Gallard Steel Limited is set to launch its Book Built Issue IPO, strategically timed to capitalize on its recent robust financial performance. The IPO window is narrow, opening on November 19, 2025, and concluding swiftly on November 21, 2025. The company aims to raise approximately ₹37.50 crores, entirely through a fresh issue of shares, with no mention of an Offer for Sale (OFS) component. This funding is crucial for driving future growth and strategic initiatives. Investors should note the price band, fixed between ₹142 and ₹150 per equity share (face value of ₹10 each), defining the valuation range for subscription. The successful listing is anticipated on the BSE platform on November 26, 2025, following the finalization of share allotment on November 24, 2025.
The investment case for Gallard Steel is significantly strengthened by its exceptional financial growth. The company reported a phenomenal surge in its top-line, with revenue climbing to ₹535.24 crores in FY2025 from ₹278.61 crores in FY2024. This massive leap in sales translated directly to the bottom-line, where profit (PAT) more than doubled, reaching ₹60.67 crores in FY2025 compared to ₹31.96 crores in the preceding year. This financial trajectory demonstrates high operational efficiency and strong market demand for their specialized steel products. The IPO has allocated the shares across different investor categories: Qualified Institutional Buyers (QIB) receive the largest portion at 50%, Retail Individual Investors (RII) are reserved 35%, and High Net Worth Individuals (HNI) are allocated the remaining 15%.
Table of contents
- Gallard Steel IPO Date & Price Band Details
- Gallard Steel IPO Market Lot
- Gallard Steel IPO Reservation
- Gallard Steel IPO Anchor Investors
- Gallard Steel IPO Allotment & Listing Dates
- Gallard Steel IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Gallard Steel IPO
- Gallard Steel IPO Company Financial Report
- Gallard Steel IPO Valuation – FY2025
- Gallard Steel IPO Peer Group Comparison
- Gallard Steel Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- Gallard Steel IPO Registrar
- Gallard Steel Company Address
- FAQs about Gallard Steel IPO
Gallard Steel IPO Date & Price Band Details
The Gallard Steel IPO opens for subscription on November 19, 2025, and closes on November 21, 2025. This Book Built Issue aims to raise approximately ₹37.50 Crores entirely via a Fresh Issue of shares. The Price Band is fixed between ₹142 to ₹150 per equity share (Face Value ₹10). The issue will be listed on the BSE SME platform, making it a critical opportunity for investors targeting SME growth stocks.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 19, 2025 |
| IPO Close Date | November 21, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹142 to ₹150 Per Share |
| Issue Size | Approx ₹37.50 Crores |
| Fresh Issue | Approx ₹37.50 Crores |
| Issue Type | Book Built Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Gallard Steel IPO Market Lot
The Gallard Steel IPO requires a minimum investment of ₹3,00,000 for Retail Investors, translating to a compulsory lot size of 2,000 shares. S-HNI bidders must apply for a minimum of 3 lots (3,000 shares / ₹4,50,000), scaling up to 6 lots. The highest segment, B-HNI, begins at 7 lots (7,000 shares / ₹10,50,000).
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹3,00,000 |
| Retail Maximum | 2 | 2,000 | ₹3,00,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,50,000 |
| S-HNI Maximum | 6 | 6,000 | ₹9,00,000 |
| B-HNI Minimum | 7 | 7,000 | ₹10,50,000 |
The Gallard Steel IPO Subscription Status will be updated after the bidding process begins on Nov 19, 2025.
Gallard Steel IPO Reservation
The Gallard Steel IPO has allotted the largest portion of shares to Anchor Investors, securing 7,09,000 shares (28.36%) ahead of the main issue. Retail Investors receive the second-highest quota at 8,32,000 shares (33.28%). The remaining institutional allocation is split, with QIB (Ex. Anchor) receiving 4,74,000 shares (18.96%) and NII/HNI receiving 3,60,000 shares (14.40%).
| Investor Category | Share Offered | Shares |
|---|---|---|
| Anchor Investor | 7,09,000 Shares | 28.36% |
| QIB (Ex. Anchor) | 4,74,000 Shares | 18.96% |
| NII Shares Offered | 3,60,000 Shares | 14.40% |
| Retail Shares Offered | 8,32,000 Shares | 33.28% |
Gallard Steel IPO Anchor Investors
The Anchor Investor Bidding Date for the Gallard Steel IPO was November 18, 2025, one day prior to the main public opening. A total of 7,09,000 shares were offered to Anchor Investors, raising ₹10.64 Crores. These investors are subject to mandatory lock-in periods to ensure market stability: 50% of the shares will be locked-in until December 24, 2025 (30 days), and the remaining 50% will be locked-in until February 22, 2026 (90 days).
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 18, 2025 |
| Shares Offered | 7,09,000 Shares |
| Anchor Size | 10.64 Cr. |
| lock-in period end date 50% shares (30 Days) | December 24, 2025 |
| lock-in period end date 50% shares (90 Days) | February 22, 2026 |
Gallard Steel IPO Allotment & Listing Dates
The Gallard Steel IPO subscription window is open for a short period, from November 19 to November 21, 2025 (with a 5 PM cut-off on the closing date). The crucial Basis of Allotment will be finalized on November 24, 2025. Unallotted funds will see Refunds initiated, and successful bidders will have shares credited to their Demat Accounts on November 25, 2025. Finally, the equity shares will commence trading on the BSE SME platform on the IPO Listing Date, November 26, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 19, 2025 |
| IPO Close Date: | November 21, 2025 |
| Basis of Allotment: | November 24, 2025 |
| Refunds: | November 25, 2025 |
| Credit to Demat Account: | November 25, 2025 |
| IPO Listing Date: | November 26, 2025 |
| IPO Bidding Cut-off Time: | November 21, 2025 – 5 PM |
Gallard Steel IPO: Promoters and Holding Pattern
The promoters of Gallard Steel include Zakiuddin Sujauddin, Hakimuddin Ghantawala, and others. Their collective Promoter Holding stood strong at 91.14% (70,00,000 shares) Pre-Issue. Following the fresh issuance of shares, the Post-Issue Promoter Holding will decrease to 67.16% (95,00,000 shares).
| Particular | Shares | Share |
|---|---|---|
| Promoter Holding Pre Issue | 70,00,000 | 91.14% |
| Promoter Holding Post Issue | 95,00,000 | 67.16% |
Objects of the Issue & Utilisation of proceeds – Gallard Steel IPO
Gallard Steel plans to use the majority of its IPO proceeds for capacity expansion. A significant portion, ₹20.14 Crores, is earmarked for funding capital expenditure related to expanding the existing manufacturing facility and constructing a new office building. Additionally, ₹7.00 Crores will be utilized for the repayment of certain borrowings, helping to strengthen the company’s balance sheet. The remaining amount is allocated for General Corporate Purposes, supporting day-to-day operations and strategic growth initiatives.
| Purpose | Crores |
|---|---|
| Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building | ₹20.14 |
| Repayment of a portion of certain borrowings availed by the Company | ₹7.00 |
| General Corporate Purpose | ₹- |
Gallard Steel IPO Company Financial Report
Gallard Steel exhibits robust financial growth, nearly doubling its Revenue to ₹535.24 Crores in FY2025 from ₹278.61 Crores in FY2024. This growth translated directly to the bottom line, with Profit After Tax (PAT) surging to ₹60.67 Crores in FY2025. The positive trend continued into the latest quarter (June 2025), reporting ₹321.35 Crores in Revenue and ₹42.93 Crores in PAT.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹278.61 | ₹241.91 | ₹31.96 | ₹391.39 |
| 2025 | ₹535.24 | ₹451.03 | ₹60.67 | ₹487.73 |
| June 2025 | ₹321.35 | ₹265.61 | ₹42.93 | ₹503.35 |
Gallard Steel IPO Valuation – FY2025
Gallard Steel’s Key Performance Indicators (KPIs) showcase strong operational efficiency and high investor returns. The company boasts an excellent Return on Equity (ROE) of 43.16% and a Return on Capital Employed (ROCE) of 26.59%, indicating efficient capital utilization. The EBITDA Margin is healthy at 23.39%, translating to a PAT Margin of 11.38%. With an Earnings Per Share (EPS) of ₹8.67 and a Debt to Equity Ratio of 1.19, the valuation metrics reflect a fundamentally robust company poised for expansion.
| KPI | Values |
| ROE: | 43.16% |
| ROCE: | 26.59% |
| EBITDA Margin: | 23.39% |
| PAT Margin: | 11.38% |
| Debt to equity ratio: | 1.19 |
| Earning Per Share (EPS): | ₹8.67 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 35.51% |
| Net Asset Value (NAV): | ₹24.40 |
Gallard Steel IPO Peer Group Comparison
Gallard Steel’s listed peers, Nitin Casting Limited and Pritika Engineering Components Limited, offer a comparative perspective. Nitin Casting Limited shows superior metrics with a higher EPS of ₹24.14 and a strong Return on Net Worth (RoNW) of 15.03%, commanding a moderate P/E Ratio of 20.33. Conversely, Pritika Engineering has a higher valuation, trading at a P/E of 39.22 with a lower EPS of ₹2.18. This benchmark suggests Gallard Steel’s expected valuation must be analyzed in context with its high growth and superior RoNW (43.16%) compared to its peers.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Nitin Casting Limited | 24.14 | 20.33 | 15.03% | 160.63 | 154.48 Cr. |
| Pritika Engineering Components Limited | 2.18 | 39.22 | 12.63% | 17.25 | 117.66 Cr. |
Gallard Steel Company Overview, Key Points, Strengths, and Risks
Gallard Steel Limited is an Indian engineering company specializing in the manufacturing of engineered steel castings and components, primarily serving critical industrial sectors.
Company Overview & Key Points
| Aspect | Detail |
|---|---|
| Business | Manufacturer of engineered steel castings, delivering ready-to-use components, assemblies, and sub-assemblies (machined and unmachined). |
| Core Products | Components for: Indian Railways (Traction Motors, Bogie Assemblies), Defence Sector (Cradle Assemblies, Recoiling Cylinders), Power Generation (Thermal & Hydro Turbine Sub-Assemblies like Guide Vanes), and Industrial Machinery. |
| Manufacturing | Primary facility (Foundry) is located in Pithampur, Madhya Pradesh, which is ISO 9001:2015 certified. They have in-house capabilities for melting, heat treatment, and precision machining. |
| Certifications | Holds Class ‘A’ Foundry Status from the Research Designs and Standards Organization (RDSO), Ministry of Railways, and is an approved vendor for critical defence components. |
| Subsidiaries | Owns Sleeploop India Private Limited (SIPL) for CNC machining and rebonded foam manufacturing, and Gallard Steel Europe B.V. in the Netherlands for future export operations. |
| Financial Trend | Demonstrated strong revenue and profit growth in recent fiscal years, with revenue increasing from ₹26.82 Cr (FY24) to ₹53.32 Cr (FY25) and PAT nearly doubling. |
Key Strengths
- Integrated Manufacturing & Quality: Operates integrated in-house casting and machining facilities, which reduces reliance on external vendors, improves process coordination, and ensures stringent quality control.
- Sectoral Tailwinds and Approvals: Strong positioning in government-supported sectors (Railways, Defence, Power) is backed by critical approvals like the RDSO Class ‘A’ Foundry Status, which is a significant competitive barrier.
- Robust Financial Performance: The company has a track record of rapid growth in top-line (revenue) and bottom-line (profit), with high return ratios like a strong Return on Equity (RoE) and Return on Capital Employed (RoCE).
- Capacity Expansion Plan: Proceeds from their upcoming IPO (as of November 2025) are largely earmarked for capacity expansion and constructing a new office, positioning the company for future growth and meeting rising demand.
- Experienced Management: Led by experienced promoters with deep knowledge of the steel and manufacturing industry.
Key Risks
- High Revenue Concentration: A substantial portion of the company’s operational revenue (historically 75-84%) is concentrated in Railway-related components, making the business highly vulnerable to any downturn or policy/budget changes in that single sector.
- Customer/Contract Risk: The company relies heavily on a few major customers and generally lacks firm, long-term purchase contracts. The loss of a major customer could severely impact revenue and profitability.
- Input Cost Volatility: The absence of long-term agreements with suppliers for raw materials exposes the company to price fluctuations and potential supply shortages for key inputs like steel, which can impact profit margins.
- Operational Concentration: The primary manufacturing operations are carried out from a single location (Pithampur), increasing the risk of business disruption from any local operational issues, strikes, or natural calamities.
- Lease Risk: The current manufacturing facility and registered office are on leased premises, which carries the risk of non-renewal or dispute over the lease agreements.
IPO Lead Managers aka Merchant Bankers
- Seren Capital Pvt. Ltd.
Gallard Steel IPO Registrar
Ankit Consultancy Pvt. Ltd.
Phone: +91 0731-4949444
Email: compliance@ankitonline.com
Website: https://www.ankitonline.com/
Gallard Steel Company Address
Gallard Steel Ltd.
Flat No. 01,
SukhsnehApartment,
168-M Khatiwala Tank
Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/
FAQs about Gallard Steel IPO
The Gallard Steel IPO opens for subscription on November 19, 2025, and closes on November 21, 2025. The listing on the BSE SME platform is scheduled for November 26, 2025.
The IPO Price Band is fixed at ₹142 to ₹150 per equity share. The total Issue Size is approximately ₹37.50 Crores, consisting entirely of a Fresh Issue.
The Retail Minimum Lot Size is 2,000 shares, requiring a minimum investment of ₹3,00,000 at the upper price band of ₹150.
Gallard Steel reported robust financial growth in FY2025, with its Revenue nearly doubling to ₹535.24 Crores and Profit After Tax (PAT) surging to ₹60.67 Crores, up from ₹31.96 Crores in FY2024.
The primary objectives are funding capital expenditure (₹20.14 Crores) for expanding the existing manufacturing facility and constructing an office building, and repayment of certain borrowings (₹7.00 Crores).
The company exhibits strong return ratios, including a high Return on Equity (ROE) of 43.16% and an ROCE of 26.59% (based on FY2025 proforma financials).
The promoters include Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai, and Mariya Zakiuddin Sujauddin.
The Promoter Holding Pre-Issue was strong at 91.14%. It will decrease to 67.16% Post-Issue due to the dilution from the fresh issue of shares.
The IPO will be listed on the BSE SME platform.
Gallard Steel is an engineered steel castings manufacturer, specializing in ready-to-use components and subassemblies for critical sectors like Indian Railways, Defence, Power Generation, and heavy engineering industries.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
