Gallard Steel IPO is a book-built issue worth ₹37.50 crore, consisting entirely of a fresh issue of 0.25 crore equity shares.
The subscription window opens on November 19, 2025, and will close on November 21, 2025. The IPO allotment is expected to be finalised on November 24, 2025, with the company set to list on the BSE SME platform on November 26, 2025.
The IPO price band is fixed at ₹142 to ₹150 per share. The lot size is 1,000 shares, meaning a retail investor must apply for a minimum of 2 lots (2,000 shares), requiring an investment of ₹3,00,000 at the upper price band. For HNI applicants, the minimum investment is 3 lots (3,000 shares), amounting to ₹4,50,000.
Seren Capital Pvt. Ltd is acting as the book-running lead manager for the issue, while Ankit Consultancy Pvt. Ltd is the registrar. Asnani Stock Broker Pvt. Ltd. will serve as the market maker for the IPO. Refer to Gallard Steel IPO RHP for complete details.
Gallard Steel IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- ₹2,073.01 lakh for funding capital expenditure, including the expansion of the existing manufacturing facility and construction of a new office building.
- ₹720.00 lakh for repayment or prepayment, in full or in part, of certain borrowings availed by the company.
- Remaining for general corporate purposes.
About Gallard Steel Limited
Incorporated in 2015, Gallard Steel Limited is an engineering company engaged in manufacturing ready-to-use components, assemblies, and subassemblies for the Indian Railways, defence, power generation, and allied industries.
Its product portfolio includes critical components such as traction motor parts and bogie assembly components for the railway sector, subassemblies for thermal and hydro turbines used in power generation, as well as components for industrial machinery, equipment, and the defence sector.
These products are made using unmachined and machined castings crafted from carbon steel, ductile iron, grey cast iron, and medium and low alloy steels. The company primarily serves clients operating in the heavy engineering, railways, and defence domains.
In the railway sector, Gallard Steel Limited supplies components used in traction motor production and bogie assemblies, including control arms for FIAT LHB coaches and stator frames for various traction motors. In the defence segment, the company manufactures components such as cradles and recoiling assembly cylinders for government defence production units.
For the power generation industry, it produces guide vanes, bush housings, and fork systems for heavy engineering companies serving both hydro and thermal power applications. Additionally, the company manufactures high-temperature resistance liners and other components used in industrial machinery and equipment.
Gallard Steel Limited’s manufacturing operations are carried out at its ISO 9001:2015-certified foundry in Pithampur, Dhar, Madhya Pradesh, spread across 12,195 square meters. The facility is equipped with in-house machinery supporting melting, heat treatment, grinding, molding, sand mixing, and finishing processes, enabling an integrated production setup.
The company also performs in-house product testing to evaluate material composition, mechanical properties, and detect defects, ensuring compliance with client specifications.
As part of its expansion strategy, Gallard Steel Limited acquired Sleeploop India Private Limited (SIPL) in February 2024, making it a wholly owned subsidiary. SIPL operates a facility in Pithampur with two divisions, CNC machining and rebounded foam manufacturing.
Further, on October 21, 2025, the company incorporated a foreign subsidiary, Gallard Steel Europe B.V., registered in the Netherlands, to establish a European presence and facilitate exports of steel castings and machined components. This subsidiary is yet to commence operations.
Industry Outlook
- India’s steel industry is set for long-term expansion driven by strong policy support, including Make in India and the National Steel Policy 2017, which targets increasing production capacity to 300 million tonnes by 2030-31.
- Domestic steel consumption is expected to rise steadily, supported by an increase in per capita usage from 57.6 kg to 74.1 kg in the last five years and the government’s aim to double rural consumption to 38 kg per capita by 2030-31.
- Demand from key sectors such as infrastructure, automobiles, and railways remains robust, with the Indian Steel Association projecting 7.2% growth, aided by India’s relatively low current consumption and accelerating industrial activity.
How To Apply for the Gallard Steel IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Gallard Steel IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Gallard Steel IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Gallard Steel Limited
Registered office: G-1, Sukh Sneh apartments, plot no. 168-M, Khatiwala tank, Indore, Madhya Pradesh – 452-014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Gallard Steel IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,25,000 (5.00%) |
| QIB Shares Offered | 11,83,000 (47.32%) |
| − Anchor Investor Shares Offered | 7,09,000 (28.36%) |
| − QIB (Ex. Anchor) Shares Offered | 4,74,000 (18.96%) |
| NII (HNI) Shares Offered | 3,60,000 (14.40%) |
| Retail Shares Offered | 8,32,000 (33.28%) |
| Total Shares Offered | 25,00,000 (100.00%) |
Gallard Steel IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹3,00,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹3,00,000 |
| HNI (Min) | 3 | 3,000 | ₹4,50,000 |
Gallard Steel IPO Promoter Holding
Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin are the promoters of the company.
| Share Holding Pre-Issue | 91.4% |
| Share Holding Post Issue  | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Gallard Steel IPO
| KPI | Value (FY25) |
| RoCE (%) | 26.59 |
| RoE (%) | 43.16 |
| PAT Margin (%) | 11.38 |
| EBITDA Margin (%) | 23.39 |
Gallard Steel IPO Prospectus
Gallard Steel IPO Registrar and Lead Managers
Gallard Steel IPO Lead Managers
- Ankit Consultancy Pvt Ltd
Registrar for Gallard Steel IPO
Ankit Consultancy Pvt Ltd
- Phone: 0731 - 491 298 / 492 698
- Email: compliance@ankitonline.com
Financial Performance of Gallard Steel Limited
| Particulars | Apr’25–Sep’25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from Operations (₹ In Lakh) | 3,156.02 | 5,331.80 | 2,682.44 | 2,059.06 |
| EBITDA (₹ In Lakh) | 742.46 | 1,247.17 | 506.53 | 189.69 |
| PAT (₹ In Lakh) | 429.31 | 606.67 | 319.56 | 113.49 |
| PAT Margin (%) | 13.60% | 11.38% | 11.91% | 5.51% |
Strengths and Opportunities of Gallard Steel Limited
- The company operates fully integrated in-house casting and machining facilities, enabling better process coordination, reduced production lead time, and improved quality control.
- Its subsidiary SIPL adds additional machining capabilities, further lowering external dependency and strengthening overall manufacturing efficiency.
- Gallard Steel serves a diverse customer base spread across defence, railways, power generation, industrial machinery, and engineering sectors, reducing industry-specific risks.
- The company maintains a wide geographic reach across 14 states and 1 union territory, with strong business contribution from Madhya Pradesh.
- It aims to expand its presence in the railway sector by increasing product offerings such as motor frames, traction motor components, and wagon parts, enhancing future revenue opportunities.
Risks and Threats of Gallard Steel Limited
- A major share of revenue depends on traction motors and bogie assembly components for the railway sector, making the business highly vulnerable to any decline in railway demand.
- Revenue concentration is high, with 76%–84% of operational revenue in recent years coming from railway-related components, increasing dependence on a single sector.
- The company relies heavily on a few major customers without firm long-term contracts, and losing any of them could significantly impact revenue, cash flows, and profitability.
- Lack of long-term agreements with suppliers for key input materials exposes the company to price fluctuations, shortages, and inconsistent quality, which may adversely affect operations.
- Ongoing legal proceedings involving the company, its subsidiary, directors, and promoters could result in financial penalties, impact cash flows, and divert management attention.
