Gallard Steel Limited (GSL) is an engineering and precision-manufacturing company engaged in producing ready-to-use components, assemblies, and sub-assemblies for Indian Railways, Defence, Power Generation, and Industrial Engineering sectors.
The company manufactures high-precision components using:
- Carbon Steel
- Ductile Iron (SGCI)
- Grey Cast Iron
- Medium & Low Alloy Steels
GSL operates its manufacturing activities from its foundry unit in Pithampur, Dhar, Madhya Pradesh, where it produces unmachined and machined cast products.
The company utilises a range of in-house machinery and equipment to support processes such as melting, heat treatment, grinding, moulding, sand mixing and finishing.
Product Portfolio:
- Steel Components: Unmachined & machined carbon-steel, SGCI, and alloy-steel castings for engineering and industrial applications.
- Railway Components: Traction motor parts and bogie assembly components supplied to the Indian Railways ecosystem.
- Defence Components: Engineering cast parts such as cradle assemblies, recoil-related parts and other machined defence castings.
- Power Generation Components: Sub-assemblies for thermal & hydro turbines, including guide vanes, bush housings and turbine-related castings.
- Industrial Machinery Components: High-strength liners and cast components used in heavy engineering and industrial machinery.
- Rebonded Foam & Foam Products: Rebonded foam, slabs, mattresses, and PU-foam products.
Gallard Steel IPO – Details
| IPO Opening Date | 19 November 2025 |
| IPO Closing Date | 21 November 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 25,00,000 Shares Worth ₹37.50 Crore Fresh Issue: 25,00,000 Shares Worth ₹37.50 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹142 – ₹150 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Ankit Consultancy Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Gallard Steel IPO – Date Schedule
| IPO Open Date | 19 November 2025 |
| IPO Close Date | 21 November 2025 |
| Basis of Allotment | 24 November 2025 |
| Initiation of Refund | 25 November 2025 |
| Credit of Shares to Demat | 25 November 2025 |
| IPO Listing Date | 26 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 21, 2025 |
Gallard Steel IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2000 | ₹3,00,000 |
| Retail (Max) | 2 | 2000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 3000 | ₹4,50,000 |
| S-HNI (Max) | 6 | 6000 | ₹9,00,000 |
| B-HNI (Min) | 7 | 7000 | ₹10,50,000 |
Competitive Strength
- In-house manufacturing facilities.
- Diverse Customer base.
- Wide Geographical reach.
- Stringent quality control mechanism ensures standardized product quality.
Company Promoters
- Zakiuddin Sujauddin
- Hakimuddin Ghantawala
- Kaid Johar Kalabhai
- Zahabiya Kalabhai
- Mariya Zakiuddin Sujauddin
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2024 | ₹27.86 Cr | ₹24.19 Cr | ₹3.20 Cr | ₹17.59 Cr |
| 31 March 2025 | ₹53.52 Cr | ₹45.10 Cr | ₹6.07 Cr | ₹20.38 Cr |
| 31 September 2025 | ₹32.14 Cr | ₹26.56 Cr | ₹4.29 Cr | ₹19.13 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| 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 |
| Market Capitalization | ₹142.50 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.67 | 9.04 |
| P/E (x) | 17.31 | 16.60 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding of capital expenditure for the expansion of the existing manufacturing facility and the construction of an office Building. | ₹20.18 |
| Repayment of a portion of certain borrowings availed by the Company. | ₹7.00 |
| General Corporate Purposes. | – |
✅Strengths
- In-house integrated manufacturing facility at Pithampur.
- Experienced promoters and management team.
- Subsidiary (SIPL) adds CNC machining & foam manufacturing capability.
- European subsidiary established to support export expansion.
⚠️Risks
- No formal dividend policy; no dividends in recent years.
- First-time IPO; no prior market trading history.
- Exposure to foreign currency fluctuations (no hedging).
- European subsidiary yet to start operations.
- Business dependent on railway, defence & power sectors.
Gallard Steel IPO Promoter Holding
| Pre Issue Share Holding | 91.14% |
| Post Issue Share Holding | – |
Gallard Steel IPO Prospectus
Company Contact Information
| Gallard Steel Ltd. Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank Indore, Madhya Pradesh, 452014 Phone: +91-9644422252 Email: cs@gallardsteel.com Website: https://www.gallardsteel.com/ |
Gallard Steel IPO Registrar
| Ankit Consultancy Pvt.Ltd. Phone: 0731 – 491 298 / 492 698 Email: compliance@ankitonline.com Website: |
Gallard Steel IPO Lead Manager(s)
| 1. Seren Capital Private Limited |
Gallard Steel IPO FAQ
| What is Gallard Steel IPO? Gallard Steel IPO is an SME IPO. The issue is priced at ₹142 – ₹150 per equity share. The IPO is to be listed on BSE SME. |
| When Gallard Steel IPO will open? The IPO is to open on 19 November 2025 for QIB, NII, and Retail Investors. |
| What is Gallard Steel IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Gallard Steel IPO Size? Gallard Steel IPO size is ₹37.50 Crore. |
| What is Gallard Steel IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2000 Shares with ₹3,00,000 amount, while the maximum bid is 2000 Shares with ₹3,00,000. |
| What is the Gallard Steel IPO Allotment Date? Gallard Steel IPO allotment date is 24 November 2025. |
| What is the Gallard Steel IPO Listing Date? Gallard Steel IPO listing date is 26 November 2025. The IPO is to be listed on the BSE SME. |
