Nilachal Carbo Metalicks Limited IPO

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Incorporated in February 2003 as a private limited company and converted into a public limited company in February 2024, Nilachal Carbo Metalicks Limited (NCML) is engaged in the manufacturing of Low Ash Metallurgical (LAM) Coke, with a specialized focus on Ferro Alloy Grade Coke. Over the years, NCML has positioned itself as a key supplier to top Ferro Chrome manufacturers in India, building long-term customer relationships and a strong reputation for quality.

Business Model

Nilachal Carbo Metalicks operates on an integrated and flexible business model, combining owned manufacturing, leased capacity, and contract manufacturing tie-ups to optimize production and meet demand. The company generates revenue primarily through the sale of LAM Coke and byproducts (Coke Fines) to Ferro Alloy and steel producers, supported by its own logistics fleet for just-in-time deliveries. This model ensures scalability, cost efficiency, and long-term customer relationships.

Products: LAM Coke, Low Phosphorus Nut Coke, Ultra-Low Phosphorus Nut Coke and High-Grade Coke Fines.

Munifacturing Facilities

Company operates an owned plant at Baramana, Jajpur (96 ovens, 60,000 MTPA), a leased plant at Visakhapatnam (18 ovens, 18,000 MTPA), and has a 24,000 MTPA contract manufacturing tie-up with Om Avi Carbon Resources. The company is also adding a new battery of 36 ovens at Jajpur, which will boost its owned capacity to 94,400 MTPA and overall capacity to 1,12,400 MTPA.

Key Strengths

i) Strategic Manufacturing Locations – Proximity to ports and major ferro-alloy hubs provides strong logistical and market advantages.
ii) Experienced Promoter & Management Team – Led by Mr. Bibhu Datta Panda (MD) with 30+ years of industry experience, supported by a professional and motivated team.
iii) Excellence in High-Quality LAM Coke – Recognized for low ash, low phosphorus, and high CRI coke, ensuring superior alloy production.
iv) Established Byproduct Market – Strong demand for Coke Fines (Coke Breeze) from iron ore pellet makers, sintering plants, and steel producers.
v) Own Fleet for JIT Delivery – Dedicated transportation fleet ensures just-in-time deliveries, reducing delays and increasing customer satisfaction.
vi) Flexible Operations – Ability to customize coke quality and sizes to meet specific customer requirements in ferro-alloy smelting processes.

Objects of the Nilachal Carbo Metalicks Limited IPO:

Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: 1. Funding Capital expenditure for installing One Coke Oven Plant (₹13.46 cr) 2. Funding modernization of existing plant (₹ 3.03 cr) 3. General corporate purposes

Nilachal Carbo Metalicks Limited IPO Details:

Open Date: Sep 08 2025
Close Date: Sep 10 2025
Total Shares: 66,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price
Issue Size: 56.10 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 85 Per Equity Share
Listing At: BSE SME
Listing Date: Sep 15 2025

Promoters And Management:

1. Mr. Bibhu Datta Panda – Managing Director, aged 60, Promoter and MD of the company with 30+ years’ experience in coking coal and LAM coke trading and manufacturing. Director since incorporation (2003), appointed MD in 2011 and reappointed in 2024 for five years. Also Director at Nilachal Coffee & Agro Estate Pvt. Ltd., Kajal Fashionwear Agency Pvt. Ltd., and Designated Partner at Nilachal Exim LLP. 2. Ms. Geeta Rani Panda – Non-Executive Director, aged 85, associated with the company since 2011 with 13+ years’ experience in HR and admin operations. Former Executive Director, re-designated as Non-Executive Director in 2024. Also Director at Nilachal Coffee & Agro Estate Pvt. Ltd., Kajal Fashionwear Agency Pvt. Ltd., and Designated Partner at Nilachal Exim LLP. 3. Mr. Rishiraj Panda – Whole-time Director, aged 27, B.Tech (Mechanical, VIT), with 4+ years’ experience in business operations. Joined as Additional Executive Director in 2023, reappointed as Whole-time Director in 2024 for five years. Also Director at Nilachal Coffee & Agro Estate Pvt. Ltd.

Financials of Nilachal Carbo Metalicks Limited IPO:

To be updated shortly

Comparison With Peers:

To be updated shortly

Lead Manager of Nilachal Carbo Metalicks Limited IPO:

  1. Sun Capital Advisory Services (P) Ltd

Registrar of Nilachal Carbo Metalicks Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Nilachal Carbo Metalicks Limited IPO:

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