Gallard Steel Limited Link 
Allotment
The Gallard Steel IPO will open for subscription on November 19, 2025, and will close on November 21, 2025. This IPO is a book-built issue, through which the company aims to raise approximately ₹37.50 crore. The entire issue comprises a fresh issue of ₹37.50 crore, with equity shares having a face value of ₹10 each.
The price band for the Gallard Steel IPO has been set at ₹142 to ₹150 per share. The issue allocation is divided into 50% for QIBs, 35% for retail investors, and 15% for HNIs. The IPO is scheduled to be listed on the BSE on November 26, 2025, while the allotment is expected on November 24, 2025.
On the financial front, Gallard Steel has delivered strong growth. The company reported a revenue of ₹535.24 crore in FY2025, compared to ₹278.61 crore in FY2024. Net profit also increased to ₹60.67 crore in FY2025, up from ₹31.96 crore in FY2024.
Based on the company’s improving financial performance, the IPO appears suitable for long-term investors.
₹150
0%
Open
₹150
HIgh - Low
₹150
Previous Close
₹150
Total Traded Value
0
52 Weeks High
₹150
52 Weeks Low
₹150
Updates On
Nov 10, 2025
IPO. Open
Nov 19, 2026
IPO. Close
Nov 21, 2026
IPO. Price
₹150.00
IPO Market price
₹142.50 Cr
IPO Details
| IPO Date | 26 Nov |
| IPO Listing Date | 26 Nov |
| IPO Face Value | ₹10.00 per share |
| IPO Price Range | ₹150.00 |
| IPO Issue Size | |
| IPO Sale Type | Fresh Capital |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE SME Platform |
| Share Holding Pre Issue | 70,00,000 shares |
IPO Timeline
| IPO Open Date | 19 Nov |
| IPO Close Date | 21 Nov |
| IPO Allotment (Tentative) | 24 Nov |
| Refunds | 25 Nov |
| Credit to Demat Account | 25 Nov |
| IPO Listing Date | 26 Nov |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 11,83,000 Shares |
| NII (HNI) Shares Offered | 3,60,000 Shares |
| Retail Shares Offered | 8,32,000 Shares |
IPO Lot Size
Investors can bid for a minimum of 2,000 shares, with additional shares in multiples of 1,000.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹3,00,000 |
| Retail (Max) | 2 | 2,000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,50,000 |
| S-HNI (Max) | 6 | 6,000 | ₹9,00,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,50,000 |
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low-alloy steel castings.
The company specialises in producing ready-to-use components, assemblies, and sub-assemblies for a wide range of industries, such as Indian Railways, defence, power generation, and allied sectors, delivering reliable and high-quality engineering solutions.
Gallard Steel operates a fully integrated manufacturing facility located in Pithampur, Dhar, Madhya Pradesh, spread across 12,195 square metres. The facility is ISO 9001:2015 certified and equipped with advanced in-house infrastructure to support key processes including melting, moulding, sand mixing, heat treatment, grinding, and finishing.
The company supplies critical components such as railway traction motor parts, defence cradle assemblies, power generation guide vanes, and industrial machinery liners, catering to sectors like railways, defence, power, and heavy engineering.
Product Portfolio
Steel Components: Manufacturing both unmachined and machined steel components for multiple industries
Traction Motor & Bogie Components: Producing parts used in railway traction motors and bogie assemblies
Defence Components: Manufacturing cradle assemblies, recoiling cylinders, and trunnion housings
Thermal & Hydro Turbine Sub-Assemblies: Producing guide vanes, bush housings, and fork systems for turbines
Industrial Machinery & Equipment: Supplying high-temperature-resistant liners for industrial machinery
Rebonded Foam: Recycled foam used in furniture, mattresses, and industrial applications
Competitive Strengths
Fully integrated in-house manufacturing facilities
Diversified customer base across multiple industries
Wide geographical presence
Stringent quality control systems ensuring consistent and standardised product quality
Company Financials (Consolidated)
| Assets | 50.33 | 48.77 | 39.14 |
| Total Income | 32.14 | 53.52 | 27.86 |
| Profit After Tax | 4.29 | 6.07 | 3.2 |
| 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 Performance Indicator (KPI)
| ROE | 43.16% |
| ROCE | 26.59% |
| Debt/Equity | 1.19 |
| RoNW | 35.51% |
| PAT Margin | 11.38% |
| EBITDA Margin | 23.39% |
| Price to Book Value | 6.15 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 20.14 |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | 4.66 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
Gallard Steel Ltd.
Flat No. 01,
SukhsnehApartment,
168-M Khatiwala Tank
Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/
Detail Registrar
IPO Registrar
Ankit Consultancy Pvt. Ltd.
Phone: +91 0731-4949444
Email: compliance@ankitonline.com
Website: https://www.ankitonline.com/
The IPO opened on November 19, 2025, and closed on November 21, 2025. Allotment was on November 24, 2025, and listing on BSE was on November 26, 2025.
The IPO was priced at ₹142–₹150 per share. Investors could bid for a minimum of 2,000 shares, with additional shares in multiples of 1,000.
Proceeds were aimed at expanding the existing manufacturing facility, constructing an office building, repaying part of borrowings, and meeting general corporate purposes.
Gallard Steel manufactures engineered steel castings, including components for railways, defence, power generation, industrial machinery, turbine sub-assemblies, and rebonded foam for furniture and industrial applications.
Revenue grew 92% to ₹53.52 crore in FY2025 from ₹27.86 crore in FY2024, while profit after tax rose 90% to ₹6.07 crore, reflecting strong operational performance.
Compare:
