Shreni Shares Ltd
Mumbai broker and Category-I merchant banker that rode the SME-IPO boom to a 65% profit margin, with a DRHP filed in March 2026 — quoted at ₹135.
Market cap
₹680.11 Cr
5.30 Cr shares
P/E ratio
30.61
Sector average 25
Book value
₹27.35
P/B 4.69
1-year return
+0.00%
52w ₹128 – ₹135
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹128 → ₹128
52-week band in this window: ₹128.25 – ₹128.25. Weekly indicative marks, not exchange-traded prices.
Key highlights
- SEBI Category-I merchant banker, BSE/NSE member and CDSL DP; leading SME-IPO lead manager and market maker.
- FY25 revenue ₹28.53 Cr and PAT ₹23.16 Cr; 9M FY26 revenue ₹45.94 Cr; net worth ₹168.77 Cr, debt-to-equity 0.05.
- DRHP filed 4 March 2026 for a ₹170–200 Cr IPO; Altius quote ₹121.5 bid / ₹135 ask.
About Shreni Shares
Shreni Shares Limited was incorporated in Mumbai in 2009 (exact date to verify) and is a SEBI-registered Category-I merchant banker, a member of BSE and NSE and a CDSL depository participant. It offers equity and F&O broking, mutual funds, IPO distribution, margin funding, OFS and SLBM, and has become one of the most active lead managers and market makers in SME IPOs. Promoters are Bhavesh Himmatlal Shah, Hitesh Natvarlal Punjani and Nidhi Bhavesh Shah.
Revenue from operations rose from ₹11.95 Cr in FY23 to ₹28.53 Cr in FY25 and ₹45.94 Cr in the nine months to December 2025, with a PAT margin around 65% and EBITDA margins above 90% on a fee-plus-treasury model; FY25 PAT was ₹23.16 Cr and net worth reached ₹168.77 Cr with debt-to-equity of 0.05. Much of the profit comes from gains on market-making inventory and IPO allotments.
On 4 March 2026 the company filed a DRHP with SEBI for a book-built IPO of up to 1.51 Cr shares — a fresh issue of up to 0.69 Cr shares and an offer for sale of up to 0.82 Cr shares — to list on NSE and BSE; the issue is estimated at ₹170–200 Cr. Paid-up capital is ₹53.03 Cr (5.3 Cr shares of ₹10), so ₹135 a share is a market value of about ₹716 Cr, roughly 4 times FY25 book and 30 times FY25 earnings.
Figures preliminary; verify from MCA filings. Balance-sheet line items are estimates; revenue, PAT and net worth are taken from DRHP summaries.
Where the revenue comes from
- Merchant banking & market making60%
SME IPO lead management, underwriting and market-making gains
- Broking & distribution25%
Equity, F&O, mutual funds, IPO and MTF for retail and HNI clients
- Treasury & other income15%
Returns on proprietary investments and IPO allotments
Products & services
Merchant banking
Lead management, underwriting and market making for SME and main-board IPOs.
Broking
Equity, F&O, MTF, OFS and SLBM on BSE and NSE.
Distribution & DP
Mutual funds, IPO applications and CDSL depository services.
What works
- • Leading position in SME IPO lead management and market making, a segment that has grown many-fold since 2022.
- • Exceptional margins — PAT around 65% of revenue — and a debt-free balance sheet with ₹169 Cr of net worth.
- • Main-board DRHP filed in March 2026 gives a defined route to listing and liquidity.
What to watch
- • Earnings are tied to the SME-IPO cycle and market-making gains; SEBI has tightened SME listing rules and a downturn would hit both fees and inventory values.
- • DRHP filed but SEBI observations, price band and dates are pending; the IPO may be priced below the dealer quote or delayed.
- • Merchant-banking is reputation- and compliance-sensitive; regulatory action on any mandate would hurt the franchise.
- • Pre-IPO shares bought now are locked in for six months after listing.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Shreni SharesThis page | ₹128.25 | ₹680.11 Cr | 30.61 | 4.69 | +54.51% |
| Orbis Financial | ₹345.00 | ₹4,692 Cr | 21.04 | 4.72 | +28.12% |
Latest reported year: FY25 ending 31 Mar 2025.