Gallard Steel IPO...
14 Nov, 2025
Gallard Steel IPO
The Gallard Steel IPO is a small one of just ₹37.50 crore, which comprises only a fresh issue of 25 lakh shares. It is a book-built IPO with a price range of ₹142-₹150 per share. The IPO is set for subscription on 19 November 2025 and closes on 21 November 2025. Minimum lot size is 1,000 shares and the minimum application amount for retail investors is ₹3.00 lakh. The shares will be on the BSE SME platform with an approximate listing date of 26 November 2025.
Company Background
Gallard Steel Limited is a company founded in 2015 that manufactures engineered steel castings, including mild, SGCI and low-alloy castings. The firm is engaged in the manufacturing of ready-to-use components, subassemblies and assemblies for Indian Railways, defense sectors, power generation & other heavy engineering industries. Its factory, located in Pithampur, Dhar, Madhya Pradesh, is spread over an area of 12,195 sq meters and is certified by ISO 9001:2015.
Operations and Product Range
Gallard Steel produces high-quality parts, including railway traction motor castings, defence cradles, power generation guide vanes and industrial machinery liners. The system's capabilities include melting, heat treatment, grinding, moulding, sand mixing and finishing of its steel castings using in-house equipment. It serves industries such as railways, defense, power generation and other heavy engineering companies.
Facility and Team
The foundry facility of Gallard Steel IPO at Pithampur has several mechanised processes and trained manpower to guarantee quality production. The company has an optimal presence in key industrial verticals that demand precision-engineered steel castings as a mission-critical aspect influencing their equipment reliability and performance.
Brands and Market Presence
Gallard Steel has developed strong relationships with prime end-users and government clients in both public and private sectors within India’s infrastructure and defence network. Its capacity to offer engineered solutions in steel, specifically designed according to the most demanding industry standards, reinforces its competitive position with SME manufacturers.
Revenue Channels
The Gallard Steel IPO's activities are concentrated on the production and sale of engineered steel castings, including heat-treated products and other related components. Railways, defense projects and industrial orders drive the growth in its revenue.
Management and Shareholding
Gallard Steel IPO is owned and promoted by a professional foundry and general industrial management. Pre and post IPO, the shareholding will see a change consequent to the new equity infusion, with promoters maintaining a controlling stake even after listing.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Gallard Steel IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Gallard Steel IPO Details
| Detail | Description |
|---|---|
| IPO Date | November 19, 2025 to November 21, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹142 to ₹150 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 25,00,000 shares (aggregating up to ₹37.50 Cr) |
| Reserved for Market Maker | 1,25,000 shares (aggregating up to ₹1.88 Cr) Asnani Stock Broker Pvt.Ltd. |
| Net Offered to Public | 23,75,000 shares (aggregating up to ₹35.63 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 70,00,000 shares |
| Share Holding Post Issue | 95,00,000 shares |
Gallard Steel IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Nov 19, 2025 |
| IPO Close Date | Fri, Nov 21, 2025 |
| Tentative Allotment | Mon, Nov 24, 2025 |
| Initiation of Refunds | Tue, Nov 25, 2025 |
| Credit of Shares to Demat | Tue, Nov 25, 2025 |
| Tentative Listing Date | Wed, Nov 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Nov 21, 2025 |
Gallard Steel IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹3,00,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,50,000 |
| S-HNI (Max) | 6 | 6,000 | ₹9,00,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,50,000 |
Gallard Steel IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 91.14% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Established manufacturing operations in a strategic location certified for quality standards.
- • A large range of product applications, including railways, defence and power.
- • Ability to supply assemblies of equipment tailored to the rigorous demands of the industry.
- • Strong growth with rising revenue and profits in the last few years.
- • Strategically positioned SME in a niche industrial casting market.
Gallard Steel IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 50.33 | 32.14 | 4.29 | 21.38 | 19.13 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 49 | 54 | 6 | 17 | 20.38 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 39.14 | 27.86 | 3.2 | 11.03 | 17.59 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| 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 |
| Market Capitalization | ₹142.50 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.67 | 9 |
| P/E (x) | 17.31 | 17 |
Gallard Steel IPO Objectives
Proceeds from the Gallard Steel IPO will be used primarily for:
- • Capital expenditure to expand the existing manufacturing facility and construct a new office building (approximately ₹20.13 crore).
- • Repayment of certain borrowings (₹7 crore).
- • General corporate purposes to support operational growth and working capital.
Conclusion
The Gallard Steel IPO presents a focused opportunity to own a small, growing manufacturing SME company in India specializing in core industrial sectors. With a growth strategy and a footprint, the business is well-positioned to take advantage of infrastructure and defense demand while not compromising on quality or delivery.
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Frequently asked Questions (FAQs )
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How large is the Gallard Steel Ltd. IPO?
The Gallard Steel IPO size is ₹37.50 crore and the face value of an equity share is ₹10, fully consisting of a fresh issue of 25 lakh shares
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Who are the promoters of Gallard Steel Ltd.?
The company is promoted by experienced industrialists and managers who oversee its foundry operations and strategic initiatives in manufacturing.
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What is the purpose of the Gallard Steel IPO?
Proceeds from the IPO will be used to expand the existing manufacturing facility, build a new office building, repay a portion of the company’s debt obligations and for general corporate purposes in supporting continued growth.
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What are the main products offered by Gallard Steel Ltd.?
Gallard Steel manufactures engineered steel castings, including railway traction motor parts, defence cradles, power generation vanes and other industrial casting products for a wide range of heavy engineering applications.
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Where will Gallard Steel IPO shares be listed?
The shares will be listed on the Bombay Stock Exchange SME platform, with a tentative listing date of 26 November 2025, providing market liquidity to investors.
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