Figures last updated 21 Oct 2026, 11:00 PM IST · How we work · Report an error
What the company does and where it sits in its industry
Shellz India is a manufacturer of confectionery products operating primarily in the mass-market segment with price points below ₹10. The company caters to price-sensitive consumers across Tier II and Tier III cities, maintaining a significant geographic focus on the North Indian market, which contributes the majority of its sales. Its core product portfolio comprises baked treats, choco delights, jellies, panned and sugar candies, alongside food and bakery ingredients. The business generates revenue mainly through the sale of these products under its primary brands, Hugs and Tosca. To reach consumers, the company relies on a distribution network of super stockists who supply local distributors, wholesalers, and retail outlets. Shellz India conducts manufacturing operations from its Delhi facility, while working to consolidate production capacity at a new facility in Sonipat, Haryana. Furthermore, it has undertaken backward integration by producing packaging materials in-house for captive consumption.
Shellz India Limited 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 panned and sugar candies. The company also manufactures and supplies food and bakery ingredients such as choco paste, cocoa powder, and premixes to institutional buyers, HoReCa channels, and industrial users.
The company markets its products primarily under two brand verticals: 'Hugs', which focuses on mass-market price points (at or below ₹10), and 'Tosca', positioned towards mass-premium segments and alternate retail channels. Its operations are supported by manufacturing facilities in Delhi and Sonipat, Haryana, where products are produced in-house.
Revenue is predominantly generated through domestic sales via an extensive super stockist-led distribution network spanning over 300 super stockists across 24 states in India, serving kirana outlets and wholesalers. Additional revenues are derived from online platforms, modern trade cash-and-carry formats, private label manufacturing for third-party brands, and direct exports to overseas markets.
The company's primary products include baked treats (Push Up the Cone, Dip Sticks, Monster Express), choco delights (American Cow, Gold Bon-Bons, Ghana Truffles, Oat Choco), jellies and puddings (Squarz, Mad Heart, Golmaal), panned and sugar candies (Whistler Candy, Biscos), and food and bakery ingredients.
The company operates an integrated in-house manufacturing model distributing primarily through a multi-tier super stockist network to retail stores, supplemented by modern trade, e-commerce platforms, private labelling, and exports.
The company positions itself as a confectionery manufacturer focused on affordable and innovative confectionery formats in the mass-market value segment priced at ₹1 to ₹10.
Who controls the company, and how much of it they hold
Kapil Garg, Shalini Garg
Points to weigh, drawn from the offer document and the figures on the other tabs
The company develops products across multiple formats such as baked treats, choco delights, jellies, and panned candies, supported by an in-house team of food and packaging technologists.
A significant portion of the company's product portfolio is positioned at accessible mass-market price points of ₹10 or below, addressing widespread impulse-led consumer demand.
The company distributes products through a network of over 300 super stockists across 24 states in India, allowing broad access to kirana and retail stores without maintaining a field-intensive retail salesforce.
Manufacturing of consumer products is conducted in-house at facilities in Delhi and Sonipat, enabling end-to-end control over product formulation, processing, quality, and packaging.
Promoter Kapil Garg brings over two decades of industry experience in scaling consumer-packaged food businesses, supported by an experienced operational and technical management team.
As of June 30, 2026, the company had total outstanding borrowings of ₹10,949.12 lakhs, with past instances of delay in debt servicing reported in credit information records.
The proposed consolidation and shifting of manufacturing activities from Delhi to Sonipat, Haryana entails logistical challenges, potential temporary production disruptions, and relocation costs.
The top 10 customers contributed 62.93% of revenue in FY26, and customers in North India accounted for 75.34% of revenue from operations in FY26, exposing the business to regional and counterparty risks.
The company relies on short-term purchase orders with suppliers and customers without long-term commitments, leaving it vulnerable to price volatility and order cancellations.
The key trademarks 'Hugs' and 'Tosca' are registered in the name of subsidiary Shellz Overseas Private Limited and used by the company under a renewable one-year Trademark User Agreement.