Narmadesh Brass IPO

Narmadesh Brass Industries Limitednarmadeshbrass.com

ListedSMEMaterialsBSE SME

Price band: ₹515
Issue size: ₹44.87 Cr
Lot size: 240 sh
Bidding: 12 – 16 Jan
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.

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.

57Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Narmadesh Brass, 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

Leveraged balance sheet
Debt-to-equity of 2.2× leaves limited headroom if demand softens or rates rise.
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 2019 · Jamnagar, Gujarat, India · 18 employees

Narmadesh Brass Industries manufactures brass rods, brass billets and brass components at a single plant in Jamnagar, Gujarat, and also provides casting and forging services for brass components. Its product categories extend to brass valves and brass sanitary and plumbing fittings. The manufacturing premises span 6,293.03 sq m, are ISO 9001:2015 certified, and are held on lease; installed capacity is 4,320 tonnes per annum each of brass billets and brass rods, plus 1,600 tonnes of brass components. Buyers are industrial rather than retail, and demand is concentrated — the top five customers were 74.97% of revenue from operations in FY25. Gujarat, Delhi and Maharashtra accounted for most domestic sales; exports were 26.94% of FY25 revenue. The company is a subsidiary of listed Sprayking Limited.

Revenue is the sale of brass by weight, so the economics are a conversion spread over metal. Brass scrap, copper scrap and zinc scrap are the key inputs, melted in-house, and they dominate the cost line: cost of material consumed was ₹7,928.30 lakh in FY25 against revenue from operations of ₹8,772.09 lakh, and ₹5,563.27 lakh against ₹5,996.18 lakh in FY23. What remains is a thin, metal-price-driven margin — the prospectus reports EBITDA margin of 3.56% in FY23, 14.46% in FY24 and 10.64% in FY25. The structural constraints are fixed plant capacity, concentrated customers and no long-term sales agreements; both plant and warehouse are held on lease, not owned.

The company on paper

Legal name: Narmadesh Brass Industries Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 30 Oct 2023trading as Narmadesh Brass since 2019
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24209GJ2023PLC145839
Sector: Materials · Brass rods, billets and components for valves and plumbing fittings
Employees: 18
Registered office: Jamnagar, Gujarat, India
Promoters: Sprayking Limited, Hitesh Dudhagara, Ronak Dudhagara, Krish Dudhagara
Promoter holding, pre-issue: 99.9%
Promoter holding, post-issue: 71.8%
Website: narmadeshbrass.com

The numbers

Financial performance

Revenue has compounded at 21.0% 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

80% 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: ₹36.09 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹8.78 Cr
Total issue size: ₹44.87 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: 45,600

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.1% 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 4. Anchor allocations are excluded.

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

Total subscription1.25×

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: ₹515.00
Listed at: ₹495.00
Listing gain: down 3.9%
Since listing: down 37.4%
Against the issue price: down 39.8%

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: 480
At cut-off price: ₹515.00
Amount blocked: ₹2,47,200

One lot is 240 shares at ₹1,23,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,47,200. 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.

~100%

chance of one lot, per application

Retail subscription: 0.44×
Applicants per share available: 0.4× 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.

₹495.00

listed at, −3.9% against the issue price

Issue price: ₹515.00
Premium said: —
If allotted 240 shares: −₹4,800

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

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

Easy to miss in the prospectus

FY24 net worth (₹5.73 Cr) is LOWER than FY23 (₹8.30 Cr) despite FY24 being the most profitable year in the series (PAT ₹7.10 Cr). The prospectus attributes the swing to the restructuring of capital from partnership firm to company, which changed the equity base — it is not a loss.
The FY24 series breaks across an entity change. The restated statements carry a separate '1 April 2023 to 29 October 2023' partnership-firm column, so the year ended 31 March 2024 straddles the partnership firm and the converted company (conversion dated 30 October 2023).
The final row is a six-month stub to 30 September 2025 and is expressly not annualised in the prospectus. Its 18.26% EBITDA margin is not comparable with the full-year margins, and the ₹22.46 Cr net worth reflects pre-IPO capital restructuring.

Straight from the filing

Read it yourself

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

Narmadesh Brass — Prospectus dated 2026-01-066 Jan 2026Filed after pricing, with every placeholder filled in.Opens on afsl.co.in

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

How these figures were checked

Reconciled to Narmadesh Brass's own prospectus and to exchange disclosures, then cross-checked against 8 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.

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

At a glance

Board: SME platform
Opens: 12 Jan 2026
Closes: 16 Jan 2026
Allotment: 19 Jan 2026
Lists: 21 Jan 2026
Revenue (FY25): ₹87.72 Cr
Profit (FY25): ₹5.72 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.