Updated on 21.01.2026 @ 11:45 AM
Narmadesh Brass Industries Limited (NBIL) is set to enter the primary market with its Initial Public Offering (IPO) on January 12, 2026 and closes on January 16, 2026. You can track all the upcoming and live IPOs at our IPO calendar which is updated regularly.
It is a Jamnagar-based manufacturer of brass components.
The company, which specialises in the production of brass billets, rods, and precision components, is a key player in the metal manufacturing hub of Gujarat.
NBIL operates an integrated facility capable of handling the entire production cycle from casting to machining.
With a fixed issue price of ₹515 per share, the IPO aims to raise approximately ₹44.87 Crores to fund debt repayment and working capital needs.
In this article, you will find Narmadesh Brass Industries IPO GMP today, allotment date, price band, and a detailed review. For subscription status of this and all other IPOs, check our ipo subscription hub page which is updated regularly.
Briefs of Narmadesh Brass Industries IPO Details:
- Issue Price: ₹515 per share (Fixed Price)
- IPO Open / Close Dates: January 12, 2026 – January 16, 2026
- Lot Size: 240 Shares (Note: Retail Minimum Application is 2 Lots / 480 Shares)
- Issue Size: 8,71,200 Equity Shares / ~₹44.87 Crores
- Fresh Issue: 7,00,800 Shares
- Offer for Sale (OFS): 1,70,400 Shares
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
The registrar for this IPO is KFin Technologies Limited. If you have queries regarding allotment status, we’ve explained the entire process in our detailed guide.
What Is The Narmadesh Brass Industries IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 515 | 495 | -3.9 |
What Are The Important Narmadesh Brass Industries IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, January 12, 2026
- IPO Close Date: Thursday, January 15, 2026
- Basis of Allotment Date: Friday, January 16, 2026
- Refund Initiation Date: Monday, January 19, 2026
- Credit of Shares: Monday, January 19, 2026
- Listing Date: Tuesday, January 21, 2026
What Are The Objectives of Narmadesh Brass Industries IPO?
The company intends to utilise the Net Proceeds from the Fresh Issue towards the following strategic objectives:
- Debt Repayment: A substantial portion, ₹14.50 Crores, is allocated to repay or prepay existing secured and unsecured borrowings. This move is expected to reduce finance costs and improve the debt-to-equity ratio.
- Working Capital (10.2 Crores): The company operates in a capital-intensive industry and will use funds to manage inventory and receivables.
- Purchase of Machinery and Equipment (₹ 3.29 Crores): The company will utilise the funds to purchase new machinery and equipment.
- General Corporate Purposes: To meet ongoing operational contingencies.
How is The Financial Performance of Narmadesh Brass Industries?
(Figures in ₹ Crores)
Particulars | Period Ended 30 Sep 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
Profit After Tax (PAT) | 4.01 | 5.72 | 7.10 | 0.89 |
EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
Total Borrowing | 19.21 | 24.73 | 22.43 | 5.94 |
Assets | 63.10 | 59.66 | 46.68 | 22.00 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported a Total Income of ₹88.05 Crores in FY25, reflecting a growth of 11.20% over FY24. This upward trajectory is supported by successful penetration into export markets and a diversified product portfolio serving the automotive and plumbing sectors.
Profit After Tax (PAT):
While revenue grew, PAT moderated to ₹5.72 Crores in FY25 from ₹7.10 Crores in FY24 due to competitive pricing strategies aimed at gaining international market share and volatility in brass scrap prices.
EBITDA:
The EBITDA for FY25 stood at ₹9.34 Crores, down from ₹11.41 Crores in the previous fiscal. This fluctuation in operating profitability reflects the cyclical nature of raw material costs in the metal industry and the initial costs associated with scaling up operations.
Total Borrowing:
As of September 30, 2025, borrowings stood at ₹19.21 Crores, showing a reduction from the FY25 peak of ₹24.73 Crores. The planned use of IPO proceeds to repay a significant portion of this debt is expected to deleverage the balance sheet further and reduce finance costs.
Assets:
The asset base has expanded significantly to ₹63.10 Crores by September 2025, heavily weighted towards current assets like inventory and receivables. This highlights the working-capital-intensive nature of the brass manufacturing business, which requires maintaining high stock levels to ensure timely deliveries.
What is P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹26.23, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 19.63x at the upper end of the price band (₹515).
P/E Ratio = ₹515 (Price) / ₹26.23(Earnings Per Share)
P/E Ratio ≈ 19.63x
Peer Comparison Table (FY 2024-25 Data)
Company | Revenue (₹ Crores) | P/E Ratio | ROE (%) | PAT Margin |
Narmadesh Brass (NBIL) | 87.72 | 19.63 | 49.99 | 6.52 |
Poojawestern Metaliks | 50.36 | 18.67 | 11.46 | 3.09 |
Siyaram Recycling | 515.55 | 8.10 | 11.49 | 2.83 |
Analysis:
Narmadesh Brass is entering the market with a P/E multiple of approximately 19.63x. For context, the industry average P/E is roughly 13.38x, and peer Siyaram Recycling trades at a lower multiple. The company reports a Return on Equity (ROE) of approximately 50%, which is higher than the ROE reported by its industry peers.
What is the Industry Outlook of Narmadesh Brass?
Growth Potential:
The brass components industry is integral to sectors like electricals, automotive, and construction. The "China Plus One" strategy is benefiting Indian manufacturers, with Jamnagar emerging as a global hub for precision brass parts.
Market Trends:
There is a growing demand for recycled brass products due to sustainability concerns. NBIL's integrated facility allows it to process scrap efficiently, aligning with these market trends.
What Are The Strengths and Risks of Narmadesh Brass Industries IPO?
Strengths:
- Integrated Manufacturing: The company controls the entire value chain from melting to machining, allowing for better quality control and margin retention compared to pure-play traders.
- Strategic Location: Situated in Jamnagar, the brass capital of India, NBIL enjoys logistical advantages in sourcing raw materials and accessing skilled labor.
- High Return Ratios: A ROE of nearly 50% indicates exceptional management efficiency in generating profits from shareholder funds.
Risks:
- Customer Concentration: The top 10 customers account for over 84% of revenue. Loss of any major client could severely impact financial stability.
- Working Capital Intensity: The business requires heavy investment in inventory and receivables (over 75% of assets), which can strain cash flows if not managed efficiently.
- Raw Material Volatility: The company is exposed to price fluctuations in copper and zinc (brass scrap), which can squeeze margins if costs cannot be passed on to customers.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 240 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (480 Shares), amounting to ₹2,47,200. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, essentially treating retail applicants as Small-HNI.
- Valuation: At ~19.6x P/E, the pricing is full but supported by high return ratios.
- Risk Profile: The company is profitable but operates in a highly fragmented and competitive sector with significant working capital needs.
Standard Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹515 per share (Fixed Price).
- Min Investment: ₹2,47,200 (480 Shares).
- Allotment Date: January 19, 2026
- Listing: BSE SME platform on January 20, 2026.
FAQs on Narmadesh Brass Industries IPO
What is Narmadesh Brass Industries IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check at our gmp hub page.
What is Narmadesh Brass Industries IPO price band?
The issue price is fixed at ₹515 per equity share.
What is Narmadesh Brass Industries IPO allotment date?
The allotment status is expected to be finalized on Friday, January 16, 2026.
How to check Narmadesh Brass Industries IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE IPO allotment portal. You can check IPO allotment status through our IPO allotment status hub page which is updated regularly.
What is Narmadesh Brass Industries IPO listing date?
The shares are tentatively scheduled to list on Tuesday, January 20, 2026.
Investment Perspective on Narmadesh Brass Industries IPO
Narmadesh Brass Industries offers a solid manufacturing play with impressive efficiency metrics. While the valuation includes a premium, the high ROE and strategic location provide a strong fundamental base. However, the high ticket size for retail investors and customer concentration risks are factors to weigh carefully.
