Gallard Steel IPO

Introduction

Gallard Steel Ltd., a name that’s steadily becoming synonymous with resilience in India’s manufacturing sector, is stepping into the stock market spotlight with its SME IPO this November. For many investors, Gallard’s journey is a familiar one—hard work, steady capacity expansion, and focus on performance. If you’re looking for an SME story that combines robust numbers and grassroots growth, this public issue deserves a closer look.

Gallard Steel IPO At a Glance

• IPO Dates: Opens November 19, 2025; closes November 21, 2025
• Lot Size: 2,000 shares; Minimum investment ₹3,00,000 for retail
• IPO Allotment: November 24, 2025
• Listing: November 26, 2025 (BSE SME)
• Promoters: Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai, Mariya Zakiuddin Sujauddin
• Objects of the Issue: Expansion of manufacturing facility, office construction, partial debt repayment, general corporate purposes
• Registrar: Ankit Consultancy Pvt. Ltd.

What Makes Gallard Steel Stand Out?

Gallard Steel is more than just a steel manufacturer; it’s a story of transformation. Located in Indore, Madhya Pradesh, Gallard has expanded its capacity and customer base, focusing on high-quality products that cater to India’s infrastructure and industrial needs. With very strong revenues, quickly rising profits, and a critical expansion on the horizon, the company is gearing up to seize new opportunities across construction, engineering, and manufacturing value chains.

Company Financials

Gallard Steel Ltd.'s revenue increased by 92% and profit after tax (PAT) rose by 90% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	50.33	48.77	39.14
Total Income	32.14	53.52	27.86
Profit After Tax	4.29	6.07	3.20
EBITDA	7.42	12.47	5.07
NET Worth	21.38	17.08	11.03
Reserves and Surplus	14.38	10.08	4.03
Total Borrowing	19.13	20.38	17.59
Amount in ₹ Crore

Objective of the IPO

• Facility & Capacity Expansion: ₹20.14 crore for expanding the manufacturing plant and office space to meet surging order flows
• Debt Repayment: ₹7 crore for reducing financial leverage for healthier balance sheet
• General Corporate Purposes: To support working capital and corporate initiatives

IPO Reservation :-

Investor Category	Shares Offered
Market Maker Shares Offered	1,25,000 (5.00%)
QIB Shares Offered	11,83,000 (47.32%)
NII (HNI) Shares Offered	3,60,000 (14.40%)
Retail Shares Offered	8,32,000 (33.28%)
Total Shares Offered	25,00,000 (100.00%)

IPO Lot Size :-

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	2,000	₹3,00,000
Individual investors (Retail) (Max)	2	2,000	₹3,00,000
S-HNI (Min)	3	3,000	₹4,50,000
S-HNI (Max)	6	6,000	₹9,00,000
B-HNI (Min)	7	7,000	₹10,50,000

Strengths

• Consistent revenue and profit growth
• High return ratios: ROE, EBITDA, and PAT margins signal solid operational discipline
• Industry relevance: Serving infrastructure and engineering, core to India’s economic blueprint
• Experienced promoters and management

Risks

• High minimum investment for retail (₹3 lakh may limit small-ticket participation)
• Cyclicality in steel demand and exposure to price volatility
• Working capital intensity and debt levels—must monitor post-expansion financial discipline

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Go to Discover section & Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the 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 IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro 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. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

Q: What are Gallard Steel SME IPO dates and listing details?
A: Subscription opens November 19, closes November 21, 2025; listing on November 26, 2025.

Q: What is the IPO lot size and minimum application amount?
A: Minimum lot is 2,000 shares; ₹3,00,000 for retail investors.

Q: What are the main objectives of the IPO?
A: Fund manufacturing facility and office expansion, repay select borrowings, and general corporate use.

Q: What is the company’s financial performance?
A: Revenue doubled and profit grew nearly 2x in FY25 over FY24; robust margins and improving assets.

Q: Who are the lead managers and registrar?
A: Seren Capital Pvt. Ltd. (lead manager); Ankit Consultancy Pvt. Ltd. (registrar).

Q: What is IPO reservation break-up?
A: QIB: 50%, NII: 15%, Retail: 35%.