Gallard Steel was incorporated on April 9, 2015. The company manufactures ready-to-use components, assemblies, and subassemblies for industries such as Indian Railways, defence, and power generation. Its portfolio includes traction motor and bogie components, turbine sub-assemblies, and parts for industrial and defence equipment, serving major players in heavy engineering and related sectors
| Bidding Dates |
|---|
| 19 Nov 2025 - 21 Nov 2025 |
| Subscription |
|---|
| 349.4x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,84,000 | 2 | 2 | 1000 | 2.5 M | ₹142 - ₹150 | 67.16 % | ₹355.0 M - ₹375.0 M | RHP DOC |
Gallard Steel IPO SUBSCRIPTION STATUS
21 Nov '25Gallard Steel IPO overall subscription rate was 349.4 times the total available shares
Gallard Steel IPO retail subscription rate was 466.64 times in the retail segment
Gallard Steel IPO non-institutional investor subscription rate was 837.39 times in the non-institutional investor category
Gallard Steel IPO Qualified Institutional Bidder subscription rate was 120.94 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
21 Nov 2025 (Day 3) | 466.64x | 837.39x | 120.94x |
20 Nov 2025 (Day 2) | 64.35x | 77.51x | 1.04x |
19 Nov 2025 (Day 1) | 9.29x | 11.9x | - |
Gallard Steel FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 31.6 | 4.3 | 3.0 | 0.5 | 23.5% |
| FY25 | 53.3 | 6.1 | 4.2 | -2.8 | 23.4% |
| FY24 | 26.8 | 3.2 | 1.5 | -8.8 | 18.9% |
| FY23 | 20.6 | 1.1 | -2.0 | -2.9 | 9.2% |
Gallard Steel IPO SUBSCRIPTION STATUS DETAILS
Gallard Steel had 2.5 M shares on offer
Gallard Steel IPO offer price was in the range ₹142 - ₹150
Gallard Steel IPO minimum Investment was ₹284000
Gallard Steel IPO issue size was ₹ 355.0 M - ₹ 375.0 M
Gallard Steel had a minimum lot size of 1000 Shares per application
Gallard Steel NUMBER OF SHARES ON OFFER
Gallard Steel IPO IMPORTANT DATES
| Issue Open Date | 19 Nov 2025 |
| Issue close Date | 21 Nov 2025 |
| Allotment Date | 24 Nov 2025 |
| Refund Date | 25 Nov 2025 |
| Demat Account Credit Date | 25 Nov 2025 |
| Listing Date | 26 Nov 2025 |
| Listing on Exchange(s) | BSE |
| Gallard Steel Allotment Status | Exchange/ Registrar |
Gallard Steel IPO subscription opened on 19 Nov 2025, and closed on 21 Nov 2025
IPO allotment for Gallard Steel was finalized on Monday, 24 Nov 2025
IPO listing for Gallard Steel was on BSE on Wednesday, 26 Nov 2025
Gallard Steel IPO LISTING GAINS
| Issue Price (adjusted) | 150.0 |
| Listing Open Price | 223.1 |
| Listing Close Price | 234.3 |
| Listing Gain% | 48.7% |
| Current Gain% | 6.0% |
Gallard Steel Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gallard Steel Ltd. | 159 | 151 | 16.6 | 0.3 | 2.2 | 15.5 | 10.1 | 69.8 | 30.4 | 9.1 | 50.1 | 9.6 | 50.1 |
| Bharat Forge Ltd. | 2265.2 | 108296.6 | 97.7 | 5.5 | 6.4 | 11.3 | 4.8 | 17010.3 | 10.9 | 1079.7 | 14.7 | 23.2 | 17.7 |
| AIA Engineering Ltd. | 4776 | 44569.8 | 35.1 | 1.8 | 10.1 | 15.8 | 14.9 | 4893.9 | 6 | 1270.2 | 19.7 | 136.1 | 19.7 |
| Indo-MIM Ltd. | 867.4 | 42888.8 | 18.9 | 10.9 | 4320.7 | 28.1 | 533.5 | 25.9 | |||||
| Happy Forgings Ltd. | 1906.2 | 17990.5 | 54.9 | 2.5 | 11 | 14.2 | 11.4 | 1577.1 | 9 | 301.6 | 12.8 | 34.7 | 21.6 |
| Ramkrishna Forgings Ltd. | 726.6 | 13138.1 | 122.9 | -1.6 | 3 | 2.2 | 1 | 4251.2 | 4.7 | 71.8 | -82.7 | 5.9 | -78.7 |
Gallard Steel INFORMATION ON IPO ISSUE
About Gallard Steel
Gallard Steel was incorporated on April 9, 2015. The company manufactures ready-to-use components, assemblies, and subassemblies for industries such as Indian Railways, defence, and power generation. Its portfolio includes traction motor and bogie components, turbine sub-assemblies, and parts for industrial and defence equipment, serving major players in heavy engineering and related sectors
Object of the Issue
- Funding of capital expenditure towards expansion of its existing manufacturing facility and construction of office building
- Repayment of a portion of certain borrowings availed by the company
- General corporate purposes
Gallard Steel - PROMOTERS
| Name |
|---|
| Zakiuddin Sujauddin |
| Hakimuddin Ghantawala |
| Zahabiya Kalabhai |
| Kaid Johar Kalabhai |
| Mariya Sujauddin |
Gallard Steel - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Zakiuddin Sujauddin | Managing Director |
| Hakimuddin Ghantawala | Whole time Director & CFO |
| Zahabiya Kalabhai | Non-Executive Director |
| Ashish Sanjay Agarwal | Independent Director |
| Bhavesh Kishor Waghani | Independent Director |
Gallard Steel Lead Manager to the issue
Seren Capital Private Limited
info@serencapital.in
Gallard Steel Registrar to the issue
Ankit Consultancy Private Limited
compliance@ankitonline.com
Gallard Steel Strengths
In-house manufacturing facilities
The company operates a manufacturing unit in Pithampur equipped for melting, molding, casting, painting, finishing, and machining to meet diverse industry needs. Its wholly owned subsidiary, Sleeploop India Pvt. Ltd., runs a machining facility nearby, enabling seamless integration of casting and machining for improved coordination, efficiency, and inventory management
Diverse customer base
The company serves a diverse customer base across multiple sectors, including defence, power generation, engineering services, industrial solutions, and railways, showcasing its capability to meet varied industry requirements
Standardized product quality
The company maintains strict quality control across all manufacturing stages, from raw material inspection to final product testing. Using both destructive and non-destructive methods, it ensures each component meets precise customer specifications and maintains consistent, high-quality standards
Gallard Steel Risks
Competition
The steel casting industry is highly competitive and fragmented, with many domestic and international players. Several competitors are larger, with stronger brand recognition, greater financial resources, and cost advantages such as lower labor or tax expenses. Such competition, along with changes in customers’ outsourcing strategies, may impact the company’s business
Negative publicity
Negative publicity or safety concerns related to the company’s products—or similar products in the market—could harm its reputation, reduce demand, and impact revenues and cash flows. However, no such incidents were reported in Fiscal 2023, 2024, 2025, or the six months ended September 2025
Labour intensive
The company operates in a labour-intensive industry and is dependent on skilled and unskilled workers for its manufacturing operations. Labour shortages, strikes, or wage disputes could disrupt operations and increase costs. While no major disruptions have occurred so far, future incidents could adversely affect business performance
IPO FAQs
The promoters of the company are Zakiuddin Sujauddin, Hakimuddin Ghantawala, Zahabiya Kalabhai, Kaid Johar Kalabhai and Mariya Sujauddin.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 142.0 - 150.0.
The IPO application opens on Nov 19, 2025 and closes on Nov 21, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 284,000.0, the maximum value for this IPO is Rs 300,000.0.
This IPO will be allotted on Nov 24, 2025.
The refund will be credited to your account on Nov 25, 2025.
The allotted shares will be credited to your demat on Nov 25, 2025.
Gallard Steel Ltd.’s shares listed on the stock exchanges on Nov 26, 2025.