Keep a non-stick kadhai and add water, oil and sugar and heat in low flame till sugar melts. Increase the heat to high and switch off the gas when the mixture starts to boil. Let the mixture cool down for a bit (~ approximately 2-3 minutes).
Add maida to mixture little by little till it forms a soft dough ( and does not stick anymore)
Make 2-3 balls and work on one dough ball at a time.
Roll the dough to a circle (approximately 7-8 inches) and 1/2 inch in thickness. Use a little flour while rolling to avoid sticking. Rolling on wax paper also makes it easier.
Cut the rolled-out dough into desired shapes square or diamond (traditionally they are cut into diamond shapes).
Heat oil to medium heat and when the oil is hot enough, deep fry these cut pieces in small batches till they are golden brown from both sides. Drain and remove them on an absorbent paper to drain off the excess oil.
Repeat the process for the remaining dough.
Let them completely cool off before storing it in an airtight container.
I have included the nutritional info for Shankarpali from Nutritionix as a reference point and I can't vouch for its accuracy since I am not a nutritionist or dietician. For a homecook it is difficult to calculate the nutritional info for deep fried foods.