Gulf Lloyds (India) Limited IPO Overview
Incorporated in September 2014, Gulf Lloyds (India) Limited is an Ahmedabad-based Testing, Inspection, and Certification (TIC) company that provides third-party inspection, auditing, testing, training, and certification services to public sector undertakings as well as private organisations. Operating in accordance with principles of professional ethics, transparency, impartiality, and social accountability, the company deploys trained and technically qualified personnel to perform quality inspection services across diverse industries. Its service portfolio includes pre-shipment inspections, vendor audits, quality assurance, compliance verification, non-destructive testing (through NABL-accredited partners), and certification services. The company has executed projects not only across India but also internationally, including in the UAE, USA, UK, Singapore, Germany, Sudan, Egypt, Panama, and Jordan.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a fully fresh issue of 17,28,000 shares with a total issue size of ₹18.19 crore (including market maker reservation). The issue is priced at a fixed price of ₹100 per share. The IPO opens on 20 July 2026 and closes on 22 July 2026, with listing expected on 27 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 20 July 2026 |
| IPO Close Date | 22 July 2026 |
| Allotment Date | 23 July 2026 (Expected) |
| Refund Initiation | 24 July 2026 |
| Credit to Demat | 24 July 2026 |
| Listing Date | 27 July 2026 (Tentative) |
| Issue Price | ₹100 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹3,60,000 (3 lots = 3,600 shares) |
| Total Issue Size | ₹18.19 crore (18,19,200 shares) |
| Fresh Issue | 17,28,000 shares (₹17.28 crore) |
| Market Maker Reservation | 91,200 shares |
| Offer For Sale (OFS) | Nil |
| Post-IPO Market Cap | ₹67.29 crore (approx) |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Retail Individual Investors (RII) | ~50% of net issue |
| Non-Institutional Investors (NII/HNI) | ~50% of net issue |
| Market Maker | 91,200 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, meaning the company receives all IPO proceeds with zero promoter exit. The IPO is 100% fresh issue — a positive signal for investors.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for the following purposes:
- Working capital requirements — to fund day-to-day operational expenses and project execution needs
- Capital expenditure for office premises — expanding infrastructure for long-term operational growth
- Repayment / prepayment of existing borrowings — to reduce the debt burden and improve balance sheet health
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Interactive Financial Services Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
- Market Maker: Prabhat Financial Services Ltd.
- Advisor to the Issue: Goldmine Stocks Pvt. Ltd.
Promoters & Management
The company is promoted by Mr. Jaykumar Bhavsar, Mr. Bhagirath Bhavsar, and Mrs. Anitaben Bhavsar, who have developed Gulf Lloyds into a recognized inspection and certification service provider with operations across multiple industries and international markets. Management has built a diversified client base and expanded the company’s presence into overseas markets. Pre-IPO promoter holding stands at approximately 99.83%, which will be diluted post-IPO through the fresh issue.
Company Details
Gulf Lloyds (India) Limited operates in the Testing, Inspection, and Certification (TIC) sector — providing independent, third-party quality assurance and compliance services to both government bodies and private enterprises. The company serves as an impartial inspection body, helping clients meet regulatory, contractual, and quality standards across industries.
Sectors Served:
- Oil & Gas
- Infrastructure & Construction
- Power & Energy
- Manufacturing & Engineering
- Government Bodies & PSUs
- International Trade & Exports
Key Services:
- Third-Party Inspection & Quality Assurance
- Pre-Shipment Inspection
- Vendor Audits & Compliance Verification
- Non-Destructive Testing (NDT) via NABL-accredited partners
- Certification Services
- Training Services
Key Capabilities:
- Inspection services contribute over 94% of FY25 revenue
- As of May 31, 2026, the company had 107 ongoing projects with an aggregate order value of ₹66.79 crore, of which ₹58.44 crore was outstanding — providing strong near-term revenue visibility
- As of January 31, 2026, the company employed a total of 811 people
Certifications / Accreditations:
- NABCB Type-A Accreditation under ISO/IEC 17020:2012 (Inspection Body Standard)
- Empanelled with the Petroleum and Natural Gas Regulatory Board (PNGRB) for oil & gas inspection and audit activities
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹13.15 | ₹1.16 | ₹1.95 |
| FY24 | ₹23.51 | ₹1.68 | ₹2.97 |
| FY25 | ₹35.88 | ₹4.67 | ₹7.66 |
| FY26 | ₹35.97 | ₹4.30 | ₹7.90 |
Key Financial Metrics
- Revenue has grown at a strong CAGR of ~63% from FY23 to FY25, reflecting rapid business scale-up
- PAT margin improved from 7.21% in FY24 to 13.11% in FY25, settling at 12.06% in FY26
- EBITDA margin stands at ~21.97% for FY26, indicating healthy operational efficiency
- Average EPS over last 3 years: ₹8.12 | Average RoNW: 38.65%
- Post-IPO P/E: ~15.65x (based on FY26 earnings) — appears reasonably valued for a niche TIC player
- Outstanding borrowings of ₹15.68 crore as of March 31, 2026 — planned to be partially repaid using IPO proceeds
- Post-IPO paid-up equity capital will increase from ₹4.91 crore to ₹6.73 crore
Company Strengths
- Operates in the niche and growing Testing, Inspection & Certification (TIC) sector, which benefits from increasing regulatory compliance requirements across industries
- Strong order book of ₹58.44 crore as of May 31, 2026 across 107 ongoing projects — providing near-term revenue visibility
- NABCB Type-A accreditation under ISO/IEC 17020:2012 and PNGRB empanelment — key credentials that help win government and PSU contracts
- International project execution across UAE, USA, UK, Germany, Singapore, and other countries — reflecting credibility and diversification beyond India
- Entire IPO is a fresh issue with zero promoter exit — all capital raised goes directly to the company
- Strong revenue CAGR of ~63% from FY23 to FY25 and consistently improving EBITDA margins, reflecting strong operational execution
Key Risks & Challenges
- Revenue concentration risk: Inspection services contribute over 94% of FY25 revenue — the business lacks service diversification and is highly dependent on a single revenue stream
- Customer concentration risk: A significant portion of revenues comes from a limited number of clients, making the business vulnerable to loss of key accounts
- Negative operating cash flows: Despite profitability, the company has reported negative operating cash flows, raising concerns about working capital management and cash conversion efficiency
- Reliance on third-party laboratories: The company does not yet hold NABL accreditation of its own and depends on NABL-accredited partners for NDT services — a potential limitation in competing for higher-value contracts
- Stagnant top line in FY26: Revenue remained nearly flat between FY25 (₹35.88 crore) and FY26 (₹35.97 crore), indicating possible growth plateau at the current scale
- Merchant banker track record: The book running lead manager — Interactive Financial Services Ltd. — has been noted to have a relatively poor track record in prior SME IPOs, which may impact investor confidence
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
