Gallard Steel's IPO will open on November 19, 2025, and close on November 21, 2025. Gallard Steel's IPO is a book-built issue. The company will raise approximately ₹37.50 crore through the IPO, consisting of fresh shares worth ₹37.50 crore and equity shares with a face value of ₹10.
The price band for Gallard Steel's IPO is ₹142 to ₹150 per share. Retail shares are 35%, QIBs 50%, and HNIs 15%. Gallard Steel's IPO will be listed on the BSE on November 26, 2025. Allotment of Gallard Steel's IPO will take place on November 24, 2025.
The company reported revenue of ₹535.24 crore in 2025, compared to ₹278.61 crore in 2024. The company reported a profit of ₹60.67 crore in 2025, compared to ₹31.96 crore in 2024. As per the financials, IPO investors should invest in the IPO GMP for the long term.
Gallard Steel IPO Details
| IPO Open Date | November 19, 2025 |
| IPO Close Date | November 21, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹142 to ₹150 Per Share |
| Issue Size | Approx ₹37.50 Crores |
| Fresh Issue | Approx ₹37.50 Crores |
| Issue Type | Book Built Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Gallard Steel IPO Market Lot
The Gallard Steel IPO minimum market lot is 2,000 shares with ₹3,00,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹3,00,000 |
| Retail Maximum | 2 | 2,000 | ₹3,00,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,50,000 |
| S-HNI Maximum | 6 | 6,000 | ₹9,00,000 |
| B-HNI Minimum | 7 | 7,000 | ₹10,50,000 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Gallard Steel IPO Anchor Investors
| Anchor Bidding Date | November 18, 2025 |
| Anchor Investors List | |
| Shares Offered | 7,09,000 Shares |
| Anchor Size | 10.64 Cr. |
| lock-in period end date 50% shares (30 Days) | December 24, 2025 |
| lock-in period end date 50% shares (90 Days) | February 22, 2026 |
Gallard Steel IPO Dates
The Gallard Steel IPO date is November 19 and the close date is November 21. The Gallard Steel IPO allotment will be finalized on November 24 and the IPO listing on November 26.
| IPO Open Date: | November 19, 2025 |
| IPO Close Date: | November 21, 2025 |
| Basis of Allotment: | November 24, 2025 |
| Refunds: | November 25, 2025 |
| Credit to Demat Account: | November 25, 2025 |
| IPO Listing Date: | November 26, 2025 |
| IPO Bidding Cut-off Time: | November 21, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 70,00,000 | 91.14% |
| Promoter Holding Post Issue | 95,00,000 | 67.16% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building | ₹20.14 |
| Repayment of a portion of certain borrowings availed by the Company | ₹7.00 |
| General Corporate Purpose | ₹- |
About Gallard Steel IPO
Since its inception in 2015, Gallard Steel Limited has become one of India's most prominent engineering firms. It manufactures unmachined and machined casting components, assemblies, and subassemblies using metals such as carbon steel, ductile iron, gray cast iron, and alloy steel. Its manufacturing plant is located in Pithampur, Dhar district, Madhya Pradesh, and spans 12,195 square meters.
Gallard Steel manufactures a wide range of products, including steel components, traction motor and bogie components, defense components, thermal and hydro turbine subassemblies, industrial machinery and equipment, and rebonded foam. These components are primarily used in railways, heavy engineering, defense, power generation, and other related industries. Additionally, the company utilizes various in-house machinery for melting, heat treating, grinding, casting, sand mixing, and finishing of products.
Gallard Steel IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2024 | ₹278.61 | ₹241.91 | ₹31.96 | ₹391.39 |
| 2025 | ₹535.24 | ₹451.03 | ₹60.67 | ₹487.73 |
| June 2025 | ₹321.35 | ₹265.61 | ₹42.93 | ₹503.35 |
Gallard Steel IPO Valuation – FY2025
Check Gallard Steel IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 43.16% |
| ROCE: | 26.59% |
| EBITDA Margin: | 23.39% |
| PAT Margin: | 11.38% |
| Debt to equity ratio: | 1.19 |
| Earning Per Share (EPS): | ₹8.67 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 35.51% |
| Net Asset Value (NAV): | ₹24.40 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Nitin Casting Limited | 24.14 | 20.33 | 15.03% | 160.63 | 154.48 Cr. |
| Pritika Engineering Components Limited | 2.18 | 39.22 | 12.63% | 17.25 | 117.66 Cr. |
Established in 2015, Gallard Steel Limited is engaged in the manufacture of engineered steel castings, including mild steel, SGCI, and low-alloy castings.
The company manufactures ready-to-use parts, assemblies, and sub-assemblies for Indian Railways, the defense sector, power generation, and allied industries, providing high-quality solutions across various sectors.
Manufacturing operations are carried out at a 12,195 square meter foundry located in Pithampur, Dhar district, Madhya Pradesh, which is ISO 9001:2015 certified. The company utilizes a variety of in-house machinery and equipment for processes such as melting, heat treatment, grinding, casting, sand mixing, and finishing.
The company provides components for railway traction motors, defense cradles, power generation guide vanes, and industrial machinery liners, and serves sectors such as the railway, defense, power generation, and heavy engineering industries.
Products:
Steel Components: Manufactures unmachined and machined steel components for various sectors.
Traction Motor and Bogie Components: Manufactures components for traction motor and bogie assemblies in railways.
Defense Components: Manufactures cradle assemblies, recoiling cylinders, and trunnion housings for defense.
Thermal and Hydro Turbine Sub-Assemblies: Manufactures guide vanes, bush housings, and fork systems for turbines.
Industrial Machinery and Equipment: Supply of high-temperature resistant 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
Extensive geographical reach
Strict quality control mechanisms ensure standardized product quality
Company Address
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/
IPO Registrar
Ankit Consultancy Pvt. Ltd.
Phone: +91 0731-4949444
Email: compliance@ankitonline.com
Website: https://www.ankitonline.com/