Gallard Steel IPO: Price, GMP, Analysis, And Details

Gallard Steel IPO- Company Analysis 

Gallard Steel IPO under the SME IPO category is a book build issue of Rs. 37.50 Cr by Gallard Steel Ltd., and is involved in the business of Manufacturing unmachined and machined castings with different types of carbon steels, ductile iron, grey cast iron, and alloys steels.

Additionally, the company has one wholly owned subsidiary, Sleeploop India Pvt. Ltd., which is in the business of bonded foam and component machining. The company has been improving its production capacity through increased operational output and expansion of its physical and financial resources, aided by better asset improvements.

Gallard Steel IPO Details

The Gallard Steel IPO date of opening is 19 November 2025, its initial public offering will end on 21 Nov, IPO allotment on Nov 24 and refund initiation on Nov 25, 2025.

The Rs. 37.50 crore new SME IPO comprises a wholly fresh issue of 0.25 crore shares.

The Gallard Steel IPO listing date (expected) might be on Wednesday, Nov 26, 2025, and listing at the BSE and SME. 

The Gallard Steel IPO price band is Rs. 142 to Rs. 150.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Nov 19, 2025
IPO Closing Date	Nov 21, 2025
IPO Allotment Date	Nov 24, 2025
Refund Initiation	Nov 25, 2025
IPO Listing Date	Nov 26, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	50.33	48.77	39.14
Total Income	32.14	53.52	27.86
PAT	4.29	6.07	3.20
EBITDA	7.42	12.47	5.07
Net Worth	21.38	17.08	11.03
Reserves and Surplus	14.38	10.08	4.03
Total Borrowing	19.13	20.38	17.59

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	418.71	152.21	-202.49
Net Cash Flow Investing Activities	-579.01	-1,008.39	58.86
Net Cash Flow Financing Activities	115.15	896.44	155.47

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing of capital expenditures for the construction of an office building and the expansion of the company's current manufacturing plant. ~ Rs. 201.37 Mn.

• Repayment of some of the company's borrowed funds. ~ Rs. 70 Mn.

• General corporate purposes. 

Listed Peers of Gallard Steel Ltd. 

Company Name	Face Value (Rs. )	EPS (Rs. )	P/E Ratio (x)
Nitin Casting Limited	5	24.14	20.33
Pritika Engineering Components Ltd.	5	2.18	39.22

 

Valuation

KPI	Values
ROE	43.16%
ROCE	26.59%
Debt/Equity	1.19
RoNW	35.51%
PAT Margin	11.38%
EBITDA Margin	23.39%
Price to Book Value	6.15

 

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 8.67 from the last year, the resulting P/E ratio is 17.30x.

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IPO's Strengths 

• Uninterrupted increase in profit after tax and EBITDA which indicates a good solid increase in growth.

• Improved financial position due to increased Net Asset Value (NAV).

• Multiple metal castings and product capabilities.

• More available manufacturing capacity and capital work-in-progress which is supported.

IPO’s Weaknesses

•  Low cash position while revenues increase.

•  Highly reliant on heavy capital expenditures and borrowings.

•  Steel and casting industries are cyclical and vulnerable to commodity prices.
  
  

Gallard Steel IPO GMP (Grey Market Premium)

Gallard Steel IPO GMP today is Rs. 0, as of 15 Nov 2025 at the time of writing this information.

Gallard Steel IPO Summary

The Gallard Steel IPO has a market maker portion size of 125000 Shares (Rs. 1.88 Cr).

IPO Opening & Closing Date	19 Nov, 2025 to 21 Nov, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 142 to Rs. 150 per Share.
Lot Size	1000 Shares
Issue Size	2500000 Shares (Rs. 37.50 Cr)
Offer for Sale	-
Fresh Issue	2500000 Shares (Rs. 37.50 Cr)
Listing at	BSE, SME
Issue Type	Book build issue IPO
Registrar	Ankit Consultancy Pvt. Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 3,00,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (3000 Shares) for Rs. 4,50,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Gallard Steel IPO Allotment Status

To check the Gallard Steel IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Gallard Steel Ltd.

• Zakiuddin Sujauddin

• Hakimuddin Ghantawala

• Kaid Johar Kalabhai

• Zahabiya Kalabhai

• Mariya Zakiuddin Sujauddin.

Pre-Issue Promoter Shareholding	91.14%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Seren Capital Pvt. Ltd.

 

Dividend Policy

The company has not declared a dividend during the last three financial years.

Conclusion

While Gallard Steel Limited is profitable, has growing revenues, increasing EBITDA, and growing asset bases, the company is involved in a cyclical industry that has a high capital spend and a high reliance on borrowings.

While the IPO is likely to draw the attention of investors looking for a growth opportunity in the Steel/Castings segment, the company has significant and industry-related cyclicality risks that can be countered along with the high levels of debt.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.