Narmadesh Brass Industries IPO
Fixed Price IPO | ₹45.00 Cr | Listing at BSE SME
IPO Open
Mon, Jan 12, 2026
IPO Close
Thu, Jan 15, 2026
Price Band
-
Market Cap (Pre-IPO)
₹159.69 Cr
IPO Details
| IPO Date | Jan 12, 2026 to Jan 15, 2026 |
| Listing Date | Tentative: Jan 20, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | - |
| Lot Size | 240 Shares (Minimum: ₹123,600.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Issue Size | ₹45.00 Crores |
| Total Shares Offered | 871,200 shares |
| Fresh Issue | 655,200 shares |
| Offer For Sale | 170,400 shares |
Narmadesh Brass Industries IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 4,12,800 (47.38%) |
| NII Shares Offered | 4,12,800 (47.38%) |
Narmadesh Brass Industries IPO Lot Size
Investors can bid for a minimum of 480 shares and in multiples of 240 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 480 | ₹247,200 |
| Retail (Max) | 2 | 480 | ₹247,200 |
| S-HNI (Min) | 3 | 720 | ₹370,800 |
Narmadesh Brass Industries Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 63.10 | 59.66 | 46.68 | 22.00 |
| Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
| Profit After Tax | 4.01 | 5.72 | 7.10 | 0.89 |
| EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
| NET Worth | 22.46 | 11.45 | 5.73 | 8.30 |
| Reserves and Surplus | 23.30 | 12.69 | 6.97 | - |
| Total Borrowing | 19.21 | 24.73 | 22.43 | 5.94 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 49.99% |
| ROCE (Return on Capital Employed) | 23.29% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | 49.99% |
| PAT Margin (Profit After Tax Margin) | 6.52% |
| EBITDA Margin | 10.64% |
| Price to Book Value | 0.00 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 26.23 | 25.87 |
| P/E (x) | 19.63 | 19.90 |
| Promoter Holding | 99.92% | 71.84% |
Company Promoters
- The promoters of the company are M/s. Sprayking Limited
- Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara.
Company Overview
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat.
The company’s manufacturing facility spans 6,293 m², situated at Plot Nos. 5, 8 & 9 in the Shree Ganesh Industrial Hub, Jamnagar – a city renowned as India’s “Brass City” due to its dense concentration of brass producers.
Narmadesh specializes in producing a wide variety of brass products for both domestic and export markets. Their portfolio includes:
- Brass Billets
- Brass Rods
- Brass Valves (including ball valves and NRVs)
- Plumbing and Sanitary Fittings (including lead-free options)
- Agricultural Sprayer Parts and Garden Fittings
- Customization via Casting, Forging, Turning, CNC & VMC Machined Components.
Their in-house processes ensure tight control over quality, from production to dispatch.
The company holds ISO 9001:2015 certification for its Quality Management System, reflecting strong adherence to international quality benchmarks.
This includes its capabilities in casting and forging operations, all executed within the same premises.
As of September 30, 2025, the firm employed 81 contract labourers to support its manufacturing operations
Company Strengths
- A well-equipped, ISO-certified manufacturing facility located in the brass-rich hub of Jamnagar (often referred to as “Brass City”) ensures efficiency and supply chain advantages.
- Full process control—from raw brass billet casting to finished product dispatch—allows better quality assurance and responsiveness to client needs.
- Experienced promoters and management team, including leadership by Hitesh Pragajibhai Dudhagara and others who bring continuity from the prior partnership structure.
Use of Proceeds
| 1) | Repayment/ prepayment, in full or in part, of certain outstanding borrowings | 14.50 |
| 2) | Purchase of machinery and equipment | 3.29 |
| 3) | Funding Working capital requirements | 10.20 |
| 4) | General Corporate Purpose | 4.60 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Narmadesh Brass Industries IPO Peer Comparison
Narmadesh Brass Industries peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Narmadesh Brass Industries | 26.23 | - | 57.24 | 19.63 | 49.99 | - | Standalone |
| Poojawestern Metaliks | 1.53 | - | 13.38 | 18.67 | 11.46 | - | Standalone |
| Siyaram Recycling Industries | 6.69 | - | 58.24 | 8.10 | 11.49 | - | Standalone |
Quick Info
| Sector | Metal |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹159.69 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jan 12, 2026 |
| IPO Close | Jan 15, 2026 |
| Allotment Date | Jan 16, 2026 |
| Credit to Demat | Jan 19, 2026 |
| Listing Date | Tentative: Jan 20, 2026 |
Lead Manager(s)
Aryaman Financial Services Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Narmadesh Brass Industries IPO is a fixed price issue of ₹44.87 crores. The issue is a combination of fresh issue of 0.07 crore shares aggregating to ₹36.09 crores and offer for sale of 0.02 crore shares aggregating to ₹8.78 crores.
- Narmadesh Brass Industries IPO opens for subscription on Jan 12, 2026 and closes on Jan 15, 2026. The allotment for the Narmadesh Brass Industries IPO is expected to be finalized on Jan 16, 2026. Narmadesh Brass Industries IPO will list on BSE SME with a tentative listing date fixed as Jan 20, 2026.
- Narmadesh Brass Industries IPO price is ₹515 per share. The lot size for an application is 240. The minimum amount of investment required by an individual investor (retail) is ₹2,47,200 (480 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (720 shares), amounting to ₹3,70,800.