The Narmadesh Brass IPO opening date is January 12, 2026, and the IPO will close on January 15, 2026. The Narmadesh Brass IPO is a fixed-price issue. The company will raise approximately ₹45 crore through the IPO, which includes a fresh issue of ₹36 crore and an offer for sale of up to 1,70,400 equity shares with a face value of ₹10.
The price band for the Narmadesh Brass IPO is ₹515 per share. The retail quota is 50%, QIB 0%, and HNI 50%. The Narmadesh Brass IPO will be listed on the BSE SME on January 20, 2026. The allotment date for the Narmadesh Brass IPO is January 16, 2026.
The company reported revenue of ₹88.05 crore in 2025, compared to ₹79.06 crore in 2024. The company reported a profit of ₹5.72 crore in 2025, compared to a profit of ₹7.10 crore in 2024. According to financials, IPO investors should apply for the IPO for the long term.
Narmadesh Brass Industries Limited is a modern brass manufacturing company headquartered in Jamnagar, Gujarat. This region is known as India's "Brass City" due to its robust industrial ecosystem for brass products.
Manufacturing Infrastructure
The company operates a fully integrated manufacturing facility spanning 6,293 square meters at Plot Nos. 5, 8, and 9, Shree Ganesh Industrial Hub, Jamnagar. All major production operations, including casting and forging, are performed at a single location, ensuring efficient operation and quality control.
Product Portfolio
Narmadesh Brass Industries manufactures a variety of brass products for both domestic and export markets, including:
Brass billets and rods
Brass valves, including ball valves and non-return valves (NRVs)
Plumbing and sanitary fittings, including lead-free products
Agricultural sprayer components and garden fittings
Customized brass components made from casting, forging, turning, CNC, and VMC machining
Quality and Certification
The company maintains in-house quality control throughout the entire production cycle, from raw material processing to final dispatch. It is certified under ISO 9001:2015, demonstrating compliance with internationally accepted quality management standards.
Strengths
Integrated Manufacturing Capability: The company operates a fully integrated brass manufacturing facility with in-house production of brass rods, billets, and components, providing flexibility in product mix, customization, quality control, and margin optimization.
Strategic Location in Jamnagar: Located in Jamnagar, Gujarat, the company benefits from robust infrastructure, easy access to raw materials, skilled labor, and efficient logistics, which contribute to cost-effective operations.
Experienced Promoter-Led Management: The company is led by experienced promoters with over two decades of industry experience, providing strong operational leadership and strategic direction.
Weaknesses
Potential Conflict of Interest with the Promoter Group: The promoters also have interests in other entities, including Sprayking Limited, which operates in a similar brass manufacturing segment. These overlapping interests could lead to potential conflicts that could adversely impact business operations.
Capital expenditure delays and cost overrun risks: The company has not yet placed firm orders for the proposed plant and machinery. Delays, quotation expirations, inflation, or exchange rate fluctuations could lead to cost overruns or delays in installation, impacting expansion plans and operations.
Promoter loans repayable on demand: The company has unsecured loans from promoters and directors that are repayable on demand. Any sudden repayment requests could put pressure on cash flow and impact financial stability.
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Narmadesh Brass IPO Details
| IPO Open Date | January 12, 2026 |
| IPO Close Date | January 15, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹515 Per Share |
| Issue Size | Approx ₹45 Crores |
| Fresh Issue | Approx ₹36 Crores |
| Offer for Sale: | Approx 1,70,400 Equity Shares |
| Issue Type | Fixed Price Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Narmadesh Brass IPO Market Lot
The Narmadesh Brass IPO minimum market lot is 480 shares with ₹2,47,200 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 480 | ₹2,47,200 |
| Retail Maximum | 2 | 480 | ₹2,47,200 |
| S-HNI Minimum | 3 | 720 | ₹3,70,800 |
| S-HNI Maximum | – | – | ₹- |
| B-HNI Minimum | – | – | ₹- |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | -% |
| NII Shares Offered | 4,12,800 Shares | 47.38% |
| Retail Shares Offered | 4,12,800 Shares | 47.38% |
Narmadesh Brass IPO Dates
The Narmadesh Brass IPO date is January 12 and the close date is January 15. The Narmadesh Brass IPO allotment will be finalized on January 16 and the IPO listing on January 20.
| IPO Open Date: | January 12, 2026 |
| IPO Close Date: | January 15, 2026 |
| Basis of Allotment: | January 16, 2026 |
| Refunds: | January 19, 2026 |
| Credit to Demat Account: | January 19, 2026 |
| IPO Listing Date: | January 20, 2026 |
| IPO Bidding Cut-off Time: | January 15, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are M/s. Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 24,00,000 | 99.92% |
| Promoter Holding Post Issue | 31,00,800 | 71.84% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings | ₹14.50 |
| Purchase of machinery and equipment | ₹3.29 |
| Funding Working capital requirements | ₹10.20 |
| General Corporate Purpose | ₹- |
Narmadesh Brass IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹60.09 | ₹58.92 | ₹0.89 | ₹22.00 |
| 2024 | ₹79.06 | ₹69.38 | ₹7.10 | ₹46.68 |
| 2025 | ₹88.05 | ₹80.92 | ₹5.72 | ₹59.66 |
| September 2025 | ₹34.21 | ₹29.37 | ₹4.01 | ₹63.10 |
Narmadesh Brass IPO Valuation – FY2025
Check Narmadesh Brass 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: | 49.99% |
| ROCE: | 23.29% |
| EBITDA Margin: | 10.64% |
| PAT Margin: | 6.52% |
| Debt to equity ratio: | 1.68 |
| Earning Per Share (EPS): | ₹26.23 (Basic) |
| Price/Earning P/E Ratio: | 19.63 |
| Return on Net Worth (RoNW): | 49.99% |
| Net Asset Value (NAV): | ₹57.24 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Poojawestern Metaliks Limited | 1.53 | 18.67 | 11.46% | 13.38 | 50.37 Cr. |
| Siyaram Recycling Industries Limited | 6.69 | 8.10 | 11.49% | 58.24 | 515.56 Cr. |
IPO Lead Managers aka Merchant Bankers
- Aryaman Financial Services Ltd.
Company Address
Narmadesh Brass Industries Ltd.
Plot No. 5, 8 & 9
Survey No. 433, Shree Ganesh Industrial Hub
Changa Village
Jamnagar, Gujarat, 361012
Phone: +91 028 95299401
Email: info@narmadeshbrass.com
Website: https://www.narmadeshbrass.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/