Hipolin Ltd. Share Price

In compliance with Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, Team24 Consumer Products has informed that it enclosed a copy of the Certificate received from Datamatics Business Solutions, Registrar and Share Transfer Agent (RTA) of the Company, for the quarter ended September 30, 2026.

The above information is a part of company’s filings submitted to BSE. 

Goel Food Products has submitted the certificate received in accordance with the Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended on September 30, 2026 from the Registrar and Share Transfer Agent (RTA) of the Company - Bigshare Services.

Shellz India

• Shellz India is coming out with an initial public offering (IPO) of 33,50,400 shares in a price band of Rs 170-179 per equity share.
• The issue will open for subscription on October 15, 2026 and will close on October 19, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 17.00 times of its face value on the lower side and 17.90 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance officer for the issue is Sumit Kumar.

Profile of the company

 Shellz India is engaged in the manufacturing and marketing of confectionery products in India, with a diversified product portfolio comprising over 300+ SKUs across multiple categories, including choco delights, jellies, baked treats and other confectionery formats. It also manufactures and supplies food and bakery ingredients. It focuses on developing confectionery products at accessible price points and distributing them across a wide geographic footprint, including urban and semi-urban markets, as well as smaller towns and rural areas. It markets its consumer products under two brands, ‘Hugs’ and ‘Tosca’. Under its flagship ‘Hugs’ brand, it offers products across four categories, including baked treats, choco delights, jellies, and panned and sugar confectionery. The ‘Hugs’ portfolio is largely positioned at mass-market price points, with a majority of products priced at Rs 10 or below. As on March 31, 2026, its products are distributed through a network of over 300 super stockists and are available across kirana outlets in around 24 states in India. Its distribution model is focused on driving volumes through repeat purchase-driven SKUs and wide retail penetration. 

Under its ‘Tosca’ brand, it offers products with a relatively higher unit selling price, positioned towards mass-premium segments. The brand is currently being developed with a focus on e-commerce and quick commerce channels. The ‘Tosca’ portfolio comprises products with differentiated formats and packaging targeted at urban consumers. It is also expanding the ‘Tosca’ portfolio to include products incorporating cereal-based ingredients, aligned with evolving consumer preferences for differentiated snacking options. As part of this portfolio, it formulated ‘Tosca Oat Choco’, an oat and cereal-based bar positioned as an alternative to traditional confectionery formats, containing around 33% less sugar than certain leading chocolate bars, based on internal product comparisons.

In addition to marketing and sales of consumer products under its own brands, it also undertakes private label manufacturing for third-party customers. It also exports its products to international markets, including countries in the Middle East, South Asia and Europe. These channels complement its core consumer business and support diversification across customers, product formats and routes to market. Its manufacturing operations are supported by production facilities located in Delhi and Sonipat, Haryana. The Sonipat facility is being developed as part of the consolidation and expansion of its existing Delhi operations, with the objective of increasing production capacity and supporting future growth. All its consumer products are manufactured in-house, enabling it to maintain control over product quality, processes and timelines. Its operations are supported by machinery sourced from multiple countries, including Turkey, China and Indonesia, along with ancillary equipment from domestic suppliers, enabling it to support production across a wide range of SKUs. It follows defined processes across procurement, production and packaging, supported by quality assurance systems aimed at maintaining consistency in product quality.

Proceed is being used for:

• Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
• Funding its incremental working capital requirements. 
• General corporate purposes.

Industry overview

India’s packaged food industry reached from Rs 319.0 thousand crore in FY’22 to Rs 446.1 thousand crore in FY’25, at a CAGR of around 11.8%. Due to evolving consumer demand for value-added offerings like confectionery, artisanal chocolates/biscuits, RTE/RTC meals, wholesome snacks, and gourmet sauces. A preference for ethnic authenticity and global cuisines is encouraging launches of standardized products. The top players ITC, Nestle, Tata Consumer, Dabur, etc. contribute Rs 130 thousand crore, while mid-sized brands and PE-backed startups are rapidly gaining ground.

Government scheme and support have enabled manufacturing scale and market access. Under PM Kisan SAMPADA Yojana, Rs 4,400 crore funded 748 projects, adding 334 lakh MT processing capacity and 5.3 lakh jobs. The PLI Scheme supports RTE/RTC foods, processed fruits/vegetables, and marine products, contributing to a 19% y-o-y rise in processed food exports, which hit $6.3 billion in FY’24. Regionally, North and West India drive 73% of packaged snack demand, led by Uttar Pradesh Rs 25 billion in ethnic savouries and 20.8 billion in western snacks, followed by Gujarat and Maharashtra.

The value chain of the Indian confectionery market is segmented into Manufacturing, Packaging, Distribution, and Retail, each contributing distinctly to the overall value creation and margin structure. At the manufacturing stage, raw materials are processed into final consumable confectionery products through activities such as raw material sourcing, mixing, forming, cooling, and quality testing. This is followed by packaging, where products are wrapped, coded, and packed in multiple layers including primary, secondary, and tertiary packaging, with final inspection to ensure dispatch readiness. The distribution and sales segment involve multiple stakeholders, self-owned distribution, third-party distributors, and kirana aggregators. These players cater to both offline (general and modern trade) and online channels (e-commerce and Q-commerce). At the retail level, where the final consumer interaction occurs, indicating the strategic importance of retail in value realization. This structure reflects a high-margin downstream (retail) and high-value-add upstream (manufacturing), necessitating a well-integrated supply chain to optimize profitability and efficiency across the ecosystem.

Pros and strengths

Ability to develop differentiated products across formats and price points: It focuses on developing differentiated confectionery products across formats, categories and price points, supported by its understanding of consumer preferences across target markets. Its product portfolio includes a range of formats such as baked treats, choco delights, jellies, panned and sugar candies, food and bakery ingredients enabling it to cater to varied consumption occasions and consumer segments. Its approach to product development includes the introduction of products with distinct formats and combinations, aimed at enhancing consumer engagement within the confectionery category. For instance, it has developed products such as ‘Dip Sticks’, which combines biscuit sticks with chocolate cream, and ‘Push Up’, a cone-based cream and biscuit snack format designed for on-the-go consumption. These products reflect its focus on developing formats beyond traditional confectionery offerings, supporting the expansion of its product portfolio across categories and formats.

Presence at mass-market price-points supported by a diversified product portfolio: A significant portion of its product portfolio is positioned at mass-market price points, with a majority of its SKUs priced at Rs 10 or below. This aligns with consumption patterns in the Indian confectionery market, where a large share of purchases is driven by affordability and frequent, impulse-led consumption. Its focus on these price points enables it to participate in the mass-market segment characterised by repeat purchases and wide consumer accessibility. Products at these price points are typically distributed across several retail outlets and are consumed across urban, semi-urban and rural markets. This price-point positioning also supports accessibility across a wide consumer base, including school-going children, young consumers and households seeking affordable packaged confectionery products.

Integrated in-house manufacturing capabilities with focus on scalability and process control: It manufactures its consumer products in-house at its production facilities, which enables it to maintain control over product quality, manufacturing processes and production timelines. In-house manufacturing allows it to manage multiple stages of the production process, including formulation, processing and packaging, and supports consistency across product batches. Its operations are supported by machinery sourced from multiple countries along with ancillary equipment from domestic suppliers. This enables it to support production across a wide range of product categories and formats, including products with varied ingredient compositions, textures and packaging requirements. The ability to manufacture diverse products in house also supports coordination between product development and production functions. 

Risks and concerns

Geographical concentration of revenue in North India: During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, it derived 79.66%, 75.34%, 72.66% and 71.47% of its revenue from operations from its customers in North India, which exposes it to risks specific to these Indian geographies and market. Due to a significant concentration of its revenues in this region, it is highly impacted by risks specific to these geographies, such as civil unrest as well as other adverse social, economic and political events in these states, natural disasters, regional conflicts, and other unforeseen events and circumstances. If any of these risks materialise or if there is a significant downturn in these states, its results of operations and future profitability could be adversely impacted.

High dependence on super stockists for revenue and distribution: During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, 94.38%, 95.91%, 96.32% and 94.39% respectively, of its total revenue from operations was attributable to its super stockists. It relies significantly on its super stockists to sell its products, and it expects that sales through such super stockists will continue to account for a significant percentage of its revenues. Its super stockists market and distribute its products to various end users in India. It sells its goods directly to the super stockists; these super stockists are incentivised with various rebates and discounts. It does not enter into any long-term contracts or formal arrangements or agreements with its super stockists. Further, these super stockists work with it on a non-exclusive basis. If it is unable to maintain successful relationships with its super stockists, its business, results of operations and financial condition may be adversely affected.

Risks associated with new product development and launch: Its business growth depends on its ability to successfully develop, launch, and sustain new products that meet consumer demand and market expectations. The confectionery industry is highly competitive and fast evolving, with consumer preferences influenced by taste, price, packaging, regional trends, and seasonal factors. Each new product launch requires significant investment in research, development, marketing, packaging design, and distribution support. If any newly launched product fails to achieve expected consumer acceptance or market traction, it may not be able to recover the associated costs, leading to adverse effects on its margins and profitability. Product failure could also result in inventory build-up, write-offs, or the need to sell at discounted prices, which may impact its cash flows and financial performance. 

Outlook

Shellz India is primarily engaged in the business of manufacturing food products and beverages, with focus on confectionery and beverages segments, including chocolates, jellies and other confectionery items, and carries on its operations in domestic as well as international markets in compliance with applicable statutes. Its product development efforts are supported by an in-house team of food and packaging technologists involved in multiple stages of the product development process, including formulation development, ingredient selection, product trials and packaging design. This enables it to undertake product development activities internally across categories and formats. On the concern side, it operates in a competitive business environment. Pricing pressure from its competitors may affect its ability to maintain or increase its product prices and, in turn, its revenue from product sales, gross margin and profitability, which may materially and adversely affect its business, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 33,50,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 170-179 per equity share. The aggregate size of the offer is around Rs 56.96 crore to Rs 59.97 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 3.02% from Rs 18,697.32 lakh in Fiscal 2025 to Rs 19,261.52 lakh in Fiscal 2026. Profit after tax increased 61.05% from Rs 830.20 lakh in Fiscal 2025 to Rs 1,337.05 lakh in Fiscal 2026.

Meanwhile, it intends to expand its product portfolio beyond its existing confectionery offerings into adjacent snacking categories and differentiated product formats. This includes the introduction of products such as biscuits, premium biscuit variants, cereal-based snacks and other packaged food products, along with continued development of confectionery products across formats. Going forward, it intends to expand the geographic presence of its ‘Hugs’ brand across India by increasing penetration in underpenetrated regions and strengthening its presence in existing markets. Its expansion is supported by a super stockist-led distribution model, which enables it to access a wide network of distributors and retail outlets in an efficient manner. This model allows it to scale distribution across geographies without a field-intensive sales structure at the retail level, supporting relatively faster market entry and expansion.

Belding India has informed that it enclosed the certificate issued under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, by Purva Sharegistry (India), Registrar and Share Transfer Agent of the Company, for the quarter ended September 30, 2026.

The above information is a part of company’s filings submitted to BSE.