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.