Gallard Steel Limited, a Madhya Pradesh-based engineering company manufacturing components for the railways, defense, and power sectors, is launching its Initial Public Offering (IPO) on the BSE SME platform.
The subscription for this public issue will open on November 19, 2025, and close on November 21, 2025.
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The company aims to raise up to ₹37.50 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹142 to ₹150 per share, with a minimum lot size of 1,000 shares.
Gallard Steel has demonstrated spectacular growth in its financial performance, but this must be weighed against a very high customer concentration risk.
The Grey Market Premium (GMP) is yet to commence trading.
In this article, you will find Gallard Steel IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Before applying for any IPO, check its Grey Market Premium to gauge investor sentiment and potential listing gains.
Briefs of Gallard Steel IPO Details
- Price Band: ₹142 – ₹150 per share
- IPO Open / Close Dates: November 19, 2025 – November 21, 2025
- Lot Size: 1,000 Shares
- Issue Size: 25,00,000 shares (aggregating up to ₹37.50 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Ankit Consultancy Pvt.Ltd.
- Listing Exchange: BSE SME
What is The Gallard Steel IPO GMP Today?
- Note: The shares of Gallard Steel are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
What are the Gallard Steel IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 19, 2025 – November 21, 2025
- Basis of Allotment Date: November 24, 2025
- Refund Initiation Date: November 25, 2025
- Credit of Shares: November 25, 2025
- Listing Date: November 26, 2025
What Are The Objectives of Gallard Steel IPO
The company intends to utilise the net proceeds from the public offering for its expansion and to strengthen its balance sheet:
- Capital Expenditure (₹20.73 Crores): A significant portion is allocated for the expansion of its existing manufacturing facility and the construction of a new office building.
- Repayment of Borrowings (₹7.20 Crores): To reduce its outstanding debt, which will lower finance costs and improve profitability.
- General Corporate Purposes: The balance amount will be used for other strategic and day-to-day business requirements.
How Is The Financial Performance of Gallard Steel?
(Amounts in ₹ Crores)
Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Total Income | 32.14 | 53.52 | 27.86 | 21.64 |
Profit After Tax | 4.29 | 6.07 | 3.2 | 1.13 |
EBITDA | 7.42 | 12.47 | 5.07 | 1.89 |
NET Worth | 21.38 | 17.08 | 11.03 | 6.08 |
Reserves and Surplus | 14.38 | 10.08 | 4.03 | 3,83 |
Gallard Steel has delivered a spectacular financial performance. The company's revenue has more than doubled in two years.
The growth in profitability has been even more impressive, with profit after tax (PAT) surging by over 400% in the same period.
The company's margins have expanded significantly, and it boasts strong return ratios, with a Return on Net Worth (RoNW) of 35.51% in FY25.
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P/E Ratio & Valuation
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹8.67, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 17.3x at the upper end of the price band (₹150).
Compared to its listed peers, this valuation appears quite reasonable. While the company is smaller in scale, its profitability margins and return ratios are significantly better than its competitors. This fair pricing could leave room for potential upside for investors.
Industry Outlook
- Gallard Steel operates as a key supplier to critical sectors like Indian Railways, defense, and power generation.
- The company is a direct beneficiary of the government's strong focus on infrastructure development, railway modernization, and the 'Make in India' initiative in defense.
- The demand for high-quality, ready-to-use steel components is set to grow robustly as these national projects gain momentum.
What Are The Strengths and Risks of Gallard Steel IPO?
Strengths:
- Spectacular Financial Growth: The company has a proven track record of explosive growth in both revenue and profits.
- High Profitability and Return Ratios: Exceptionally high EBITDA margins, PAT margins, and RoNW indicate a highly efficient and profitable business model.
- Experienced Promoters: The leadership team has extensive experience in the steel components industry.
- Strong Client Base in High-Entry Barrier Sectors: Supplies to critical sectors like defense and railways, which often have long approval cycles and high-quality standards.
Risks:
- Extreme Customer Concentration: This is the single biggest red flag. The top 10 customers account for over 84% of the company's revenue. The loss of a single major client could severely impact the business.
- Geographical Concentration: All manufacturing operations are based out of a single facility in Madhya Pradesh, making it vulnerable to regional disruptions.
- High Debt: While the company is repaying a portion of its debt from the IPO proceeds, it still has a significant amount of borrowing on its books.
- Lack of Long-Term Contracts: The company operates on a purchase order basis and does not have firm, long-term agreements with its key customers.
What Are The Expert Recommendations – Should You Apply?
Subscribe with Caution (For High-Risk Investors)
The Gallard Steel IPO presents a classic dilemma: spectacular growth and attractive valuation versus a massive, underlying risk of customer concentration.
- For Risk-Averse Investors: AVOID. The extreme dependence on a few clients is a deal-breaker for any conservative investor. The business's stability is tied to the health of a handful of key relationships.
- For Aggressive Investors: The financial numbers and valuation are too compelling to ignore. At a P/E of around 17x, the pricing is very reasonable for a company with such high growth and margins. This is a high-risk, high-reward bet on the company's ability to retain its major customers.
- Our View: The IPO is a double-edged sword. The growth story is fantastic, and the pricing is attractive. However, the concentration risk is equally potent. We recommend a "Subscribe with Caution" rating, strictly for high-risk investors who understand and are comfortable with the company's heavy reliance on its top clients.
Key Takeaways
- IPO Price Band: ₹142 – ₹150 per share
- Lot Size: 1,000 Shares (Note: The minimum application for retail investors is for 2 lots or 2,000 shares, costing ₹3,00,000, which falls into the sHNI category).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on November 26, 2025.
- Recommendations of experts: A high-risk issue. Subscribe with caution, suitable only for aggressive investors due to the extreme customer concentration risk, despite the attractive financials and valuation.
FAQs on Gallard Steel IPO
What is Gallard Steel IPO price band?
The price band for the IPO is set at ₹142 to ₹150 per equity share.
What is Gallard Steel IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, November 24, 2025.
How to check Gallard Steel IPO allotment status?
You can check the allotment status on the website of the IPO registrar or at the respective exchange once the basis of allotment is finalized.
What is Gallard Steel IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Wednesday, November 26, 2025.
Should I apply for Gallard Steel IPO?
This is a high-risk proposition. While the company's financial growth is impressive and the valuation is reasonable, its extreme dependence on a few clients is a major risk. A subscription is recommended only for investors with a high-risk appetite.
Disclaimer:
The information provided about Gallard Steel IPO, including GMP, price, dates, and other details, is for educational and informational purposes only. It should not be considered as investment advice. Please consult with your financial advisor before making any investment decisions. Market investments are subject to risks.
