Gallard Steel IPO

About Gallard Steel IPO

The offer consists of a fresh issue component. The fresh issue will include 25,00,000 shares (aggregating up to ₹37.50 crores). The total number of shares is 25,00,000 and the aggregate amount is aggregating up to ₹37.50 crores.

The Gallard Steel IPO opens on Wednesday, 19 November 2025 and closes on Friday, 21 November 2025. The allotment of shares will take place on Monday, 24 November 2025. The credit of shares to the demat account will take place on Tuesday, November 25, 2025. The initiation of refunds will take place on Tuesday, 25 November 2025. The listing of shares will take place on Wednesday, 26 November 2025.

Incorporated in 2015, Gallard Steel Limited manufactures engineered steel castings, including mild steel, SGCI, and low alloy castings.

The company makes ready-to-use components, assemblies, and subassemblies for Indian Railways, the defence sector, power generation, and allied industries, providing high-quality solutions across various sectors.

Objectives of Gallard Steel

• Funding of capital expenditure towards the expansion of their existing manufacturing facility and construction of an office building.
  
• Repayment of a portion of certain borrowings availed by the company.
  
• General corporate purpose.
  

Industry Outlook

In the past 10–12 years, India's steel sector has expanded significantly. Production has increased by 75% since 2008, while domestic steel demand has increased by almost 80%. The capacity for producing steel has grown concurrently and the rise has been largely organic.

India is the world’s second-largest producer of crude steel, with an output of 125.32 million tonnes (“MT”) of crude steel and finished steel production of 121.29 MT in FY23. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labour.

Gallard Steel Company Information

Incorporated in 2015, Gallard Steel is an engineering company engaged in the manufacturing of ready-to-use components, assemblies, and subassemblies for Indian railways, defence, power generation and allied industries. Their clientele primarily comprises companies operating in the heavy engineering, railways and defence sectors.

Their product portfolio includes critical components such as traction motor components and bogie assembly components for the railway sector, sub-assemblies for thermal and hydro turbines used in the power generation sector and components for industrial machinery, equipment and the defence sector.

Strengths of Gallard Steel

• In-house manufacturing facilities.
  
• Diverse customer base.
  
• Wide geographical reach.
  
• Stringent quality control mechanism ensuring standardised product quality.
  

Risks of Gallard Steel

• Any decline in the demand for traction motors and bogie assembly components from the railway sector.
  
• Loss of any one or more of their major customers.
  
• A significant increase in the cost, a shortfall in the availability, or a deterioration in the quality of input materials.
  
• Any disruption to or shutdown of their manufacturing operations at their existing facility.
  
• Changes in technology that may render their current technologies obsolete or require them to make substantial investments.
  

*The mentioned listed peer falls in the similar line of business as of Gallard Steel for broad comparison purpose, however there is a distinction in the product portfolio between Gallard Steel and those of the selected peer i.e. Nitin Casting Limited and Pritika Engineering Components Limited.

Notes: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated November 07, 2025 to compute the corresponding financial ratios.

(ii) For Gallard Steel, we have taken Current Market Price as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of Gallard Steel are taken as per Restated Financial Statement for the F.Y. 2024-25.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2025.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of Gallard Steel is ₹ 10/- per Equity Share and the Issue price is [*] times the face value of equity share.

Anchor Investor Bidding Date: 18 Nov-2025

*The Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: Ankit Consultancy Private Limited Book Running Lead Managers: Seren Capital Private Limited

Business Model

The company earns its revenue through the following: Manufacturing of ready-to-use components, assemblies, and subassemblies for Indian railways, defence, power generation and allied industries.

Gallard Steel Growth Trajectory

Gallard Steel’s total income for FY 2025 stood at ₹53.52 crores, compared to ₹27.86 crores in FY 2024, reflecting a growth of 92.11%.

In FY 2025, their revenue from operations was ₹53.32 crores, showing a significant increase from ₹26.82 crores in FY 2024, reflecting an increase of 98.77%.

Their profit after tax increased by 89.84%, rising from ₹3.20 crores in the financial year 2023-24 to ₹6.07 crores in the financial year 2024-25.

Their EBITDA increased from ₹5.07 crores in FY 2024 to ₹12.47 crores in FY 2025.

Gallard Steel Market Position

Gallard Steel holds Class ‘A’ Foundry Status from the Research Designs and Standards Organisation (RDSO), Ministry of Railways, confirming compliance with IS: 12117:1996 (Reaffirmed 2022). In addition, they have been approved by the competent authority under Indian Railways for capacity-cum-capability assessment to develop, manufacture and supply various critical components for electric locomotives and traction motors.

They are also an approved vendor for supplying critical components for defence applications, including Cradle Assemblies and Steel Castings, as per specific technical requirements.

Currently, they market their products to around 14 states & 1 union territory in India, of which the majority portion comes from the state of Madhya Pradesh.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹53.524 crores, ₹6.067 crores, and ₹12.472 crores, respectively.

How to apply for the Gallard Steel IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.

Check Gallard Steel IPO Allotment Status