Gallard Steel SME IPO
ListedBSE SMEOpens 19 November 2025Closes 21 November 2025
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…
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.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
19 Nov 2025
IPO Closes
21 Nov 2025
Allotment
24 Nov 2025
Listing
26 Nov 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 19 November 2025 |
| IPO Close Date | 21 November 2025 |
| Allotment Date | 24 November 2025 |
| Listing Date | 26 November 2025 |
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.
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 |
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
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Sources
We match Gallard Steel SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Ankit Consultancy Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.