Nilachal Carbo Metalicks Limited is engaged in the manufacturing of Low Ash Metallurgical (LAM) Coke, primarily catering to top ferrochrome manufacturers in India.
The company operates a modern manufacturing facility at Chadheidhara, Jajpur, Odisha, equipped with three non-recovery bee-hive type coke oven batteries, having an annual capacity of 60,000 MTPA. Additionally, NCML runs a leased facility at Visakhapatnam, Andhra Pradesh, with an installed capacity of 18,000 MTPA, and also leverages contract manufacturing capacity of 24,000 MTPA.
To strengthen its production base, the company is expanding capacity by 34,400 MTPA through the installation of a new battery with 36 ovens at its Baramana, Jajpur plant. Post-expansion, NCML’s total manufacturing capacity will rise to 94,400 MTPA (owned) and 1,12,400 MTPA (including leased capacity).
NCML offers a wide range of metallurgical coke products tailored to industrial needs:
- Foundry Grade Coke – Used in foundries as a fuel and reducing agent, ensuring stable heat and low impurity levels for metal melting.
- Ferro Alloys Grade LAM Coke (Nut Coke) – Specially designed for ferro-alloy production with low ash, low phosphorus, and high efficiency in furnaces.
- Blast Furnace Grade Coke – A crucial input in blast furnaces for iron making, offering high carbon content, durability, and efficient combustion.
- Coke Fines – By-products with high carbon and low phosphorus, widely used in sintering, pelletizing, and steel melting, especially by nearby steel plants.
As of July 5, 2025, NCML employs 65 people, combining technical expertise and operational efficiency to maintain consistent quality and customer satisfaction.
Nilachal Carbo Metalicks IPO – Details
| IPO Opening Date | 08 September 2025 |
| IPO Closing Date | 10 September 2025 |
| Issue Type | Fixed Price IPO |
| Issue Size | Total Issue: 66,00,000 Shares Worth ₹56.10 Crore Fresh Issue: 26,00,00 Shares Worth ₹22.10 Crore Offer For Sale: 40,00,000 Shares Worth ₹34.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹85 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| NII Shares Offered | 50% |
| Retail Shares Offered | 50% |
Nilachal Carbo Metalicks IPO – Date Schedule
| IPO Open Date | 08 September 2025 |
| IPO Close Date | 10 September 2025 |
| Basis of Allotment | 11 September 2025 |
| Initiation of Refund | 12 September 2025 |
| Credit of Shares to Demat | 12 September 2025 |
| IPO Listing Date | 15 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2025 |
Nilachal Carbo Metalicks IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,72,000 |
| Retail (Max) | 2 | 3,200 | ₹2,72,000 |
| HNI (Min) | 3 | 4,800 | ₹4,08,000 |
Competitive Strengths
- Strategic Location of Manufacturing Facilities.
- Experienced Promoter and Management Team.
- Excellence in Producing High-Quality LAM Coke.
- Established customer base for by product.
- Own Fleet for JIT delivery.
- Flexible Operation for meeting specific customer requirements.
Company Promoters
- Mr. Bibhu Datta Panda
- Kajal Fashionwear Agency Private Limited
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹268.46 Cr | ₹253.77 Cr | ₹ 14.82 Cr | ₹18.84 Cr |
| 31 March 2024 | ₹267.13 Cr | ₹250.70 Cr | ₹15.82 Cr | ₹26.14 Cr |
| 31 March 2025 | ₹202.79 Cr | ₹184.03 Cr | ₹14.02 Cr | ₹23.55 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.90% |
| ROCE | 22.74% |
| Debt/Equity | 0.30 |
| RoNW | 17.90% |
| PAT Margin | 6.96% |
| EBITDA Margin | 13.46% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.28 | 5.62 |
| P/E (x) | 13.54 | 15.12 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding Capital expenditure for installing One Coke Oven Plant for the expansion of capacity. | ₹13.46 |
| Funding the modernization of the existing plant. | ₹3.03 |
| General Corporate Purposes. | – |
✅Strengths
- Experienced player in Low Ash Metallurgical (LAM) Coke with 20+ years in the industry.
- Strong capacity base: 78,000 MTPA (owned + leased) plus 24,000 MTPA contract manufacturing.
- Expansion underway to reach 1,36,400 MTPA capacity.
- Wide product range – nut coke, foundry coke, blast furnace coke, coke fines.
- Plants located near major ferro-alloy and steel hubs.
- Promoters with long industry experience.
⚠️Risks
- Heavy dependence on imported coking coal, prone to price volatility.
- Strict environmental and regulatory norms.
- Concentration of plants in Odisha and Andhra Pradesh.
- Reliance on key ferro-alloy customers.
- High working capital needs.
- Intense industry competition.
Nilachal Carbo Metalicks IPO Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding | 73.52% |
Nilachal Carbo Metalicks IPO Prospectus
Company Contact Information
| Nilachal Carbo Metalicks Ltd. N/4, 158 IRC Village, Bhubaneswar 751015 Bhubaneshwar, Odisha, 751015 Phone: 06742551375 Email: secretarial@nilachalcoke.com Website: https://nilachalcoke.com/ |
Nilachal Carbo Metalicks IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: ncml.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Nilachal Carbo Metalicks IPO Lead Manager(s)
| 1. Sun Capital Advisory Services Pvt.Ltd. |
Nilachal Carbo Metalicks IPO FAQ
| What is Nilachal Carbo Metalicks IPO? Nilachal Carbo Metalicks IPO is an SME IPO. The issue is priced at ₹85 per equity share. The IPO is to be listed on BSE SME. |
| When Nilachal Carbo Metalicks IPO will open? The IPO is to open on 08 September 2025 for NII and Retail Investors. |
| What is Nilachal Carbo Metalicks IPO Investors’ Portion? The investors’ portion for NII – 50% and for Retail – 50%. |
| What is the Nilachal Carbo Metalicks IPO Size? Nilachal Carbo Metalicks IPO size is ₹56.10 Crore. |
| What is Nilachal Carbo Metalicks IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 3200 Shares with ₹2,72,000 amount, while the maximum bid is 3200 Shares with ₹2,72,000. |
| What is the Nilachal Carbo Metalicks IPO Allotment Date? Nilachal Carbo Metalicks IPO allotment date is 11 September 2025. |
| What is the Nilachal Carbo Metalicks IPO Listing Date? Nilachal Carbo Metalicks IPO listing date is 15 September 2025. The IPO is to be listed on the BSE SME. |
