Shreeji Global FMCG
- Shreeji Global FMCG is coming out with an initial public offering (IPO) of 68,00,000 equity shares in a price band of Rs 120-125 per equity share.
- The issue will open on November 4, 2025 and will close on November 7, 2025.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.50 times on the higher side.
- Book running lead manager to the issue is Interactive Financial Services.
- Compliance Officer for the issue is Jalpa Doshi.
Profile of the company
Shreeji Global FMCG is engaged in, the manufacturing and processing of ground & whole spices, seeds, grains & pulses and Atta (Flour). The company’s products marketed under its brand name “SHETHJI” and under white label. Its product portfolio includes a wide range of whole spices, ground spices, oilseeds, flour and pulses, which are processed at its facility using standardized techniques. It is engaged in the manufacturing of Ground (powdered) spices through a structured sequence of cleaning, grading, sorting, and grinding, aimed at delivering a consistent and stable range of spice powders & seed. Its product line includes channa, cumin seeds (jeera), coriander seeds, sesame seeds, groundnut, kalonji seeds, fennel seeds, coriander powder, red chilli powder, and turmeric powder etc. Each of these products is handled under defined quality parameters to ensure uniformity in texture, aroma, and shelf life. This integrated process flow enables it to deliver both raw, processed and value-added agro-products under own brand, catering to various customer needs in retail and bulk segments.
In parallel with its branded product line, it is also involved in the supply of whole spices and food grains, which are sold with client brand (white label) in different size of bulk quantities for the customers having own distribution channel. While its primary focus remains on manufacturing and processing, it also imports certain agri commodities such as wheat, cumin seeds, and coriander from other countries to meet its raw material requirements. These imported products include Madagascar Cloves and Coriander seeds from UAE, Reduced FAT Desiccated Coconut from Srilanka, Autumn Star Anise, Cigar Cassia, Broken Cassia, Split Cassia from Vietnam and Milling Wheat (Non-GMO, Crop 2023) from Singapore which are then processed at its in-house facilities to ensure consistency and quality. Based on market and client requirements, the final products are offered either under its own brand or in unbranded bulk packaging. This import-driven sourcing strategy helps it to maintain a steady supply of key ingredients and meet the varying needs of its customers across different markets. This also enables it to serve a wider segment of the market including wholesalers, retailers, institutional buyers and regional distributors.
The company offers a wide range of packaging sizes to cater to the diverse needs of its clients, with packaging options starting from 20 grams and going up to 40 kilograms. The specific packaging size is selected based on the requirements and specifications provided by the client to ensure optimal convenience and product integrity. Its larger packaging formats commonly available in 10 kg, 20 kg, 30 kg & 40 kg sizes, are primarily designed for wholesale buyers, corporate clients, and bulk purchasers. At times, based on client requirements, it also undertakes white-labelling or supply bulk orders without labels, typically up to 50 kg packaging. These master packs are securely packed in polypropylene (PP) bags, which ensure durability and protection during transportation and storage.
Proceed is being used for:
- Capital expenditure for factory premises
- Capital expenditure for purchase of machineries & cold storages facility
- Capital expenditure for solar power for internal consumption
- Working capital requirement
- General corporate purpose
Industry Overview
India is the world’s largest spice producer. It is also the largest consumer and exporter of spices. The production of different spices has been growing rapidly over the last few years. The production of spices in FY24 was estimated at 12 million metric tonnes. Whereas production in FY23 stood at 11.14 million tonnes compared to 11.12 million tonnes in FY22. During FY23, the export of spices from India stood at $3.73 billion from $3.46 billion in FY22. India produces about 75 of the 109 varieties which are listed by the International Organization for Standardization (ISO). The most produced and exported spices are pepper, cardamom, chilli, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, garlic, nutmeg & mace, curry powder, spice oils and oleoresins. Out of these spices, chilli, cumin, turmeric, ginger and coriander makeup about 76% of the total production. The largest spices-producing states in India are Madhya Pradesh, Gujarat, Andhra Pradesh, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, Orissa, Uttar Pradesh, Assam, West Bengal, Tamil Nadu and Kerala.
India is the largest exporter of spice and spice items. During FY24 the country exported spices worth $4.46 billion. In FY25 (until December 2024) India exported spices worth Rs. 29,016 crore ($3.36 billion). For FY23, the country exported spices worth $3.73 billion. In July 2023, the exports of spices from India increased to $298.77 million from $293.84 million in June 2023. From FY17 to FY23, the total exported quantity from India grew at a CAGR of 5.85%. For FY23, total volumes of chilli, cumin, turmeric, and ginger exports were 0.51, 0.18, 0.17 and 0.05 million tonnes. During FY23, the export of turmeric, coriander, garlic, curry powder, other spices such as asafoetida, tamarind, etc., expanded both in value and volume as compared to FY22.
Going forward, the government has taken initiative like export development and promotion of spices. This initiative by the Spices Board of India aims to support the exporter to adopt high-tech processing technologies and upgrade the existing level of technology for the development of industry and to meet the changing food safety standards of the importing countries. The initiative provides benefits of infrastructure development, promoting Indian spice brands abroad, setting up infrastructure in the major spice growing centers, promoting organic spices and special programmes for north-eastern entrepreneurs. Further, Spices Board has launched eight crop-specific Spices Parks in key production/market centres intending to facilitate the farmers to get an improved price realization and wider reach for their produce. The purpose of the park is to have an integrated operation for cultivation, post-harvesting, processing, value-addition, packaging and storage of spices and spice products. The common processing facilities for cleaning, grading, packing, and steam sterilization will help the farmers to enhance the quality of the produce, resulting in better price realization.
Pros and strengths
Strategic geographic advantage: The company’s business benefits immensely from its strategic location in the agriculturally rich regions of Gondal and Rajkot in Gujarat, which are among India’s key agri-produce hubs. Its direct licensing and operational presence in the Agricultural Produce Market Committees (APMCs) of both Gondal and Rajkot gives it a significant edge in sourcing premium-quality raw materials at competitive market prices. These regions are known for their production of key ingredients such as pulses, grains, spices, and oilseeds, allowing it to procure fresh, seasonal, and locally grown raw materials directly from farmers and trusted aggregators. Its two major processing facilities, located in close proximity to each other and to the APMCs (within a radius of 30 kilometers), offer a strong operational advantage. This geographical positioning allows it to minimize transportation time and costs, reduce post-harvest handling losses, and ensure quick turnaround in raw material procurement and processing, thereby maintaining product freshness and quality consistency.
Wide range of product portfolio: The company’s strength lies in its wide range of product portfolio, which enables it to cater to a wide spectrum of consumer preferences and market segments. It offers range of products that includes traditional Indian food items such as whole and ground spices, pulses, grains, cereals and oil seed and flour (atta). It supplies and makes available products in multiple sizes and formats to suit diverse market needs. These diversities in its offerings allows it to mitigate market risks, respond effectively to changing consumer trends, and serve multiple customer bases from individual households and retailers to wholesalers and corporate clients. Each product category is developed and managed with a focus on quality, innovation, and consumer satisfaction.
Diversified customer base contributes to greater business stability: The company serves a broad and varied customer base, encompassing individual retailers, wholesale distributors, corporate clients, and export buyers. This diversity contributes to greater business stability and enables it to minimize dependency on any single customer segment. Over the years, the company has developed consistent relationships with its clients based on reliable product quality, timely delivery, and responsive service. To meet the specific needs of different customer segments, it offers flexible packaging solutions, ranging from 20 grams to 30 kilograms, across its product range. This allows it to cater effectively to retailers seeking smaller packs suitable for end-consumers, as well as to bulk buyers and corporate clients who require larger quantities for distribution, institutional use, or further processing.
Risks and concerns
Maximum revenue comes from limited customers: Business of the company is dependent on few numbers of customers. Its top ten customers contribute 48.48%, 21.92%, 34.86% and 39.43% of its total sales for the period ended on August 31, 2025 and year ended March 31, 2025, March 31, 2024, and 2023 respectively on Restated Standalone Basis. Any decline in its quality standards, growing competition and any change in the demand, may adversely affect its ability to retain them. It cannot assure that it shall generate the same quantum of business, or any business at all, and the loss of business from one or more of them may adversely affect its revenues and results of operations.
Geographical constrain: The company generates a major portion of sales from its operations from state of Gujarat. It has achieved Rs 16626.24 lakh and, Rs 50488.71 lakh, Rs 45,357.03 lakh and Rs 38,337.50 lakh sales in the period ended on August 31, 2025 and for the Financial Year 2025, 2024 and 2023 respectively, such geographical concentration of its business heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.
Dependent on suppliers and weather-dependent agricultural produce: The company’s core operations depend heavily on the timely availability and quality of agricultural produce such as spices, grains, seeds, and pulses, which it procures from farmers, traders, and suppliers. These raw materials are inherently dependent on weather patterns, seasonal crop yields, and regional agricultural output, all of which are outside its control. Unfavourable climatic conditions such as droughts, unseasonal rains, floods, or extreme temperatures can severely impact crop quality and availability, leading to delays, increased procurement costs, and compromised product consistency. Additionally, it may face challenges in sourcing specific grades or varieties that meet its quality standards due to limited availability in a given season. As it does not have backward integration or control over farming operations, its reliance on third-party procurement also exposes it to risks of inconsistent quality, supply chain disruptions, and logistical delays. These factors can adversely affect its production schedules, order fulfillment, and brand reputation. If it is unable to secure the necessary quantity or quality of raw materials at competitive prices, or if there is any significant supply chain breakdown, it may materially and adversely impact its business operations, financial performance, and growth prospects.
Outlook
Shreeji Global FMCG offers a unique variety of spices and blends. Currently, it deals in ground & whole spices, seeds, grains, pulses, flours, and other food products. The company has wide range of product portfolio. It has rising demand for Indian Spices with scalable business model. On the concern side, the company derives a substantial portion of its revenue from its whole seeds segment, and any decline or discontinuation in this product line may materially affect its business, financial condition, and results of operations. Moreover, it generates a major portion of sales from its operations from state of Gujarat. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.
The company is coming out with a maiden IPO of 68,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 120-125 per equity share. The aggregate size of the offer is around Rs 81.60 crore to Rs 85.00 crore based on lower and upper price band respectively. On performance front, in FY 2024-25, the company recorded revenue from operations of Rs 64,892.15 lakh, as compared to Rs 58, 822.56 lakh in FY 2023-24, reflecting a year-on-year growth of 10.32%. This significant increase highlights the continued expansion and strong demand for the company's products, primarily in the spices and food grains segment. Moreover, the PAT is Rs 1215.13 lakh for the FY 2024-25 compared to Rs 547.29 lakh in FY 2023-24. The PAT was 1.87% of total revenue in FY 2024-25 compared to 0.93% of total revenue in FY 2023-24.
In view of the sustained growth in revenue and the increasing demand for agri-based products in both domestic and international markets, its management has plan for the expansion of manufacturing & processing capabilities as part of its long-term business strategy. It proposes to establish additional manufacturing and processing facility, along with a dedicated cold storage facility near Rajkot, Gujarat, to strengthen its operational infrastructure. The objective is to streamline its procurement, processing, and storage activities, thereby enhancing production flexibility, reducing reliance on external storage facility, and improving quality control over raw materials. It proposes to establish automated manufacturing units near Rajkot, Gujarat - dedicated to the production of blended spices and the other focused on multigrain flour. These facilities are designed to enhance product consistency, improve production speed, and reduce manual intervention through automation. The expansion aims to strengthen its in-house processing capabilities & ensure stringent quality control. Additionally, an integrated cold storage facility will support the procurement and preservation of seasonal raw materials, ensuring year-round operational efficiency.
