Published: 17 September 2026 | 6.00 AM
Last Updated: 17 September 2026 | 6.00 AM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟡 Selective Apply |
| Overall Rating | ⭐⭐⭐✨☆ (3.5/5) |
| GMP Today | Updated Daily |
| Issue Size | Rs. 25.52 Crore |
| Fresh Issue | Rs. 25.52 Crore |
| Issue Price | Rs. 72 per Share |
| Lot Size | 1,600 Shares |
| Minimum Retail Investment | Rs. 2,30,400 for 3,200 shares |
| IPO Opens | 22 September 2026 |
| IPO Closes | 24 September 2026 |
| Allotment | 25 September 2026 |
| Listing | 29 September 2026 |
| Exchange | BSE SME |
| Lead Manager | Aftertrade Broking Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Aftertrade Broking Pvt. Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for Listing Gain? | 🟡 Yes, if GMP and subscription remain healthy |
| Suitable for Long-Term? | 🟡 Selective |
| Risk Level | Medium to High |
| Business Quality | ⭐⭐⭐⭐☆ |
| Financial Strength | ⭐⭐⭐☆☆ |
| Balance Sheet | ⭐⭐☆☆☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
Anand Seamless Limited manufactures specialised seamless tubes, pipes and finned tubes for industries where quality, reliability and technical approvals are important. Its diversified applications across oil and gas, power, petrochemicals, pharmaceuticals, railways, defence and other industrial sectors reduce dependence on a single customer segment.
Financial performance improved strongly in FY26. Total income increased 67% to Rs. 56.17 crore, while profit after tax rose 107% to Rs. 5.48 crore. EBITDA reached Rs. 10.22 crore, indicating improved scale and profitability. The post-issue P/E of 15.72 times appears reasonable against the latest growth.
However, borrowings increased to Rs. 28.21 crore from Rs. 21.22 crore in FY25 and Rs. 14.21 crore in FY24. Debt-to-equity remains elevated, while issue expenses of Rs. 3.13 crore represent a notable portion of the small IPO. Investors must also determine whether the FY26 growth rate can be sustained.
The entire issue consists of fresh capital, and funds allocated towards expansion, technological upgrades and debt reduction may support future performance. The final decision should depend on GMP, subscription demand and SME market conditions.
Chanakya Recommendation: 🟡 Selective Apply
About the Company
Incorporated in 2005, Anand Seamless Limited manufactures carbon-steel and alloy-steel seamless tubes, heat-exchanger tubes, U-tubes and different categories of finned tubes. Its products serve demanding industrial applications involving pressure.
The company serves domestic and international markets. Its customers operate across heat exchangers, petroleum, pharmaceuticals, chemicals, refineries, thermal and nuclear power, boiler manufacturing, textile machinery, automobiles, transportation, defence and cement.
Anand Seamless operates owned manufacturing facilities at Indrad, near Kadi in Gujarat’s Mahesana district.
The company highlights international accreditations, product approvals, extensive quality-control systems, customer diversification and an experienced technical team as its competitive strengths. These capabilities are important because industrial buyers generally demand strict specifications, testing and dependable delivery schedules.
Why This IPO Stands Out
✅ Two decades of experience in specialised seamless products.
✅ Diversified applications across several critical industrial sectors.
✅ FY26 revenue increased 67% and PAT rose 107%.
✅ Post-issue P/E of 15.72 times appears moderate.
✅ Entire IPO consists of fresh capital without an offer for sale.
✅ Expansion and technology upgrades receive the largest fund allocation.
Key Risks
⚠ Borrowings have increased consistently over three years.
⚠ Debt-to-equity remains elevated despite improved profitability.
⚠ Industrial demand may fluctuate with capital-expenditure cycles.
⚠ Steel prices and energy costs can pressure operating margins.
⚠ SME shares may experience limited liquidity and sharp volatility.
Financial Snapshot
Anand Seamless delivered a financial recovery during FY26. Total income increased from Rs. 33.64 crore in FY25 to Rs. 56.17 crore in FY26, surpassing the Rs. 37 crore reported in FY24. Profit after tax more than doubled to Rs. 5.48 crore from Rs. 2.65 crore, while EBITDA increased to Rs. 10.22 crore.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | Rs. 56.17 Cr | Rs. 33.64 Cr | Rs. 37.00 Cr |
| EBITDA | Rs. 10.22 Cr | Rs. 5.90 Cr | Rs. 6.51 Cr |
| Profit After Tax | Rs. 5.48 Cr | Rs. 2.65 Cr | Rs. 3.36 Cr |
| Net Worth | Rs. 19.52 Cr | Rs. 14.05 Cr | Rs. 11.40 Cr |
| Borrowings | Rs. 28.21 Cr | Rs. 21.22 Cr | Rs. 14.21 Cr |
Objects of the Issue
The company proposes to allocate Rs. 13.20 crore towards capacity expansion, technological upgrades, operating-cost optimisation and support for its manufacturing facility. Another Rs. 5.73 crore will repay or prepay secured and unsecured borrowings. General corporate purposes receive Rs. 3.70 crore, while issue expenses are estimated at Rs. 3.13 crore.
Valuation and Key Ratios
At the fixed issue price of Rs. 72, Anand Seamless will command a post-issue market capitalisation of approximately Rs. 86.18 crore. Diluted EPS is Rs. 4.58, resulting in a post-issue P/E ratio of 15.72 times. This valuation appears moderate if FY26 earnings prove sustainable.
The ratios show ROE and RoNW of 16.57%, ROCE of 11.65% and debt-to-equity of 1.38. PAT margin was 9.31%, while EBITDA margin stood at 16.09%. Profitability is healthy, but leverage reduces balance-sheet comfort.
Promoters and Shareholding
The promoters are Kedar Mayank Choksi and Heta Kedar Choksi. Their combined holding will decline from 100% before the issue to 70.39% after it. Public ownership will consequently rise to 29.61%.
Final Assessment
Anand Seamless offers specialised products, strong FY26 growth and productive use of fresh proceeds.
However, investors should not extrapolate one year’s rapid growth without considering prior fluctuations. Rising debt, capital-expenditure execution, input-cost volatility and SME liquidity are important risks. The Rs. 2,30,400 minimum retail investment also creates meaningful exposure per application.
Investors may apply selectively if GMP and subscription demand remain supportive. Long-term investors should track capacity utilisation, debt reduction, cash flows and whether earnings growth continues after the expansion becomes operational.