ANB Metal Cast
Book Building issueSMENSE₹49.92 Cr issue
+5.13%
Listing gain over issue price
Issue size
₹49.92 Cr
1 lot at cut-off
₹1,24,800
Lot size
800shares
Open
08 Aug 2025
Close
12 Aug 2025
Allotment
13 Aug 2025
Listing
18 Aug 2025
Listing performance
Issue price
₹156
Listed at
₹164
Listing-day close
₹172.20
Latest price
₹343
Close on 23 Oct 2026
Listing gain
+5.13%
Return since issue
+119.87%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Aug 2025 – 12 Aug 2025
- Listing date
- 18 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹156 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹49.92 Cr
- Market cap at offer price
- ₹185 Cr
- Promoter holding
- 91.49% → 66.75% pre-issue → post-issue
- ISIN
- INE0VG001016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Sun Capital Advisory Services Pvt.Ltd.
- Registered office
- Riverwave Off.No 9, 8th Floor, Near Lords Pradhyuman, Kalawad Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,98,400 | — | — |
| Market maker | 2,00,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹156
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,24,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,49,600 |
| S-HNI (max) | 8 | 6,400 | ₹9,98,400 |
| B-HNI (min) | 9 | 7,200 | ₹11,23,200 |
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.
Shares allocated
8,98,400
Anchor portion
₹14.02 Cr
at ₹156 per share
Valuation and performance
Valuation at offer price
₹156 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.87 | 8.66 |
| P/E (×) | 13.14 | 18.01 |
| Price to book (×) | 3.72 | — |
| Market cap | — | ₹185 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 45.91%
- ROCE
- 24.13%
- Debt / equity
- 1.01
- PAT margin
- 6.30%
- EBITDA margin
- 10.74%
- NAV per share
- ₹41.97
- Price to book
- 3.72
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About ANB Metal Cast
ANB Metal Cast Limited is an aluminum extrusion manufacturing company incorporated on March 7, 2019, and converted to a public company on August 6, 2024. The company operates a 50,000 sq. ft. manufacturing facility in Rajkot, Gujarat, specializing in aluminum extrusion products including motor bodies, various profiles, round bars, solar profiles, railings, and sliding windows. The company uses custom-made dies for manufacturing and sources primary raw materials (aluminum-based metal scrap) from both domestic and international markets. Revenue from operations grew from ₹8,427.46 Lakhs in FY2023 to ₹16,256.86 Lakhs in FY2025, with EBITDA margins improving from 3.73% to 10.74% over the same period.
Company Analysis
from RHPANB Metal Cast Limited manufactures a wide range of aluminium extrusion products for electronics, automotive, mechanical, solar and architectural industries in India.
ANB Metal Cast Limited is an aluminum extrusion manufacturing company incorporated on March 7, 2019, and converted to a public company on August 6, 2024. The company operates a 50,000 sq. ft. manufacturing facility in Rajkot, Gujarat, specializing in aluminum extrusion products including motor bodies, various profiles, round bars, solar profiles, railings, and sliding windows. The company uses custom-made dies for manufacturing and sources primary raw materials (aluminum-based metal scrap) from both domestic and international markets. Revenue from operations grew from ₹8,427.46 Lakhs in FY2023 to ₹16,256.86 Lakhs in FY2025, with EBITDA margins improving from 3.73% to 10.74% over the same period.
aluminum extrusionelectronicsautomotivemechanicalsolararchitectural
Objects of the Issue
- Funding capital expenditure requirements for the proposed expansion in existing manufacturing facilities of our Company by constructing additional floor and installation of additional plant and machineries ₹1,370.01 Lakhs p.25
- Part funding long-term working capital requirements ₹2,150.00 Lakhs p.25
- General corporate purposes p.25
- Funding capital expenditure requirements for the proposed expansion in existing manufacturing facilities by constructing additional floor and installation of additional plant and machineries ₹1,370.01 lakh p.110
- Part funding long-term working capital requirements ₹2,150.00 lakh p.110
- General corporate purposes p.110
- Capital Expenditure for Proposed Expansion – Installation of additional plant and machinery including: (i) construction of first floor on existing factory building, (ii) aluminum Melting Cum Holding Furnace Capacity 20 MT per Batch with Billet Caster, (iii) aluminum billet Homogenizing Furnace Capacity 20 MT with Hydraulic Scrap Charger & Air Pollution Control System 1370.01 Lakh p.111
- Part Funding Long-Term Working Capital Requirements – To fund incremental long-term working capital for smooth running of operations to cater to growing demand from existing customers and meet requirements of new customers. Funds estimated to be utilized in Financial Year 2026 and 2027. 2150.00 Lakh p.116
- General Corporate Purposes – Subject to utilization not exceeding 15% of the gross proceeds of the Issue or Rs. 10.00 Cr, whichever is less, in compliance with Regulation 230(2) of the SEBI ICDR Regulations, including ongoing general corporate exigencies, meeting expenses incurred or fund requirements in the ordinary course of business, or any other purposes as approved by the Board of Directors p.119
Issue Structure
- Total Issue
- up to ₹ [●] Lakhs
- Fresh Issue
- Up to 32,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 10 each
Business Model
The company manufactures aluminum extrusion products for sale to customers in electronics, automotive, mechanical, solar and architectural sectors. Raw materials (aluminum scrap and ingots) are sourced from suppliers, processed through extrusion with custom-made dies, and sold to customers. Revenue from operations represented 100% of total revenue across FY2023-FY2025. The cost of raw materials consumed accounted for 86.15%, 87.12% and 92.77% of revenue from operations for FY2025, FY2024, and FY2023 respectively.
Business Segments
Manufactures and sells aluminum extrusion products including motor bodies, various profiles, round bars, solar profiles, railings and sliding windows for electronics, automotive, mechanical, solar and architectural industries
Design, manufacture and assembly of aluminium extrusions and related products for industrial applications
Self Priming Pump, Induction Motor, Fan Motor, Agriculture Pump, Fan Body
Door Handle, Tower Bolt, Cabinet, Handle
Car Body Part, Engine Part, Machinery Part
Solar Panel Frame, Project Solar, Solar Walk Way, Solar Structure
Window Section, Stair Case, Facade, Openable and Fixed Window
Balcony Railing, Window Section, Profile, Glass Profile
Kitchen Profile, Door Handle, Knob
Manufactures and sells aluminum extrusion products including motor bodies, various profiles, round bars, solar profiles, railings, and sliding windows
SWOT Analysis
Strengths
- • Established manufacturing presence with owned custom dies(p.25)
- • Strong revenue growth trajectory(p.39)
- • Improving profitability margins(p.26)
- • Strong return on equity and capital employed(p.26)
- • Diverse product portfolio across multiple industries(p.25)
- • Growing revenue and profitability trajectory(p.74)
- • Strong cash generation improvement(p.75)
- • Dominant promoter shareholding and control(p.51)
- • Diverse and customizable product portfolio across multiple industries(p.148)
- • Stringent quality control and ISO certifications(p.149)
- • Strong relationships with raw material suppliers enabling stable sourcing(p.148)
- • Experienced promoter with over a decade of aluminum industry expertise(p.145)
- • Strong financial growth with revenue increase from ₹8,427 Lakhs to ₹16,257 Lakhs(p.111)
- • High operational efficiency and capacity utilization at 78%(p.146)
- • Established manufacturing facility with aluminum extrusion capacity and custom die ownership(p.242)
- • Diversified product portfolio serving multiple industrial sectors(p.242)
- • Strong profit growth trajectory with improving margins(p.242)
- • Increasing production capacity with recent machinery additions(p.186)
- • Diverse product portfolio with customization capability(p.243)
- • Stringent quality control and standardization(p.243)
- • Experienced senior management team(p.243)
- • Established client relationships(p.243)
- • Strong EBITDA and PAT margin growth trajectory(p.243)
- • High ROE and ROCE demonstrating capital efficiency(p.243)
- • Rapid revenue growth demonstrating market demand(p.247)
Weaknesses
- • High customer concentration risk(p.30)
- • High supplier concentration risk(p.31)
- • High total debt-to-equity ratio(p.41)
- • High employee attrition rate(p.40)
- • Delayed regulatory filings and compliance lapses(p.33)
- • Commenced manufacturing before obtaining factory license(p.42)
- • Single manufacturing facility location risk(p.33)
- • No long-term customer agreements(p.46)
- • Absence of long-term supplier contracts(p.32)
- • Rented registered office on short-term lease(p.42)
- • Excessive dependence on single lender(p.58)
- • Secured debt with collateral over assets(p.55)
- • Majority of directors lack listed company experience(p.52)
- • Trademark registration still pending(p.59)
- • Key person dependency on promoter(p.58)
- • Negative cash flows in recent years(p.56)
- • High concentration among top 10 customers representing 92.08% of revenue(p.146)
- • High dependence on top 10 suppliers representing 93.37% of purchases(p.147)
- • Relatively high employee attrition rate(p.163)
- • Small workforce of only 23 employees for expansion plans(p.163)
- • High leverage with debt-to-equity ratio above 1.0(p.237)
- • Dependence on related party financing and unsecured loans from promoter(p.230)
- • Low debt service coverage ratio indicating tight cash position(p.231)
- • Inventory concentration and working capital management challenges(p.231)
- • Contingent export obligation liability under duty exemption scheme(p.232)
- • High debt-to-equity ratio near 1:1(p.243)
- • Significant increase in short-term borrowings(p.250)
- • Negative operating cash flow in FY2023 and FY2024(p.249)
- • Heavy concentration in top five customers (72.93% of revenue)(p.254)
- • Reliance on limited number of suppliers (91.02% from top 5)(p.254)
- • Significant working capital requirements(p.253)
- • Inventory levels rising significantly relative to revenue(p.252)
Opportunities
- • Growing global aluminum market and India's position(p.25)
- • High domestic aluminum import dependency(p.25)
- • Planned capacity expansion(p.25)
- • Diversification into new customer segments and geographies(p.31)
- • Expansion of manufacturing capacity(p.109)
- • Working capital funding for growth(p.109)
- • Enhanced brand visibility through listing(p.109)
- • Planned capacity expansion from 650 MT to 1,000 MT per month(p.111)
- • Manufacturing capability for larger 200mm diameter aluminum billets to access higher value market(p.111)
- • Growing aluminum demand with India's per capita consumption at only 2.2-2.8 kg vs global average of 8-12 kg(p.137)
- • Government initiatives driving aluminum demand including Make in India, housing, smart cities, and renewable energy(p.136)
- • Significant growth potential in Indian aluminum extrusion market expected to reach 8.5 lakh tonnes by 2030(p.139)
- • Expanding applications in high-growth sectors including electric vehicles, aerospace, and defense(p.134)
- • Expanding addressable market across multiple high-growth industrial sectors(p.242)
- • Leveraging energy conservation policy and green hydrogen mission promotion(p.183)
- • Accessing export markets through duty exemption and remission schemes(p.177)
- • Capacity utilization upside from newly installed machinery(p.186)
- • Capacity expansion enabling higher production volumes(p.246)
- • Huge untapped market potential in aluminum sector(p.243)
- • Market positioning through improved brand recognition(p.246)
- • Growth driven by rising demand in previous year(p.246)
Threats
- • Raw material price volatility and supply disruptions(p.32)
- • Regional concentration risk and natural disasters(p.33)
- • Restrictions on import of raw materials(p.33)
- • Export obligation compliance risk(p.38)
- • Power and fuel supply disruptions(p.49)
- • Environmental and regulatory compliance requirements(p.43)
- • Labour unrest and unionization risk(p.49)
- • Competitive market pressures and technological obsolescence(p.23)
- • Macroeconomic risks and cyclicality(p.23)
- • Government policy and regulatory changes(p.23)
- • Risks from substitution due to rising aluminium prices(p.52)
- • Supply chain disruption from equipment procurement(p.51)
- • Lengthy and uncertain vendor selection process(p.51)
- • Intense competitive pressure on pricing and margins(p.55)
- • Economic slowdown affecting demand(p.62)
- • Evolving consumer preferences for sustainability(p.52)
- • Regulatory changes increasing compliance costs(p.53)
- • Customer payment defaults and credit risk(p.52)
- • Manufacturing facility disruption risks(p.53)
- • Volatility in global aluminum commodity prices determined by London Metal Exchange(p.133)
- • Global aluminum market oversupply with 20% excess capacity mainly in China(p.133)
- • Raw material cost sensitivity with alumina and power constituting 75% of production costs(p.133)
- • Intense competition in the organized metal recycling segment(p.161)
- • Concentrated customer base creates revenue concentration risk from limited number of clients(p.161)
- • Raw material cost volatility and input price exposure(p.242)
- • Regulatory compliance burden and environmental licensing requirements(p.176)
- • Foreign exchange fluctuation risk from import of raw materials(p.234)
- • Intense competition and customer concentration risks in aluminum extrusion sector(p.204)
- • Economic cyclicality and macroeconomic slowdown impact on industrial demand(p.242)
- • Fluctuations in raw material prices affecting margins(p.244)
- • Increasing competition in the industry(p.244)
- • Vulnerability to general economic and business conditions(p.244)
- • Regulatory and legal changes impacting operations(p.244)
- • Interest rate risk from variable-rate debt financing(p.252)
- • Risk of key customer or employee loss(p.244)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Avnishkumar Dhirajlal Gajera | Promoter | 91.49% | — |
| Avnishkumar Dhirajlal Gajera | Promoter | 91.49% | [●]% |
| Sarojben Dhirajbhai Gajera | Promoter Group | Negligible | — |
| Purviben Avanishbhai Gajera | Promoter Group | Negligible | — |
| Avnishkumar Dhirajlal Gajera | Promoter/Promoter Group | — | — |
| Minerva Ventures Fund | Promoter Group | — | — |
| Avnishkumar Dhirajlal Gajera | Promoter | 91.49% | — |
Leadership
Mr. Avnishkumar Dhirajlal Gajera · Managing Director
Mrs. Juhi Ronak Doshi · Company Secretary and Compliance Officer
Mr. Sagar Gijubhai Asodariya · Chief Financial Officer
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.
ANB Metal Cast IPO FAQs
What is the lot size of ANB Metal Cast IPO?
The minimum lot size of ANB Metal Cast IPO is 800 shares. One lot costs ₹1,24,800 at the cut-off price.
When does ANB Metal Cast IPO open and close?
ANB Metal Cast IPO opened for subscription on 08 Aug 2025 and closed on 12 Aug 2025.
What is the listing date of ANB Metal Cast IPO?
ANB Metal Cast IPO listed on 18 Aug 2025.