Gallard Steel SME: Check IPO Date, Live Subscription and Key Details
Gallard Steel Limited is an engineering manufacturer specializing in ready-to-use components, assemblies, and subassemblies made from carbon steel, ductile iron, grey cast iron, and alloy steels. The company primarily serves high-specification sectors such as the Indian Railways, defence, and power generation. It holds the highly sought-after Class ‘A’ Foundry Status from RDSO, Ministry of Railways, for critical locomotive components. Gallard Steel operates an ISO 9001:2015-certified manufacturing unit in Pithampur, Madhya Pradesh, with integrated facilities for melting, molding, heat treatment, and precision testing. Through its subsidiary, Sleeploop India Private Limited (SIPL), it also provides precision CNC machining and finishing services.
Price Range
₹142.0 - ₹150.0
Issue Size
₹35.63 Crore
Lot Size
1,000 shares
IPO Type
BSE SME
GMP
₹70(+46.67%)
Est. Listing Price
₹220
Invisible
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Invisible
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Key Metrics
Check Live GMP
Face Value
₹10
EPS
9.04
P/E Ratio
16.6
RoNW
35.51%
ROE
43.16%
Debt to Equity
1.19
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Timeline
IPO Opens
19 Nov
IPO Closes
21 Nov
Allotment
24 Nov
Listing
26 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 19 November 2025 | Subscription starts |
| IPO Close Date | 21 November 2025 | Subscription ends |
| Allotment Date | 24 November 2025 | Allotment |
| Listing Date | 26 November 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹3,00,000 |
SHNI (Min) | 3 | ₹4,50,000 |
SHNI (Max) | 6 | ₹9,00,000 |
BHNIAbove ₹10,00,000 | 7 | ₹10,50,000 |
IPO Objectives
- Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building (₹20.14 Cr).
- Repayment of a portion of certain borrowings availed by the Company (₹7.0 Cr).
- General Corporate Purpose.
Strengths
- The company has in-house manufacturing facilities with fully integrated capabilities (melting, molding, heat treatment, and testing), ensuring high quality and precision.
- It holds the prestigious Class ‘A’ Foundry Status from RDSO and approval for defence components, which signifies high entry barriers and guarantees stable government clientele.
- The business serves a diverse and critical customer base across sectors like Indian Railways, defence, power generation, and industrial machinery.
- The company shows strong financial performance, with revenue increasing by 92% and profit after tax (PAT) rising by 90% between FY24 and FY25.
- It maintains strong profitability metrics with a high RoNW of 35.51% and PAT margin of 11.34% in FY25.
Weaknesses
- The company has a high Debt-to-Equity ratio of 1.19, indicating significant financial leverage that could impact financial flexibility.
- There is heavy reliance on Indian Railways and Defence for a significant portion of revenue, making the business vulnerable to changes in government procurement policies.
- The business is vulnerable to fluctuations in the prices of raw materials (carbon steel, alloy steels, etc.), which can impact profit margins.
- It is a working capital intensive business, requiring significant funds to manage inventory and receivables, which may strain liquidity.
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 50.33 | 48.77 | 39.14 |
| Revenue (₹ Cr.) | 32.14 | 53.52 | 27.86 |
| PAT (₹ Cr.) | 4.29 | 6.07 | 3.2 |
| Net Worth (₹ Cr.) | 21.38 | 17.08 | 11.03 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Gallard Steel Limited | 6.15 | 16.6 | 43.16% | 21.38 |
| Nitin Castings Ltd | 2.88 | 22.24 | 15.03% | 82.58 |
| Pritika Engineering | 4.56 | 30.82 | 14.81% | 45.49 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 1.97x | 228.48x |
| NII | 8.88x | 57.49x | 624.56x |
| S-HNI | 5.33x | 38.63x | 381.75x |
| B-HNI | 10.65x | 66.93x | 745.96x |
| RII | 7x | 48.48x | 351.58x |
| Total | 5.41x | 37.19x | 375.54x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 4,74,000 | 10,82,98,000 | 1,624.47 |
| NII | 3,60,000 | 22,48,40,000 | 3,372.6 |
| Small NII | 1,20,000 | 4,58,10,000 | 687.15 |
| Big NII | 2,40,000 | 17,90,30,000 | 2,685.45 |
| RII | 8,32,000 | 29,25,14,000 | 4,387.71 |
| Total | 16,66,000 | 62,56,52,000 | 9,384.78 |
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Company Details
- Gallard Steel Ltd.
- Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank, Indore, Madhya Pradesh-452014
- +91-9644422252
- cs@gallardsteel.com
- https://www.gallardsteel.com/
Registrar Details
- Ankit Consultancy Pvt.Ltd.
- 0731 - 491 298 / 492 698
- compliance@ankitonline.com
- https://www.ankitonline.com/PublicIssue/FrmPublicIssue.aspx