About Gulf Lloyds (India) IPO
Gulf Lloyds (India) IPO Details
Gulf Lloyds (India) IPO is a fixed-price issue of ₹18.19 crore, entirely a fresh issue of 0.18 crore shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on March 19, 2026 and received approval on May 11, 2026.
The price band of the issue is ₹100 per share and the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail investor) is ₹2,40,000 (2,400 shares). The IPO will be open for subscription from July 20 to 22, 2026, on the BSE SME platform, with a tentative listing date fixed as July 27, 2026. The book-running lead manager of the issue is Interactive Financial Services Ltd., while the registrar to the offer is Kfin Technologies Ltd..
Gulf Lloyds (India) IPO Date & Timeline
The Gulf Lloyds (India) IPO is officially set to open for subscription on Jul 20, 2026 and will close on Jul 22, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on March 19, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Jul 23, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Jul 24, 2026. Finally, shares of Gulf Lloyds (India) Ltd. are tentatively scheduled to list on the stock exchanges on Jul 27, 2026.
Gulf Lloyds (India) IPO Timeline
| IPO Open Date | Mon, Jul 20, 2026 |
| IPO Close Date | Wed, Jul 22, 2026 |
| Basis of Allotment | Thu, Jul 23, 2026 |
| Initiation of Refunds | Fri, Jul 24, 2026 |
| Credit of Shares to Demat | Fri, Jul 24, 2026 |
| Listing Date | Mon, Jul 27, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Gulf Lloyds (India) IPO Details
| Detail | Description |
|---|---|
| IPO Date | 20 to 22 Jul, 2026 |
| Listing Date | 27 Jul, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | 100.00 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Total Issue Size | 18,19,200 shares (agg. up to ₹ 18 Cr) |
| Reserved for Market Maker | 91,200 shares (agg. up to ₹[.] Cr) Prabhat Financial Services Ltd. |
| Fresh Issue(Ex Market Maker) | 17,28,000 shares (agg. up to ₹ 18 Cr) |
| Net Offered to Public | 17,28,000 shares (agg. up to ₹ 18 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share Holding Pre Issue | 49,10,000 shares |
| Share Holding Post Issue | 67,29,200 shares |
Gulf Lloyds (India) IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Gulf Lloyds (India) Ltd. IPO GMP is currently trading at ₹3, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹103, which is 3.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Gulf Lloyds (India) GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 16 Jul 2026 | ₹100.00 | ₹6 | 16 Jul, 202610:48 AM |
| 15 Jul, 2026 | ₹100.00 | ₹3 | 16 Jul, 202610:48 AM |
Company Background
Gulf Lloyds (India) Ltd. was originally incorporated under the name “Gulf Lloyds Industrial Services (India) Private Ltd.” on September 26, 2014, at Ahmedabad, Gujarat. Over the past decade, the firm has undergone multiple strategic name changes to better align its brand identity with its evolving corporate focus. The name was modified slightly in October 2014, followed by a shift to “Gulf Lloyds (India) Private Ltd.” in September 2024.
On January 20, 2025, the company transformed from a private limited company to a public limited company to proceed with its public listing procedure. The company mainly engage in the Services Sector, providing third-party inspection, Auditing, Certification, Testing and Training services across various industries and regions.
Operations & Product Range
Gulf Lloyds (India) Ltd. operates within the technical services sector, specialising in industrial inspections, testing, certifications and quality assurance solutions. By acting as an independent verification body, the business serves compliance-heavy industries that require strict testing against domestic and global standards.
The primary target customers of the company include large enterprise clients, manufacturing corporations and infrastructure players operating across heavy engineering, energy and construction verticals. By offering tailored quality control mechanisms, the firm ensures its clients comply with statutory regulations, mitigating structural and operational risks in their daily enterprise procedures.
Facilities & Capacity
The primary corporate and operational hub of Gulf Lloyds (India) Ltd. is situated at Ahmedabad, which acts as the central execution cell for the firm's service network. Being a specialised technical and professional services enterprise, its operational capacity is anchored heavily on engineering infrastructure, inspection software, certified testing apparatus and qualified field technical experts rather than heavy traditional manufacturing plants. To support business scalability, the enterprise maintains an ongoing focus on expanding its regional technical testing networks.
Brands & Market Presence
Gulf Lloyds (India) Ltd. positions its operations under the primary corporate brand name “Gulf Lloyds”, which has established market visibility in industrial inspection circles over its decade-long operation. The business holds necessary industrial certifications and standardisations required to perform third-party inspections legitimately. While its base operations are focused strongly on the domestic market in Western India, the enterprise continues to explore testing opportunities across national corridors to serve larger institutional clients.
Revenue Streams & Business Model
The primary revenue model of Gulf Lloyds (India) Ltd. relies on contract-based technical services, third-party inspection fees and certification charges. The company bills clients based on project duration, technical scope, or asset complexity. The revenue streams are broadly categorised by service type, including compliance testing, quality surveillance and certification audits. Across the globe, a significant portion of its financial contribution originates from the domestic Indian market, particularly within industrial clusters in Gujarat; the business structure is built to scale across other industrialised states as new project mandates are acquired.
Financial Performance
Gulf Lloyds (India) Ltd. demonstrated an expanding financial footprint. For the latest FY25, the company recorded a total income of ₹35.88 crore for the latest full fiscal year ended March 31, 2025. The firm achieved an EBITDA of ₹7.66 crore, translating to an operating EBITDA margin of 21.36%. The profit after tax (PAT) reached ₹4.67 crore, representing significant year-on-year growth compared to the PAT of ₹1.68 crore reported in fiscal 2024.
Management & Shareholding
The promoters of Gulf Lloyds (India) Ltd. are Jaykumar Bhavsar, Bhagirath Bhavsar and Anitaben Bhavsar. Before the IPO, the promoters held a 99.83% stake, the promoter group held a 0.11% stake and the public held a 0.06% stake in the company, but after the IPO, the promoters’ ownership will be slightly diluted as the offering includes a fresh issue of shares, which invites the public to join the company.
Board & Key Management
The leadership of Gulf Lloyds (India) Ltd. is led by a team of experts with many years of experience. Jaykumar Bhavsar serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Bhagirath Bhavsar, the Managing Director, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Gulf Lloyds (India) IPO Financial Information
Latest Revenue
35.68
₹ Crore
Profit After Tax
4.30
₹ Crore
Net Worth
13.48
₹ Crore
Total Borrowing
15.68
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 35.29 | 35.68 | 4.30 | 13.48 | 8.71 | 15.68 | |||
| 31 Mar 2025 | 23.51 | 35.61 | 4.67 | 9.33 | 9.32 | 8.94 | |||
| 31 Mar 2024 | 15.88 | 23.26 | 1.68 | 4.66 | 4.65 | 6.94 | |||
| Amount in ₹ Crore | |||||||||
Gulf Lloyds (India) Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 37.49 % |
| ROCE | 24.88 % |
| Debt/Equity | 1.15 |
| RoNW | 31.92 % |
| PAT Margin | - |
| EBITDA Margin | 21.97 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.76 | 6.39 |
| P/E (x) | - | - |
Gulf Lloyds (India) IPO Objectives
The company aims to utilise the Gulf Lloyds (India) IPO proceeds for the strategic purposes:
- • Capital expenditure on office premises
- • Repayment/Prepayment of debt (in part or in full)
- • Funding the working capital requirements
- • General corporate purposes
Gulf Lloyds (India) IPO Review
Gulf Lloyds (India) Ltd. occupies a specific niche within the technical compliance and industrial quality assurance sector. As regulatory environments tighten across Indian infrastructure and manufacturing, third-party inspection firms experience persistent operational relevance. The firm’s decade-long operational history provides it with a structured background to capture mid-scale enterprise accounts.
For the financial period ended March 30, 2026, the company has posted a total revenue of ₹35.97 crore. The firm achieved an EBITDA of ₹7.90 crore, yielding an EBITDA margin of 21.97%. Profit after tax reached ₹4.30 crore, growing substantially year-on-year from ₹1.68 crore in 2024.
However, investors must be aware of both sides of the company, from profitable statements to potential risks. Potential risks of the company include primary operational challenges stemming from geographic concentration and intense competition from both unorganised local players and larger multinational inspection firms. Overall, the IPO shows that the successful implementation of the post-IPO expansion strategy will heavily govern the long-term growth curve of the business.
Conclusion
Gulf Lloyds (India) IPO is an opportunity for investors to invest in a growing company that has an operational inflexion point for the enterprise and the execution focus going forward must centre on widening its geographic reach and maximising the utilisation of its technical workforce. With this listing, the company aims to fund the expenses of the office premises, debt reduction and the day-to-day operational requirements.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2400 | 240000 |
| Individual investors (Retail) (Max) | 2 | 2400 | 240000 |
| HNI (Min) | 3 | 3600 | 360000 |