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Gallard Steel Ltd

Gallard Steel IPO

  • Status: Closed
  • RHP:
  • ₹ 284 / 2,000 shares

    Minimum Investment

Gallard Steel IPO Details

  • Open Date

    19 Nov 2025

  • Close Date

    21 Nov 2025

  • Listing Date

    26 Nov 2025

  • IPO Price Range

    ₹ 142 to ₹ 150

  • IPO Size

    ₹ 37.5 Cr

  • Listing Exchange

    BSE SME

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Timeline Subscription Status Financials SWOT FAQ Contacts

Gallard Steel IPO Timeline

Gallard Steel IPO Subscription Status

Last Updated: 21 November 2025 6:10 PM by 5paisa

Incorporated in 2015, Gallard Steel Ltd. is a prominent manufacturer of engineered steel castings, including mild steel, SGCI, and low alloy castings. The company produces ready-to-use components, assemblies, and sub-assemblies primarily for Indian Railways, defense, power generation, and allied industries. Its manufacturing facility in Pithampur, Madhya Pradesh, spans 12,195 square meters and holds ISO 9001:2015 certification. Gallard Steel boasts strong financial growth with a 92% increase in revenue and 90% growth in profit after tax for FY2025. The company’s diversified product range and strategic positioning drive its prominence in industrial casting markets.


Established in: 2015
Managing Director: Zakiuddin Sujauddin

Gallard Steel Objectives

1. Funding of capital expenditure towards expansion of our existing manufacturing facility and construction of office Building (₹2,073.01 lakhs)
2. Repayment of a portion of certain borrowings availed by our Company (₹720 lakhs)
3. General Corporate Purpose 

Gallard Steel IPO Size

Types Size
Total IPO Size ₹37.5 Cr
Offer For Sale -
Fresh Issue ₹37.5 Cr

Gallard Steel IPO Lot Size

Application Lots Shares Amount (₹)
Retail (Min) 2 2,000 2,84,000
Retail (Max) 2 2,000 3,00,000
S - HNI (Min) 3 3,000 4,26,000
S - HNI (Max) 6 6,000 9,00,000
B - HNI (Max) 7 7,000 10,50,000

Gallard Steel IPO Reservation

Investors Category Subscription (times) Shares Offered* Shares bid for Total Amount (Cr.)*
QIB (Ex Anchor) 228.48     4,74,000    
10,82,98,000  
1,624.47    
Non-Institutional Buyers 624.56     3,60,000     22,48,40,000     3,372.60    
bNII (bids above ₹10L) 745.96     2,40,000     17,90,30,000     2,685.45    
sNII (bids below ₹10L) 381.75     1,20,000     4,58,10,000     687.15    
Retail Investors 351.58     8,32,000     29,25,14,000     4,387.71    
Total** 375.54     16,66,000     62,56,52,000     9,384.78    

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (In ₹ Crores) FY23 FY24 FY25
Revenue 20.59 26.82 53.31
EBITDA 1.90 5.07 12.47
Profit After Tax (PAT) 1.13 3.19 6.06
Particulars (In ₹ Crores) FY23 FY24 FY25
Total Assets 19.61 39.14 48.77
Share Capital 2.25 7.00 7.00
Total Liabilities 19.61 39.14 48.77
Particulars (In ₹ Crores) FY23 FY24 FY25
Net Cash Generated From / (used in) Operating Activities -2.02 1.52 4.76
Net Cash Generated From / (used in) Investing Activities 0.58 -10.08 -5.79
Net Cash Generated From / (used in) Financing Activities 1.55 8.96 1.15
Net Increase / (Decrease) In Cash And Cash Equivalents 0.12 0.40 -0.45


Strengths

1. Strong profitability with ~30%+ weighted average RONW.
2. Class “A” Foundry with specialised, ready-to-use components for rail/defence/power.
3. Focused product portfolio in high-engineering segments (traction motors, bogies).
4. Reasonable IPO valuations based on disclosed FY25 earnings.

Weaknesses

1. High customer concentration; no long-term purchase contracts.
2. No long-term raw-material supply agreements; cost-volatility exposure.
3. Manufacturing operations on leased premises; renewal risk.
4. Past periods of negative cash flows indicating financial strain in growth phases.

Opportunities

1. IPO funds to expand manufacturing capacity and build new office facility.
2. Growing demand in railways, defence, and heavy engineering sectors.
3. Opportunity to move into higher-value engineered castings/assemblies.
4. Scope to broaden customer base and reduce sector concentration.

Threats

1. Dependence on government-linked sectors; policy or budget changes can hit demand.
2. Raw material price volatility impacting margins.
3. Competition from larger foundry/engineering players.
4. Legal, regulatory and lease-related risks disclosed in the RHP.

1. Strong revenue and profit growth, with 92% and 90% increases respectively in FY25.
2. IPO proceeds to fund manufacturing expansion and office construction for capacity growth.
3. Supplies critical components to Indian Railways, defence, and power sectors with RDSO Class ‘A’ Foundry status.
4. High return ratios (ROE 43.16%) and experienced management.

Gallard Steel Ltd’s IPO landscape reflects a strategic growth phase backed by strong fundamentals. Incorporated in 2015, Gallard Steel operates in manufacturing engineered steel castings for Indian Railways, defence, power, and allied industries, holding Class ‘A’ Foundry status from RDSO. With robust financials, the company’s IPO of ₹37.5 crore is primarily aimed at funding capital expenditure to expand its manufacturing facility and construct an office building, enhancing capacity. Growth potential is driven by increasing infrastructure demand, government projects, and plans to diversify markets. The IPO proceeds also support debt repayment and general corporate purposes to strengthen operational sustainability and expansion readiness.

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FAQs

 Gallard Steel Ltd IPO opens from November 19, 2025 to November 21, 2025.
 

The size of Gallard Steel Ltd IPO is  ₹37.5 Cr.
 

The price band of  Gallard Steel Ltd IPO is fixed at ₹142 to ₹150 per share.
 

To apply for Gallard Steel Ltd IPO, follow the steps given below:

●    Login to your 5paisa demat account and select the issue in the current IPO section    
●    Enter the number of lots and the price at which you wish to apply for the Gallard Steel Ltd IPO.    
●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    

You will receive a mandate notification to block funds in your UPI app.

The minimum lot size of Gallard Steel Ltd IPO is of 2000 shares and the investment required is ₹3,00,000.
 

The share allotment date of Gallard Steel Ltd IPO is November 24, 2025
 

The Gallard Steel Ltd IPO will likely be listed on 26 November 2025.
 

Anand Rathi Advisors Ltd is the book running lead managers for Gallard Steel Ltd IPO is Seren Capital Private Limited.
 

Gallard Steel Ltd IPO plans to utilise the raised capital from the IPO for:

Funding of capital expenditure towards expansion of our existing manufacturing facility and construction of office Building (₹2,073.01 lakhs)
Repayment of a portion of certain borrowings availed by our Company (₹720 lakhs)
General Corporate Purpose