₹3,00,000 / 2000 shares
Gallard Steel IPO Details
Issue Date
19 Nov - 21 Nov'25
Investment/lot
₹3,00,000
Price Range
₹142 - ₹150
Lot Size
2000
IPO Size
₹35.5 - ₹37.5 Cr
Schedule of Gallard Steel IPO
Start date
19/11/2025
End date
21/11/2025
Allotment of bids
24/11/2025
Refund Initiation
25/11/2025
Listing on exchange
26/11/2025
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.
Gallard Steel IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | ₹150 |
Reserved for Market Maker | 1,25,000 shares (aggregating up to ₹1.88 crores) Asnani Stock Broker Pvt.Ltd. |
Net Offered to Public | 23,75,000 shares (aggregating up to ₹35.63 crores) |
Offer for Sale | Nil |
EPS (in ₹) for FY25 | 8.67 |
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Gallard Steel IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
Individual investors (Retail) (Min) | 2 | 2000 | ₹3,00,000 |
Individual investors (Retail) (Max) | 2 | 2000 | ₹3,00,000 |
S-HNI (Min) | 3 | 3000 | ₹4,50,000 |
S-HNI (Max) | 6 | 6000 | ₹9,00,000 |
B-HNI (Min) | 7 | 7000 | ₹10,50,000 |
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.
All Financial Information about Gallard Steel Ltd (in ₹ crores)
Peer Comparison
| Company Name | Revenue from Operations (₹ crores) | P/E Ratio | EPS (Basic) (₹) | Book Value (₹) |
|---|---|---|---|---|
Gallard Steel | 53.318 | - | 8.67 | 24.40 |
Nitin Casting Limited | 150.574 | 20.33 | 24.14 | 160.63 |
Pritika Engineering Components Limited | 117.384 | 39.22 | 2.18 | 17.25 |
*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.
Gallard Steel Profit and Loss Statement (in ₹ crores)
| parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Total Income | 53.524 | 27.861 | 21.648 |
Profit Before Tax | 8.421 | 3.670 | 1.526 |
Profit After Tax | 6.067 | 3.196 | 1.135 |
EPS (Basic) ₹ | 8.67 | 5.14 | 2.36 |
EBITDA | 12.472 | 5.065 | 1.897 |
Gallard Steel Balance Sheet (in ₹ crores)
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Profit Before Tax | 8.421 | 3.670 | 1.526 |
Net Cash from Operating Activities | 4.187 | 1.522 | (2.025) |
Net Cash from Investing Activities | (5.790) | (10.084) | 0.589 |
Net Cash from Financing Activities | 1.151 | 8.964 | 1.555 |
Cash & Cash Equivalents | 0.245 | 0.697 | 0.294 |
How to check the allotment status of Gallard Steel IPO?
1. Visit the Registrar's Website
To check the IPO allotment status for Gallard Steel IPO, visit the official website of Ankit Consultancy Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps
- Select 'Equity' from the dropdown menu
- Choose 'Gallard Steel' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your Gallard Steel IPO allotment status will be displayed.
3. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Gallard Steel IPO allotment status.
Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.
On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your Gallard Steel IPO bid and allotment details will be displayed.
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.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Gallard Steel IPO FAQs
When is Gallard Steel IPO allotment?
Gallard Steel IPO will be allotted on 2025-11-24.
What is the minimum lot size required for Gallard Steel IPO?
The minimum lot size is 2000 shares and the investment required is ₹300000.
What is the price band of the Gallard Steel IPO?
The price band of Gallard Steel IPO is ₹142 to ₹150.
What is the Gallard Steel IPO?
Gallard Steel’s IPO consists of a fresh issue of 25,00,000 shares (aggregating up to ₹37.50 crores). The total offer size is 25,00,000 shares (aggregating up to ₹37.50 crores) as well.
Is the Gallard Steel IPO coming?
Yes, Gallard Steel is expected to come up with its IPO on Wednesday, 19 November 2025.
Who is the Managing Director of Gallard Steel?
Zakiuddin Sujauddin is the Chairman of Gallard Steel.
What is the lot size of shares of Gallard Steel IPO?
The lot size of shares of Gallard Steel IPO is 1,000.
From where can I read more about the IPO of Gallard Steel?
You may read more about Gallard Steel and its IPO from the company’s red herring prospectus (RHP) here.