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Gallard Steel Limited, incorporated in 2015, is an engineering company specializing in the manufacture of ready-to-use components, assemblies, and subassemblies. The company serves critical sectors including Indian railways, defence, and power generation. Its product portfolio features traction motor and bogie assembly components for railways, sub-assemblies for power turbines, and components for industrial machinery. Gallard Steel Limited holds a Class 'A' Foundry status from RDSO and operates an ISO 9001:2015 certified manufacturing facility in Pithampur, Madhya Pradesh. Through its wholly-owned subsidiary, Sleeploop India Private Limited, the company also has capabilities in CNC machining and rebounded foam manufacturing.
Nov 19, 2025
Nov 21, 2025
Nov 26, 2025
SME
Closed
37.5 Cr
37.5 Cr
0 Cr
₹142 - ₹150
1000
The main objectives of the issue are as follows:
Funding capital expenditure of ₹207.30 crores towards the expansion of the existing manufacturing facility and construction of a new office building. This includes increasing casting capacity from 2,400 MT to 6,100 MT per annum and machining capacity from 7,500 to 10,000 units per annum through the procurement of new machinery and construction of a new shed.
Repayment of a portion of certain borrowings availed by the company, amounting to ₹72.00 crores. This will help reduce outstanding indebtedness, lower debt servicing costs, and improve the debt-to-equity ratio.
To fund general corporate purposes, which may include meeting operating expenses, strengthening business development and marketing capabilities, and addressing unforeseen business exigencies to drive growth.
6.15
—
43.16%
26.59%
35.51%
—
11.38%
23.39%
6.15
Integrated in-house manufacturing facilities for both casting and precision machining, ensuring quality control and streamlined production.
Holds key certifications including RDSO Class 'A' Foundry status and ISO 9001:2015, reflecting high-quality standards.
Serves a diverse customer base across strategic sectors like railways, defence, and power generation, reducing industry-specific risks.
Experienced management team with extensive expertise in the steel components and engineering industry.
Significant revenue concentration with the top ten customers accounting for over 87% of revenue, posing a risk of client loss.
Operations are geographically concentrated in a single region (Pithampur, Madhya Pradesh), increasing vulnerability to local disruptions.
Lack of long-term contracts with raw material suppliers, leading to exposure to price volatility and supply chain risks.
History of negative cash flows from operating activities, indicating potential working capital and liquidity challenges.
Planned expansion of manufacturing capacity using IPO proceeds to meet growing demand in core sectors.
Growing Indian steel industry and increasing government expenditure on infrastructure, particularly railways and defence.
Opportunity to broaden product offerings, such as motor frames and wagon components for the railway sector.
Potential to expand into export markets, supported by the establishment of a foreign subsidiary in Europe.
High dependency on the Indian railway sector, making the company vulnerable to changes in government policies and budget allocations.
Operates in a highly competitive and fragmented industry with larger players having greater financial and market influence.
Outstanding legal proceedings involving the company, its directors, and promoters could result in financial penalties and reputational damage.
Volatility in raw material prices, particularly steel scrap, which can adversely impact production costs and profit margins.