Nilachal Carbo Metalicks IPO is a fixed price issue with a total size of ₹56.10 crore. The entire issue consists of a fresh issue of 0.26 crore equity shares and an offer for sale for 0.40 crore shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on September 8, 2025, and will close on September 11, 2025.
The basis of allotment is expected to be finalised on September 12, 2025, and the shares are likely to be listed on BSE SME on September 16, 2025. The price band for the issue is set at ₹85 per share, offering investors an entry at different levels.
The minimum application size is 3,200 shares, making the minimum investment for retail investors ₹2,72,800 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 4,800 shares, amounting to ₹4,08,000.
Sun Capital Advisory Services Private Limited. is acting as the book running lead manager, while Kfin Technologies Limited has been appointed as the registrar to the issue. NNM Securities Private Limited is serving as the market maker for this IPO.
Nilachal Carbo Metalicks IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Capital expenditure for installing One Coke Oven Plant for expansion of capacity.
- Funding modernisation of existing plant.
- General corporate purposes.
About Nilachal Carbo Metalicks Limited
Nilachal Carbo Metalicks Limited, incorporated in February 2003 as a private limited company and later converted into a public limited company in February 2024, is engaged in the manufacturing of Low Ash Metallurgical (LAM) Coke.
The company has carved a niche for itself by specialising in Ferro Alloy Grade Coke and building strong, long-term relationships with leading ferro chrome manufacturers in India.
The company owns a manufacturing plant at Baramana, Jajpur, Odisha, where it currently operates three batteries with 32 ovens each (totaling 96 ovens), offering an annual production capacity of 60,000 metric tonnes (MTPA). In addition, Nilachal Carbo Metalicks operates a second plant on a leased basis from Srinivasa Coke Private Limited in Visakhapatnam, Andhra Pradesh, with a capacity of 18,000 MTPA.
Together, the two facilities provide an aggregated annual capacity of 78,000 MTPA. The company also leverages a tie-up with Om Avi Carbon Resources Private Limited, utilising an additional 24,000 MTPA through contract manufacturing.
Looking ahead, Nilachal Carbo Metalicks plans to expand its operations by installing an additional battery of 36 ovens at its Baramana plant, which will add 34,400 MTPA of capacity. Post-expansion, the company’s own production capacity will rise to 94,400 MTPA, while its total capacity, including leased operations, will reach 1,12,400 MTPA.
The company’s product portfolio includes LAM Coke, Low Phosphorus Nut Coke, Ultra Low Phosphorus Nut Coke, and High Grade Coke Fines. Its plants are strategically located near Paradip Port in Odisha and Vizag Port in Andhra Pradesh, ensuring efficient logistics and seamless transportation.
Moreover, the proximity to ferro chrome producers, particularly in the Kalinga Nagar Industrial Complex (just 25 km away), strengthens the company’s ability to serve its core customer base effectively.
With a strong focus on quality and an expanding production base, Nilachal Carbo Metalicks Limited has established itself as a key player in the metallurgical industry. Its growing scale, diversified product portfolio, and strategic positioning near industrial hubs and ports give it a competitive advantage in catering to the demands of India’s ferro alloys sector.
Industry Outlook
- India’s steel sector is expected to expand significantly under the National Steel Policy 2017, which targets 181 MT steel production through the blast furnace route by FY 2030.
- Achieving this production will require about 161 MT of coking coal (10–11% ash). Without stamp charging, the demand is estimated at 121 MT of raw coking coal and 40 MT of washed coking coal.
- With stamp charging, the requirement rises to 170 MT of raw coking coal and 56 MT of washed coking coal, highlighting the need for large-scale coking coal washery capacity.
- The ferroalloys industry, directly linked to steelmaking, is also set for strong growth. As per the Steel World report, it is projected to grow at a CAGR of 5.9% between 2017 and 2025, reaching a market size of US$ 188.7 billion by 2025.
- India already produces some of the finest ferroalloys globally, with high demand in Europe and strong export potential. This positions the country as a competitive player in the international market.
- The National Steel Policy 2017 also envisions a 300 Mn TPA steelmaking capacity and 158 kg per capita steel consumption by FY 2030-31, creating additional demand for raw materials such as iron ore, coking coal, manganese, and lignite.
- With abundant resources and rising domestic as well as global demand, India’s steel and ferroalloy industries are expected to maintain robust growth momentum in the coming decade.
How To Apply for the Nilachal Carbo Metalicks 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 Nilachal Carbo Metalicks 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 Nilachal Carbo Metalicks 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 Nilachal Carbo Metalicks Limited
Registered office: N/4, 158 IRC Village, Bhubaneswar 751015, Odisha.
Phone: 06742551375
E-mail: secretarial@nilachalcoke.com
Nilachal Carbo Metalicks IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
3,31,200 (5.02%) |
|
NII (HNI) Shares |
31,32,800 (47.47%) |
|
Retail Shares |
31,36,000 (47.52%) |
|
Total Shares |
61,00,000 (100.00%) |
Nilachal Carbo Metalicks IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
3,200 |
₹2,72,000 |
|
Individual investors (Retail) (Max) |
2 |
3,200 |
₹2,72,000 |
|
S-HNI (Min) |
3 |
4,800 |
₹4,08,000 |
Nilachal Carbo Metalicks IPO Promoter Holding
The promoters of the company include Mr. Bibhu Datta Panda and Kajal Fashionwear Agency Private Limited.
|
Share Holding Pre-Issue |
99.99% |
|
Share Holding Post Issue |
73.52% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Nilachal Carbo Metalicks IPO
|
KPI |
Value |
|
ROE (%) |
17.80 |
|
RoCE (%) |
22.74 |
|
Debt/Equity |
0.30 |
|
RoNW (%) |
17.90 |
|
EBITDA Margin (%) |
13.46 |
Nilachal Carbo Metalicks IPO Prospectus
Nilachal Carbo Metalicks IPO Registrar and Lead Managers
Nilachal Carbo Metalicks IPO Lead Managers
- Sun Capital Advisory Services Private Limited
Registrar for Nilachal Carbo Metalicks IPO
Kfin Technologies Limited
- Contact Number: 04067162222
- Email Address: ncml.ipo@kfintech.com
- Nilachal Carbo Metalicks IPO Registrar:https://ipostatus.kfintech.com/
Financial Performance of Nilachal Carbo Metalicks Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operations (in ₹ lakh) | 20,151.20 | 26,510.68 |
| Total Income (in ₹ lakh) | 20,278.89 | 26,712.65 |
| Total Expenses (in ₹ lakh) | 18,402.73 | 25,070.39 |
| Profit / (Loss) After Tax (in ₹ lakh) | 1,401.57 | 1,581.81 |
| Earnings Per Share (EPS) – Basic (₹) | 6.28 | 7.08 |
| EBITDA (in ₹ lakh) | 2,712.97 | 2,498.05 |
| EBITDA Margin (%) | 13.46% | 9.42% |
Know before investing
Strengths
7Strategic location of manufacturing facilities near Paradip Port in Odisha and Vizag Port in Visakhapatnam providing logistical advantage for easy transportation.
Experienced promoter and management team led by Mr Bibhu Datta Panda driving operational and financial growth.
Excellence in producing high quality Low Ash Metallurgical Coke with strong reputation among ferro alloy and metallurgical industries.
Established customer base for byproducts such as coke fines with high fixed carbon and low phosphorus content.
Own fleet of six Ashok Leyland tippers enabling Just In Time delivery and efficient logistics.
In-house quality control laboratory ensures that every batch of coke meets the precise specifications required by our customers, focusing on defect identification and prevention.
Flexible operations to meet specific customer requirements in ferro alloy sector supporting furnace performance and operational KPIs.
Risks
7Dependency on imported coking coal from Australia exposing business to supply chain disruptions and geopolitical risks.
High capital investment requirements for expansion projects and installation of additional batteries could strain financial resources.
Limited diversification with primary focus on LAM Coke production restricting entry into broader markets.
Increasing competition from domestic and international coke producers creating pricing and margin pressures.
Stringent environmental and emissions regulations leading to higher compliance costs.
Volatility in global coking coal prices impacting profitability.
Slowdown in steel or ferro alloy industries reducing demand for LAM Coke and affecting revenues.
Nilachal Carbo Metalicks Limited Peer Comparison
| Company Name | Revenue FY 2024-25 (₹ lakh) | EBITDA Margin (%) | ROCE (%) | PAT FY 2024-25 (₹ lakh) |
|---|---|---|---|---|
| Nilachal Carbo Metalicks Limited | 20,151.20 | 13.46 | 22.74 | 1,401.57 |
| Stratmont Industries Limited | 9,270.17 | 3.22 | 5.22 | 103.98 |
