India’s SME IPO lane remains busy in late 2025 as niche industrial players tap the markets. Gallard Steel Limited opens its book-built IPO on November 19, 2025, giving investors a chance to participate in the growth of an engineered steel castings manufacturer serving railways, defence, power generation and heavy engineering.
Below is a structured look at the company and its IPO specifics:
About Gallard Steel Ltd.
Incorporated in 2015, Gallard Steel Limited manufactures engineered steel castings (mild steel, SGCI and low-alloy), delivering ready-to-use components, assemblies and sub-assemblies. Operations run from a foundry in Pithampur, Dhar, Madhya Pradesh (land area 12,195 sq. m., ISO 9001:2015 certified) with in-house capabilities for melting, heat treatment, grinding, moulding, sand mixing and finishing.
End uses & products include:
- Steel Components: Unmachined and machined parts for multiple sectors
- Traction Motor & Bogie Components: For railway applications
- Defence Components: Cradle assemblies, recoiling cylinders, trunnion housings
- Turbine Sub-assemblies: Guide vanes, bush housings, fork systems (thermal & hydro)
- Industrial Machinery: High-temperature liners
- Rebonded Foam: Recycled foam for furniture and industrial uses
Promoters: Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai, Mariya Zakiuddin Sujauddin.
Gallard Steel IPO Details
| IPO Date | November 19, 2025, to November 21, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹142 to ₹150 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 25,00,000 shares (aggregating up to ₹37.50 Cr) |
| Reserved for Market Maker | 1,25,000 shares (aggregating up to ₹1.88 Cr)Asnani Stock Broker Pvt.Ltd. |
| Net Offered to Public | 23,75,000 shares (aggregating up to ₹35.63 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre Issue | 70,00,000 shares |
| Shareholding Post Issue | 95,00,000 shares |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Ankit Consultancy Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | November 19, 2025 (Wed) |
| IPO Close Date | November 21, 2025 (Fri) |
| Tentative Allotment | November 24, 2025 (Mon) |
| Initiation of Refunds | November 25, 2025 (Tue) |
| Credit of Shares to Demat | November 25, 2025 (Tue) |
| Tentative Listing Date | November 26, 2025 (Wed) |
| Cut-off time for UPI mandate confirmation | 5 PM on November 21, 2025 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 1,25,000 | 5.00% |
| QIB | 11,83,000 | 47.32% |
| NII (HNI) | 3,60,000 | 14.40% |
| Retail (RII) | 8,32,000 | 33.28% |
| Total | 25,00,000 | 100.00% |
Lot Size of Gallard Steel IPO
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹3,00,000 |
| Retail (Max) | 2 | 2,000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,50,000 |
| S-HNI (Max) | 6 | 6,000 | ₹9,00,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,50,000 |
Gallard Steel Ltd. Financials
Financial Information (Proforma Consolidated, ₹ Cr):
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 50.33 | 48.77 | 39.14 |
| Total Income | 32.14 | 53.52 | 27.86 |
| Profit After Tax | 4.29 | 6.07 | 3.20 |
| EBITDA | 7.42 | 12.47 | 5.07 |
| Net Worth | 21.38 | 17.08 | 11.03 |
| Reserves & Surplus | 14.38 | 10.08 | 4.03 |
| Total Borrowing | 19.13 | 20.38 | 17.59 |
Key Performance Indicators (at issue parameters):
| KPI | Value |
| Market Capitalisation | ₹142.50 Cr |
| ROE | 43.16% |
| ROCE | 26.59% |
| Debt/Equity | 1.19 |
| RoNW | 35.51% |
| PAT Margin | 11.38% |
| EBITDA Margin | 23.39% |
| Price to Book | 6.15 |
Earnings Multiples
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 8.67 | 9.04 |
| P/E (x) | 17.31 | 16.60 |
Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 91.14% | – |
Objects of the Issue
| S. No. | Purpose | Amount (₹ in Millions) |
| 1 | Capex for the expansion of the existing manufacturing facility and the construction of an office building | 201.37 |
| 2 | Repayment of certain borrowings | 70.00 |
| 3 | General corporate purposes | Balance |
Gallard Steel Ltd.: Industry Outlook
- Railways & Defence demand tailwinds: Ongoing investments in rolling stock, modernisation and defence procurement support multi-year demand for precision steel castings and assemblies.
- Power sector orders: Refurbishment and new build in thermal & hydro keep sub-assembly demand (guide vanes, bush housings) healthy.
- Make in India & import substitution: Policy support favours localised, quality-assured suppliers with certified facilities and end-to-end capabilities.
- Quality & reliability focus: In-house melting to finishing, along with ISO-certified processes, helps maintain consistent quality and delivery timelines.
Gallard Steel IPO: Peer Comparison
Gallard Steel IPO can be compared with peers such as Ramkrishna Forgings Ltd, Bharat Forge Ltd, Mahindra CIE Automotive Ltd, Electrotherm (India) Ltd, and Steel Cast Ltd. Reviewing these companies helps investors understand Gallard Steel’s position within the engineered steel components and heavy castings segment, providing valuable insights into its competitive strengths, operational efficiency, and growth potential within India’s rapidly expanding industrial manufacturing and infrastructure sector.
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Conclusion
Gallard Steel Ltd. combines sectoral tailwinds (railways sector, defence sector, power sector) with integrated manufacturing and a diverse product mix. Financials reflect sharp growth from FY24 to FY25, alongside improving profitability metrics.
That said, investors should consider:
- SME listing liquidity,
- Order-book cyclicality tied to government and large-capex clients,
- Execution risks around capacity expansion.
As always, align participation with your risk appetite and investment horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
