Rudra Green Ship Recycling IPO

Yet to be determined Ship Recycling and Dismantling Mainboard

IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

To be announced

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

About Rudra Green Ship Recycling IPO

Rudra Green Ship Recycling Limited Initial Public Offering is a book-building issue consisting solely of a fresh issue of up to 1.90 crore equity shares. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.

Cumulative Capital Private Limited is the book-running lead manager, and KFin Technologies Limited is the registrar of the issue. Key details, such as the initial public offering dates, price band, and lot size, are yet to be announced.

About Rudra Green Ship Recycling Limited

Rudra Green Ship Recycling Limited operates in the ship recycling and ferrous materials trading industry. Its business originated from Harikrishna Steel Corporation, a partnership firm established in 1994, and the company was incorporated as a private limited company in 2018. It became a public limited company in May 2026.

The company operates a ship recycling yard at Alang-Sosiya, Bhavnagar, Gujarat, where it dismantles end-of-life vessels and recovers reusable and recyclable materials, including steel plates, iron and steel scrap, stainless steel, aluminium, bronze, propellers, and other components. Since incorporation, it has recycled 25 vessels with an aggregate Light Displacement Tonnage of approximately 1.88 lakh metric tonnes.

In addition to ship recycling, the company trades ferrous materials and steel products, including billets, mild steel sponge, mild steel reinforcement bars and round bars, and cast iron and iron and steel scrap. Its customers operate in steel manufacturing, re-rolling, engineering, fabrication, and metal recycling. All sales are made to customers within India.

The company’s ship recycling operations are supported by infrastructure for material segregation, storage, and waste handling. The company holds ISO 9001:2015 certification for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety, as disclosed in the Draft Red Herring Prospectus.

Financially, revenue from operations stood at ₹204.52 crore in Fiscal 2026, compared with ₹179.20 crore in Fiscal 2025 and ₹179.51 crore in Fiscal 2024. Profit after tax increased to ₹12.65 crore in Fiscal 2026 from ₹9.82 crore in Fiscal 2025 and ₹5.37 crore in Fiscal 2024. Earnings before interest, taxes, depreciation, and amortisation rose to ₹21.79 crore in Fiscal 2026, with a margin of 10.65%.

The company is led by promoters with experience in ship recycling and the steel industry. Managing Director Sahil Ashok Gupta has over eight years of industry experience, while promoters Ashokkumar Jagdishram Gupta and Shamarani Ashokkumar Gupta each have over 29 years of experience in ship recycling and related operations.

Industry Outlook

India emerged as the world’s leading ship recycling nation based on recycling volumes in 2025, achieving the Maritime India Vision 2030 objective ahead of schedule.
The Alang-Sosiya Ship Recycling Yard in Gujarat is the world’s largest ship recycling cluster, accounting for approximately 97% of India’s ship recycling activity, with an annual recycling capacity of around 6 million gross tonnes.
The Indian ship recycling market reached approximately 2,998 thousand gross tonnes in calendar year 2025, registering a compound annual growth rate of -1.6% between calendar years 2019 and 2025.
Ship recycling recovers steel plates, ferrous and non-ferrous metals, machinery, and reusable components from end-of-life vessels. These materials supply steel manufacturers, re-rolling mills, engineering businesses, and other industrial users.
The Recycling of Ships Act, 2019 established the domestic framework for safe and environmentally sound ship recycling. The Hong Kong International Convention entered into force on June 26, 2025, strengthening international standards for worker safety, hazardous material management, and environmental protection.
Alang had 150 ship recycling plots, of which 128 were operational and 115 had obtained Hong Kong Convention Statements of Compliance. Investment in waste management, impermeable flooring, drainage, and safety infrastructure has supported the sector’s modernization.
An ageing global fleet, vessel replacement, increasing demand for recycled steel, modernization of recycling facilities, and government initiatives supporting environmentally compliant recycling are expected to support the industry’s long-term development.
Ship recycling remains cyclical, as vessel availability depends on freight rates, shipping activity, and shipowners’ retirement decisions. Fluctuations in scrap steel prices and the high capital requirements for environmental, safety, and infrastructure upgrades can also affect profitability and competitiveness.

Rudra Green Ship Recycling IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

Funding the working capital requirements of the company.
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives.
Towards general corporate purposes.

Financial Performance of Rudra Green Ship Recycling Limited

Particulars	FY26	FY25	FY24
Revenue from operations (₹ lakh)	20,451.53	17,919.54	17,950.69
EBITDA (₹ lakh)	2,178.61	1,672.65	842.61
EBITDA Margin (%)	10.65	9.33	4.69
PAT (₹ lakh)	1,264.51	981.51	537.27
PAT Margin (%)	6.17	5.46	2.97
Net Worth (₹ lakh)	5,247.45	3,981.90	3,000.70
RoNW / RoE (%)	27.40	28.11	19.64
RoCE (%)	19.03	18.25	14.09

Rudra Green Ship Recycling Limited Peer Details Comparison

Company Name	Consolidated / Standalone	Face Value (₹ per share)	Revenue from Operations (₹ lakh)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹ per share)	P/E Ratio (x)	RoNW (%)	PAT Margin (%)
Rudra Green Ship Recycling Limited	Restated Financial Information	5.00	20,451.53	4.22	4.22	17.49	N.A.	27.40	6.17
VMS Industries Limited	Standalone	10.00	15,743.05	0.60	0.60	39.70	29.75	1.51	0.89

Strengths and Opportunities of Rudra Green Ship Recycling IPO

1. The business traces its roots to Harikrishna Steel Corporation, established in 1994. Since incorporation in 2018, the company has recycled 25 vessels aggregating 188,054.82 metric tonnes of Light Displacement Tonnage (LDT).

2. The company operates at the Alang-Sosiya Ship Recycling Yard in Gujarat, providing access to shipowners, brokers, labour, traders and downstream buyers within the ship recycling ecosystem.

3. The company has experience handling diverse vessel types, including oil tankers, bulk carriers, container vessels, gas carriers, vehicle carriers and offshore assets, supporting its ability to dismantle different vessels and recover recyclable materials.

4. Alongside ship recycling, the company trades in billets, sponge iron, TMT bars and ferrous scrap. This dual business model provides multiple revenue streams and flexibility in managing its product mix.

5. The company holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 30000:2009, along with a Nippon Kaiji Kyokai compliance certificate for its ship recycling facility.

6. Managing Director Sahil Ashok Gupta has over eight years of experience in ship recycling, while promoters Ashokkumar Jagdishram Gupta and Shamarani Ashokkumar Gupta have over 29 years of experience each.

7. Revenue from operations increased from ₹17,950.69 lakh in FY24 to ₹20,451.53 lakh in FY26. Over the same period, EBITDA rose from ₹842.61 lakh to ₹2,178.61 lakh, while EBITDA margin improved from 4.69% to 10.65%.

8. Increasing emphasis on resource efficiency, lower-carbon steel production and electric arc furnace technology may support demand for recycled steel. An ageing global fleet and the replacement of older vessels could also increase the future availability of ships for recycling.

Risks and Threats of Rudra Green Ship Recycling IPO

1. The company operates in a competitive ship recycling and ferrous materials trading industry. Competition may affect its ability to acquire vessels, retain customers and maintain profit margins.

2. The company’s ship recycling operations are exposed to fluctuations in scrap steel prices and demand for recovered materials, which may affect selling prices, inventory valuation and profitability.

3. The availability of vessels for recycling depends on factors such as global shipping activity, freight rates and shipowners’ decisions to retire or continue operating older vessels. Changes in these factors may affect the company’s vessel procurement and operating volumes.

4. The company’s operations are concentrated at its ship recycling yard in Alang-Sosiya, Gujarat. Disruptions affecting the yard or its operations could adversely impact business continuity and revenue generation.

5. The company derives a significant portion of its revenue from a single related-party customer, Rudra Global Infra Products Limited. This customer accounted for 52.46% of revenue from operations in FY26, creating a risk if the business relationship reduces or ends.

6. The business requires substantial working capital to acquire vessels, purchase traded goods and maintain inventories. Higher vessel acquisition costs, longer dismantling cycles or delays in collecting receivables may increase financing requirements and affect profitability.

7. The company is exposed to regulatory and environmental compliance risks, as ship recycling requires various licences, approvals and safety measures. Changes in regulations or delays in obtaining or renewing permissions may increase costs or disrupt operations.

8. Ship recycling activities may be affected by seasonal weather conditions, particularly during the monsoon, when beaching and certain dismantling activities may slow down or be suspended.

Rudra Green Ship Recycling IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
NII Shares Offered	Not less than 15% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue

Rudra Green Ship Recycling IPO Promoter Holding

The promoters of the company are Ashokkumar Jagdishram Gupta, Shamarani Ashokkumar Gupta, Sahil Ashok Gupta, Shrishti Nihilkumar Gupta and Sonthalia Steel Rolling Mills Private Limited.

Share Holding Pre-Issue	100%
Share Holding Post Issue	61.22%

Rudra Green Ship Recycling IPO Prospectus

Rudra Green Ship Recycling IPO DRHP

Rudra Green Ship Recycling IPO Registrar and Lead Managers

Rudra Green Ship Recycling IPO Lead Managers

Cumulative Capital Private Limited

Registrar for Rudra Green Ship Recycling IPO

KFin Technologies Limited

Contact Number: 040-79615565

E-mail: rudragreen.ipo@kfintech.com

Rudra Green Ship Recycling IPO Registrar

How To Apply for Rudra Green Ship Recycling 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 Rudra Green Ship Recycling 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 the Rudra Green Ship Recycling IPO?

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Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

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Contact Details of Rudra Green Ship Recycling IPO

Registered Office: BL D-60, Kaliabid Shivana Kadiabid Nr. Wahghavay Bharatnagar Bhavnagar, Gujarat, 364002

Phone: +91 97277 84172

E-mail: info@rudragreenshiprecycling.com

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Rudra Green Ship Recycling IPO FAQs

What minimum lot size can retail investors subscribe to?

The minimum lot size for the Rudra Green Ship Recycling IPO has not yet been announced.

When will the Rudra Green Ship Recycling IPO be allotted?

The basis of allotment date for the Rudra Green Ship Recycling IPO has not yet been announced.

How to increase your chances of getting a Rudra Green Ship Recycling IPO allotment?

Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.

Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.

Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.

Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.

How do I approve the UPI mandate request for the Rudra Green Ship Recycling IPO?

After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.

Can I submit more than one application for the public issue of Rudra Green Ship Recycling Limited using one PAN?

No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.

What is 'pre-apply' for Rudra Green Ship Recycling Limited IPO?

Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.

If I pre-apply for the Rudra Green Ship Recycling Limited IPO, when will my order get placed?

The IPO opening date for Rudra Green Ship Recycling Limited has not yet been announced. Thus, the order placement date cannot be specified.

When will I know if my Rudra Green Ship Recycling Limited IPO order is placed?

You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.