Narmadesh Brass Industries IPO: GMP, Price, Analysis, And Details

Narmadesh Brass Industries IPO- Company Analysis

Narmadesh Brass Industries IPO under the SME IPO category is a fixed price issue of Rs. 44.87 Cr by Narmadesh Brass Industries Limited and is a contemporary brass manufacturing business with its headquarters in Jamnagar, Gujarat.

The company's 6,293 m² manufacturing plant is located at Plot Nos. 5, 8, and 9 in the Shree Ganesh Industrial Hub in Jamnagar, which is known as India's "Brass City" because of its high concentration of brass producers.

Producing a broad range of brass goods for both domestic and international markets is Narmadesh's area of expertise. Included in their portfolio are:

• Billets of brass.

• Rods made of brass.

• Brass valves, such as NRVs and ball valves.

• Sanitary fixtures and plumbing (including lead-free choices).

Casting, forging, turning, CNC and VMC machined components are used to customize garden fittings and agricultural sprayer parts.

 

Narmadesh Brass Industries IPO Details

The Narmadesh Brass Industries IPO date of opening is 12 Jan 2026, its initial public offering will end on 15 Jan, IPO allotment on Jan 16 and refund initiation on Jan 19, 2026.

The Rs. 44.87 crore new SME IPO comprises a combination of fresh issue of 0.07 crore shares (Rs. 36.09 Cr) and offer for sale of 0.02 crore shares (Rs. 8.78 Cr).

The Narmadesh Brass Industries IPO listing date (expected) might be on Tuesday, Jan 20, 2026, and listing at the BSE and SME. 

The Narmadesh Brass Industries IPO price band is Rs. 515.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jan 12, 2026
IPO Closing Date	Jan 15, 2026
IPO Allotment Date	Jan 16, 2026
Refund Initiation	Jan 19, 2026
IPO Listing Date	Jan 20, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	59.66	46.68	22.00
Total Income	88.05	79.06	60.09
PAT	5.72	7.10	0.89
EBITDA	9.34	11.41	2.13
Net Worth	11.45	5.73	8.30
Reserves & Surplus	12.69	6.97
Total Borrowing	24.73	22.43	5.94

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	112.92	(790.52)	(284.63)
Net Cash Flow Investing Activities	(444.33)	(360.34)	(257.62)
Net Cash Flow Financing Activities	107.44	1,376.21	536.58

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

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

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings. ~ Rs. 14.50 Cr.

• Purchase of machinery and equipment. ~ Rs. 3.29 Cr.

• Funding Working capital requirements. ~ Rs. 10.20 Cr.

• General Corporate Purposes. ~ Rs. 4.60 Cr.
  
  

Listed Peers of Narmadesh Brass Industries Ltd.

Name of the Company	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Poojawestern Metaliks Limited	10	1.53	18.67
Siyaram Recycling Industries Limited	10	6.69	8.10

 

Valuation

KPI	Value
ROE	49.99%
ROCE	23.29%
RoNW	49.99%
PAT Margin	6.52%
EBITDA Margin	10.64%

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 26.23 from the last year, the resulting P/E ratio is 19.63x.

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IPO's Strengths

• Efficiency and supply chain advantages are guaranteed by a well-equipped, ISO-certified manufacturing facility situated in the brass-rich center of Jamnagar, often known as "Brass City."

• Complete process control enables improved quality assurance and client responsiveness from the casting of raw brass billets to the delivery of completed goods.

• The management staff and seasoned promoters, led by Hitesh Pragajibhai Dudhagara and others, provide continuity from the previous partnership structure.
  
  

IPO’s Weaknesses

• Price changes for the raw materials used for manufacturing have an impact on both revenue and production costs.

• Seasonality affects business.

• Have previously made a few typographical errors in subscriber shareholding details, which have since been fixed.

 

Narmadesh Brass Industries IPO GMP (Grey Market Premium)

Narmadesh Brass Industries IPO GMP today is Rs. 0 as of 07 Jan 2026 while writing this information. 

 

Narmadesh Brass Industries IPO Summary

IPO Opening & Closing Date	12 Jan, 2026 to 15 Jan, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 515 per Share.
Lot Size	240 Shares
Issue Size	8,71,200 Shares (Rs. 45 Cr)
Offer for Sale	1,70,400 shares (Rs. 9 Cr)
Fresh Issue	6,55,200 shares (Rs. 34 Cr)
Listing at	BSE, SME
Issue Type	Fixed price issue IPO
Registrar	Kfin Technologies Ltd.

 

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (480 Shares) for Rs. 2,47,200, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (720 Shares) for Rs. 3,70,800.

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

 

Narmadesh Brass Industries IPO Allotment Status

To check the Narmadesh Brass Industries 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 Narmadesh Brass Industries Ltd.

• M/s. Sprayking Limited

• Mr. Hitesh Dudhagara 

• Mrs. Ronak Dudhagara.

Pre-Issue Promoter Shareholding	99.92%
Post-Issue Promoter Shareholding	71.84%

 

IPO Lead Managers

• Aryaman Financial Services Ltd.
  
  

Dividend Policy

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

 

Conclusion

The fixed-price SME issuance Narmadesh Brass Industries IPO provides exposure to a reputable brass manufacturing company situated in Jamnagar, India's Brass City. Long-term growth prospects are supported by strong ROE, a diverse product range, and integrated production; but, seasonality and raw material volatility continue to be major threats. All things considered, this SME IPO is best suited for knowledgeable investors who are aware of the cyclicality of the brass industry, liquidity issues and value.