Narmadesh Brass Industries Limited IPO Opens: Key Details Investors Shouldn’t Miss
As investor participation remains active across SME IPOs, manufacturing focused businesses continue to attract attention, especially companies with export linkages and strong production capabilities. With Jamnagar widely known as India’s brass manufacturing hub, companies operating from this region benefit from ecosystem advantages such as skilled labour, supplier networks, and established industrial infrastructure. Against this backdrop, Narmadesh Brass Industries Limited is set to open its IPO in January 2026. Here is a detailed insight into the company, its IPO, and the business overview.
About Narmadesh Brass Industries Ltd.
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat. The company operates from a 6,293 m² manufacturing facility located at Plot Nos. 5, 8 and 9 in the Shree Ganesh Industrial Hub, Jamnagar, a region often referred to as India’s “Brass City” due to the high concentration of brass manufacturers.
Narmadesh specialises in producing a wide range of brass products for both domestic and export markets. The company also supports customisation requirements through processes such as casting, forging, turning, and CNC and VMC machined components. Its in house processes enable quality control from production to dispatch.
The company holds ISO 9001:2015 certification for its Quality Management System, reflecting adherence to international quality benchmarks. As of September 30, 2025, it employed 81 contract labourers to support its manufacturing operations.
Product Portfolio
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Brass billets
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Brass rods
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Brass valves (including ball valves and NRVs)
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Plumbing and sanitary fittings (including lead free options)
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Agricultural sprayer parts and garden fittings
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Customisation through casting, forging, turning, CNC and VMC machined components
Narmadesh Brass Industries Ltd. IPO Details
Narmadesh Brass Industries IPO is a fixed price issue of ₹44.87 crore. The issue is a combination of a fresh issue of 0.07 crore shares aggregating to ₹36.09 crore and an offer for sale of 0.02 crore shares aggregating to ₹8.78 crore.
The IPO opens for subscription on January 12, 2026 and closes on January 15, 2026. The allotment is expected to be finalised on January 16, 2026. The shares are proposed to list on BSE SME with a tentative listing date of January 20, 2026.
The issue price is ₹515 per share, and the lot size is 240 shares. Based on the issue price, the minimum investment required by a retail investor is ₹2,47,200 for 480 shares. The minimum investment for HNI is 3 lots or 720 shares, amounting to ₹3,70,800.
Aryaman Financial Services Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The market maker is JSK Securities and Services Pvt. Ltd.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Mon, Jan 12, 2026 |
| IPO Close Date | Thu, Jan 15, 2026 |
| Allotment Date | Fri, Jan 16, 2026 |
| Initiation of Refunds | Mon, Jan 19, 2026 |
| Credit of Shares to Demat | Mon, Jan 19, 2026 |
| Listing Date | Tue, Jan 20, 2026 |
Key IPO Details
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price | ₹515 per share |
| Lot Size | 240 shares |
| Issue Type | Fixed Price IPO |
| Sale Type | Fresh Capital and OFS |
| Total Issue Size | 8,71,200 shares (₹44.87 Cr) |
| Fresh Issue (Ex Market Maker) | 6,55,200 shares (₹36.09 Cr) |
| Offer for Sale | 1,70,400 shares (₹8.78 Cr) |
| Reserved for Market Maker | 45,600 shares (₹2 Cr) |
| Net Offered to Public | 8,25,600 shares (₹43 Cr) |
| Listing At | BSE SME |
| Shareholding Pre Issue | 24,00,000 shares |
| Shareholding Post Issue | 31,00,800 shares |
| Market Cap (Pre IPO) | ₹159.69 Cr |
Narmadesh Brass Industries IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 45,600 (5.23%) |
| NII (HNI) Shares Offered | 4,12,800 (47.38%) |
| Retail Shares Offered | 4,12,800 (47.38%) |
| Total Shares Offered | 8,71,200 (100.00%) |
Lot Size of Narmadesh Brass Industries IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 480 | ₹2,47,200 |
| Retail (Max) | 2 | 480 | ₹2,47,200 |
| HNI (Min) | 3 | 720 | ₹3,70,800 |
Narmadesh Brass Industries IPO: Peer Comparison
Narmadesh Brass Industries IPO can be compared with peers such as Panchmahal Steel Ltd, Rajnandini Metal Ltd, MMTC Ltd, Hindustan Copper Ltd, and Gravita India Ltd. Reviewing these companies helps investors gauge Narmadesh Brass Industries’ positioning within the metals and industrial manufacturing space and better understand its scale, margins, and business model relative to listed alternatives.
Narmadesh Brass Industries Ltd. Financials
The Narmadesh Brass Industries IPO has a market capitalisation of ₹159.69 crore. As of March 31, 2025, its key performance indicators include ROE of 49.99% and ROCE of 23.29%. The company’s RoNW is also 49.99%. The EBITDA margin and PAT margin are available for both September 30, 2025 and March 31, 2025.
Other financial details of the company include the following:
Key Company Financials (₹ in crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 63.10 | 59.66 | 46.68 | 22.00 |
| Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
| Profit After Tax | 4.01 | 5.72 | 7.10 | 0.89 |
| EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
| Net Worth | 22.46 | 11.45 | 5.73 | 8.30 |
| Reserves and Surplus | 23.30 | 12.69 | 6.97 | [.] |
| Total Borrowing | 19.21 | 24.73 | 22.43 | 5.94 |
Key Performance Indicators
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 17.86% | 49.99% |
| ROCE | 13.31% | 23.29% |
| RoNW | 17.86% | 49.99% |
| PAT Margin | 11.74% | 6.52% |
| EBITDA Margin | 18.26% | 10.64% |
| Price to Book Value | 5.50 | [.] |
Valuation Metrics
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 26.23 | 25.87 |
| P/E (x) | 19.63 | 19.90 |
| Promoter Holding | 99.92% | 71.84% |
Promoters: M/s Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara
Objects of the Issue
The company proposes to utilise the net proceeds towards:
| Issue Objects | Estimated Amount (₹ Cr.) |
|---|---|
| Repayment or prepayment of certain outstanding borrowings | 14.50 |
| Purchase of machinery and equipment | 3.29 |
| Funding working capital requirements | 10.20 |
| General corporate purpose | 4.60 |
Narmadesh Brass Industries Ltd.: Industry Outlook
Narmadesh Brass Industries operates in a manufacturing segment that caters to both domestic and export markets, with products spanning plumbing, sanitary, industrial fittings, and customised machined components. Its location in Jamnagar provides an ecosystem advantage for brass based manufacturing, supported by supplier networks and an established industrial base.
Conclusion
Narmadesh Brass Industries Ltd. offers exposure to a brass manufacturing business operating from Jamnagar with an ISO certified facility and a diversified product portfolio. The company also provides customisation capabilities through casting, forging, CNC, and VMC processes, enabling it to cater to a broader set of client requirements. However, potential investors should evaluate the company’s financial consistency across periods and consider the IPO valuation before making an investment decision.
