Narmadesh Brass Industries is launching a fixed-price IPO worth ₹44.87 crore. The issue includes a fresh issue of about 0.07 crore shares raising ₹36.09 crore, along with an offer for sale of around 0.02 crore shares worth ₹8.78 crore.
The IPO will open for subscription on January 12, 2026, and close on January 15, 2026. The basis of allotment is expected to be finalised on January 16, 2026, and the shares are likely to list on the BSE SME platform on January 20, 2026.
The IPO is priced at ₹515 per share. Investors must apply for a minimum of 240 shares per lot. Retail investors need to invest at least ₹2,47,200, which equals 480 shares. For HNI investors, the minimum application is 3 lots or 720 shares, requiring an investment of ₹3,70,800.
The IPO is being managed by Aryaman Financial Services Ltd. as the lead manager, while KFin Technologies Ltd. is handling the registrar duties. JSK Securities & Services Pvt. Ltd. will act as the market maker for the issue.
Narmadesh Brass Industries IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use ₹14.50 crore to repay or prepay certain outstanding loans, which will help reduce debt and improve financial stability.
- An amount of ₹3.29 crore will be invested in new machinery and equipment to enhance manufacturing capacity and operational efficiency.
- The company will allocate ₹10.20 crore towards working capital to support raw material procurement, operations, and day-to-day business needs.
- Around ₹4.60 crore will be used for general corporate purposes, including business expansion and administrative requirements.
- The company expects to deploy the entire net proceeds during FY 2025–26, in line with its business objectives and growth plans.
About Narmadesh Brass Industries Limited
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company headquartered in Jamnagar, Gujarat, a region widely known as India’s “Brass City” due to its strong concentration of brass producers. The company operates from a 6,293 sq. metre manufacturing facility located at Plot Nos. 5, 8 and 9, Shree Ganesh Industrial Hub, Jamnagar, which provides strategic access to raw materials and an established supply ecosystem.
The company manufactures a diverse range of brass products catering to both domestic and export markets. Its product portfolio includes brass billets and rods, brass valves such as ball valves and NRVs, plumbing and sanitary fittings (including lead-free variants), agricultural sprayer parts, garden fittings, and customised components developed through casting, forging, turning, CNC and VMC machining. With end-to-end in-house manufacturing, Narmadesh maintains strong control over product quality and delivery timelines.
Narmadesh Brass Industries is ISO 9001:2015 certified, demonstrating adherence to internationally accepted quality management standards. All key processes, including casting and forging, are carried out within the same facility, enhancing operational efficiency and consistency. As of September 30, 2025, the company employed 81 contract workers to support its manufacturing activities.
The company’s key strengths include its well-equipped, ISO-certified facility in Jamnagar, complete control over the manufacturing process from raw material to finished goods, and an experienced promoter and management team, led by Hitesh Pragajibhai Dudhagara, which brings continuity and industry expertise from the earlier partnership structure.
Industry Outlook
- The global brass market was valued at USD 6.2 billion in 2024 and is expected to grow to USD 8.9 billion by 2033, registering a CAGR of about 4.9% between 2026 and 2033.
- Global brass consumption is projected to reach around 2 million metric tonnes by 2026, driven by rising demand from the construction, automotive, and electronics sectors.
- Brass recycling is a major industry strength, as recycled brass consumes up to 90% less energy than primary production and accounts for about 60% of global brass supply.
- The market faces challenges from volatile copper prices, as copper forms a major portion of brass, directly affecting input costs and margins.
- Increasing competition from alternative materials such as aluminium and stainless steel may impact demand in cost-sensitive applications.
- Growing focus on sustainable manufacturing, green buildings, and recyclable materials presents long-term growth opportunities for brass manufacturers.
- Continued innovation, cost efficiency, and environmentally friendly production practices will be key for companies to remain competitive in the global brass industry.
How To Apply for the Narmadesh Brass Industries 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 Narmadesh Brass Industries 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 Narmadesh Brass Industries 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 Narmadesh Brass Industries Limited
Registered office: Narmadesh Brass Industries Ltd. Address, Plot No. 5, 8 & 9, Survey No. 433, Shree Ganesh Industrial Hub, Changa Village, Jamnagar, Gujarat, 361012
Phone:+91 028 95299401
E-mail:info@narmadeshbrass.com
Narmadesh Brass Industries IPO Reservation
| Investor Category | Shares Offered (% of Total Issue) |
| Market Maker | 45,600 (5.23%) |
| NII (HNI) | 4,12,800 (47.38%) |
| Retail Individual Investors | 4,12,800 (47.38%) |
| Total | 8,71,200 (100.00%) |
Narmadesh Brass Industries IPO Lot Size Details
| Application Category | Lots | Shares | Amount (₹) |
| Individual Investors (Retail) – Min | 2 | 480 | ₹2,47,200 |
| Individual Investors (Retail) – Max | 2 | 480 | ₹2,47,200 |
| HNI – Min | 3 | 720 | ₹3,70,800 |
Narmadesh Brass Industries IPO Promoter Holding
The promoters of the company include M/s. Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara.
| Share Holding Pre-Issue | 99.92% |
| Share Holding Post-Issue | 71.84% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Narmadesh Brass Industries IPO
| Key Performance Indicator (KPI) | Value |
| Return on Equity (ROE) | 49.99% |
| Return on Capital Employed (ROCE) | 23.29% |
| Return on Net Worth (RoNW) | 49.99% |
| PAT Margin | 6.52% |
| EBITDA Margin | 10.64% |
Narmadesh Brass Industries IPO Registrar and Lead Managers
Narmadesh Brass Industries IPO Lead Managers
Aryaman Financial Services Ltd
Registrar for Narmadesh Brass Industries IPO
Kfin Technologies Ltd.
Contact Number: 04067162222, 04079611000
Email Address: einward.ris@kfintech.com
Financial Performance of Narmadesh Brass Industries Limited
| Particulars | Period ended Sep 30 2025 | Period ended Mar 31 2025 | Period ended Mar 31 2024 | Period ended Mar 31 2023 |
| Assets (₹ Cr) | 63.10 | 59.66 | 46.68 | 22.00 |
| Total Income (₹ Cr) | 34.21 | 88.05 | 79.06 | 60.09 |
| Profit After Tax (₹ Cr) | 4.01 | 5.72 | 7.10 | 0.89 |
| EBITDA (₹ Cr) | 6.24 | 9.34 | 11.41 | 2.13 |
| Net Worth (₹ Cr) | 22.46 | 11.45 | 5.73 | 8.30 |
| Reserves & Surplus (₹ Cr) | 23.30 | 12.69 | 6.97 | — |
| Total Borrowings (₹ Cr) | 19.21 | 24.73 | 22.43 | 5.94 |
Narmadesh Brass Industries Limited Peer Comparison
| Name of the Company | Face Value (₹) | EPS (₹) | RoNW (%) | NAV (₹) | Total Revenue (₹ lakhs) |
| Narmadesh Brass Industries Limited* | 10 | 25.97 | 49.74% | 56.96 | 8,772.09 |
| Poojawestern Metaliks Limited | 10 | 1.53 | 11.46% | 13.38 | 5,036.58 |
| Siyaram Recycling Industries Limited | 10 | 6.69 | 9.80% | 58.24 | 51,555.84 |
Strengths and Opportunities of Narmadesh Brass Industries Limited
- The company operates strategically located and well-equipped manufacturing facilities, providing logistical advantages and operational efficiency.
- It follows a strong quality control system, ensuring consistent standards and uniform product quality across all offerings.
- Narmadesh Brass Industries is supported by an experienced promoter and management team with in-depth industry knowledge and operational expertise.
- The company maintains high standards of product quality and customer service, helping build long-term client relationships.
- It has in-house R&D and tool room capabilities, enabling continuous product development and customisation based on customer requirements.
- The manufacturing unit is fully equipped with modern machinery, supporting efficient production and scalability.
- The company benefits from the strategic location of its facility, which ensures easy access to raw materials and key markets.
- A diverse product portfolio allows the company to cater to multiple industries and reduce dependence on a single product segment.
Risks and Threats of Narmadesh Brass Industries Limited
- The company has recently been incorporated, which means it has a limited operating history, making it harder for investors to assess long-term performance and future growth prospects.
- In the past, the company has reported negative cash flows from operating and investing activities, and if such cash flow pressures continue, they may affect business growth and expansion plans.
- Rising prices of key raw materials such as brass scrap, copper, and zinc can increase production costs and may negatively impact profit margins.
- Under-utilisation of manufacturing capacity or an inability to efficiently use existing facilities could adversely affect operational efficiency and financial performance.
- The business requires high working capital for day-to-day operations, and any difficulty in raising funds on time or on favourable terms could impact operations, profitability, and growth.
- The company operates on a high-volume, low-margin business model, which limits overall profitability and makes earnings sensitive to cost increases.
- A significant portion of revenue comes from the top ten customers, and the loss of one or more key customers could adversely affect revenues and profitability.
- Certain clerical errors were identified in earlier ROC filings during the company’s conversion process, which were later corrected through the appropriate regulatory filings.
