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28 Oct, 2025
Nilachal Carbo Metalicks IPO
The Nilachal Carbo Metalicks IPO is an SME IPO of approximately ₹56.10 crore, combining a fresh issue of ₹ 22.10 crore and about ₹34.00 crore as Offer for Sale of equity shares of face value of ₹10 each. The fixed price of IPO is ₹85, the subscription date is from September 8 to 10, 2025 and the listing date is September 15. The SME listing will be on BSE SME and the registrar to the issue is Kfin Technologies, with the book running lead manager as Sun Capital.
Company Background
Established in 2003 and based in Odisha, Nilachal Carbo Metalicks is a LAM Coke manufacturer that specializes in ultra/low-phosphorus grades ideally suited for ferro alloys and steel value chains. It provides nut coke, blast furnace, foundry coke and coke fines to the foremost ferrochrome producers and pellet/sinter plants in India. Over a span of two decades, NCML has forged supply partnerships with major ferrochrome producers and has established itself as a dependable B2B supplier known for quality assurance, standard specifications and commitment to sustainable and efficient coke-making processes.
Operations & Product Range
Facility & Production
NCML has a non-recovery, beehive-type coke oven plant at Chadheidhara/Baramana in Jajpur, Odisha, with a run-rate capacity of 60k MTPA, which is supplemented by leased and tolling capacities in Visakhapatnam and other sites in Odisha of 18–42 k MTPA, depending on deals and timelines. The company intends to increase the capacity by about 34,400-48,000 MTPA at the plant in Jajpur through additional ovens, to hike the total capacity substantially. Plant communications report on three non-recovery coke oven batteries with disciplined quality systems and a suggestion to install more ovens to increase throughput, which suggests the next steps in the plan in order to serve increasing demand for ferro alloys and to drive scale economies.
Brands & Market Presence
The enterprise is identified in domestic and international markets as the Nilachal Carbo Metalicks brand, based on promoting ferro alloys grade LAM Coke and ultra-low-phosphorus versions customized for end-use industries. Its products serve as critical input for key processes in ferrochrome smelting as well as iron ore pelletizing and sintering for large industrial clients. NCML “sells to most of the top ferro chrome manufacturers in the country,” a claim that is supported by their being in Odisha and at the base of the ferro alloys cluster, with whom they presumably have B2B relationships, over long periods.
Revenue Channels
- Sale of LAM Coke across specifications (nut coke, BF/foundry coke, low-phos fines) to ferro alloys, pellet and sinter plants drives core B2B revenues.
- Tolling/leased capacity utilization in Odisha and Andhra Pradesh supports output flexibility and volumes, aiding revenue stability during expansion.
- Customer stickiness from technical specifications, quality consistency and proximity to ferro chrome hubs in Odisha underpins repeat orders.
- Product mix optimization between domestic ferro alloys customers and pellet/sinter users enables margin management based on demand and grade.
Management & Shareholding
Promoters & Shareholding
Nilachal Carbo Metalicks IPO is a mix of fresh equity plus offer for sale, thus there is primary capital infusion and partial monetization by existing holders. Promoter control continues after the listing, although there is stake dilution as per issue size and SME guidelines. Fundraising on a fresh issue component of ₹22.10 crore, the proposed capitalization would blend growth capital and liquidity alongside preserving promoter ownership throughout the scale-up cycle.
Board Members
The Nilachal Carbo Metalicks IPO board of directors includes representatives from the promoters and professionals with expertise in the field of coke production, operations and finance, signalling readiness for public-company governance. The issuer has identified Sun Capital Advisory Services as lead manager and Kfin Technologies as registrar, ensuring that it is accessing intermediaries that are well-versed in SME listing requirements.
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.
Nilachal Carbo Metalicks 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.**
Nilachal Carbo Metalicks IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 8, 2025 to September 10, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price | ₹85 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 66,00,000 shares (aggregating up to ₹56.10 Cr) |
| Fresh Issue (Ex Market Maker) | 22,68,800 shares (aggregating up to ₹19.28 Cr) |
| Offer for Sale | 40,00,000 shares of ₹10 (aggregating up to ₹34.00 Cr) |
| Net Offered to Public | 62,68,800 shares (aggregating up to ₹53.28 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 2,23,27,000 shares |
| Share Holding Post Issue | 2,49,27,000 shares |
Nilachal Carbo Metalicks IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Sep 8, 2025 |
| IPO Close Date | Wed, Sep 10, 2025 |
| Tentative Allotment | Thu, Sep 11, 2025 |
| Initiation of Refunds | Fri, Sep 12, 2025 |
| Credit of Shares to Demat | Fri, Sep 12, 2025 |
| Tentative Listing Date | Mon, Sep 15, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2025 |
Nilachal Carbo Metalicks IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,72,000 |
| HNI (Min) | 3 | 4,800 | ₹4,08,000 |
Nilachal Carbo Metalicks IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 99.99% |
| Promoter Holding Post Issue | 73.52% |
Competitive Strength:
- ● Strategically located in Odisha, close to ferro alloys clusters and ports, allowing optimal logistics and customer service for coke deliveries.
- ● Focused on primarily in low/ultra-low-phosphorus LAM Coke of consistent quality that fulfills the strictest specifications for ferro chrome and pellet/sinter production.
- ● Planned capacity expansion via additional ovens at Jajpur, scaling from the current 60,000 MTPA with leased/tolling add-ons toward materially higher throughput.
- ● Established B2B relations with major ferrochrome suppliers in India, resulting in repeat orders and visibility of utilization.
Nilachal Carbo Metalicks IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 123.34 | 202.79 | 14.02 | 78.3 | 23.55 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 114 | 267 | 16 | 64 | 26 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 93.22 | 268.46 | 14.82 | 48.46 | 18.84 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.90% |
| ROCE | 22.74% |
| Debt/Equity | 0.3 |
| RoNW | 17.90% |
| PAT Margin | 6.96% |
| EBITDA Margin | 13.46% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.28 | 6 |
| P/E (x) | 13.54 | 15 |
Objectives of Nilachal Carbo Metalicks IPO
- Funding capex towards the addition of Coke Oven Plant/Ovens in the existing Odisha facility to increase the LAM Coke capacity, which would drive growth and operating leverage.
- Upgrade the current plant and upgrade process efficiency and quality controls to increase the yield and the specification.
- Apply proceeds to general corporate purposes to support working capital, supply chain fortitude and the company’s and scale of organization.
Conclusion
Nilachal Carbo Metalicks IPO is well-positioned to capitalize on the demand in industrial materials manufacturing by supplying the essential LAM Coke required by the ferro alloys and steel sector of the country, coupled with strong operations in Odisha, focus on low-phos product and the strong B2B relationships. The fixed-price issue combines new money for expansion with an OFS slice to enable the listing. The offer fits in an upcycle in ferro alloys demand with transparent timelines, lower ticket size per share and an expansion roadmap at Jajpur, stressing on quality, location advantage and scale execution.
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Frequently asked Questions (FAQs )
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When are the Nilachal Carbo Metalicks IPO dates and listing timetable?
The SME IPO will open on September 8 and will close on September 10, 2025; allotment will be on September 11, demat and refunds by September 12 and listing on September 15.
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What is the size of the issue and the structure?
The issue size is about ₹56.10 crore with expected fresh issue worth around ₹22.10 crore and the OFS to be of approximately ₹34.00 crore.
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Where will the shares be listed?
The shares would be listed on the BSE SME platform, in accordance with other SME issuances.
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What does the company do?
NCML produces LAM Coke, including nut coke, BF/foundry grade & low phosphorus fin, serving ferro chrome producers, also pellet/sintering plants.
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