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Gallard Steel IPO
Price Band
₹142.0–150.0
Issue Size
₹37.5 Cr
Lot Size
1,000 shares
Min Investment
₹300,000
2 LOTS MIN
GMP
+₹63.0 (42.0%)
Issue Price
₹150.0
Subject to Sauda
₹47900
Paid only if allotted
Gallard Steel IPO AI Summary
- Gallard Steel IPO is listed on BSE SME in the Auto Components & Equipments sector.
- Price band: ₹142.0–₹150.0 per share, lot size 1,000 shares (min. investment ₹300,000, 2 lots minimum).
- Subscription window: 19 Nov–21 Nov 2025, listing on 26 Nov 2025.
- Current GMP is +₹63.0 (42.0%), an estimated listing price of ₹213 — unofficial and can change daily.
Gallard Steel Limited is an SME engaged in manufacturing engineered steel castings for various sectors. The company is looking to raise funds through its IPO to expand its manufacturing capabilities and repay debts. With a solid growth trajectory in recent years, investors may find it an interesting opportunity, though they should consider the inherent risks and market conditions.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Gallard Steel IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 21 Nov 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Gallard Steel IPO Grey Market Premium (GMP) Today
GMP
+₹63.0
GMP %
+42.0%
Est. Listing
₹213.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low alloy castings. The company manufactures ready-to-use components, assemblies, and subassemblies for Indian Railways, the defence sector, power generation, and allied industries, providing high-quality solutions across various sectors. Manufacturing operations are carried out at the foundry, located in Pithampur, Dhar, Madhya Pradesh, spanning a land area of 12,195 square meters and certified to ISO 9001:2015. The company utilises a range of in-house machinery and equipment to support processes such as melting, heat treatment, grinding, moulding, sand mixing and finishing. The company supplies components for railway traction motors, defence cradles, power generation guide vanes, and industrial machinery liners, serving sectors such as railways, defence, power generation, and heavy engineering industries. Products: Steel Components: Manufacturing unmachined and machined steel components for various sectors. Traction Motor & Bogie Components: Producing components for traction motors and bogie assemblies in railways. Defence Components: Manufacturing cradle assemblies, recoiling cylinders, and trunnion housings for defence. Thermal and Hydro Turbine Sub-Assemblies: Producing guide vanes, bush housings, and fork systems for turbines. Industrial Machinery & Equipment: Supplying high-temperature resistance liners for machinery and industrial equipment. Rebonded Foam: Recycled foam used in furniture, mattresses, and industrial products. Competitive Strengths: In-house manufacturing facilities Diverse Customer base Wide Geographical reach Stringent quality control mechanism ensures standardised product quality
Company Financials (₹ Cr)
As of 2025-09-30
| 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 and Surplus | 14.38 | 10.08 | 4.03 |
| Total Borrowing | 19.13 | 20.38 | 17.59 |
Key Ratios
EPS
₹8.67
NAV
₹24.40
ROE
43.16%
ROCE
26.59%
RoNW
35.51%
P/B Value
6.15
P/E Ratio
17.31
Market Cap
₹142.50 Cr
PAT Margin
11.38%
Debt/Equity
1.19
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Pritika Engineering Components Limited | 12.63% | 39.22 | 2.18 | 2.18 |
| Nitin Castings Ltd | 16.92% | 24.14 | 23.59 | 23.59 |
| Gallard Steel Limited This IPO | 35.51% | — | 8.67 | 8.67 |
Promoters
Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building 20.14 2 Repayment of a portion of certain borrowings availed by the Company 7.00 3 General Corporate Purposes 4.66 4 Issue Expenses 4.91 Total 36.71
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹27.86 Cr in the year ending 31 Mar 2024, rising to ₹53.52 Cr by 31 Mar 2025, before decreasing to ₹32.14 Cr by 30 Sep 2025. However, the figure for 30 Sep 2025 is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹3.20 Cr for the year ending 31 Mar 2024, increasing to ₹6.07 Cr by 31 Mar 2025, then falling to ₹4.29 Cr by 30 Sep 2025. Again, the figure for 30 Sep 2025 is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Gallard Steel's implied P/E at the issue price is approximately 17.31, compared to peers trading at P/E ratios of 24.14 to 39.22.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates strong demand for the shares, while a negative GMP suggests weak demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk appetite. It's important to consider the company's growth prospects and the overall market conditions.
Who May Want to Wait
Investors who prefer stable, established companies with consistent earnings may want to avoid this IPO, as it operates in a sector that can be subject to fluctuations in demand and economic conditions.
IPO Timeline, Explained
The IPO opens for subscription on 19 Nov 2025 and closes on 21 Nov 2025. Allotment of shares is expected on 24 Nov 2025, with the listing date set for 26 Nov 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by various factors, including market conditions and investor sentiment. There is always a risk that the stock may not perform as expected on its debut.
This evaluation is generated from Gallard Steel's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Gallard Steel IPO GMP today?
Gallard Steel IPO GMP today is +₹63.0 (42.0%), indicating an estimated listing price of ₹213. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Gallard Steel IPO?
The price band of Gallard Steel IPO is ₹142.0–₹150.0 per share.
When does Gallard Steel IPO open and close?
Gallard Steel IPO opens on 19 November 2025 and closes on 21 November 2025.
When does Gallard Steel IPO list on the stock exchange?
Gallard Steel IPO listed on 26 November 2025 at ₹213.0.
What is the lot size for Gallard Steel IPO?
The lot size for Gallard Steel IPO is 1000 shares, requiring a minimum investment of ₹300,000 (2 lots).
What is the price band for the Gallard Steel IPO?
The price band for the Gallard Steel IPO is ₹142.0 to ₹150.0.
What is the minimum investment required?
The minimum investment required is ₹300,000.
What is the lot size for this IPO?
The lot size for the Gallard Steel IPO is 1,000 shares.
When is the listing date for Gallard Steel?
The listing date for Gallard Steel is 26 Nov 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares may trade on the listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Nov 2025
Close
21 Nov 2025
Allotment
24 Nov 2025
Listing
26 Nov 2025
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