November 13, 2025
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Gallard Steel IPO
Gallard Steel Ltd. is launching its SME IPO of Rs. 37.50 crore, consisting entirely of a fresh issue of 25,00,000 shares.
The IPO opens on November 19, 2025 and closes on November 21, 2025. Allotment is expected on November 24, 2025, and the shares will list on BSE SME with a tentative listing date of November 26, 2025.
🕗 Last Update: 13 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | November 19, 2025 |
| IPO Close Date | November 21, 2025 |
| Allotment Date | November 24, 2025 |
| Refunds Initiation | November 25, 2025 |
| Credit to Demat | November 25, 2025 |
| Listing Date | November 26, 2025 |
| UPI Mandate Cut-off | 5 PM, November 21, 2025 |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | Rs. 37.50 crore |
| Price Band | Rs. 142 – Rs. 150 per share |
| Face Value | Rs. 10 |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | Rs. 3,00,000 (2 lots / 2,000 shares) |
| Issue Type | Book Building Issue |
| Listing | BSE SME |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Ankit Consultancy Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,25,000 | 5% |
| QIB | 11,83,000 | 47.32% |
| NII (HNI) | 3,60,000 | 14.40% |
| Retail | 8,32,000 | 33.28% |
| Total | 25,00,000 | 100% |
Anchor Investors
Gallard Steel raised Rs. 10.64 crore from anchor investors on November 18, 2025, allocating 7,09,000 shares.
Anchor Lock-in:
• 50% shares till December 24, 2025
• Remaining 50% till February 22, 2026
About the Company
Incorporated in 2015, Gallard Steel Ltd. manufactures engineered steel castings including mild steel, SGCI, and low-alloy castings.
Their products cater to:
• Indian Railways – traction motor & bogie components
• Defence sector – cradles, recoiling cylinders, trunnion housings
• Power generation – turbine assemblies, guide vanes
• Heavy engineering – industrial liners, subassemblies
• Industrial Machinery
• Rebonded Foam for furniture & industrial usage
Manufacturing operations are carried out at a certified ISO 9001:2015 foundry in Pithampur, Dhar, Madhya Pradesh, spanning 12,195 sq. meters, with full in-house production capabilities.
Competitive Strengths
✔ In-house integrated manufacturing facility
✔ Diversified customer base across railways, defence & power
✔ Wide geographical supply footprint
✔ Strict quality-control systems and certifications
Gallard Steel IPO Promoter Holding
Promoter holding in Pre-issue capital is 91.14%
Financials (Rs. in crore)
| Particulars | 30 Jun 2025 | FY25 | FY24 |
|---|---|---|---|
| Assets | 503.35 | 487.73 | 391.39 |
| Total Income | 321.35 | 535.24 | 278.61 |
| PAT | 42.93 | 60.67 | 31.96 |
| EBITDA | 74.25 | 124.72 | 50.65 |
| Net Worth | 213.75 | 110.28 | 110.28 |
Key Ratios
• ROE: 43.16%
• ROCE: 26.59%
• Debt/Equity: 1.19
• RoNW: 35.51%
• PAT Margin: 11.38%
• EBITDA Margin: 23.39%
Objects of the Issue
-
Expansion of manufacturing facility & office building – Rs. 201.37 million
-
Repayment of borrowings – Rs. 70 million
-
General Corporate Purposes
Chanakya View
Gallard Steel is a rapidly scaling engineering castings manufacturer with strong exposure to railways, defence, and power sectors, all of which currently enjoy multi-year capex cycles supported by the Government of India.
The company has delivered 92% revenue growth and 90% PAT growth YoY, supported by a high EBITDA margin of 23% and strong return ratios (ROE 43%).
However, the business remains capital-intensive, with moderate leverage (D/E 1.19) and reliance on large institutional clients.
Chanakya Verdict:
A fundamentally strong SME with robust order visibility and expansion-led growth. Attractive for medium-term investors; apply after price discovery and subscription momentum review.
Company Contact
Gallard Steel Ltd.
Flat No. 01,
SukhsnehApartment,
168-M Khatiwala Tank
Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
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Lead Manager
Saren Capital Pvt. Ltd.
Registrar
Ankit Consultancy Pvt. Ltd.
📞 0731 – 491 298 / 492 698
✉ compliance@ankitonline.com
🌐 Check Allotment Status
Quicklinks
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Disclaimer
This coverage is for informational and educational purposes only. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investment based solely on GMP data. Please consult your SEBI-registered investment advisor before investing.
