Shri Hare-Krishna Sponge Iron
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2025 – 26 Jun 2025
- Listing date
- 01 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹59 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹29.91 Cr
- Market cap at offer price
- ₹113 Cr
- Promoter holding
- 100.00% → 73.58% pre-issue → post-issue
- ISIN
- INE0NON01025
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Flat No 2-D, 2nd Floor, Tower No.1, Alcove Gloria, Municipal Premises No.403/1, Dakshindari Road, VIP Road, Sreebhumi, West Bengal
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 | 14,40,000 | — | — |
| Market maker | 2,58,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.51 | 4.79 |
| P/E (×) | 9.06 | 12.32 |
| Price to book (×) | 1.29 | — |
| Market cap | — | ₹113 Cr |
Key performance indicators
- Return on net worth
- 12.51%
- ROCE
- 14.70%
- Debt / equity
- 0.15
- PAT margin
- 11.43%
- EBITDA margin
- 13.40%
- NAV per share
- ₹52.11
- Price to book
- 1.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shri Hare-Krishna Sponge Iron
Shri Hare-Krishna Sponge Iron Limited was incorporated on May 02, 2003, and is primarily engaged in the manufacturing and selling of sponge iron (Direct-Reduced Iron). The company's manufacturing facility is located in Siltara-Raipur, Chhattisgarh, spread across approximately 13.45 acres with an annual production capacity of 30,000 metric tonnes. Sponge iron is mainly used as a raw material for steel production in electric arc furnaces and induction furnaces. The company earns revenue by supplying sponge iron to steel producers in selected geographies. For the financial year ended March 31, 2025, the company generated total net revenue from operations of ₹8,047.00 lakhs, with sponge iron accounting for 95.67% of total revenue.
Company Analysis
from RHPShri Hare-Krishna Sponge Iron Limited manufactures and sells sponge iron (Direct-Reduced Iron), primarily serving the steel industry through electric arc furnaces and induction furnaces.
Shri Hare-Krishna Sponge Iron Limited was incorporated on May 02, 2003, and is primarily engaged in the manufacturing and selling of sponge iron (Direct-Reduced Iron). The company's manufacturing facility is located in Siltara-Raipur, Chhattisgarh, spread across approximately 13.45 acres with an annual production capacity of 30,000 metric tonnes. Sponge iron is mainly used as a raw material for steel production in electric arc furnaces and induction furnaces. The company earns revenue by supplying sponge iron to steel producers in selected geographies. For the financial year ended March 31, 2025, the company generated total net revenue from operations of ₹8,047.00 lakhs, with sponge iron accounting for 95.67% of total revenue.
Objects of the Issue
- Funding of Capital Expenditure Requirements for set up of Captive Power Plant at Siltara-Raipur ₹2,300 lakhs p.23
- General Corporate Purpose [●] (to be finalized upon determination of Issue Price; shall not exceed 25% of Gross Proceeds) p.23
- Funding of Capital Expenditure requirements of our company towards setup of Captive Power Plant at Siltara – Raipur ₹2,300.00 Lakhs p.88
- General Corporate Purpose [●] p.88
- Setting up a 5MW captive power plant using green energy at the existing manufacturing facility in Siltara, Raipur to reduce energy costs and resume operations of steel ingots, steel shots, grits, and other steel products ₹2,300 lakhs (Net Proceeds allocation) p.125
- Funding capex for the installation of a captive power plant p.222
- General corporate purposes
Issue Structure
- Total Issue
- ₹[●] lakhs (up to 50,70,000 Equity Shares of ₹10 face value each)
- Fresh Issue
- 50,70,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil (entire issue constitutes fresh issue of equity shares)
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures sponge iron using iron ore and coal as primary raw materials. Revenue is generated through the sale of sponge iron to steel producers who use it as a raw material in their production processes. In the fiscal year ended March 31, 2025, cost of raw materials represented 77.39% of revenue from operations, while power and fuel costs represented 2.69% of revenue. The company sells its products to customers across multiple states in India, with significant revenue concentration among a limited number of customers.
Business Segments
SWOT Analysis
- • Manufacturing facility with established capacity(p.23)
- • Established customer base with recurring revenue(p.31)
- • Positive financial trajectory with growing net worth(p.25)
- • Operational resilience with no major workplace incidents in recent years(p.37)
- • Strategic location with access to raw materials at competitive prices(p.125)
- • In-house testing laboratory for stringent quality control(p.125)
- • Long-standing customer relationships and repeat business(p.125)
- • Experienced management with steel industry expertise(p.125)
- • ISO certifications demonstrating quality and safety standards(p.124)
- • ISO certifications for quality and safety management(p.222)
- • Strategic location with access to key raw materials(p.222)
- • Established manufacturing capability and infrastructure(p.222)
- • Experienced management with steel industry background(p.222)
- • Long operational history and sustained profitability(p.222)
- • Regulatory clearance and SEBI compliance(p.243)
- • Stock exchange listing approval secured(p.243)
- • Strong financial position with positive net worth(p.245)
- • Operational profitability in recent years(p.245)
- • Over 20 years of operational track record(p.245)
- • No adverse regulatory actions in past year(p.246)
- • Heavy dependence on few customers creating concentration risk(p.31)
- • No long-term agreements with customers(p.31)
- • Dependence on rented premises for operations(p.34)
- • Heavy reliance on single business segment(p.33)
- • Raw materials represent over 77% of revenue, creating cost vulnerability(p.32)
- • Prior regulatory violations and settlements(p.31)
- • History of non-compliance and regulatory discrepancies(p.33)
- • Past operational shutdown due to energy costs(p.30)
- • Absence of long-term raw material supply agreements(p.32)
- • Directors lack listed company board experience(p.41)
- • Unregistered trademark creating IP vulnerability(p.39)
- • Inadequate insurance coverage(p.40)
- • Dependence on sponge iron as primary revenue source(p.124)
- • Production operations for steel ingots and other products temporarily shut since 2020(p.124)
- • Capacity underutilization at 85% in FY25(p.130)
- • Geographic concentration of sales in limited states(p.124)
- • Declining revenue and profitability trends(p.124)
- • Dependence on few major customers(p.228)
- • Declining profitability trend(p.225)
- • Suspended operations in steel products division(p.222)
- • Limited geographic market presence(p.222)
- • Increased debt obligation from recent borrowing(p.184)
- • Promoter involvement in past market manipulation case(p.243)
- • Company penalty for illiquid stock options trading(p.246)
- • Declining operating profit trend(p.245)
- • Negative free cash flow in recent year(p.245)
- • Planned captive power plant to reduce energy costs and operational dependency(p.30)
- • Growing Indian steel production capacity(p.23)
- • Sustained growth in Indian iron ore and crude steel production(p.23)
- • Leverage growth in steel sector through sponge iron production(p.36)
- • Diversify revenue through geographic expansion(p.31)
- • Installation of 5MW captive green power plant to reduce energy costs and enable resumption of steel production(p.126)
- • Government expansion of cast iron division to 2.5 MVA units leveraging by-products(p.126)
- • Significant growth potential in Indian steel consumption and production capacity expansion(p.113)
- • Rapid expansion of India's steel production capacity with national policy support(p.114)
- • Strong demand drivers from infrastructure, construction, and automotive sectors(p.113)
- • Government initiatives including PLI scheme supporting specialty steel production(p.120)
- • Planned captive power plant installation to improve economics(p.222)
- • Capacity to resume suspended steel manufacturing operations(p.222)
- • IPO provides growth capital and market visibility(p.228)
- • 100% underwritten IPO provides certainty(p.261)
- • Potential migration to NSE main board(p.261)
- • Compulsory market making support for 3 years(p.262)
- • Access to public capital markets for growth(p.264)
- • Cyclical downturn in steel sector impacting sponge iron demand(p.36)
- • Volatility in raw material supply and pricing(p.32)
- • Global economic and geopolitical instability(p.45)
- • COVID-19 pandemic continued uncertainty(p.46)
- • Slowdown in Indian economic growth(p.46)
- • Changes in Indian tax laws and regulations(p.47)
- • Price volatility in Indian financial markets(p.47)
- • Labour law changes affecting operational flexibility(p.46)
- • Delays in obtaining regulatory approvals and licenses(p.35)
- • Competitive pressure from established sponge iron manufacturers in the region(p.131)
- • Raw material price volatility and dependence on coal and iron ore availability(p.124)
- • Inherent operational hazards including fire, earthquakes, and force majeure events(p.131)
- • Potential insufficient insurance coverage for economic losses(p.131)
- • Rising regulatory and environmental compliance requirements(p.135)
- • Cyclicality and demand fluctuations in the steel and sponge iron industry(p.115)
- • Revenue decline trend in core sponge iron business(p.224)
- • Performance of steel industry affects demand and pricing(p.223)
- • Volatility in raw material costs and supply(p.222)
- • Operational dependence on coal and iron ore availability(p.222)
- • Minimum allottee requirement could lead to issue failure(p.258)
- • Failure to obtain listing approval could trigger refunds(p.263)
- • SME platform constraints limit access to capital(p.264)
- • Regulatory complexity and multiple compliance requirements(p.269)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anita Tradelinks Private Limited | Promoter | 37.71% | 27.75% |
| Buxom Trexim Private Limited | Promoter | 14.13% | 10.40% |
| Manoj Parasrampuria | Promoter | 7.44% | 5.47% |
| Manish Parasrampuria | Promoter | 5.50% | 4.04% |
| Anubhav Parsrampuria | Promoter | — | — |
| Anita Tradelinks Private Limited | Promoter | 37.71% | 27.75% |
| Buxom Trexim Private Limited | Promoter | 14.13% | 10.40% |
| Manoj Parasrampuria | Promoter | 7.44% | 5.47% |
| Manish Parasrampuria | Promoter | 5.50% | 4.04% |
| Shyam Sunder Parasrampuria (HUF) | Promoter Group | 11.52% | 8.48% |
| Krishna Devi Parasrampuria | Promoter Group | 4.93% | 3.62% |
| Indo Chains (Raipur) Private Limited | Promoter Group | 9.90% | 7.29% |
| Manoj Parasrampuria | Promoter | 7.44% | — |
| Manish Parasrampuria | Promoter | 5.50% | — |
| Anubhav Parsrampuria | Promoter | — | — |
| Anita Tradelinks Private Limited | Promoter Group | — | — |
| Buxom Trexim Private Limited | Promoter Group | — | — |
| Manoj Parasrampuria | Promoter | 6.02% | — |
| Anita Tradelinks Private Limited | Promoter Group | 37.71% | — |
| Buxom Trexim Private Limited | Promoter Group | 14.13% | — |
| S.S Parasrampuria & Others HUF | Promoter Group | 11.52% | — |
| Indo Chains (Raipur) Private Limited | Promoter Group | 9.90% | — |
| Shyam Sunder Parasrampuria | Promoter | 2.49% | — |
| Manish Parasrampuria | Promoter | 4.43% | — |
| Manoj Parasrampuria | Promoter | — | — |
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.