Nilachal Carbo Metalicks IPO Key Dates
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Nilachal Carbo Metalicks IPO Condenses Verdict
Final Subscription Tally
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| QIB | NII x | RII x | Total x | Applications |
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About Nilachal Carbo Metalicks
Incorporated in 2003, Nilachal Carbo Metalicks Ltd. is engaged in the production of high-quality, low-sulphur metallurgical coke. Its product range includes nut coke, blast furnace coke, foundry coke, and low-phosphorus coke fines, catering to diverse industrial applications.
The company operates a state-of-the-art facility at Chadheidhara, Jajpur (Odisha), equipped with three non-recovery bee-hive type coke oven batteries with an installed capacity of 60,000 MTPA. Expansion is underway at its Baramana, Jajpur plant, where a new battery of 36 ovens will add 34,400 MTPA, taking total capacity to 94,400 MTPA (1,12,400 MTPA including leased capacity).
Its product portfolio covers:
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Foundry Grade Coke – used in foundries as a fuel and reducing agent, ensuring consistent heat and low impurities.
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Ferro Alloys Grade Nut Coke – critical for ferro-alloy production with low ash and phosphorus, enhancing furnace efficiency.
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Blast Furnace Grade Coke – essential for iron making, offering high carbon, durability, and low ash for stable combustion.
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Coke Fines – by-product of LAM/Nut Coke manufacturing, widely used in pelletization, sintering, and steel melting.
The company enjoys strong demand from nearby steel plants and as of 5 July 2025, employs 65 people on its payroll.
Nilachal Carbo Metalicks IPO Details
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Sector: |
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| IPO opens on | 8 Sept 2025 |
| IPO closes on | 10 Sept 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 66,00,000 Shares / Rs 56.10 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 331,200 Shares |
| Net offer to Public | 62,68,800 Shares Rs. 53.28 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 85 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,31,200 (5.02%) |
| NII (HNI) Shares Offered | 31,32,800 (47.47%) |
| Retail Shares Offered | 31,36,000 (47.52%) |
| Total Shares Offered | 66,00,000 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 3,200 | 2,72,000 |
| Retail (Max) | 2 | 3,200 | 2,72,000 |
| HNI (Min) | 3 | 4,800 | 4,08,000 |
Who are the Promoters of Nilachal Carbo Metalicks IPO?
The promoters hold 99.99% of the pre-IPO capital
What are the Objects of Nilachal Carbo Metalicks IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding Capital expenditure for installing One Coke Oven Plant for expansion of capacity. Rs. 13.46 Crore
+Funding modernization of existing plant Rs. 3.03 Crore
+General Corporate purposes
Nilachal Carbo Metalicks IPO Lead Managers
Sun Capital Advisory Services Pvt ltd
| Registered Office of the Company |
| Nilachal Carbo Metalicks Ltd. N/4, 158 IRC Village, Bhubaneswar 751015 Bhubaneshwar, Odisha, 751015 Email: secretarial@nilachalcoke.com |
| Who is the Registrar to the IPO? Kfin Technologies ltd |
Nilachal Carbo Metalicks Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 123.34 | 114.49 | 93.22 |
| Total Income | 202.79 | 267.13 | 268.46 |
| Profit After Tax | 14.02 | 15.82 | 14.82 |
| EBITDA | 27.13 | 22.32 | 24.98 |
| Net Worth | 78.3 | 64.28 | 48.46 |
| Reserves and Surplus | 55.97 | 41.95 | 26.14 |
| Total Borrowing | 23.55 | 26.14 | 18.84 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 17.90% |
| ROCE | 22.74% |
| Debt/Equity | 0.3 |
| RoNW | 17.90% |
| PAT Margin | 6.96% |
| EBITDA Margin | 13.46% |
| EPS | 6.28 |
| PE R | 13.54 |
How Nilachal Carbo Metalicks IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Nilachal Carbo Metalicks | 13.54 | 17.9 |
| Stratmont Industries | 68.85 | 3.48 |
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Nilachal Carbo Metalicks IPO Review
by Paresh Gordhandas, CA & Research Analyst
Business Overview
Incorporated in 2003, Nilachal Carbo Metalicks Ltd. is engaged in manufacturing and supply of high-quality, low-sulphur metallurgical coke. The company produces foundry coke, ferro alloys grade nut coke, blast furnace grade coke and coke fines, catering to steel plants, foundries, and ferro-alloy industries. It operates a 60,000 MTPA plant at Chadheidhara, Jajpur (Odisha) and is expanding capacity by 34,400 MTPA at Baramana, Jajpur, taking total installed capacity to 94,400 MTPA (1,12,400 MTPA including leased capacity).
With demand driven by India’s expanding steel and foundry sector, the company is positioned to capture opportunities, though it faces challenges from cyclicality in steel demand and global coal price movements.
Financial Performance (Rs. crore)
| Period Ended | 31-Mar-23 | 31-Mar-24 | 31-Mar-25 |
|---|---|---|---|
| Total Income | 268.46 | 267.13 | 202.79 |
| EBITDA | 24.98 | 22.32 | 27.13 |
| PAT | 14.82 | 15.82 | 14.02 |
| Net Worth | 48.46 | 64.28 | 78.30 |
| Borrowings | 18.84 | 26.14 | 23.55 |
| Assets | 93.22 | 114.49 | 123.34 |
✔ Strengths:
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EBITDA improved to Rs. 27.13 cr in FY25 despite turnover decline.
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Steady profitability (PAT around Rs. 14–16 cr over 3 years).
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Net worth rising consistently.
⚠ Concerns:
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Turnover dropped from Rs. 268.46 cr in FY23 to Rs. 202.79 cr in FY25
- Expense-to-revenue ratio ideclined to 91.31% vs 94.53% in FY23. Wheher the company will be able to maintain such low expenses ratio is a question.
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Borrowings remain moderate (Rs. 23.55 cr).
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Exposure to raw material price volatility and steel sector cycles.
Concise Revenue Snapshot
Revenue fell from Rs. 268.46 cr in FY23 to Rs. 202.79 cr in FY25, while PAT stayed around Rs. 14–16 cr. .
The company makes metallurgical coke, including foundry coke, blast furnace coke, nut coke, and coke fines used in steel, foundry, and ferro-alloy industries.
Turnover declined to Rs. 202.79 cr in FY25 from Rs. 268.46 cr in FY23, but EBITDA improved to Rs. 27.13 cr and PAT stayed steady at Rs. 14.02 cr.
The IPO size is Rs. 56.10 crore, price fixed at Rs. 85 per share, with lot size of 1,600 shares. Retail investors need 2 lots (3,200 shares) = Rs. 2,72,000. Opens 8 Sept 2025, closes 10 Sept 2025, listing 15 Sept 2025 on BSE SME.
The IPO offers exposure to India’s steel and foundry growth story. While profitability is steady and efficiency has improved, the recent decline in revenue is a concern. Suitable for investors with moderate risk appetite looking at long-term industrial demand.
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