All IPOs

Gulf Lloyds

SME · BSE listed
0.00%
Listing gain
Price Band
₹100
Issue Size
₹18.19 Cr
1 lot at upper band
₹1,20,000
Lot Size
1,200
Open
20 Jul 2026
Close
22 Jul 2026
Allotment
—
Listing
27 Jul 2026

Scheduled dates

  1. Open
    20 Jul 2026
  2. Close
    22 Jul 2026
  3. Refund
    24 Jul 2026
  4. Demat credit
    24 Jul 2026
  5. Listing
    27 Jul 2026

Listing Performance

Listing Price
₹100
Listing Gain
0.00%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹1 7 sessions

Subscription (times)

Latest per-category subscription · as of 22 Jul, 03:20 pm IST.

BHNI 0.73x
RII 18.25x
Total 10.57x

About Gulf Lloyds

Gulf Lloyds (India) Limited operates in the services sector, providing third-party inspection, auditing, certification, testing, and training services across various industries and regions. The company was originally incorporated in 2014 and provides services to public sector undertakings as well as private organizations, deploying trained and technically qualified personnel to perform inspection, verification and audit services as per client requirements and applicable standards. The company undertakes assignments across multiple sectors, assessing whether products, works, or processes meet prescribed quality and safety standards, technical specifications, and client requirements, supporting organizations in maintaining quality and safety compliance while controlling costs and operational efficiency.

www.gulflloydsgroup.com ↗

Strengths

  • Comprehensive Range of Services
    The company offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors, allowing clients to obtain complete quality assurance and compliance solutions through a single, coordinated source.
  • Large Assignment Pipeline and Broad Client Base Across Sectors
    As on May 31, 2026, the company had 107 ongoing projects with an aggregate order value of ₹6,679.43 Lakhs, with orders aggregating to ₹5,843.69 Lakhs remaining outstanding and yet to be completed.
  • Accredited and Recognized Operations
    The company provides its core services like Third Party Inspection and Certification services under ISO/IEC 17020:2012 (Type-A Accreditation) since 21-Feb-2018 by NABCB and is empanelled by PNGRB for Oil and Gas Assets & Infrastructures inspection and audits.
  • Strengthening Technical Expertise through an Experienced and Qualified Team
    The company continues strengthening its technical capabilities by building and retaining a team of qualified engineers, auditors and inspectors possessing professional experience in mechanical, civil, electrical and metallurgical engineering across diverse industry sectors.
  • Focus on Continuous Employee Training and Skill Development
    The company places emphasis on continuous learning and capability building of its workforce through implementation of both internal and external training programs designed to enhance employees' technical skills, professional knowledge, safety awareness and overall job performance.
  • Nationwide and Regional Reach
    The company manages its operations across several regions in India with its head office based in Ahmedabad, taking up assignments in different states and union territories including remote project sites, allowing it to remain accessible and responsive to varied operational needs.
  • Quality and Compliance-Driven Processes
    The company maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards, with every inspection, test, and audit following a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability.

Risk Factors

  • Dependence on Limited Number of Customers
    The company derives significant revenue from a limited customer base, with the top customer accounting for 73.93%, 15.58%, and 26.58% of revenue in Fiscal 2026, 2025, and 2024 respectively. Loss of key customers or reduction in business volume could materially impact revenue and profitability.
  • Dependence on Third-Party NABL Accredited Laboratory
    The company lacks NABL accreditation and depends on Industrial Testing Center Private Limited for NABL-accredited laboratory testing through a 3-year agreement. Termination or non-renewal of this arrangement could disrupt service delivery and affect business operations.
  • Concentration of Suppliers and Procurement Dependencies
    The company's top 10 suppliers contributed 31.47%, 42.99%, and 43.74% of total service procurement for Fiscal 2024, 2025, and 2026 respectively. Loss of key suppliers may affect business operations and service delivery capabilities.
  • Negative Cash Flows from Operating Activities
    The company experienced negative operating cash flows of ₹137.48 lakhs in Fiscal 2026 and ₹502.16 lakhs in Fiscal 2024. Continued negative cash flows could restrict working capital funding and business growth investments.
  • Accuracy and Reliability of Inspection Results
    The company's business depends on accurate inspection and testing results. Any errors, omissions, or deficiencies in inspection reports could lead to client disputes, reputational damage, and potential legal liabilities affecting business operations.
  • NABCB Compliance and Accreditation Requirements
    The company is subject to periodic NABCB inspections and ongoing compliance requirements. Any adverse observations, changes in accreditation standards, or failure to implement corrective actions could impact accreditation status and client confidence.
  • Geographic Revenue Concentration in Gujarat
    A significant portion of revenue is generated from Gujarat (39.57%, 31.64%, and 32.09% for Fiscal 2026, 2025, and 2024 respectively). Adverse developments in this region could materially impact business performance and financial condition.
  • Declining Profitability Margins
    The company's PAT decreased from ₹466.80 lakhs to ₹430.29 lakhs, with PAT margin declining from 13.01% to 11.96%. Increased finance costs and operating expenses due to business expansion are pressuring profitability.
  • Bank Guarantee Requirements and Financial Constraints
    The company must furnish bank guarantees for contracts with public sector undertakings, which blocks financial resources and limits working capital availability. Invocation of guarantees or inability to provide them could affect contract execution capabilities.
  • Dependence on Skilled Technical Personnel
    The company's operations depend on qualified engineers, inspectors, and auditors with specialized expertise. The competitive market for skilled professionals and potential high turnover could disrupt operations and affect service quality.

Objects of the Issue

  • Capital Expenditure for office premises
    The company proposes to utilize proceeds for acquisition and development of office premises to consolidate existing operations, improve administrative efficiency, and eliminate recurring rental expenses.
    3.71 crores
  • Repayment of unsecured loan
    The company proposes to utilize proceeds towards full or partial repayment of unsecured loans from banks and NBFCs to reduce outstanding indebtedness and debt servicing costs.
    3.00 crores
  • Working Capital Requirement
    The company proposes to utilize proceeds to meet working capital requirements including trade receivables, retention money deposits, and other operational expenses to support business growth.
    7.15 crores
  • General Corporate Purpose
    The company proposes to deploy proceeds towards general corporate purposes including financing working capital requirements, capital expenditure, acquiring business premises, and meeting exigencies.
    2.33 crores

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/20263596.97—430.29—3528.851362.84-137.48
31/03/20253587.64+52.6%466.80+178.3%2350.92932.5494.23
31/03/20242350.81—167.75—1588.38465.74-502.16
Units: lacs

Issue Details

Face Value
₹10
P/E
15.70
ROCE
49.00%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
24 Jul 2026
Credit to Demat
24 Jul 2026
ISIN
INE1WDC01012
CIN
U74900GJ2014PLC080922
Registrar
Kfin Technologies Ltd.
Lead Managers
Interactive Financial Services Ltd.
Registered Office
910, Gala Empire, Opp. TV Tower, Drive in Road, Thaltej Road, Ahmedabad, Gujarat 380054, India
RHP ↗DRHP ↗

Management

Jaykumar BhavsarMD
Bhagirath BhavsarCEO
Anitaben BhavsarCOO
Shivam ShahDirector
Shikha AgarwalDirector
Om Prakash VermaDirector
Suchi JainDirector of HR
Shivaniben BhavsarCFO
Nirav DhobiDirector of Operations
Akash DhobiCTO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.