A-One Steels India IPO

Status: Upcoming
RHP:
BSE, NSE

₹ 14,245 / 37 shares
Minimum Investment

A-One Steels India IPO Details

Open Date
24 Sep 2026
Close Date
28 Sep 2026
IPO Price Range
₹ 385 to ₹405
IPO Size
₹ 405.00 Cr

Open Free Demat Account

+91

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A-One Steels India IPO Timeline

Bidding starts
24 Sep 2026
Bidding ends
28 Sep 2026
Allotment finalisation
29 Sep 2026
Refund initiation
30 Sep 2026
Demat transfer
30 Sep 2026
Listing
01 Oct 2026

About A-One Steels India

Last Updated: 17 September 2026 12:33 PM by 5paisa

A-One Steels India Limited is a backward-integrated steel manufacturer with operations primarily in southern India. Its product portfolio spans long and flat steel products as well as industrial products used in steel manufacturing. The company manufactures sponge iron and MS billets, which are further processed into products such as TMT bars, HR and CR coils, HR and CR pipes, and galvanised pipes and tubes. It also manufactures met coke and ferro alloys, including silicon manganese and ferrosilicon.

The company operates six manufacturing facilities, with five located in Karnataka and one in Hindupur, Andhra Pradesh. As of 31 March 2026, its aggregate installed manufacturing capacity stood at 17,33,100 MTPA. It has also increased the use of renewable energy across its operations; green electricity accounted for 83.20% of total electricity consumption in FY26.

Established in: 2012

Managing Director: Sandeep Kumar

Peers :

Metric	A-One Steels India	MSP Steel and Power	Jai Balaji Industries	Shyam Metalics and Energy
Face Value (₹)	10	10	2	10
EPS – Basic (₹)	18.47	0.60	1.42	38.10
EPS – Diluted (₹)	18.47	0.56	1.42	37.97
P/E (x)	–	61.52	45.76	28.31
RoNW (%)	15.43	–	–	10.10
NAV Per Share (₹)	119.93	18.18	24.75	412.81

A-One Steels India Objectives

1. Pre-payment or partial repayment of certain outstanding borrowings availed by the company.

2. General corporate purposes.

A-One Steels India proposes to utilise approximately ₹250 crore from the Net Proceeds towards pre-payment or partial repayment of borrowings. The company will not receive any proceeds from the Offer for Sale.

A-One Steels India IPO Size

Types	Size
Total IPO Size	₹405.00 Cr
Offer For Sale	₹50.00 Cr
Fresh Issue	₹355.00 Cr

A-One Steels India IPO Lot Size

Application	Lots	Shares	Amount (₹)
Retail (Min)	1	37	₹14245
Retail (Max)	13	481	₹194805
S-HNI (Min)	14	518	₹199430
S-HNI (Max)	66	2442	₹989010
B-HNI (Min)	67	2479	₹954415

A-One Steels India Financial Status

Balance Sheet

Total Liabilities
Share Capital
Total Assets

Particulars (In ₹ Crores)	FY24	FY25	FY26
Revenue	3834.21	3541.78	4148.57
EBITDA	172.19	174.06	303.64
PAT	38.91	7.71	127.41

Particulars (In ₹ Crores)	FY24	FY25	FY26
Total Assets	2395.87	2753.06	3191.31
Share Capital	16.74	68.47	68.47
Total Liabilities	1969.43	2076.43	2371.79

Particulars (In ₹Crores.)	FY24	FY25	FY26
Net Cash Generated From / (used in) Operating Activities	325.39	109.00	62.80
Net Cash Generated From / (used in) Investing Activities	(191.49)	(192.00)	(10.00)
Net Cash Generated From / (used in) Financing Activities	(155.68)	45.00	(39.00)
Net Increase (Decrease) in Cash and Cash Equivalents	(21.77)	(38.00)	14.00

A-One Steels India IPO SWOT Analysis

Strengths

1. Backward-integrated operations cover multiple stages of steel manufacturing, from sponge iron and MS billets to TMT bars, coils, pipes and tubes.

2. The company operates six manufacturing facilities with an aggregate installed capacity of 17,33,100 MTPA as of 31 March 2026.

3. Its diversified portfolio covers long steel, flat steel and industrial products, reducing dependence on a single finished product category.

4. Green electricity accounted for 83.20% of total electricity consumption in FY26, supported by long-term solar and wind power arrangements totalling 230 MW.

5. The business has an established manufacturing presence in southern India and distributes products through multiple retail, distributor and institutional channels.

Weaknesses

1. The business remains leveraged, with total borrowings of ₹1,010.94 crore as of 31 March 2026.

2. Profitability has been volatile; PAT declined from ₹38.91 crore in FY24 to ₹7.71 crore in FY25 before increasing to ₹127.41 crore in FY26.

3. Steel manufacturing requires significant working capital for inventories, receivables and raw-material procurement.

4. Manufacturing operations are geographically concentrated in Karnataka and Andhra Pradesh, increasing exposure to regional operational disruptions.

5. Operating cash generation moderated between FY24 and FY26 despite the improvement in reported profitability.

Opportunities

1. Domestic demand from infrastructure, construction, transportation and other steel-consuming sectors can support demand for TMT bars, pipes and other finished products.

2. Better utilisation of the company's 17,33,100 MTPA installed capacity could support operating scale.

3. Backward integration provides scope to increase captive consumption of intermediate products and expand downstream value-added production.

4. Greater use of long-term renewable electricity arrangements can help manage energy costs in a power-intensive manufacturing business.

5. The proposed repayment of ₹250 crore of borrowings from IPO proceeds can reduce outstanding debt and associated finance costs.

Threats

1. Steel prices and margins are cyclical and can be affected by domestic and global supply-demand conditions.

2. Volatility in iron ore, coal, scrap, ferro-alloy and energy costs can affect production costs and profitability.

3. Competition from integrated steel producers, regional manufacturers and imported steel can create pricing pressure.

4. Environmental, mining, energy and industrial regulations can increase compliance requirements and operating costs.

5. Disruptions at manufacturing facilities, logistics routes or raw-material suppliers can affect production and deliveries.

Why Invest in A-One Steels India IPO?

1. A-One Steels operates a backward-integrated steel manufacturing model covering intermediate and finished steel products.

2. Revenue from operations increased to ₹4,167.33 crore in FY26, while PAT increased to ₹127.41 crore from ₹7.71 crore in FY25.

3. Six manufacturing facilities provide aggregate installed capacity of 17,33,100 MTPA across Karnataka and Andhra Pradesh.

4. Its product portfolio spans TMT bars, coils, pipes and tubes, sponge iron, billets, met coke and ferro alloys.

5. Approximately ₹250 crore of fresh-issue proceeds is proposed to be used towards repayment or pre-payment of borrowings.

A-One Steels India Industry Landscape and Growth Potential

India's steel industry is supported by demand from construction, infrastructure, automobiles, engineering and other manufacturing sectors. Building, construction and infrastructure together account for a substantial share of domestic steel consumption. The CRISIL industry research used for the IPO expects domestic steel demand to grow at a CAGR of around 6–8% between FY25 and FY29, supported by infrastructure expenditure, urbanisation, manufacturing activity and capacity additions by steel producers.

A-One Steels participates across several parts of this value chain through TMT bars, HR and CR products, pipes and tubes, billets, sponge iron and industrial inputs. Its aggregate installed manufacturing capacity stood at 17,33,100 MTPA at the end of FY26. The company's backward-integrated structure and presence across long and flat products provide exposure to multiple steel-consuming segments. At the same time, its growth remains linked to steel-price cycles, utilisation levels, raw-material costs and working-capital management. Increased use of renewable electricity and the proposed reduction in debt through IPO proceeds could influence the company's cost structure and financial profile over time.