Gulf Lloyds IPO

Gulf Lloyds (India) Limitedgulflloydsgroup.com

ListedSMEIndustrialsBSE SME

Price band: ₹100
Issue size: ₹18.19 Cr
Lot size: 1200 sh
Bidding: 20 – 22 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Gulf Lloyds (India) Limited is an Ahmedabad-based third-party industrial inspection, testing, certification and auditing company, incorporated on 26 September 2014, which the record says had 715 people on 31 May 2026. Revenue was Rs 23.26 Cr in FY24, Rs 35.61 Cr in FY25 (a rise of 53.10%) and Rs 35.68 Cr in FY26 (a rise of 0.20%); profit after tax was Rs 1.68 Cr, Rs 4.67 Cr and Rs 4.30 Cr over the same three years, the FY26 figure being 7.92% below FY25. Total borrowings were Rs 6.94 Cr at FY24, Rs 8.94 Cr at FY25 and Rs 15.68 Cr at FY26, the last a rise of 75.39%. The Rs 18.19 Cr issue was sold at a fixed Rs 100 (band low and high both Rs 100), was subscribed 10.90 times overall on its final day, listed on BSE SME at Rs 100 on 27 July 2026, closed day one at Rs 95 and last traded at Rs 27.01 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Gulf Lloyds, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2014 · Ahmedabad, Gujarat · 715 employees

Gulf Lloyds (India) Limited is an Ahmedabad-based third-party inspection company. Manufacturers, EPC contractors, oil and gas operators and government bodies hire it to independently verify that equipment and materials meet contract specifications before they are accepted or shipped. Its engineers attend vendor works and project sites for pre-production, in-process, final and pre-shipment inspection; the company also issues certifications, conducts audits, performs verification and runs training courses. Inspection alone produced 90.86% of FY26 revenue from operations of Rs 3,567.94 lakhs. It holds ISO/IEC 17020 accreditation from NABCB and Petroleum and Natural Gas Regulatory Board approval to audit city gas distribution and natural gas pipeline networks; laboratory testing is routed to third-party NABL-accredited laboratories. It had 715 people on 31 May 2026 and 107 ongoing projects worth Rs 6,679.43 lakhs.

Revenue is billed per project or per man-day of inspector time, so output tracks how many qualified engineers it can field. Payroll therefore dominates costs: employee benefit expenses were Rs 2,202.36 lakhs in FY26 against revenue from operations of Rs 3,567.94 lakhs, plus Rs 450.49 lakhs of bought-in inspection, labour and manpower supply charges. The structural constraint is working capital, because customers withhold retention money — Rs 397.88 lakhs at 31 March 2026 — so expansion is debt-funded. Total debt rose from Rs 893.87 lakhs to Rs 1,567.54 lakhs in FY26 and finance costs from Rs 98.29 lakhs to Rs 159.77 lakhs, cutting PAT from Rs 466.80 lakhs to Rs 430.29 lakhs on near-flat revenue.

The company on paper

Legal name: Gulf Lloyds (India) Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 26 Sep 2014
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74900GJ2014PLC080922
Sector: Industrials · Third-party industrial inspection, testing, certification and auditing services
Employees: 715
Registered office: Ahmedabad, Gujarat
Promoters: Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar, Shivaniben Bhavsar
Promoter holding, pre-issue: 99.9%
Promoter holding, post-issue: 72.9%
Website: gulflloydsgroup.com

The numbers

Financial performance

Revenue has compounded at 23.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹18.19 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹18.19 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 91,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription10.90×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹100.00
Listed at: ₹100.00
Listing gain: unchanged 0.0%
Since listing: down 60.7%
Against the issue price: down 60.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹100.00
Amount blocked: ₹2,40,000

One lot is 1200 shares at ₹1,20,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,40,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 18.83×
Applicants per share available: 18.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹100.00

listed at, 0.0% against the issue price

Issue price: ₹100.00
Premium said: —
If allotted 1200 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin was higher in each of the three years on record: Rs 2.97 Cr on Rs 23.26 Cr of revenue in FY24 (12.77%), Rs 7.66 Cr on Rs 35.61 Cr in FY25 (21.51%) and Rs 7.90 Cr on Rs 35.68 Cr in FY26 (22.14%).
Net worth was higher in each of the three years on record, at Rs 4.66 Cr in FY24, Rs 9.33 Cr in FY25 and Rs 13.48 Cr in FY26, the last a rise of 44.48% over FY25.
The whole Rs 18.19 Cr issue was fresh equity: the fresh component of Rs 18.19 Cr equals the total issue size and the offer-for-sale component is Rs 0. Promoter holding was 99.94% before the issue and 72.92% after, a reduction of 27.02 percentage points.
The company describes itself as holding ISO/IEC 17020 accreditation from NABCB and Petroleum and Natural Gas Regulatory Board approval to audit city gas distribution and natural gas pipeline networks, with 107 ongoing projects worth Rs 6,679.43 lakhs (Rs 66.79 Cr).

What to weigh against it

Profit after tax was Rs 4.30 Cr in FY26 against Rs 4.67 Cr in FY25, a fall of 7.92%, on revenue 0.20% higher at Rs 35.68 Cr against Rs 35.61 Cr. PAT margin was 13.11% in FY25 and 12.05% in FY26.
Total borrowings were higher in each of the three years on record — Rs 6.94 Cr, Rs 8.94 Cr and Rs 15.68 Cr — rising 75.39% in FY26, and finance costs were Rs 159.77 lakhs in FY26 against Rs 98.29 lakhs in FY25, a rise of 62.55%. Borrowings against net worth were 1.49x at FY24, 0.96x at FY25 and 1.16x at FY26.
The record states that inspection alone produced 90.86% of FY26 revenue from operations of Rs 3,567.94 lakhs, and that employee benefit expenses of Rs 2,202.36 lakhs equalled 61.73% of that revenue, with a further Rs 450.49 lakhs (12.63% of revenue) of bought-in inspection, labour and manpower supply charges.
The shares listed at Rs 100, the same as the Rs 100 issue price, for a listing gain of 0%; they closed the first day at Rs 95 and last traded at Rs 27.01 on 23 October 2026, 72.99% below the issue price.

Easy to miss in the prospectus

Total borrowings of Rs 15.68 Cr at 31 March 2026 against net worth of Rs 13.48 Cr (1.16x), and the FY26 finance cost of Rs 159.77 lakhs.
The share of revenue from inspection, 90.86% of FY26 revenue from operations of Rs 3,567.94 lakhs on the record's own figures.
Retention money withheld by customers, Rs 397.88 lakhs at 31 March 2026, equal to 11.15% of FY26 revenue from operations of Rs 3,567.94 lakhs.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Gulf Lloyds — Prospectus dated 2026-07-1313 Jul 2026Filed after pricing, with every placeholder filled in.Opens on gulflloydsgroup.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Interactive Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Gulf Lloyds's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Gulf Lloyds (India) Limited — Prospectus dated July 13, 2026 (company website, full PDF text extracted) · read 16 Oct 2026
BSE equity bhavcopy, 27 July 2026 (listing day) — row for scrip 544834 / INE1WDC01012, series MT · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 20 Jul 2026
Closes: 22 Jul 2026
Allotment: 23 Jul 2026
Lists: 27 Jul 2026
Revenue (FY26): ₹35.68 Cr
Profit (FY26): ₹4.30 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.