January 8, 2026
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Narmadesh Brass Industries IPO
Narmadesh Brass Industries IPO is a fixed price SME issue of Rs. 44.87 crores, comprising a fresh issue of 0.07 crore equity shares aggregating to Rs. 36.09 crores and an offer for sale of 0.02 crore equity shares aggregating to Rs. 8.78 crores. The issue opens for subscription on Monday, January 12, 2026 and closes on Thursday, January 15, 2026. The equity shares are proposed to be listed on BSE SME, with a tentative listing date of Tuesday, January 20, 2026.
Lead Manager: Aryaman Financial Services Ltd.
Registrar: Maashitla Securities Pvt. Ltd
Last Update: 8 January 2026, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | Monday, January 12, 2026 |
| IPO Closing Date | Thursday, January 15, 2026 |
| Allotment Date | Friday, January 16, 2026 |
| Refund Initiation | Monday, January 19, 2026 |
| Credit of Shares | Monday, January 19, 2026 |
| Listing Date | Tuesday, January 20, 2026 |
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 515 per share |
| Lot Size | 240 shares |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Market Cap (Post Issue) | Rs. 159.69 Cr |
| Total Issue Size | 8,71,200 shares (Rs. 45 Cr approx.) |
IPO Structure
| Particulars | Shares | Amount (Rs. Cr) |
|---|---|---|
| Fresh Issue (Ex Market Maker) | 6,55,200 | 34.00 |
| Offer for Sale | 1,70,400 | 9.00 |
| Market Maker Reservation | 45,600 | 2.00 |
| Net Issue to Public | 8,25,600 | 43.00 |
| Total Issue | 8,71,200 | 45.00 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 45,600 | 5.23% |
| NII (HNI) | 4,12,800 | 47.38% |
| Retail Individual Investors | 4,12,800 | 47.38% |
| Total | 8,71,200 | 100.00% |
IPO Lot Size
| Application Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Minimum & Maximum) | 2 | 480 | 2,47,200 |
| HNI (Minimum) | 3 | 720 | 3,70,800 |
About Narmadesh Brass Industries Ltd.
Narmadesh Brass Industries Ltd. is a brass manufacturing company based in Jamnagar, Gujarat, widely known as India’s “Brass City”. The company operates from a manufacturing facility spread over 6,293 square meters, located at Plot Nos. 5, 8 and 9 at Shree Ganesh Industrial Hub, Jamnagar.
The company manufactures a diversified range of brass products catering to both domestic and export markets. Its product portfolio includes brass billets, brass rods, brass valves (including ball valves and NRVs), plumbing and sanitary fittings (including lead-free products), agricultural sprayer parts and garden fittings. Narmadesh also undertakes customized manufacturing through casting, forging, turning, CNC and VMC machining.
The company follows an integrated manufacturing approach with in-house casting and forging facilities, enabling better quality control and timely execution. Narmadesh Brass Industries Ltd. holds ISO 9001:2015 certification for its quality management system. As of September 30, 2025, the company employed 81 contract labourers at its manufacturing unit.
Competitive Strengths
• Well-established manufacturing facility located in Jamnagar, offering proximity to raw material suppliers and skilled manpower
• Integrated operations from casting to finished product dispatch ensure quality consistency
• Wide and diversified brass product portfolio catering to multiple end-use industries
• Experienced promoters and management team with continuity from the earlier partnership structure
Company Financials (Rs. Cr)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 63.10 | 59.66 | 46.68 | 22.00 |
| Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
| EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
| Profit After Tax | 4.01 | 5.72 | 7.10 | 0.89 |
| Net Worth | 22.46 | 11.45 | 5.73 | 8.30 |
| Reserves & Surplus | 23.30 | 12.69 | 6.97 | – |
| Total Borrowings | 19.21 | 24.73 | 22.43 | 5.94 |
Objects of the Issue
| Sr. No. | Objects | Estimated Amount (Rs. Cr) |
|---|---|---|
| 1 | Repayment / prepayment of borrowings | 14.50 |
| 2 | Purchase of machinery and equipment | 3.29 |
| 3 | Funding working capital requirements | 10.20 |
| 4 | General corporate purposes | 4.60 |
Key Performance Indicators (As on 31 March 2025)
| KPI | Value |
|---|---|
| ROE | 49.99% |
| ROCE | 23.29% |
| RoNW | 49.99% |
| PAT Margin | 6.52% |
| EBITDA Margin | 10.64% |
Valuation Snapshot
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 26.23 | 25.87 |
| P/E (x) | 19.63 | 19.90 |
| Promoter Holding | 99.92% | 71.84% |
| Market Capitalisation | – | Rs. 159.69 Cr |
Promoters
The promoters of the company are M/s Sprayking Limited, Mr. Hitesh Pragajibhai Dudhagara and Mrs. Ronak Hitesh Dudhagara.
Contact Details
- +91 028 95299401
- info@narmadeshbrass.com
IPO Registrar
Kfin Technologies Ltd.
Tel: 040-67162222 / 040-79611000
Email: einward.ris@kfintech.com
IPO Lead Manager
Aryaman Financial Services Ltd.
Quicklinks
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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.
