revenue Tied to Market Trading Activity: Revenue fell from ₹94.47cr (FY25) to ₹72.40cr (FY26) alongside a decline in PAT from ₹23.42cr to ₹13.11cr, reflecting the broking business's sensitivity to trading volumes and market sentiment rather than steady structural growth.
- Geographic Concentration: The branch network and customer base are concentrated in Gujarat and Maharashtra, making the business more sensitive to regional market conditions than a pan-India broker.
- Modest Return on Equity: RoE of 7.59% is relatively modest for a financial services business, despite healthy margins on a per-transaction basis.
- Heavily Regulated Business Environment: As a broking entity, the company operates under extensive SEBI and exchange regulation, and changes in regulatory requirements or brokerage structures could affect operating economics.
- First Public Issue — No Prior Trading History: This is the company's first public issue, so there is no existing market for the shares and no trading history to gauge post-listing price behavior.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ 90.17 crore
Fresh Issue
₹ 90.17 crore
OFS
₹ -
Price range
₹ 159 - 167
Lot size
85 shares
Issue Objective
- Net proceeds from the Fresh Issue of ₹90.17 crore are proposed to be used per the Objects of the Issue set out in the RHP; this is entirely a Fresh Issue with no Offer for Sale component.
Dates
Bidding open
28 Sep'26
Bidding close
30 Sep'26
Allotment date
1 Oct'26
Refund date
2 Oct'26
Listing
6 Oct'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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