In September 2025, SME IPOs continue to attract investors looking for sector-specific opportunities. Within this backdrop, Nilachal Carbo Metalicks Limited IPO is set to open on September 8, 2025. Below is a structured look at the company, its IPO details, and the broader outlook.
About Nilachal Carbo Metalicks Ltd.
Incorporated in 2003, Nilachal Carbo Metalicks Limited produces high-quality, low-sulphur metallurgical (LAM) coke. Its portfolio spans nut coke, blast furnace coke, foundry coke, and low-phosphorus coke fines, catering to steel, foundry, and ferro-alloy applications.
- Facilities: State-of-the-art plant at Chadheidhara, Jajpur, Odisha, with three non-recovery, bee-hive coke oven batteries; current capacity 60,000 MTPA.
- Expansion: Planned additional battery (36 ovens) at Baramana, Jajpur, adding 34,400 MTPA LAM Coke; total capacity to 94,400 MTPA (1,12,400 MTPA including leased capacity).
- By-products: High-carbon, low-phosphorus coke fines used in pellets, sintering, and steel melting.
- Employees: 65 (as of July 5, 2025).
- Promoters: Mr. Bibhu Datta Panda and Kajal Fashionwear Agency Private Limited.
Nilachal Carbo Metalicks IPO Details
| IPO Date | September 8, 2025, to September 10, 2025 | |
| Face Value | ₹10 per share | |
| Issue Price | ₹85 per share | |
| Lot Size | 1,600 Shares | |
| Sale Type | Fresh Capital-cum-Offer for Sale | |
| Total Issue Size | 66,00,000 shares (aggregating up to ₹56.10 Cr) |
|
| Reserved for Market Maker | 3,31,200 shares (aggregating up to ₹2.82 Cr) NNM Securities Pvt. Ltd. |
|
| Fresh Issue (Ex Market Maker) |
22,68,800 shares (aggregating up to ₹19.28 Cr) |
|
| Offer for Sale | 40,00,000 shares of ₹10 (aggregating up to ₹34.00 Cr) |
|
| Net Offered to Public | 62,68,800 shares (aggregating up to ₹53.28 Cr) |
|
| Issue Type | Fixed Price IPO | |
| Listing At | BSE SME | |
| Share Holding Pre Issue | 2,23,27,000 shares | |
| Share Holding Post Issue | 2,49,27,000 shares | |
Important IPO Timeline
| Event | Date |
| IPO Open Date | September 8, 2025 (Mon) |
| IPO Close Date | September 10, 2025 (Wed) |
| Allotment (Tentative) | September 11, 2025 (Thu) |
| Initiation of Refunds | September 12, 2025 (Fri) |
| Credit of Shares to Demat | September 12, 2025 (Fri) |
| Listing (Tentative) | September 15, 2025 (Mon) |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2025 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 3,31,200 | 5.02% |
| NII (HNI) | 31,32,800 | 47.47% |
| Retail (RII) | 31,36,000 | 47.52% |
| Total | 66,00,000 | 100.00% |
Lot Size of Nilachal Carbo Metalicks IPO
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,72,000 |
| HNI (Min) | 3 | 4,800 | ₹4,08,000 |
Nilachal Carbo Metalicks Ltd. Financials
The market capitalisation of Nilachal Carbo Metalicks IPO is ₹211.88 Cr.
Key Performance Indicators (FY25):
| KPI | Value |
| ROE | 17.90% |
| ROCE | 22.74% |
| RoNW | 17.90% |
| Debt/Equity | 0.30 |
| PAT Margin | 6.96% |
| EBITDA Margin | 13.46% |
| EPS (Pre / Post) | ₹6.28 / ₹5.62 |
| P/E (Pre / Post) | 13.54x / 15.12x |
Key Company Financials (Restated Consolidated, ₹ Cr):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 123.34 | 114.49 | 93.22 |
| Total Income | 202.79 | 267.13 | 268.46 |
| Profit After Tax | 14.02 | 15.82 | 14.82 |
| EBITDA | 27.13 | 22.32 | 24.98 |
| Net Worth | 78.30 | 64.28 | 48.46 |
| Reserves & Surplus | 55.97 | 41.95 | 26.14 |
| Total Borrowing | 23.55 | 26.14 | 18.84 |
Promoter Holding:
| Pre-Issue | Post-Issue |
| 99.99% | 73.52% |
Objects of the Issue
| S.No. | Purpose | Amount (₹ in Millions) |
| 1 | Capex for installing one coke oven plant (capacity expansion) | 134.60 |
| 2 | Modernisation of existing plant | 30.33 |
| 3 | General corporate purposes | Balance |
Nilachal Carbo Metalicks Ltd.: Industry Outlook
- Steel & Foundry demand: LAM coke is a critical input in blast furnaces, foundries, and ferro-alloys; domestic steel capacity additions support steady offtake.
- Quality & compliance tailwinds: Buyers increasingly prefer low-sulphur, low-phosphorus coke for efficiency, emissions, and product quality.
- Logistics advantage: Plants located in Jajpur, Odisha—close to Eastern India’s steel ecosystem—aid JIT deliveries and cost efficiency.
- Capacity expansions: Additional ovens and modernisation can improve throughput and unit economics if utilisation holds.
Conclusion
Nilachal Carbo Metalicks Ltd. provides investors with exposure to a specialised metallurgical coke producer with capacity expansion plans and proximity to large steel demand centres. While FY25 saw lower revenue and PAT versus FY24, operating metrics (EBITDA, net worth) improved alongside moderate leverage.
Potential investors should weigh:
- Fixed-price SME dynamics and post-listing liquidity
- Dependence on the steel cycle and commodity price volatility
- Execution of new coke oven capex and modernisation
Align any decision 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.
