Gallard Steel Limited IPO

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Incorporated in 2015, Gallard Steel Ltd. is an engineering-driven manufacturing company specializing in ready-to-use steel components, assemblies, and sub-assemblies. The company serves critical sectors such as railways, defence, power generation, and industrial machinery, positioning itself as a key supplier of high-precision cast and machined parts.

Core Business & Product Portfolio

Gallard Steel manufactures components using unmachined and machined castings produced from Carbon steel, Ductile iron, Grey cast iron and Medium & low alloy steels

Key Product Categories

a. Railway Components: Traction motor parts, Bogie assembly components, Control arms for FIAT LHB coaches, axle mounting tubes, gear cases.
b. Defence Components: Cradle assemblies for battle tanks, Recoiling assembly cylinders and Trunnion housings
c. Power Generation Components: Guide vanes, Bush housings, Fork systems for thermal & hydro turbines
d. Industrial Machinery Components: High Temperature Resistance Liner and Other heavy-engineering castings.

Customer Profile & Industry Reach

Gallard Steel serves clients across Indian Railways, Defence production units, Power equipment manufacturers and Industrial machinery OEMs. The company supplies products to 14 states and 1 union territory, with strong contributions from Madhya Pradesh.

Competitive Strengths

i. Fully integrated manufacturing setup ensures lower cost, better quality control, minimal outsourcing, and faster delivery.
ii. Diversified customer base across railways, defence, power, and industrial engineering reduces sector-specific risk.
iii. Strong quality assurance system with multi-stage inspections and NDT/DT ensures high product reliability and consistency.
iv. Growing export footprint via the European subsidiary enables higher-margin international orders and access to global OEMs.
v. Experienced leadership team brings deep expertise in strategy, finance, operations, and steel casting to drive growth.

Objects of the Gallard Steel Limited IPO:

Company intends to utilize the proceeds to meet the following objects: 1. Capital expenditure towards expansion of existing manufacturing facility and construction of office Building (₹20.73 cr) 2. Repayment of a portion of certain borrowings (₹7.2 cr) 3. General Corporate Purpose
DRHP of Gallard Steel Limited IPO
RHP of Gallard Steel Limited IPO

Gallard Steel Limited IPO Details:

Open Date: Nov 19 2025
Close Date: Nov 21 2025
Total Shares: 25,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 37.50 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 142-150 Per Equity Share
Listing At: BSE SME
Listing Date: Nov 26 2025

Promoters And Management:

1. Zakiuddin Sujauddin, Promoter and Managing Director, holds a B.A. (Hons.) from De Montfort University, UK (2005). He began his career as a Procurement Manager at Khalid Al Dabbus, Kuwait, working in supply chain and customer relations until 2015. He co-founded the Company in 2015 and has 19 years of experience, including 10 years in cast components, overseeing strategy and business development. 2. Hakimuddin Ghantawala, Promoter, Whole-Time Director and CFO, is a CFA (2006) and holds a Master’s in Finance from ICFAI University (2007). He worked at Alcock Ash Down Gujarat Ltd. and later as Finance Manager at World Wide Auctioneers, UAE (2009–2013). He co-founded the Company in 2015 and has 15 years of experience, managing finance, accounts, sales, and marketing. 3. Zahabiya Kalabhai, Promoter and Non-Executive Director since 2018, is a B.Com graduate from Devi Ahilya Vishwavidyalaya (2008) with 6 years of administrative experience.

Capital Structure:

To be updated shortly

Financials of Gallard Steel Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 31.56 53.31 26.82 20.59
EBITDA (Cr) 7.42 12.47 5.06 1.89
EBITDA Margins 23.53% 23.39% 18.88% 9.21%
PAT (Cr) 4.29 6.06 3.19 1.13
PAT Margins 13.60% 11.38% 11.91% 5.51%
ROCE 15.52% 26.59% 16.42% 14.23%
Debt to Equity Ratio(In Times) 0.90 1.19 1.6 1.55
Operating Cash Flows (Cr) 2.96 4.18 1.52 -2.02

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Gallard Steel Limited 53.31 23.39% 11.38% 26.59% 0.9 142.5 23.51
Nitin Casting Limited 151 10% 7.95% 17.40% 0.09 263 18.60
Pritika Engineering Components Limited 105 15% 5.71% 12.10% 1.26 232 34.90
Note : Forward P/E 16.60 is According to FY26 PAT

Lead Manager of Gallard Steel Limited IPO:

  1. Seren Capital Private Limited

Registrar of Gallard Steel Limited IPO:

  1. Ankit Consultancy Private Limited

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