Gallard Steel Ltd. IPO 2025 – Full Detailed Report

Gallard Steel IPO| Gallard Steel Ltd IPO| SME IPO 2025| Steel manufacturing IPO| Engineering components IPO India| Gallard Steel share price| Gallard Steel financials

Date: 16 November 2025

Gallard Steel Ltd. is coming out with its SME IPO to raise around ₹37.50 crore through a 100% fresh issue. The company is a fast-growing manufacturer of ready-to-use castings, machined components, assemblies and sub-assemblies used in railways, defence, heavy machinery, power generation and industrial engineering.

This IPO is gaining attention due to its consistent revenue growth, integrated production facilities and strong demand outlook in India’s infrastructure & defence manufacturing ecosystem.

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📅 IPO Important Dates

• Issue Opens: 19 November 2025
• Issue Closes: 21 November 2025
• Allotment: 24 November 2025
• Listing (BSE SME): 26 November 2025
• Price Band: ₹142 – ₹150 per share
• Lot Size: 1,000 – 2,000 shares (final confirmation expected)
• Minimum Investment: Approx ₹2.84 – ₹3 lakh

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🏢 About Gallard Steel Ltd.

Gallard Steel Ltd., incorporated in 2015 and based out of Pithampur (Madhya Pradesh), operates in the engineered metals & casting solutions space. The company manufactures a range of steel and iron-based industrial components such as:

• Grey cast iron components
• Ductile iron castings
• Carbon steel parts
• Alloy steel parts
• Machined components & sub-assemblies

Their products are widely used in:

• Indian Railways
• Defence equipment manufacturers
• Heavy engineering
• Power sector
• Industrial machinery OEMs

The company operates through both foundry operations and precision machining, making it an integrated, end-to-end manufacturing solution provider.

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📈 Financial Performance Highlights

Gallard Steel has shown strong and stable financial growth over the last few years:

Revenue Growth

• FY 2024: ~₹26.8 crore
• FY 2025: ~₹53.3 crore
  ✔ Almost 100% YoY growth

Profit (PAT) Growth

• FY 2024: ~₹3.19 crore
• FY 2025: ~₹6.07 crore

Margins & Strength

• Strong operational margins
• Improved cash flows due to larger order volumes
• Healthy EBITDA growth indicating better cost management

Valuation Snapshot

• EPS (FY25): ~₹8.6 – ₹8.7
• P/E at upper price band (₹150): ~17x
• Book Value: ~₹24 – ₹25
• P/B: ~6x

Compared to other SME peers in the engineering/castings sector, Gallard Steel’s valuation appears moderate to fairly priced.

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🎯 Objects of the IPO Issue

Funds raised will be used for:

1. Capacity Expansion

• Setting up additional manufacturing & machining lines
• Enhancing plant capability for high-precision components
• Building a new office and infrastructure block

2. Debt Reduction

• Repayment/pre-payment of certain loans (~₹7 crore)

3. General Corporate Purposes

• Strengthening working capital
• Procurement of new tools, machines & automation equipment

These expansions will help the company scale production for railway & industrial clients.

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💡 Business Strengths

1. Integrated Manufacturing Setup

Foundry + Machining under one roof
→ faster delivery, lower dependency on vendors, higher margins.

2. Strong Industry Demand

Growing demand from:

• Railways
• Defence (Make in India)
• Heavy industrial machinery
• Power sector

3. Major Client Base

Repeat orders from well-known engineering companies.

4. Robust Financial Performance

Revenue and profit almost doubling YoY.

5. Productivity Improvement

Investments in automation & advanced machining systems.

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⚠ Risks for Investors

1. High Customer Concentration

Top 10 customers contribute 80–90% of revenue.
Loss of one major buyer could impact growth.

2. Raw Material Volatility

Steel, iron & alloy price fluctuations affect margins.

3. SME IPO Risk

Post-listing liquidity is limited compared to mainboard stocks.

4. Single Geographic Facility

Operational concentration in Madhya Pradesh.

5. Sector Cyclicality

Steel & industrial engineering demand moves with economic cycles.

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📊 Market Sentiment & Listing Expectations

• Based on current SME trends, the issue may attract moderate to strong subscription, especially from HNI/NII segments.
• A reasonable valuation, strong financials and expansion theme may lead to positive listing gains.
• GMP trend is currently muted, indicating that activity may pick up closer to the opening date.

Expected Listing Range: Neutral to moderately positive (subject to final subscription numbers).

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👤 Suitable For Which Investors?

This IPO is suitable for:

• High-risk investors
• SME IPO participants
• Investors looking for industrial manufacturing growth stories
• Those comfortable with higher lot size investment (~₹3 lakh)

Not ideal for:

• Low-risk or conservative investors
• Investors seeking assured listing gains
• Those unfamiliar with SME market risk

Gallard Steel IPO| Gallard Steel Ltd IPO| SME IPO 2025| Steel manufacturing IPO| Engineering components IPO India| Gallard Steel share price| Gallard Steel financials

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Subscription:

Date	Anchor	QIB	NII	BNII(>10l)	SNII(<10L)	Retail	Total
Day-1	1	0.00	8.88	10.65	5.33	7.00	5.41

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How to Check IPO Allotment Status:

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by Mirae Asset (m,Stock)