Gallard Steel Limited
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₹50(33.33%)
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Gallard Steel Limited's completed its IPO journey with a successful listing on BSE on Nov 26, 2025. The public offering mobilized 25,00,000 Shares in total capital, comprising 25,00,000 Shares in fresh equity.
The offering was conducted within the price band of ₹142 to ₹150, with minimum application lots of 1000 shares. Investor participation during the Nov 19, 2025 to Nov 21, 2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on Nov 24, 2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low-alloy castings. The company produces ready-to-use components, assemblies, and subassemblies for sectors such as Indian Railways, defense, power generation, and allied industries. Its products include steel components, traction motor and bogie components for railways, defense cradles and trunnion housings, thermal and hydro turbine sub-assemblies, industrial machinery liners, and rebonded foam for furniture and industrial applications. Gallard Steel is focused on delivering high-quality, durable solutions across multiple sectors and, as of February 28, 2025, employs 58 employees.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Fully Integrated Manufacturing Setup: Operates complete in-house casting and machining facilities in Pithampur, Madhya Pradesh, ensuring seamless process coordination, stronger production planning, minimal external dependence, and efficient inventory control.
- Robust Quality Assurance: Implements strict quality checks at every stage—from raw material inspection to final product testing—using spectrometer analysis along with destructive and non-destructive tests to deliver consistent, defect-free, and standardized products.
- Wide Industry Coverage: Caters to a diverse customer base across defense, power generation, engineering, industrial applications, and railways, reflecting strong multi-sector demand and stable business performance.
- Heavy Reliance on Railway Sector: A major portion of revenue is generated from supplying traction motor and bogie components to the railway industry. Any slowdown or reduced demand in this sector could strongly affect business performance and financial outcomes.
- High Revenue Dependence on Key Customers: Over 85–90% of revenue comes from the top ten customers. Losing any major client or receiving fewer orders could significantly impact cash flow, profitability, and overall operations.
- No Long-Term Supplier Agreements: The company lacks fixed contracts with raw material suppliers. Any increase in prices, supply shortages, or quality issues in key materials like steel scrap, casting sand, or resins may raise production costs and disrupt business continuity.
- Zakiuddin Sujauddin
- Hakimuddin Ghantawala
- Kaid Johar Kalabhai
- Zahabiya Kalabhai
- Mariya Zakiuddin Sujauddin
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