Gallard Steel IPO – Full Overview, Business Details, Strengths, Risks & Key Dates
Gallard Steel Ltd is an engineering-focused company that produces ready-to-use components and assemblies for multiple industries. Its products are mainly used in railways, defence equipment, power generation units, and industrial machinery.
The company was established in 2015, and the business is led by Mr. Zakiuddin Sujjuddin.
This is an SME IPO, which naturally comes with higher volatility and tighter regulations, so investors must understand both the potential and the risks involved.
Gallard Steel IPO – Key Information
| Factor | Details |
|---|---|
| Issue Type | Fixed Price Issue |
| Issue Size | ₹37.50 crore |
| Price Band | ₹142 – ₹150 |
| Lot Size | 1000 shares |
| Minimum Investment | ₹2,84,000 |
| Bidding Window | 19 Nov 2025 – 21 Nov 2025 |
| Allotment Date (Tentative) | 24 Nov 2025 |
| Listing Date (Tentative) | 26 Nov 2025 |
| Listing Exchange | BSE – SME |
| Face Value | ₹10 per share |
| Registrar | Not announced yet |
IPO Subscription Status
(As per screenshot – 19 Nov 2025, 11:52 AM)
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QIB – 0.00×
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NII – 2.11×
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Retail – 0.48×
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Overall Subscription – 0.73×
Business Overview
Gallard Steel operates a dedicated manufacturing setup in Pithampur, Madhya Pradesh, where it handles almost every key process in-house – from machining and moulding to finishing and quality checking.
The company also owns a subsidiary named SLPL, which strengthens its machining capacity and improves internal production efficiency.
Gallard Steel supplies its components to customers located across 14 Indian states and one Union Territory, giving it a broad market presence.
Key Strengths of Gallard Steel
✔ Diverse Industry Reach
Gallard Steel caters to multiple sectors. This variety gives it stability and shields it from sector-specific slowdowns.
✔ Strong In-House Production
Most processes are handled internally, which helps reduce costs, ensures timely delivery, and maintains better control over product quality.
✔ Structured Quality System
The company follows a strict, multi-layered quality check process, including spectrometer tests, supplier certification, visual checks, and dimensional accuracy checks.
✔ Steady Revenue Growth
The company has consistently increased its revenue:
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FY23: ~₹28 crore
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FY24: ~₹35 crore
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FY25: ~₹41.52 crore
This upward trend highlights growing demand and stable business operations.
Risks to Consider
⚠ Dependence on Specific Products
A large portion of revenue comes from traction motor and bogie components. If demand slows, revenue may be affected.
⚠ High Customer Concentration
A few key customers contribute a major part of the revenue. Losing any one of them can impact the company’s growth.
⚠ Raw Material Volatility
Steel and similar metals form a large share of production cost. Any price hike directly affects profit margins.
⚠ Working Capital Requirements
The company relies on advance purchases and long payment cycles, which can create cash-flow pressure.
⚠ Legal Matters
The company, along with its promoters and directors, has some ongoing legal cases. Any negative outcome may impact operations.
⚠ Debt Obligations
As of 30 Sept 2025, the company had total borrowings of around ₹13.50 crore. High debt increases financial strain.
Financial Snapshot
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FY23: ~₹28 crore
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FY24: ~₹35 crore
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FY25: ~₹41.52 crore
The financial trend shows clear growth, highlighting increasing demand and improved operations.
Who Can Apply?
| Category | Eligible? |
|---|---|
| Individual Investors | Yes |
| Lot Size | 1000 shares |
| Investment Range | ₹2 lakh – ₹5 lakh |
Only individual investors can apply in this SME IPO.
Important IPO FAQs
1. What is the issue size?
The total issue size is ₹37.50 crore.
2. Can I pre-apply?
Yes, pre-apply is available up to four days before the IPO opens.
3. When will allotment be declared?
Tentative date: 24 Nov 2025.
4. When will the stock list?
Expected listing date: 26 Nov 2025 on the BSE SME segment.
5. What is the lot size?
One lot consists of 1000 shares.
Final Verdict – Should You Apply?
Gallard Steel shows consistent revenue growth, strong in-house production capabilities, and a stable presence across multiple sectors.
However, investors should evaluate risks such as dependence on a few customers, price fluctuations in raw materials, and the company’s existing debt.
This IPO may appeal to investors who:
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Understand the nature of SME investing
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Prefer manufacturing and engineering businesses
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Can tolerate medium-to-high risk for potential long-term gains
Always compare the IPO details with your personal risk tolerance before applying.
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