Nilachal Carbo Metalicks IPO

About Nilachal Carbo Metalicks IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 26,00,000 equity shares aggregating up to ₹22.10 crore. The offer for sale portion includes up to 40,00,000 equity shares aggregating up to ₹34.00 crore. The total number of shares is 66,00,000 and the aggregate amount is ₹56.10 crore.

The issue opens on Sep 08, 2025 and closes on Sep 11, 2025. The allotment of shares will take place on Sep 12, 2025. The initiation of refunds will take place on September 15, 2025. The tentative listing date is September 15, 2025. The lot size is 1600 shares per lot.

Nilachal Carbo Metalicks Limited was incorporated in 2003 and they are engaged in the manufacturing of Low Ash Metallurgical (“LAM”) Coke. They sell to most of the top ferro chrome manufacturers in the country. Their owned plant is located at Baramana, Jajpur, Odisha and has a capacity of 60,000 Metric Tonnes Per Annum (MTPA). Their second plant, on a leased basis at Visakhapatnam, has a capacity of 18,000 MTPA. Now, they are proposing an expansion of additional capacity of 34,400 MTPA on their existing vacant land available at their plant.

Objectives of Nilachal Carbo Metalicks IPO

• Funding capital expenditure for the installation of one Coke Oven Plant for the expansion of capacity.
• Funding the modernisation of the existing plant.
• General corporate purposes.

Industry Outlook

India witnessed the highest ever coal production in FY 2024, which was about 997.25 MT vs. 893.19 MT in FY 2023, a growth of about 11.65%. Most of the coal requirement of the country is met through indigenous production / supply. The focus of the Government is on increasing the domestic production of coal and on eliminating non-essential import of coal in the country.

The overall demand for coal for 2023-24 was estimated at 1196.60 MT. All India coal supply in FY 2023-24 was 972.65 MT (Prov.). As compared to 877.36 MT during FY 2022-23, there is a growth of about 10.88% in FY 2023-24.

Company Information

Nilachal Carbo Metalicks Limited is engaged in the business of manufacturing Low Ash Metallurgical (“LAM”) Coke. They have specialised in making Ferro Alloy Grade coke and building a long-term customer relationship with most of the top ferro chrome manufacturers in the country. Their owned plant is located at Baramana, Jajpur, Odisha where they currently operate 3 (three) batteries with 32 ovens in each battery (total 96 ovens) with an annual manufacturing capacity of 60,000 Metric Tonnes Per Annum (MTPA).

The company also has a second plant having manufacturing facilities on a leased basis from Srinivasa Coke Private Limited at Visakhapatnam, Andhra Pradesh which has one battery with 18 ovens with an installed capacity of 18,000 MTPA. The total aggregating capacity of their company (owned + leased) is 78,000 MTPA for both units. They also have a tie-up for contract manufacturing for their product with Om Avi Carbon Resources Private Limited and make use of their 24,000 MTPA capacity for their use.

Their product portfolio includes LAM Coke, Low Phosphorus Nut Coke, Ultra Low Phosphorus Nut Coke & High Grade Coke Fines. Their owned manufacturing plants are strategically located near the Paradip Port in Odisha and the Vizag Port in Visakhapatnam, providing them with a logistical advantage for easy transportation. Furthermore, the proximity of Ferro Chrome producers within a 150-200 km radius of their plant at Baramana, Jajpur, Odisha, including the Kalinga Nagar Industrial Complex just 25 km away, is a major industrial centre of Odisha which enhances their market reach.

Strengths of Nilachal Carbo Metalicks IPO

• Strategic location of manufacturing facilities.
  
• Experienced promoter and management team.
  
• Excellence in producing high-quality LAM coke.
  
• Established customer base for by-product.
  
• Flexible operation for meeting specific customer requirements.
  

Risks of Nilachal Carbo Metalicks IPO

• Supply chain of raw materials disrupted due to price volatility or changes in government regulations.
  
• Any slowdown or shutdown in their manufacturing operations or underutilisation of their manufacturing units.
  
• Their business is highly dependent on the ferroalloy industries and is exposed to cyclical demand fluctuations in these sectors.
  
• Dependence on the Sukinda mining belt for chrome ore supply.
  
• Any adverse change in regulations governing their products and the products of their customers.
  
• Negative cash flows in the recent past. If negative cash flows recur, then it will impact the business.
  

*Information is based as per available financials for FY 2025 of the Peers from the stock exchange. For the Company, information is based on latest full year fiscal as per the Restated Financial Statements for FY 2025.

** Price is taken as closing price on BSE Limited (i.e. Rs. 94.95) on August 20, 2025

Anchor Investor Bidding Date: September 5, 2025

Registrar: KFin Technologies Limited Book Running Lead Managers: Sun Capital Advisory Services Private Limited

Business Model

The company earns its revenue through manufacturing and selling Low Ash Metallurgical (“LAM”) Coke and byproducts like Low Phosphorous Coke Fines.

Company Growth Trajectory

The company’s revenue from operations decreased by 23.99%, from ₹265.11 crore in fiscal 2024 to ₹201.51 crore in fiscal 2025. This decrease in revenue was on account of a mismatch with regard to the supply & demand of Blast Furnace grade coke due to the imposition of Quantity Restriction (QR) on Imported LAM/MET coke w.e.f. 01.01.2025 by government notification, but Ferro Alloys grade coke import was exempted.

Other income decreased by 36.78%, from ₹2.02 crore in fiscal 2024 to ₹1.28 crore in fiscal 2025 on account of a reduction in interest income due to a reduction of interest on deposits against LC and a shortage of recovery.

The company’s profit after tax decreased by 11.39% from ₹15.82 crore in fiscal 2024 to ₹14.02 crore in fiscal 2025. This decrease in profit after tax was on account of an increase in tax liability.

Company Market Position

Nilachal Carbo Metalicks Limited has a specialised focus on producing high-quality Ferro Alloy Grade Coke. Since their establishment in 2003, they believe that they have positioned themselves as one of the key players in the metallurgical industry.

They believe that over the years, they have successfully built robust supply chain relationships with all major Ferro Chrome manufacturers in the region. In addition to their primary manufacturing operations, they have also optimised the handling of by-products, such as Low Phosphorus Coke Fines or Coke Breeze. This has allowed them to establish steady supply chains with major Iron Ore Pellet manufacturers and has also enhanced the efficiency and sustainability of their operations.

As of 31 March 2025, the company’s Total Income, profit After Tax, and EBITDA stood at ₹202.789 crores, ₹14.016 crores, and ₹27.130 crores, respectively.

How to the check allotment status of Nilachal Carbo Metalicks IPO?

1. Visit the Registrar's Website To check the IPO allotment status for Nilachal Carbo Metalicks Limited IPO, visit the official website of KFin Technologies 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 'Nilachal Carbo Metalicks Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search' Your Nilachal Carbo Metalicks Limited 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 Nilachal Carbo Metalicks Limited 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 Nilachal Carbo Metalicks Limited IPO bid and allotment details will be displayed.

How to apply for Nilachal Carbo Metalicks 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.