A One Steels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 0.13×
- Big non-institutionalbNII · above ₹10 lakh
- 24.88×
- Small non-institutionalsNII · ₹2–10 lakh
- 23.62×
- Retail individualRII · up to ₹2 lakh
- 8.35×
- Employeesreserved quota
- 4.81×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Oct 2026 | ₹46 | — | ₹1,300 | ₹451 | ₹1,702 |
| 30 Sep 2026 | ₹47 | — | ₹1,300 | ₹452 | ₹1,739 |
| 29 Sep 2026 | ₹35 | — | ₹1,000 | ₹440 | ₹1,295 |
| 28 Sep 2026 | ₹28 | — | ₹800 | ₹433 | ₹1,036 |
| 27 Sep 2026 | ₹56 | — | ₹1,600 | ₹461 | ₹2,072 |
| 26 Sep 2026 | ₹56 | — | ₹1,600 | ₹461 | ₹2,072 |
| 25 Sep 2026 | ₹51 | — | ₹1,400 | ₹456 | ₹1,887 |
| 24 Sep 2026 | ₹49 | — | ₹1,400 | ₹454 | ₹1,813 |
| 23 Sep 2026 | ₹55 | — | ₹1,500 | ₹460 | ₹2,035 |
| 22 Sep 2026 | ₹50 | — | ₹1,400 | ₹455 | ₹1,850 |
| 21 Sep 2026 | ₹60 | — | ₹1,700 | ₹465 | ₹2,220 |
| 20 Sep 2026 | ₹60 | — | ₹1,700 | ₹465 | ₹2,220 |
| 19 Sep 2026 | ₹64 | — | ₹1,800 | ₹469 | ₹2,368 |
| 18 Sep 2026 | ₹60 | — | ₹1,700 | ₹465 | ₹2,220 |
| 17 Sep 2026 | ₹55 | — | ₹1,500 | ₹460 | ₹2,035 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 19,87,592 | 1,52,92,803 | ₹619 Cr | 7.69× |
| Non-institutional | 14,91,825 | 3,84,82,886 | ₹1,559 Cr | 25.80× |
| Big non-institutionalwithin NII | 9,94,550 | 2,60,32,978 | ₹1,054 Cr | 26.18× |
| Small non-institutionalwithin NII | 4,97,275 | 1,24,44,876 | ₹504 Cr | 25.03× |
| Retail individual | 34,80,926 | 3,17,08,445 | ₹1,284 Cr | 9.11× |
| Employees | 54,496 | 2,80,756 | ₹11.37 Cr | 5.15× |
| Total | 70,14,839 | 8,57,65,001 | ₹3,473 Cr | 12.23× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 28 Sept, 06:01 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 24 Sep 2026 – 28 Sep 2026
- Listing date
- 01 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹385 – ₹405
- Lot size
- 37 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹405 Cr
- Fresh issue
- ₹355 Cr 87,69,423 shares
- Offer for sale
- ₹49.98 Cr 12,34,567 shares
- Market cap at offer price
- ₹3,128 Cr
- Promoter holding
- 85.86% → 74.51% pre-issue → post-issue
- ISIN
- INE0OTC01025
- CIN
- U28999KA2012PLC063439
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- PL Capital Markets Pvt.Ltd.
- Registered office
- A One House, No. 326, CQAL Layout Ward No. 08, Sahakarnagar Bangalore – 560 092, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 11,72,04,220 | 95.73% | 95.68% |
| Anchor investor · within QIB | 29,85,160 | — | 2.44% |
| NII (HNI) | 15,70,130 | 1.28% | 1.28% |
| bNII > ₹10L · within NII | 10,46,753 | — | 0.85% |
| sNII < ₹10L · within NII | 5,23,377 | — | 0.43% |
| Retail (RII) | 36,63,637 | 2.99% | 2.99% |
| Employee | 57,636 | — | 0.05% |
| Market maker | 0 | — | 0.00% |
| Total issue | 12,24,95,623 | — | 100.00% |
Net offer to the public of 12,24,37,987 shares, out of a total issue of 12,24,95,623. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 37 shares per lot, in multiples, at ₹405
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 37 | ₹14,985 |
| Retail (max) | 13 | 481 | ₹1,94,805 |
| S-HNI (min) | 14 | 518 | ₹2,09,790 |
| S-HNI (max) | 66 | 2,442 | ₹9,89,010 |
| B-HNI (min) | 67 | 2,479 | ₹10,03,995 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹405 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.61 | 16.50 |
| P/E (×) | 21.76 | 24.55 |
| Market cap | — | ₹3,128 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 1.25%
- ROCE
- 12.00%
- Debt / equity
- 1.34
- PAT margin
- 0.34%
- EBITDA margin
- 4.91%
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 4,202.05 | 3,569.63 | 3,862.44 |
| Revenue from operations | 4,148.57 | 3,541.78 | 3,834.21 |
| Other income | 34.73 | 25.26 | 26.51 |
| Total expenses | 4,035.56 | 3,539.34 | 3,804.26 |
| Operating profit | 166.49 | 30.29 | 58.18 |
| Operating margin | 3.96% | 0.85% | 1.51% |
| Profit before tax | 167.02 | 25.85 | 58.18 |
| Profit after tax | 127.41 | 7.71 | 38.91 |
| PAT margin | 3.03% | 0.22% | 1.01% |
| Balance sheet | |||
| Total assets | 3,191.31 | 2,753.06 | 2,395.87 |
| Current assets | 2,225.91 | 1,829.34 | 1,605.68 |
| Current liabilities | 1,753.63 | 1,524.61 | 1,501.43 |
| Total liabilities | 2,327.95 | 2,034.8 | 1,950.96 |
| Net worth | 863.36 | 718.26 | 444.91 |
| Current ratio | 1.27× | 1.20× | 1.07× |
| Return on equity | 14.76% | 1.07% | 8.75% |
| Cash flow | |||
| Operating cash flow | 62.8 | 108.96 | 325.4 |
| Investing cash flow | -10.09 | -192.29 | -191.49 |
| Financing cash flow | -38.85 | 45.3 | -155.68 |
| Net cash flow | 13.86 | -38.03 | -21.78 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the Company ₹250 Cr
The company intends to reduce its outstanding indebtedness by undertaking pre-payment/partial re-payment of borrowings. This will help reduce overall outstanding indebtedness, debt servicing costs, assist in maintaining a favorable debt-equity ratio and enable better utilization of internal accruals for further investment in business growth and expansion.
2 General corporate purposes —
The company intends to deploy any balance left out of the Net Proceeds towards general corporate purposes including repayment of loans, maintenance of plants and machineries, business development initiatives, employee related expenses, meeting exigencies, insurance requirements, payments of taxes and duties, meeting ongoing general corporate contingencies, providing security deposits and cash collaterals.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About A One Steels
A-One Steels India Limited, incorporated in 2012 and converted to a public limited company in 2024, is an integrated steel manufacturer with six operating facilities across Karnataka and Andhra Pradesh. The company manufactures a diverse range of steel products including TMT reinforcement bars, hot-rolled and cold-rolled pipes, sponge iron, mild steel billets, hot-rolled coils, cold-rolled coils, galvanized pipes, metallurgical coke, and ferro alloys. These products are sold to construction contractors, infrastructure developers, OEMs, distributors, and industrial customers. The company operates through an integrated manufacturing model enabling captive consumption of intermediate products and sale of surplus production. Revenue is derived from the sale of manufactured products (approximately 68% of revenue from operations in FY2026) and trading activities involving products such as scrap, coal, and iron ore.
Management
Sunil Jallan
CEO
Sandeep Kumar
MD
Uma Shankar Goyanka
Director
Krishan Singh Barguzar
Director
Kamaldeep Singh
Director
Jeevika Poddar
Director
Saurabh Jindal
CFO
Pooja Sara Nagaraja
Director of Operations
Mahesh Singhal
Director of Operations
Todimela Muralikrishna
CTO
Mohanraj Natarajan Rajendra
VP of Sales
Srinivasa Rao Pothina
COO
Sohil Dattani
Director
Vinay H
VP of Sales
Sheela Ramdeo Yadav
Director
Strengths
As stated in the offer document
Backward integrated steel products manufacturer in southern India with a diversified product portfolio
The company's presence across multiple stages of the steel-manufacturing value chain enables it to manufacture a diversified portfolio of long steel products, flat steel products and industrial products. The company's diversified product mix reduces reliance on any single manufactured product category, with TMT bars contributing 29.00% of Revenue from Operations in Fiscal 2026.
Business operations capitalizing on the strategic location advantage
The company's manufacturing facilities are strategically located in close proximity to raw material sources, which provides access to raw materials, lowers transportation costs and provides significant logistics management and cost benefits. The company's facilities situated at Bellary and Koppal are located within 100 kilometres radius of the mineral belt in Bellary and Koppal district.
Diversified sales channels and customer base
The company sells products through a combination of direct retail sales channels, authorised distributors, institutional customers, other intermediaries and trading channels. As of March 31, 2026, the company's sales network comprised 1,246 direct retail sales channels, 32 authorised distributors and 57 institutional customers with the largest customer contributing 5.33% of Revenue from Operations.
Well-positioned in an industry characterised by high entry barriers, with access to cost-efficient manufacturing inputs
The company operates in an industry that faces several challenges creating high barriers to entry including capital investment, access to raw materials, land acquisition and environmental clearances. The company has established manufacturing footprint, product portfolio, regulatory approvals, certifications, customer relationships and distribution network enabling operations within this industry.
Brand Presence supported by product quality, diversified offerings and targeted marketing initiatives
The company markets certain products, including TMT bars and steel pipes, under the 'A-One Gold' brand. The company's business promotion and sales marketing expenses were ₹739.54 lakhs, ₹1,225.15 lakhs and ₹1,302.67 lakhs in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing 0.18%, 0.35% and 0.34% of Revenue from Operations.
Use of green energy for the manufacture of steel products and certified green product portfolio
The company sourced 83.20%, 89.46% and 88.86% of total power requirements through green energy sources in Fiscals 2026, 2025 and 2024, respectively, enabling savings of approximately ₹1.57, ₹2.17 and ₹2.85 per unit in electricity cost. The company's TMT bars have been certified as green products by the CII - Green Products and Services Council.
Experienced Promoters supported by a strong management and execution team
The company benefits from a strong management team with extensive experience in the steel pipes and structural tubes industries. The company's aggregate installed capacity increased from 14,97,100 MTPA as of March 31, 2024 to 17,33,100 MTPA as of March 31, 2026, representing an increase of 2,36,000 MTPA or 15.76%.
Risk factors
As stated in the offer document
Profitability and Margins Fluctuation
The company's profitability and margins have fluctuated significantly in the past, with PAT declining from ₹3,891.37 lakhs in Fiscal 2024 to ₹771.05 lakhs in Fiscal 2025 before increasing to ₹12,740.82 lakhs in Fiscal 2026. There is no assurance that the company will be able to sustain improvement in profitability or margins in future periods.
Expansion and Infrastructure Initiative Risks
The company's proposed expansion projects involve significant capital outlay, operational complexity, and regulatory dependencies, including a 10 MW WHRB power plant and a 6,00,000 MTPA iron ore beneficiation plant. These projects may not yield expected benefits and could adversely affect business, financial condition, cash flows, and growth prospects.
Related Party Transaction Dependencies
The company enters into certain related party transactions in the ordinary course of business, including sales, purchases, and unsecured borrowings. While conducted on arm's length basis, such transactions could potentially involve conflicts of interest that may be detrimental to minority shareholders' interests.
Regulatory Compliance and Penalty History
Between Fiscal 2021 to 2025, the Registrar of Companies and Regional Director have levied penalties against the company, its Directors and Promoters for violations of various provisions of the Companies Act, 2013. The company has paid these penalties, but cannot guarantee future compliance.
Revenue Concentration in Key Products
The company derives 61.61%, 67.74% and 60.84% of Revenue from Operations during Fiscal 2026, 2025 and 2024 respectively from three key products: Pipes and Tubes, TMT Bars, and Sponge Iron. Any loss of sales due to reduction in demand for these products could adversely affect business operations.
Geographic Revenue Concentration
More than 50% of the company's Revenue from Operations is concentrated in Karnataka (54.86%, 57.20% and 50.31% in Fiscals 2026, 2025 and 2024 respectively). Any adverse developments in this region may have significant adverse impact on business and financial condition.
Customer Concentration Risk
The company depends on a limited number of customers, with top 10 customers contributing 27.90%, 25.48% and 26.66% of Revenue from Operations in Fiscals 2026, 2025 and 2024 respectively. Loss of key customers could adversely affect business, results of operations, and financial condition.
Supplier Concentration Risk
The company's significant dependency on top 10 suppliers for more than 49% of total purchases (49.24% in Fiscal 2026) may be detrimental to operations. Any disruption in supply from these key suppliers may impact production cycles and product availability to customers.
Outstanding Legal Proceedings
The company, subsidiaries, and promoters are involved in various legal proceedings including 33 tax proceedings, 25 statutory/regulatory proceedings, and 4 material civil proceedings against the company with aggregate amount involved of ₹5,558.44 lakhs. Adverse outcomes may impact reputation and financial condition.
Interest Rate and Debt Exposure
As of July 15, 2026, the company's total outstanding borrowings were ₹1,15,813.83 lakhs, with ₹91,663.63 lakhs subject to variable interest rates. Interest rate fluctuations could reduce profitability and adversely affect business, cash flows and financial condition.
Company Analysis
from RHPA-One Steels India Limited manufactures and sells steel and steel-related products including TMT bars, pipes and tubes, sponge iron, and ferro alloys primarily for construction, infrastructure, and industrial applications across India.
A-One Steels India Limited, incorporated in 2012 and converted to a public limited company in 2024, is an integrated steel manufacturer with six operating facilities across Karnataka and Andhra Pradesh. The company manufactures a diverse range of steel products including TMT reinforcement bars, hot-rolled and cold-rolled pipes, sponge iron, mild steel billets, hot-rolled coils, cold-rolled coils, galvanized pipes, metallurgical coke, and ferro alloys. These products are sold to construction contractors, infrastructure developers, OEMs, distributors, and industrial customers. The company operates through an integrated manufacturing model enabling captive consumption of intermediate products and sale of surplus production. Revenue is derived from the sale of manufactured products (approximately 68% of revenue from operations in FY2026) and trading activities involving products such as scrap, coal, and iron ore.
Objects of the Issue
- Funding capex for expansion projects at Koppal Facility including 10 MW waste heat recovery boiler power plant, 6,00,000 MTPA iron ore beneficiation plant, and railway siding p.33
- Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company ₹25,000.00 lakhs p.107
- General corporate purposes [●] p.107
- Funding capex and working capital ₹35,500.00 lakhs p.147
- Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company ₹25,000.00 Lakhs p.211
- General corporate purposes Up to 25% of Gross Proceeds (amount to be finalized) p.214
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹25,000.00 lakhs p.354
- This document is Part 9 of 14 of a restated consolidated financial information. The Objects of the Issue section is not included in this part of the document.
- Repayment of borrowings ₹250.00 Crores p.561
- General corporate purposes and IPO expenses ₹105.00 Crores p.561
Issue Structure
- Total Issue
- Up to ₹40,500.00 lakhs
- Fresh Issue
- Up to ₹35,500.00 lakhs
- Offer for Sale
- Up to ₹5,000.00 lakhs (Sandeep Kumar: ₹2,000.00 lakhs, Sunil Jallan: ₹2,000.00 lakhs, Krishan Kumar Jalan: ₹1,000.00 lakhs)
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily from the manufacturing and sale of steel and steel-related products. Revenue sources include: (1) direct retail sales to construction contractors and infrastructure developers; (2) sales to authorized distributors; (3) sales to institutional customers and OEMs; and (4) trading activities. The company operates manufacturing facilities at six locations with an integrated production model that allows captive consumption of intermediate products (sponge iron, MS billets, coils) and sale of surplus production in the open market. The company also derives revenue from intermediate product sales (approximately 31.77% of revenue from operations in FY2026) and trading in coal, scrap, and other materials.
Business Segments
SWOT Analysis
- • Integrated manufacturing model with captive capacity(p.53)
- • Strategic geographic location near raw material sources(p.55)
- • Diversified product portfolio across steel and industrial products(p.55)
- • Experienced promoter leadership with steel industry expertise(p.57)
- • Diversified customer base with repeat customer revenue dominance(p.59)
- • Long-standing customer relationships providing stability(p.59)
- • Diversified procurement channels reducing single-source dependency(p.59)
- • Strong capacity expansion trajectory(p.96)
- • Renewable energy integration reducing power dependency(p.105)
- • Integrated steel manufacturing with quality and cost control(p.114)
- • Modern rolling mills for consistent TMT bar production(p.114)
- • Captive renewable energy reducing power costs and carbon footprint(p.114)
- • Renewable energy meets majority of energy requirements(p.132)
- • German technology adoption in TMT bar production(p.114)
- • Backward integrated steel manufacturer with diversified product portfolio(p.219)
- • Strategic location advantage in southern India(p.219)
- • Diversified sales channels and customer base(p.219)
- • High entry barriers with cost-efficient manufacturing inputs(p.219)
- • Brand presence with certified green product portfolio(p.219)
- • Experienced promoters with strong management team(p.219)
- • Backward-integrated manufacturing across steel value chain(p.327)
- • Strategic location proximity to raw material sources and ports(p.331)
- • Significant renewable energy sourcing reducing power costs(p.344)
- • Diversified product portfolio reducing single-product dependence(p.328)
- • Proven track record of turnaround and acquisition success(p.346)
- • Diversified sales channels and customer base(p.340)
- • High repeat customer rate indicating strong relationships(p.342)
- • Certified green product portfolio and sustainability credentials(p.345)
- • Backward integrated manufacturing with in-house production of key raw materials(p.370)
- • Captive renewable power generation reducing electricity costs and insulating from DISCOM tariff volatility(p.372)
- • Geographically advantaged manufacturing locations near major ports and iron ore sources reducing logistics costs(p.379)
- • Diversified sales distribution network reducing dependence on single channel(p.379)
- • Quality management certifications and BIS licenses across product portfolio(p.380)
- • Established manufacturing presence with integrated operations across multiple product lines(p.478)
- • Experienced management team with substantial steel industry background(p.437)
- • Promoters hold significant controlling stake ensuring aligned interests(p.452)
- • Strong revenue growth trajectory with improving profitability(p.473)
- • Diversified product portfolio spanning TMT bars, wire rods, billets, and structural steel(p.430)
- • Government subsidies and capital investment grants recognized, providing financial support for assets and operations(p.552)
- • Diversified product portfolio spanning TMT Bars, Pipes & Tubes, and Sponge Iron with significant revenue contribution(p.591)
- • Strong profitability improvement with PAT increasing 1552.41% to ₹12,740.82 lakhs in Fiscal 2026(p.592)
- • Robust EBITDA growth with EBITDA Margin improving to 7.29% in Fiscal 2026 from 4.91% in Fiscal 2025(p.580)
- • Increased retail sales channel network from 1,118 to 1,246 providing broader market reach(p.591)
- • Strong debt service coverage ratio of 1.69 in Fiscal 2026 demonstrating improved repayment capability(p.575)
- • Multiple manufacturing certifications (ISO 9001, 14001, 45001, 50001)(p.680)
- • BIS certifications for diverse steel products across multiple standards(p.680)
- • Environmental compliance certifications (ISO 14001, Environmental Clearance Certificate)(p.680)
- • Regulatory approvals for factory operations across multiple facilities(p.681)
- • Occupational health and safety management system certification (ISO 45001)(p.680)
- • Heavy dependence on three key product categories(p.53)
- • Geographic concentration of revenue in Karnataka(p.54)
- • Audit trail deficiencies in accounting software(p.56)
- • History of regulatory non-compliance and penalties(p.43)
- • Significant promoter reliance through unsecured borrowings and personal guarantees(p.43)
- • Volatile profitability and margin fluctuations(p.32)
- • High dependence on key managerial personnel and promoters(p.57)
- • Elevated employee attrition rates(p.57)
- • Customer concentration risk from top customers(p.58)
- • High supplier concentration with top 10 suppliers(p.59)
- • Significant raw material cost exposure(p.62)
- • High working capital intensity with elevated trade receivables(p.68)
- • Promoter-backed guarantees creating contingent liabilities(p.68)
- • Geographic concentration of manufacturing facilities(p.63)
- • Below-capacity utilization at multiple facilities(p.83)
- • Audit observations and control deficiencies(p.57)
- • Significant unsecured loans from promoters subject to recall(p.127)
- • High financial indebtedness with restrictive covenants(p.115)
- • Persistent delays in statutory filings with regulatory penalties(p.112)
- • Multiple delays in payment of statutory dues(p.118)
- • Sub-optimal capacity utilisation across facilities(p.118)
- • Accumulated GST Cess credit at risk with uncertain recovery(p.134)
- • Pending litigation on intellectual property and trademarks(p.116)
- • Litigation with supplier over raw material quality issues(p.121)
- • Unresolved Basai Steels litigation risk with former promoter(p.128)
- • High debt burden relative to equity(p.223)
- • Lower EBITDA margins compared to peers(p.223)
- • Declining operating cash flows(p.223)
- • Significant contingent liabilities from litigation(p.173)
- • Exposure to related-party transactions and internal group dependencies(p.167)
- • High leverage and debt burden relative to equity(p.354)
- • Significant concentration of revenue in single state(p.336)
- • Underutilized manufacturing capacity across multiple facilities(p.349)
- • Reliance on leased facilities subject to termination risk(p.361)
- • Mining operations not yet commenced despite acquisition(p.353)
- • High raw material costs as percentage of revenue(p.334)
- • High supplier concentration with top 10 suppliers representing 49.24% of total purchases(p.371)
- • Environmental non-compliance issues including closure notice to subsidiary Vanya Steels(p.381)
- • Litigation from minority shareholder challenging fairness of amalgamation share exchange ratio(p.416)
- • High employee attrition rate of 36% indicating workforce retention challenges(p.381)
- • Significant financial leverage with substantial borrowing obligations(p.454)
- • Material litigation involving subsidiary and promoter shareholding disputes(p.431)
- • Subsidiary Basai Steels showing negative profitability with losses(p.431)
- • Audit trail and internal control deficiencies identified across subsidiaries(p.466)
- • Presence of non-controlling interests in key subsidiaries(p.480)
- • High financial leverage and debt dependence(p.550)
- • Significant contingent liabilities from tax and regulatory disputes(p.521)
- • Concentrated promoter shareholding creating governance risk(p.509)
- • Dependence on related party transactions for operations(p.537)
- • Exposure to litigation and legal proceedings(p.521)
- • High debt-to-equity ratio of 1.17 indicating significant financial leverage(p.577)
- • Significant working capital requirements with inventory days at 91 days in Fiscal 2026(p.582)
- • Negative free cash flow of ₹(565.66) lakhs in Fiscal 2026 despite operational profitability(p.580)
- • Substantial contingent liabilities including income tax disputes of ₹2,892.19 lakhs(p.598)
- • GST disputes totaling ₹3,056.49 lakhs across multiple assessment forums(p.598)
- • High finance costs of ₹10,919.18 lakhs consuming 2.60% of total income in Fiscal 2026(p.588)
- • Concentrated borrowing structure with significant unsecured director loans(p.614)
- • High leverage across the group with multiple subsidiaries carrying substantial debt(p.619)
- • Extensive environmental compliance notices and pollution control violations(p.628)
- • Subsidiary company facing closure threats due to persistent environmental non-compliance(p.659)
- • Pending insolvency petition against the Company challenging undisputed operational debt(p.635)
- • Multiple tax disputes and pending assessments totaling significant amounts(p.636)
- • Litigation risks from trademark infringement claims and defamation suits(p.635)
- • Multiple pending Fire NOC applications across facilities(p.687)
- • Pending boiler inspection applications under Indian Boilers Act(p.687)
- • Pending Contract Labour registration applications(p.687)
- • Pending Consent to Operate renewal for Koppal Unit 2(p.687)
- • Significant trademark disputes with multiple opposed/objected applications(p.688)
- • Multiple related party litigation complaints pending(p.713)
- • Group companies (newly incorporated) with significant losses(p.693)
- • Expansion of manufacturing capacity through beneficiation plant and WHRB(p.33)
- • Railway siding development to improve logistics efficiency(p.33)
- • Product portfolio diversification and new specifications(p.54)
- • Geographic market diversification beyond Karnataka(p.55)
- • Expansion of iron ore beneficiation capacity(p.96)
- • Waste heat recovery power generation(p.96)
- • Railway siding development for logistics improvement(p.96)
- • Product portfolio diversification and new product development(p.102)
- • Debt reduction through IPO proceeds(p.89)
- • Expansion into underpenetrated domestic and international markets(p.121)
- • Inorganic growth through acquisition of distressed assets(p.129)
- • Backward integration through manganese ore mining(p.130)
- • Capacity expansion initiatives underway(p.118)
- • Waste heat recovery power generation expansion(p.132)
- • Technology adoption for cost optimisation and environmental compliance(p.114)
- • Debt reduction through IPO proceeds(p.210)
- • Improved debt-to-equity ratio enabling future capital raising(p.212)
- • Listing benefits for brand enhancement(p.210)
- • Growing renewable energy adoption in steel manufacturing(p.224)
- • Expansion of product portfolio including specialty products(p.224)
- • Expand product portfolio into specialized segments(p.347)
- • Geographic expansion beyond current southern India focus(p.347)
- • Capacity expansion at Koppal through beneficiation and pelletization(p.333)
- • Forward integration into alloy billets and crash barriers(p.333)
- • Growing domestic steel demand and infrastructure expansion(p.308)
- • International export opportunities(p.352)
- • Strategic acquisitions of distressed assets(p.352)
- • Improved TAM through met coke import restrictions(p.304)
- • Capacity expansion at Koppal facility with new 10 MW waste heat recovery power plant(p.377)
- • Rail siding infrastructure development for improved logistics and cost reduction(p.379)
- • Government policies promoting steel production and circular economy in steel sector(p.395)
- • Capacity expansion and capital investment in manufacturing infrastructure(p.440)
- • Government support through capital investment subsidies for manufacturing(p.474)
- • International expansion through foreign subsidiary operations(p.432)
- • Strategic portfolio expansion through acquisitions and amalgamations(p.430)
- • Expansion through acquisitions and business combinations(p.503)
- • Growth in captive power generation through equity investments in renewable energy(p.505)
- • Increasing revenue from export markets(p.517)
- • Capital investment subsidy and government grants(p.514)
- • Expansion of manufacturing capacity through capital works(p.501)
- • Expansion of trading activities with coal and iron ore fines exports increasing during Fiscal 2026(p.591)
- • Production capacity enhancement through power plant setup at Vanya Steels subsidiary(p.592)
- • Government incentive programs including Investment Promotion Turnover Subsidies capped at ₹2,532 lakhs(p.552)
- • IPO planned to raise ₹405 crores providing capital for debt repayment and general corporate purposes(p.561)
- • Expansion into defense and aerospace manufacturing through group company(p.693)
- • Development of aerospace and aviation capabilities through group company(p.694)
- • Exploration of explosive manufacturing business through group company(p.695)
- • Diversification into metals and metals ore trading through group company(p.691)
- • Industry cyclicality and fluctuating steel prices(p.32)
- • Dependence on key end-use industries subject to economic slowdown(p.55)
- • Volatility in raw material costs and pricing(p.32)
- • Regional economic and regulatory risks affecting Karnataka operations(p.55)
- • Expansion project execution risks and cost overruns(p.33)
- • First-time public offering with no established public market valuation(p.56)
- • Steel industry cyclicality and price volatility(p.62)
- • Raw material price volatility and supply disruptions(p.59)
- • Dependence on third-party mining operations(p.90)
- • Regional regulatory and political risks(p.63)
- • Environmental and regulatory compliance risks(p.61)
- • Interest rate fluctuation exposure(p.89)
- • Regulatory actions and past violations(p.61)
- • Subsidiary environmental closure risk(p.62)
- • Disruption risks to manufacturing facilities(p.63)
- • Power and utilities availability risks(p.106)
- • Increased competition from domestic steel producers(p.117)
- • Risk of import duty reduction increasing foreign competition(p.118)
- • Excess industry capacity creating pricing pressure(p.118)
- • Raw material price volatility impacting profitability(p.124)
- • Power supply disruptions and PPA termination risks(p.132)
- • Risk of power purchase agreement disputes and termination(p.132)
- • Regulatory non-compliance and pollution control orders(p.115)
- • Macroeconomic slowdown risk affecting demand(p.136)
- • Global geopolitical tensions affecting commodity prices and shipping(p.136)
- • Dependence on customer credit quality with payment default risk(p.122)
- • Risk of customer order cancellations and delays(p.122)
- • Jindal trademark license termination and brand dependency risks(p.132)
- • Significant outstanding litigation and regulatory disputes(p.173)
- • GST and income tax contingent liabilities(p.173)
- • Dependence on working capital facilities subject to renewal(p.213)
- • Steel industry cyclicality and commodity price volatility(p.217)
- • Exposure to external economic factors and regulatory changes(p.211)
- • West Asia conflict drives commodity price inflation and supply disruptions(p.242)
- • Global steel demand weakening due to West Asia conflict and economic slowdown(p.258)
- • India's crude steel production facing LPG/LNG supply constraints from West Asia tensions(p.272)
- • Global trade protectionism limiting Indian steel exports(p.288)
- • EU steel import quota reduction constraining Indian export opportunities(p.288)
- • Coking coal price volatility and supply tightness from global disruptions(p.294)
- • Below-normal monsoon forecast impacts agricultural demand and rural economy(p.241)
- • Reduced scrap availability from US tariffs and global disruptions(p.271)
- • Global competition and Chinese steel dumping(p.304)
- • Import dependence on coking coal with price volatility(p.304)
- • Trade protectionism limiting export opportunities(p.304)
- • Geopolitical instability disrupting supply chains(p.304)
- • Changing government regulations on emissions and resources(p.305)
- • Cyclical demand volatility in construction and infrastructure(p.305)
- • Emergence of disruptive steelmaking technologies(p.305)
- • High logistics costs in India compared to global benchmarks(p.305)
- • Raw material price volatility and import dependence particularly for coking coal(p.370)
- • Competition from domestic and international steel manufacturers(p.382)
- • Regulatory compliance requirements across multiple environmental and labour laws(p.395)
- • Dependence on long-term power purchase agreements with lock-in periods(p.372)
- • High debt-to-equity ratio exposes company to interest rate fluctuations and refinancing risks(p.472)
- • Exposure to commodity price volatility in raw materials(p.473)
- • Foreign exchange fluctuation risk from international operations(p.473)
- • Dependency on external lenders with restrictive covenants affecting operational flexibility(p.458)
- • Regulatory compliance burden with deficiencies in audit trail documentation systems(p.467)
- • Exposure to commodity price volatility(p.518)
- • Regulatory and tax compliance risks(p.521)
- • Interest rate volatility impacting borrowing costs(p.547)
- • Foreign exchange volatility and currency risk(p.548)
- • Dependence on bank financing and credit availability(p.529)
- • Average portfolio price declined 22.91% primarily due to adverse steel market conditions(p.591)
- • Volatility in raw material costs with freight, handling and custom duty charges fluctuating significantly(p.591)
- • Power and fuel expense volatility representing ₹25,768.25 lakhs (6.13% of total income) in Fiscal 2026(p.592)
- • Fire incident at Gauribidanur plant in May 2024 causing ₹443.69 lakhs exceptional loss(p.561)
- • Regulatory uncertainties including pending statutory clearances for new Labour Codes effective November 2025(p.560)
- • Dependence on key customers with significant revenue concentration risks(p.606)
- • Regulatory action and potential enforcement by Pollution Control Board with closure threats(p.659)
- • External litigation risks from competitors and suppliers over trademark and commercial disputes(p.635)
- • Regulatory penalties and ongoing tax disputes from income tax authorities(p.637)
- • GST compliance challenges with multiple notices and substantial demands under investigation(p.637)
- • Renewable energy obligation compliance risks and regulatory action from power commission(p.635)
- • Regulatory non-compliance risk with multiple pending critical approvals(p.687)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sandeep Kumar | Promoter | — | — |
| Sunil Jallan | Promoter | — | — |
| Krishan Kumar Jalan | Promoter | — | — |
| Krishan Kumar Jalan | Promoter | — | — |
| Sandeep Kumar | Promoter | — | — |
| Sunil Jallan | Promoter | — | — |
| Sandeep Kumar | Promoter | 32.81% | — |
| Sunil Jallan | Promoter | 30.29% | — |
| Krishan Kumar Jalan | Promoter | 22.46% | — |
| Sandeep Kumar | Promoter | 32.81% | [●] |
| Sunil Jallan | Promoter | 30.29% | [●] |
| Krishan Kumar Jalan | Promoter | 22.46% | [●] |
| Sunil Jallan | Promoter/Chairman | — | — |
| Sunil Jallan | Promoter/Promoter Group | — | — |
| Sandeep Kumar | Promoter/Promoter Group | — | — |
| Krishan Kumar Jalan | Promoter/Promoter Group | — | — |
| Krishan Kumar Jalan | Promoter | 22.46% | — |
| Sunil Jallan | Promoter | 30.29% | — |
| Sandeep Kumar | Promoter | 32.81% | — |
| Sandeep Kumar | Promoter | 32.81% | — |
| Sunil Jallan | Promoter | 30.29% | — |
| Krishan Kumar Jalan | Promoter | 22.46% | — |
| Sunil Jallan | Whole Time Director / Promoter | — | — |
| Sandeep Kumar | Managing Director / Promoter | — | — |
| Krishan Kumar Jalan | Promoter / Relative of KMP | — | — |
| Sunil Jallan | Promoter | — | — |
| Sandeep Kumar | Promoter | — | — |
| Krishan Kumar Jalan | Promoter | — | — |
| Sandeep Kumar | Promoter Selling Shareholder | — | — |
| Sunil Jallan | Promoter Selling Shareholder | — | — |
| Krishan Kumar Jalan | Promoter Selling Shareholder | — | — |
| Sandeep Kumar | Promoter Selling Shareholder | — | — |
| Sunil Jallan | Promoter Selling Shareholder | — | — |
| Krishan Kumar Jalan | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| A-One Steels India THIS ISSUE | 18.47 | 119.93 | 24.55, computed at the offer price | — | 15.43% |
| 0.60 | 18.18 | 61.52 | — | — | |
| 1.42 | 24.75 | 45.76 | — | — | |
Shyam Metallics and Energy | 38.10 | 412.81 | 28.31 | — | 10.10% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.