Gallard Steel IPO (BSE SME) — Dates, Details, Financials & Should You Apply?

Quick IPO Snapshot

IPO Opening Date: 19 Nov 2025.
IPO Closing Date: 21 Nov 2025.
IPO Allotment Date: 24 Nov 2025 (tentative).
IPO Listing Date: 26 Nov 2025 (BSE SME, tentative).
IPO Price (Price band): ₹142 – ₹150 per equity share.
Lot Size: Most retail portals report 1,000 shares per lot (some broker pages reference 2,000 — see note below). Check the RHP/offer document before applying.
Minimum funds required for retail (approx): ₹142,000 – ₹150,000 (if lot = 1,000). If lot = 2,000 then minimum ≈ ₹284,000 – ₹300,000. Confirm exact lot on the final prospectus/registrar page.
Total fund raise by company: ₹37.50 crore (SME fresh issue).

Note on lot-size discrepancies: Some broker write-ups have inconsistent lot-size details (1,000 vs 2,000). Most mainstream IPO pages list 1,000; however, a couple of merchant banker/broker articles mention 2,000 — always confirm from the RHP / registrar before placing a bid.

About Gallard Steel Limited

Gallard Steel is an Indore-based foundry and casting company manufacturing SG (Ductile) iron, Grey cast iron and special alloy castings, supplying components largely to the automobile and related engineering sectors. The company operates manufacturing facilities in Indore (Madhya Pradesh) and has been in the casting business since mid-2010s.

Major products include: control arms, gear cases, rotor frames, stator frames, suspension components and other engineered castings for auto and rail customers.

Key management / Promoters: public filing summaries list promoters such as Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and others as promoters. (Refer to RHP for full promoter & board details).

Financial snapshot (as disclosed / in filings)

Broker aggregators and the RHP excerpt point to modest revenues relative to listed peers. One compilation lists Gallard Steel revenue in the range of ₹50–55 crore (FY data used in pre-IPO comparisons). Check the full RHP for audited FY figures and segmental break-up.
The IPO is structured as a fresh issue to raise expansion and working capital funds (objectives typically include capacity expansion, partial debt repayment and general corporate purposes — see RHP).

For any investment decision always open and review the full RHP / Prospectus (financial statements, auditor report, contingent liabilities, related-party transactions, order book, customer concentration and receivable days).

Competitors / Sector peers

Gallard Steel is a small/SME-listed foundry / auto-components play. Benchmark peers often cited in pre-IPO materials include Nitin Casting Ltd., Pritika Engineering Components Ltd. and other listed casting / small auto-components manufacturers. These peers are larger in scale and trade on public markets — use them for valuation, margin and P/E cross-checks.

Pros / Strengths

Focused product line for the automotive & rail segments — potential benefit when auto demand cycles up.
SME listing with small issue size — allocation may be easier to get for retail investors (but liquidity post-listing on BSE SME can be thin).

Cons / Risks

Small scale vs listed peers — limited financial cushion and higher sensitivity to demand shocks and raw-material (steel/ferrous scrap) cost swings.
SME market liquidity is often low — immediate post-listing trading can be thin and volatile.
Customer concentration, working capital intensity and related-party transactions (if present) are typical red-flags to check in the RHP. (Check RHP).

Conclusion

Gallard Steel is a small SME casting manufacturer raising a modest ₹37.5 crore via an SME IPO at a price band of ₹142–150. The business is relevant to the auto/engineering supply chain, but scale, margin durability and liquidity risks must be weighed carefully. Confirm the official lot size and exact dates from the final RHP/registrar page before applying.