Shivashrit Foods  IPO GMP & Subscription status

Core Business & Overview

Shivashrit Foods, incorporated in 2017 in Aligarh, Uttar Pradesh, operates a modern potato‑flakes processing and export business. The firm serves global food‑processing, snack, and ready‑to‑eat segments and markets products under brands like Shivashrit, Shree Aahar, and Flaker’s.

Activities

• Manufacturing dehydrated potato flakes using an automated plant that doubled its capacity to around 8,000 MT per annum by FY 2023-24.
• Supplying a wide industrial customer base—food processors, snack makers, ready-to-eat brands—both domestically and across 20+ export markets including the US, Argentina, Malaysia, Turkey, Brazil, Indonesia, and more.
• Recently entered the retail segment under the Shree Aahar brand to capture consumer demand for convenience foods.

Strengths

• Experienced leadership & integrated supply chain – Led by promoters Prashant Singhal and Nishant Singhal with over 15 years in potato flake production; the firm sources, processes, stores, and delivers in-house for quality consistency and strong B2B relationships.
• Strategic production base – Factory in Aligarh sits close to major potato-growing regions, lowering raw-material logistics and benefiting from UP state subsidies for food-processing units.

Potential Risks

1. Raw‑material volatility – Fluctuations in potato prices or supply disruptions could pressure margins and product availability.
2. Customer & supplier concentration – Heavy reliance on a few customers and raw‐material vendors without long‑term contracts exposes cash flows to any attrition or sourcing risk.
3. Operational & regulatory hurdles – Food‑processing plants bear risks of factory shutdowns, compliance with global food‑safety standards, energy shortages, and past filing delays that could attract penalties.

Financial Performance Overview (₹ in Crore)

Particulars	FY 2023	FY 2024	FY 2025
Revenue	45.35	76.22	104.69
Profit	1.51	11.61	12.05
Assets	48.48	83.07	108.77

Revenue

• FY 2023: ₹45.35 Cr
• FY 2024: ₹76.22 Cr
• FY 2025: ₹104.69 Cr

Revenue grew consistently, with ~68% jump in FY 24 and ~37% growth in FY 25. This shows strong market demand and expansion in both domestic and export sales.

Profit

• FY 2023: ₹1.51 Cr
• FY 2024: ₹11.61 Cr
• FY 2025: ₹12.05 Cr

Profit rose sharply in FY 24 (more than 7x), reflecting operational efficiency and scale benefits. Growth flattened in FY 25, suggesting margin pressures or higher costs despite higher sales.

Total Assets

• FY 2023: ₹48.48 Cr
• FY 2024: ₹83.07 Cr
• FY 2025: ₹108.77 Cr

Assets nearly doubled in two years, reflecting capacity expansion and investments in infrastructure to support growing operations.

✅ Pros

• Strong revenue growth trajectory over last 3 years.
• Experienced promoters with industry knowledge.
• Expanding export presence across 20+ countries.
• Strategic plant location near potato belt reduces raw-material costs.
• Government incentives for food processing in Uttar Pradesh.

❌ Cons

• Heavy dependence on potato supply with price volatility risk.
• Profit growth slowed in FY 2025 despite higher revenue.
• Customer and supplier concentration without long-term contracts.
• Exposure to compliance, operational, and regulatory risks.
• SME IPO with limited liquidity compared to mainboard listings.