Narmadesh Brass Industries Ltd. IPO

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Narmadesh Brass Industries Limited is engaged in the manufacturing of a diverse range of brass products, catering to both domestic and international markets. The Company operates across the brass value chain, offering products and services that serve applications in plumbing, sanitary, agricultural, industrial, and engineering segments.

Product Portfolio

Narmadesh Brass Industries manufactures a wide range of brass products, including Brass Rods, Brass Billets, Brass Valves, Brass Sanitary and Plumbing Fittings, Agricultural Sprayer Parts, Garden Fittings, Ball Valves and Non-Return Valves (NRVs), Brass Turning Components and Brass Compression Fittings and other customized brass components

Brass rods, billets, and components contribute the majority of revenue, while brass valves are sold under the Company’s own brand.

Customer Base and Market Presence

The Company supplies its products primarily to manufacturers, wholesalers, and end users. It operates in a single business vertical of brass product manufacturing, serving customers across multiple industrial applications.
Its strategic location in Jamnagar—India’s major brass manufacturing hub—provides easy access to raw materials, skilled labour, and established supply chains, enhancing operational efficiency and competitiveness.

Strengths and Competitive Advantages

i) Integrated and well-equipped manufacturing facility
ii) Strategic location in Jamnagar, Gujarat
iii) Wide and diversified brass product portfolio
iv) Strong promoter-led management with deep industry experience
v) In-house quality control and process integration
vi) Ability to serve both domestic and export markets

Objects of the Narmadesh Brass Industries Ltd. IPO:

Company proposes to utilize the Net Proceeds towards the following objects: 1. Repayment/ prepayment of certain outstanding borrowings (₹14.5 cr) 2. Purchase of machinery and equipment (₹3.29 cr) 3. Funding Working capital requirements (₹10.2 cr) 4. General Corporate Purpose (₹4.6 cr)

Narmadesh Brass Industries Ltd. IPO Details:

Open Date: Jan 12 2026
Close Date: Jan 15 2026
Total Shares: 8,71,200
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price
Issue Size: 45 Cr.
Lot Size: 240 Shares
Issue Price: ₹ 515 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jan 20 2026

Promoters And Management:

1. Mr. Hitesh Dudhagara, aged 46, is a founding Promoter and serves as the Chairperson and Managing Director of the Company. A Chartered Mechanical Engineer from The Institute of Engineers (India), he has over two decades of experience in the manufacturing sector. He is also the Managing Director of the holding company, M/s. Sprayking Limited (formerly M/s. Sprayking Agro Equipment Limited). He oversees the Company’s overall operations, strategic decision-making, and business development. During FY 2024–25, he received a gross remuneration of ₹9 lakhs from the holding company. 2. Mrs. Ronak Dudhagara, aged 42, is the Promoter and Woman Executive Director of the Company and has been associated with it since incorporation. With over a decade of experience in the manufacturing sector, she is also an Executive Director of M/s. Sprayking Limited. She manages day-to-day operations and oversees commercial and strategic functions. During FY 2024–25, she received a gross remuneration of ₹4.20 lakhs from the holding company. 3. Mr. Krish Dudhagara, aged 20, is a Promoter and Non-Executive Director of the Company. He was redesignated as a Non-Executive Director with effect from February 29, 2024. His appointment reflects the Company’s focus on succession planning and ensuring continuity of leadership. He is actively involved in the Company and contributes to long-term strategic discussions supporting the Company’s growth and sustainability.

Financials of Narmadesh Brass Industries Ltd. IPO:


Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 34 88 79 60
EBITDA (Cr) 6 9 11 2
EBITDA Margins 18.3% 10.6% 15% 4%
PAT (Cr) 4.01 5.72 7.09 0.89
PAT Margins 11.7% 6.5% 9% 1.49%
ROCE 13.31% 23% 37% 11.00%
D/E Ratio 0.86 2.16 3.91 0.72
OPerating Cash Flow 0.63 1.12 -7.9 -2.84

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Narmadesh Brass Industries Limited 88 10.6% 6.5% 23% 2.16 159.7 27.9
Poojawestern Metaliks Limited 50.36 7% 3.07% 10.90% 1.58 29 13.2
Siyaram Recycling Industries Limited 511 5% 2.94% 16.60% 0.82 118 11.8
Note: Forward P/E is 19.91 According to FY 2026

Lead Manager of Narmadesh Brass Industries Ltd. IPO:

  1. Aryaman Financial Services Limited

Registrar of Narmadesh Brass Industries Ltd. IPO:

  1. Kfin Technology Private Limited

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