Gabion Technologies IPO (SME)
Gabion Technologies India Ltd. is launching a Book-Built SME IPO of Rs. 29.16 crore, entirely a fresh issue of 36,00,000 equity shares.
The IPO opens on January 6, 2026 and closes on January 8, 2026.
The allotment is expected on January 9, 2026, and the tentative listing on January 13, 2026, on BSE SME.
The price band is Rs. 76 to Rs. 81 per share.
The lot size is 1,600 shares.
As the minimum retail application requires 2 lots (3,200 shares), the minimum retail investment is Rs. 2,59,200 at the upper price.
Lead Manager: GYR Capital Advisors Pvt. Ltd.
- Grade A (Trusted Banker)
✔ Success ≥ 80% AND Avg Listing Gain > 8%
Registrar: Kfin Technologies Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
🕗 Last Update: 31 December 2025, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Jan 6, 2026 – Jan 8, 2026 |
| Listing | BSE SME |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 76 to Rs. 81 |
| Lot Size | 1,600 shares |
| Issue Size | 36,00,000 shares (Rs. 29.16 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 1,80,800 shares (Rs. 1.00 Cr) |
| Net Offer to Public | 34,19,200 shares (Rs. 28.16 Cr) |
| Pre-Issue Shares | 99,75,360 |
| Post-Issue Shares | 1,35,75,360 |
| Market Cap (Pre-IPO) | Rs. 109.96 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Tue, Jan 6, 2026 |
| IPO Close | Thu, Jan 8, 2026 |
| Allotment | Fri, Jan 9, 2026 |
| Refunds | Mon, Jan 12, 2026 |
| Shares in Demat | Mon, Jan 12, 2026 |
| Listing Date | Tue, Jan 13, 2026 |
| UPI Cut-off | 5 PM, Jan 8, 2026 |
Reservation Structure
| Investor Category | Shares |
|---|---|
| Market Maker | 1,80,800 |
| QIB | 17,05,600 |
| – Anchor Investors | 10,22,400 |
| – QIB (Ex-Anchor) | 6,83,200 |
| NII (HNI) | 5,13,600 |
| Retail | 12,00,000 |
| Total | 36,00,000 |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–Max) | 2 | 3,200 | 2,59,200 |
| S-HNI (Min) | 3 | 4,800 | 3,88,800 |
| S-HNI (Max) | 7 | 11,200 | 9,07,200 |
| B-HNI (Min) | 8 | 12,800 | 10,36,800 |
Company Financials (Rs. in Crore)
| Period | 30-Nov-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 100.58 | 87.52 | 70.12 | 51.77 |
| Total Income | 60.66 | 101.17 | 104.97 | 78.88 |
| PAT | 4.30 | 6.63 | 5.82 | 3.41 |
| EBITDA | 10.76 | 15.06 | 13.16 | 6.39 |
| Net Worth | 26.33 | 22.03 | 15.41 | 9.65 |
| Reserves & Surplus | 16.32 | 12.02 | 13.71 | 7.97 |
| Borrowings | 52.05 | 46.71 | 36.37 | 29.46 |
Growth Snapshot
Based on available financials, the company reported a marginal decline in revenue in FY25, while profitability improved with PAT growth of around 14% over FY24. EBITDA margins remain healthy, supported by execution capabilities and specialised geotechnical solutions. However, relatively high borrowings indicate continued dependence on working capital funding.
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| ROCE | 19.17% |
| Debt / Equity | 2.12 |
| RoNW | 30.05% |
| PAT Margin | 6.60% |
| EBITDA Margin | 14.89% |
| Price to Book Value | 3.67 |
| EPS (Pre / Post) | Rs. 6.65 / Rs. 4.75 |
| P/E (Pre / Post) | 12.18x / 17.04x |
About the Company
Incorporated in February 2008, Gabion Technologies India Ltd. is engaged in manufacturing steel gabions and providing geosynthetics, geotechnical engineering and ground improvement solutions in India and overseas markets.
The company manufactures double twisted hexagonal steel wire mesh gabions, defence gabions, PP rope gabions, high tensile rockfall protection nettings, reinforced geomats and high strength flexible geogrids.
Its products and services cater to infrastructure, retaining walls, slopes stabilisation, rockfall protection, irrigation and mining projects. The company has executed 76 projects with an aggregate contract value of approximately Rs. 12,760.59 lakh across roads, railways, energy, defence, mining, airports and water resources sectors.
As on November 30, 2025, the company employed 159 full-time employees along with contractual manpower depending on project requirements.
Competitive Strengths
In-house experienced design and execution team
Manufacturer and contractor capabilities for specialised projects
Wide customer base across infrastructure sectors
Competitive pricing and quality standards
Adoption of new products and technologies
Adequate inventory for timely execution
Promoters
The promoters of the company are Mr. Madhusudan Sarda, Mrs. Urvashi Sarda, Ms. Priyanandini Sarda and M/s ARS Merchants Private Limited.
Company Contact
Gabion Technologies India Ltd.
IPO Lead Manager(s)
GYR Capital Advisors Pvt. Ltd.
- Grade A (Trusted Banker)
✔ Success ≥ 80% AND Avg Listing Gain > 8%
IPO Registrar
Kfin Technologies Ltd.
📞 040-6716 2222 / 040-7961 1000
✉️ gabion.ipo@kfintech.com
🌐 https://www.kfintech.com
Chanakya IPO Review
Gabion Technologies operates in the specialised geotechnical and infrastructure solutions space with diversified applications across multiple sectors. The company has demonstrated stable execution capability and improving profitability, though revenue growth remains moderate and leverage levels are relatively high.
Chanakya View
Suitable for medium-risk investors with a long-term perspective. Key monitorables include working capital management, debt reduction and order execution efficiency. Listing performance will depend on subscription response, SME market sentiment and grey market cues closer to listing.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
