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Narmadesh Brass Industries IPO
Price Band
₹
Issue Size
₹44.87 Cr
Lot Size
240 shares
Min Investment
₹247,200
2 LOTS MIN
GMP
—
Issue Price
₹515.0
Narmadesh Brass Industries IPO AI Summary
- Narmadesh Brass Industries IPO is listed on BSE SME in the Other Industrial Products sector.
- Subscription window: 12 Jan–16 Jan 2026, listing on 21 Jan 2026.
Narmadesh Brass Industries Ltd. is set to launch its IPO, offering shares at ₹515. The company specializes in brass manufacturing and operates from Jamnagar, Gujarat. With a focus on quality and a comprehensive manufacturing process, it aims to utilize the proceeds for various corporate purposes. Investors should evaluate their risk appetite and the company's financials before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Narmadesh Brass Industries IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat. The company’s manufacturing facility spans 6,293 m², situated at Plot Nos. 5, 8 & 9 in the Shree Ganesh Industrial Hub, Jamnagar – a city renowned as India’s “Brass City” due to its dense concentration of brass producers. Narmadesh specializes in producing a wide variety of brass products for both domestic and export markets. Their portfolio includes: Brass Billets Brass Rods Brass Valves (including ball valves and NRVs) Plumbing and Sanitary Fittings (including lead-free options) Agricultural Sprayer Parts and Garden Fittings Customization via Casting, Forging, Turning, CNC & VMC Machined Components. Their in-house processes ensure tight control over quality, from production to dispatch. The company holds ISO 9001:2015 certification for its Quality Management System, reflecting strong adherence to international quality benchmarks. This includes its capabilities in casting and forging operations, all executed within the same premises. As of September 30, 2025, the firm employed 81 contract labourers to support its manufacturing operations. Competitive Strengths A well-equipped, ISO-certified manufacturing facility located in the brass-rich hub of Jamnagar (often referred to as “Brass City”) ensures efficiency and supply chain advantages. Full process control—from raw brass billet casting to finished product dispatch—allows better quality assurance and responsiveness to client needs. Experienced promoters and management team, including leadership by Hitesh Pragajibhai Dudhagara and others who bring continuity from the prior partnership structure.
Company Financials (₹ Cr)
As of 2025-09-30
| 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 Ratios
EPS
₹26.23
NAV
₹57.24
ROE
49.99%
ROCE
23.29%
RoNW
49.99%
P/E Ratio
19.63
Market Cap
₹159.69 Cr
PAT Margin
6.52%
Promoters
Sprayking Ltd., Hitesh Dudhagara and Ronak Dudhagara
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 Repayment/ prepayment, in full or in part, of certain outstanding borrowings 14.50 2 Purchase of machinery and equipment 3.29 3 Funding working capital requirements of the Company 10.20 4 General Corporate Purposes 4.60 5 Issue expenses 4.31 Total 36.90
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹60.09 Cr in the year ending 31 Mar 2023, rising to ₹79.06 Cr by 31 Mar 2024. It continued to increase, reaching ₹88.05 Cr by 31 Mar 2025, before falling to ₹34.21 Cr as of 30 Sep 2025. However, the latter figure is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.89 Cr in the year ending 31 Mar 2023, increasing to ₹7.10 Cr by 31 Mar 2024. It reached ₹5.72 Cr by 31 Mar 2025, before declining to ₹4.01 Cr as of 30 Sep 2025. Again, the last figure is a 9-month figure and not directly comparable to full-year results.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on demand and supply in this unofficial market. A positive GMP suggests strong demand, while a negative GMP indicates weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's fundamentals and market conditions before making any decisions.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, as it involves inherent risks typical of smaller manufacturing firms in a competitive sector.
IPO Timeline, Explained
The IPO opens for subscription on January 12, 2026, and closes on January 16, 2026. Allotment of shares will be done on January 19, 2026, with the listing date set for January 21, 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are sold on the listing day at a price higher than the issue price. However, these gains are not guaranteed and depend on market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from Narmadesh Brass Industries'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
When does Narmadesh Brass Industries IPO open and close?
Narmadesh Brass Industries IPO opens on 12 January 2026 and closes on 16 January 2026.
When does Narmadesh Brass Industries IPO list on the stock exchange?
Narmadesh Brass Industries IPO listed on 21 January 2026 at ₹515.0.
What is the lot size for Narmadesh Brass Industries IPO?
The lot size for Narmadesh Brass Industries IPO is 240 shares, requiring a minimum investment of ₹247,200 (2 lots).
What is the lot size for this IPO?
The lot size for Narmadesh Brass Industries IPO is 240 shares.
What is the minimum investment required?
The minimum investment required is ₹247,200.
What is the issue price of the shares?
The issue price of the shares is ₹515.0.
When does the IPO open and close?
The IPO opens on January 12, 2026, and closes on January 16, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
12 Jan 2026
Close
16 Jan 2026
Allotment
19 Jan 2026
Listing
21 Jan 2026
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