Nilachal Carbo IPO will open for subscription on September 8, 2025, and close on September 11, 2025. This IPO is a Fixed Price Issue, through which the company aims to raise approximately ₹56.10 crores. The issue includes a fresh issue worth ₹22.10 crores and an offer for sale (OFS) of 40,00,000 equity shares with a face value of ₹10 per share.
The Nilachal Carbo IPO price has been fixed at ₹85 per share. The quota distribution is 50% for retail investors, 50% for HNI investors, while no allocation is reserved for QIBs. The equity shares are proposed to be listed on the BSE SME platform with a tentative listing date of September 16, 2025. The IPO allotment date is expected on September 12, 2025.
Nilachal Carbo IPO Financial Performance
In terms of financials, the company reported a revenue of ₹202.79 crores in FY 2025, compared to ₹267.13 crores in FY 2024. Its net profit stood at ₹14.02 crores in FY 2025, slightly lower than the ₹15.82 crores reported in FY 2024.
Nilachal Carbo IPO Date & Price Band Details
The Nilachal Carbo IPO will open on September 8, 2025, and close on September 11, 2025. This Fixed Price Issue is set at an IPO price of ₹85 per share with a face value of ₹10. The company aims to raise around ₹56.10 crores through a fresh issue and an offer for sale of 40,00,000 equity shares. The lot size is 1,600 shares, and the IPO is proposed to be listed on the BSE SME platform.
| Category | Details |
|---|---|
| IPO Open Date: | September 8, 2025 |
| IPO Close Date: | September 11, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹85 Per Share |
| Issue Size: | Approx ₹56.10 Crores |
| Fresh Issue: | Approx ₹56.10 Crores |
| Offer for Sale: | Approx 40,00,000 Equity Shares |
| Lot Size: | 1,600 Shares |
| Issue Type: | Fixed Price Issue |
| IPO Listing: | BSE SME |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Nilachal Carbo IPO Market Lot
For the Nilachal Carbo IPO, the retail minimum application is 2 lots (3,200 shares) requiring an investment of ₹2,72,000. The retail maximum is also capped at 2 lots (3,200 shares) with the same amount of ₹2,72,000. For S-HNI investors, the minimum application size is 3 lots (4,800 shares), which amounts to ₹4,08,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,72,000 |
| Retail Maximum | 2 | 3,200 | ₹2,72,000 |
| S-HNI Minimum | 3 | 4,800 | ₹4,08,000 |
Nilachal Carbo IPO Reservation
The Nilachal Carbo IPO share allocation reserves 3,31,200 shares (5.02%) for the market maker. The NII (HNI) category is allotted 31,32,800 shares (47.47%), while the retail investors quota stands at 31,36,000 shares (47.52%). In total, the IPO offers 66,00,000 equity shares (100%). This balanced allocation ensures equal opportunity for both retail and HNI investors in the Nilachal Carbo IPO.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Market Maker | 3,31,200 Shares | 5.02% |
| NII Shares Offered | 31,32,800 Shares | 47.47% |
| Retail Shares Offered | 31,36,000 Shares | 47.52% |
| Total Shares Offered | 66,00,000 Shares | 100.00% |
Nilachal Carbo IPO Allotment & Listing Dates
The Nilachal Carbo IPO timeline begins with the IPO open date on September 8, 2025, and will close on September 11, 2025, with a bidding cut-off time of 5 PM. The basis of allotment is scheduled for September 12, 2025, followed by refunds on September 15, 2025, and credit of shares to Demat accounts on the same day. The IPO listing date is fixed for September 16, 2025, on the BSE SME platform.
| Type | Date |
|---|---|
| IPO Open Date: | September 8, 2025 |
| IPO Close Date: | September 11, 2025 |
| Basis of Allotment: | September 12, 2025 |
| Refunds: | September 15, 2025 |
| Credit to Demat Account: | September 15, 2025 |
| IPO Listing Date: | September 16, 2025 |
| IPO Bidding Cut-off Time: | September 11, 2025 – 5 PM |
Nilachal Carbo IPO: Promoters
The promoters of Nilachal Carbo Limited are Mr. Bibhu Datta Panda and Kajal Fashionwear Agency Private Limited. The company’s promoter holding before the IPO stood at 2,23,27,000 shares (99.99%). After the IPO, the promoter holding post issue will reduce to 2,49,27,000 shares (73.52%).
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 2,23,27,000 | 99.99% |
| Promoter Holding Post Issue | 2,49,27,000 | 73.52% |
Nilachal Carbo IPO Company Financial Report
The financial performance of Nilachal Carbo Limited shows steady profitability over the years. In FY 2023, the company reported revenue of ₹268.46 crores, PAT of ₹14.82 crores, and assets of ₹93.22 crores. In FY 2024, revenue stood at ₹267.13 crores with a profit of ₹15.82 crores, while assets increased to ₹114.49 crores. For FY 2025, the company posted revenue of ₹202.79 crores, profit after tax (PAT) of ₹14.02 crores, and assets of ₹123.34 crores.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹268.46 | ₹253.77 | ₹14.82 | ₹93.22 |
| 2024 | ₹267.13 | ₹250.70 | ₹15.82 | ₹114.49 |
| 2025 | ₹202.79 | ₹184.03 | ₹14.02 | ₹123.34 |
Nilachal Carbo IPO Valuation – FY2025
The Nilachal Carbo IPO Key Performance Indicators (KPIs) reflect the company’s financial strength and valuation. The firm has reported a strong ROE of 17.90% and ROCE of 22.74%, with an EBITDA margin of 13.46% and PAT margin of 6.96%. Its debt-to-equity ratio stands at 0.30, showcasing a healthy balance sheet. The EPS is ₹6.28 (basic), while the P/E ratio is 13.54. Additionally, the company’s Return on Net Worth (RoNW) is 17.90%, and the Net Asset Value (NAV) is ₹35.07 per share.
| KPI | Values |
|---|---|
| ROE: | 17.90% |
| ROCE: | 22.74% |
| EBITDA Margin: | 13.46% |
| PAT Margin: | 6.96% |
| Debt to equity ratio: | 0.30 |
| Earning Per Share (EPS): | ₹6.28 (Basic) |
| Price/Earning P/E Ratio: | 13.54 |
| Return on Net Worth (RoNW): | 17.90% |
| Net Asset Value (NAV): | ₹35.07 |
Nilachal Carbo IPO Peer Group Comparison
In the peer comparison, Stratmont Industries Limited reported an EPS of ₹0.36, a high P/E ratio of 68.85, and a modest RoNW of 3.48%. Its Net Asset Value (NAV) stands at ₹10.43, with a total income of ₹92.70 crores. Compared to peers, Nilachal Carbo IPO appears more attractively valued, given its higher EPS, RoNW, and NAV, along with a reasonable P/E ratio, making it a stronger investment candidate.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Stratmont Industries Limited | 0.36 | 68.85 | 3.48 | 10.43 | 92.70 Cr. |
Objects of the Issue & Utilisation of proceeds – Nilachal Carbo IPO
The objects of the Nilachal Carbo IPO are focused on business expansion and growth. The company plans to utilize ₹13.46 crores (60.9%) for funding capital expenditure towards setting up a new Coke Oven Plant to enhance capacity. Around ₹3.03 crores (13.7%) will be used for modernization of the existing plant, while ₹5.61 crores (25.4%) are allocated for general corporate purposes.
| Purpose | Crores | %Change |
|---|---|---|
| Funding Capital expenditure for installing One Coke Oven Plant for expansion of capacity. | 13.46 | 60.9% |
| Funding modernization of existing plant | 3.03 | 13.7% |
| General corporate purposes | 5.61 | 25.4% |
Nilachal Carbo Company Overview, Strengths, and Risks
Nilachal Carbo Metalicks Ltd. is an Indian manufacturer of Low Ash Metallurgical (LAM) coke, a critical component for the ferro-alloy and steel industries. The company, which was incorporated in 2003, is launching an Initial Public Offering (IPO) on the BSE SME platform to fund its expansion and modernization plans.
Company Overview
Nilachal Carbo Metalicks specializes in producing high-quality LAM coke, including specific grades like Ultra & Low Phosphorus – Low Ash Metallurgical Coke. The company’s main manufacturing plant is located in Jajpur, Odisha, with a current capacity of 60,000 MTPA. It also utilizes leased capacities from other players to increase its total production. The company’s products, which also include nut coke, blast furnace coke, and coke fines, are sold to major ferro-chrome and steel manufacturers, primarily in Eastern India. Nilachal plans to use the IPO proceeds to add a new coke oven battery to increase its owned capacity to 94,400 MTPA and its total capacity to 136,400 MTPA (including leased capacity).
Strengths
- Strategic Location: The company’s plant in Jajpur, Odisha, is strategically located near key industrial hubs and ports, providing logistical advantages for both raw material imports and product delivery to customers in the steel and ferro-alloy sectors.
- Strong Customer Relationships: Nilachal Carbo has built long-term relationships with top ferro-chrome manufacturers, which provides a stable customer base and repeat orders.
- Capacity Expansion: The planned expansion will significantly increase the company’s production capacity, allowing it to capitalize on the growing demand from the Indian steel and ferro-alloy industries.
- Focus on Quality: The company has a specialized focus on producing low-phosphorus and low-ash coke, a product in high demand due to its superior quality and efficiency in smelting processes.
Risks
- Dependence on Raw Materials: Coking coal, which is primarily imported from countries like Australia, is the main raw material and a major cost driver. Volatility in its prices and potential supply chain disruptions pose a significant risk to the company’s profitability.
- Customer Concentration: The majority of the company’s revenue is derived from a small number of customers, which exposes it to customer concentration risk. While the company is trying to diversify, this remains a key concern.
- Industry Cyclicality: The company’s business is highly dependent on the steel and ferro-alloy industries, which are cyclical. Economic downturns in these sectors could negatively impact demand for its products.
- SME IPO Risks: As an SME IPO, the company’s shares may have lower liquidity compared to mainboard listings, and the investment carries a higher degree of risk.
Nilachal Carbo IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: ncml.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Nilachal Carbo IPO Lead Managers aka Merchant Bankers
- Sun Capital Advisory Services Pvt.Ltd.
Nilachal Carbo Company Address
Nilachal Carbo Metalicks Ltd.
N/4,
158 IRC Village,
Bhubaneswar 751015
Bhubaneshwar, Odisha, 751015
Phone: 06742551375
Email: secretarial@nilachalcoke.com
Website: https://nilachalcoke.com/
FAQs about Nilachal Carbo IPO
The IPO opens on September 8, 2025, and closes on September 11, 2025.
The IPO is a fixed-price issue with a price of ₹85 per equity share.
The minimum market lot for the IPO is 1,600 shares.
A retail investor must apply for a minimum of 2 lots, which is 3,200 shares, amounting to an investment of ₹2,72,000. The maximum is the same.
The total issue size is approximately ₹56.10 crores, which includes a fresh issue and an offer for sale.
The basis of allotment is expected to be finalized on September 12, 2025.
The shares are tentatively scheduled to be listed on the BSE SME platform on September 16, 2025.
The promoters are Mr. Bibhu Datta Panda and Kajal Fashionwear Agency Private Limited.
The company plans to use the proceeds for funding capital expenditure for a new coke oven plant, modernization of its existing plant, and for general corporate purposes.
The IPO has no allocation for Qualified Institutional Buyers (QIBs). The allocation is 50% for Retail investors and 50% for High Net Worth Individuals (HNIs).
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.
