Gallard Steel Limited
Bookbuilding IPO · BSE
- Price band
- ₹142 - ₹150
- Lot size
- 1,000 shares
- Issue amount
- ₹37.5 cr
- Total subscription
- 375.62×
- Opens
- 19 Nov 2025
- Closes
- 21 Nov 2025
- Allotment
- 24 Nov 2025
- Listing
- 26 Nov 2025
Offer at a glance
Issue overview
- Issue size
- 25,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,42,000
- Fresh issue
- ₹37.5 cr
- Offer for sale
- ₹0 cr
- Registrar
- Ankit Consultancy Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,50,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 70,00,000
- Shares after issue
- 95,00,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,000 | ₹3,00,000 |
| sHNI | 3 | 3,000 | ₹4,50,000 |
| bHNI | 7 | 7,000 | ₹10,50,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 21 Nov 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 136 |
| NIB | 0 | 38,194 |
| RETAIL | 416 | 1,46,257 |
| HNIs(10L +) | 80 | 23,856 |
| HNIs (2-10L) | 40 | 14,338 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 7.11 | 1,624.47 |
| FIIs | 0 | 491.56 |
| Mutual Funds | 0 | 10.5 |
| Others | 0 | 1,009.93 |
| RETAIL | 12.48 | 4,387.71 |
| HNIs 2+ | 1.8 | 687.15 |
| HNIs 10+ | 3.6 | 2,687.32 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 6.13 | 8.67 | 5.14 | 2.36 |
| ROE | 22.33 | 43.16 | 37.34 | 20.56 |
| ROCE | 15.52 | 26.59 | 16.42 | 14.23 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 17.31 | 0 | 0 |
| POST IPO(PE) | 16.6 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Nitin Casting Limited | 20.33 | 490.85 | 5.00 | 0 | 15.03 | 24.14 |
| Pritika Engineering Components Limited | 39.22 | 85.5 | 5.00 | 0 | 12.63 | 2.18 |
| Gallard Steel Limited | 17.31 | 0 | 10.00 | 0 | 35.51 | 8.67 |
Company information
Company profile
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low-alloy castings. The company produces ready-to-use components, assemblies, and subassemblies for sectors such as Indian Railways, defense, power generation, and allied industries. Its products include steel components, traction motor and bogie components for railways, defense cradles and trunnion housings, thermal and hydro turbine sub-assemblies, industrial machinery liners, and rebonded foam for furniture and industrial applications. Gallard Steel is focused on delivering high-quality, durable solutions across multiple sectors and, as of February 28, 2025, employs 58 employees.
Strengths
- Fully Integrated Manufacturing Setup: Operates complete in-house casting and machining facilities in Pithampur, Madhya Pradesh, ensuring seamless process coordination, stronger production planning, minimal external dependence, and efficient inventory control.
- Robust Quality Assurance: Implements strict quality checks at every stage—from raw material inspection to final product testing—using spectrometer analysis along with destructive and non-destructive tests to deliver consistent, defect-free, and standardized products.
- Wide Industry Coverage: Caters to a diverse customer base across defense, power generation, engineering, industrial applications, and railways, reflecting strong multi-sector demand and stable business performance.
Risk factors
- Heavy Reliance on Railway Sector: A major portion of revenue is generated from supplying traction motor and bogie components to the railway industry. Any slowdown or reduced demand in this sector could strongly affect business performance and financial outcomes.
- High Revenue Dependence on Key Customers: Over 85–90% of revenue comes from the top ten customers. Losing any major client or receiving fewer orders could significantly impact cash flow, profitability, and overall operations.
- No Long-Term Supplier Agreements: The company lacks fixed contracts with raw material suppliers. Any increase in prices, supply shortages, or quality issues in key materials like steel scrap, casting sand, or resins may raise production costs and disrupt business continuity.
Promoters
Zakiuddin Sujauddin
Hakimuddin Ghantawala
Kaid Johar Kalabhai
Zahabiya Kalabhai
Mariya Zakiuddin Sujauddin
Registrar & documents
Lead manager
Seren Capital Private Limited
Registrar & contacts
Ankit Consultancy Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Flat No. 01, SukhsnehApartment, 168-M Khatiwala Tank Indore, Madhya Pradesh, 452014
+91-9644422252
[email protected]Company website ↗Understanding GALLARD IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.