IPO Overview
Incorporated on April 9, 2012, A-One Steels India Limited is a Bengaluru, Karnataka-headquartered company specializing in the manufacture of steel and related industrial products. The company is a backward-integrated steel manufacturer operating across multiple stages of the steel value chain — manufacturing intermediate products such as sponge iron and MS billets, finished products including TMT bars, HR and CR coils, MS pipes, galvanized pipes and tubes, and industrial products like met coke and ferro alloys. Its integrated manufacturing model enables captive consumption of intermediate products, reducing dependence on third-party suppliers while providing greater control over raw material availability and quality. The company and its subsidiaries operate six manufacturing units across Karnataka and Andhra Pradesh, comprising facilities located at Gauribidanur, Hindupur, Chikkantapur, Bellary and Koppal.
A-One Steels India has announced a ₹405 crore IPO comprising a ₹355 crore fresh issue and a ₹50 crore offer for sale by promoters, with the issue scheduled to open on 24 September 2026. The IPO is priced at ₹385–₹405 per share with a lot size of 37 shares and a minimum retail investment of ₹14,985. The shares are proposed to list on both the BSE and NSE on October 1, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 24 September 2026 |
| IPO Close Date | 28 September 2026 |
| Allotment Date | 29 September 2026 (Expected) |
| Refund Initiation | 30 September 2026 |
| Credit to Demat | 30 September 2026 |
| Listing Date | 01 October 2026 (Tentative) |
| Price Band | ₹385 – ₹405 per share |
| Face Value | ₹10 per share |
| Lot Size | 37 shares |
| Minimum Investment (Retail) | ₹14,985 |
| Maximum Investment (Retail) | ₹1,94,805 |
| Issue Size | ₹405 crore |
| Fresh Issue | ₹355 crore (87.65 lakh shares) |
| Offer For Sale (OFS) | ₹50 crore (12.35 lakh shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The ₹50 crore offer for sale proceeds will go to the selling shareholders. Promoters Sandeep Kumar and Sunil Jallan propose to sell shares worth ₹20 crore each, while Krishan Kumar Jalan proposes to sell shares worth ₹10 crore. The company itself will not receive any proceeds from the OFS component.
Objects of the Issue (Fund Utilization)
Of the net proceeds from the fresh issue, ₹250 crore will be used for pre-payment or partial repayment of certain outstanding borrowings, while the remaining amount will be utilised for general corporate purposes. Additionally, a portion of the proceeds will be used for equity investment in the Indian subsidiary Vanya Steels Private Limited for purchase of equipment, machinery, and civil works for expansion of facility, as well as for investment in group captive power for procurement of solar energy.
- Repayment / partial prepayment of outstanding borrowings — ₹250 crore
- Investment in subsidiary Vanya Steels Pvt. Ltd. — capacity expansion & solar energy
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: PL Capital Markets Private Limited and Khambatta Securities Limited
- Registrar to the Issue: Bigshare Services Private Limited
Promoters & Management
The company is promoted by Sandeep Kumar, Sunil Jallan, and Krishan Kumar Jalan. Prior to the IPO, the promoters owned 85.56% equity stake in the company, while public shareholders held a 14.14% stake.
Company Details
A-One Steels India’s core revenue stream stems from selling TMT bars, steel pipes, coils, structural sections, and intermediate raw materials like sponge iron to the construction, infrastructure, and industrial sectors. The business model relies on cost-efficient manufacturing, leveraging six regional production facilities in Southern India, captive power generation, and green energy utilization. It distributes products through a network of over 1,200 retail outlets and institutional clients.
Sectors Served:
- Construction & Real Estate
- Infrastructure & Roads
- Power & Energy
- Industrial Manufacturing
Key Products:
- TMT Bars (29% of FY26 revenue)
- Pipes & Tubes — MS, CR, and Galvanized (21.7% of FY26 revenue)
- Sponge Iron (10.91% of FY26 revenue)
- HR & CR Coils
- Met Coke & Ferro Alloys
Key Capabilities:
- The company has built a backward-integrated model that stretches across much of the steel value chain — from intermediate products like sponge iron and MS billets to finished products including TMT bars, HR and CR coils, pipes, and galvanised tubes, and also industrial inputs such as met coke and ferro alloys.
- The company has been increasing its reliance on renewable and green electricity across its manufacturing operations — in fiscal 2026, it sourced 5,007.53 lakh units of green electricity.
Manufacturing Facilities:
- Six manufacturing units across Karnataka and Andhra Pradesh at Gauribidanur, Hindupur, Chikkantapur, Bellary, and Koppal.
- As of March 31, 2026, aggregate installed manufacturing capacity of 17,33,100 MTPA.
Workforce: As of June 30, 2026, the company had a workforce of 2,459 working personnel.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | EBITDA Margin |
| FY25 | ₹3,541.78 | ₹7.71 | ₹174.00 | 4.91% |
| FY26 | ₹4,148.57 | ₹127.41 | ₹303.64 | 7.31% |
Key Financial Metrics
- Revenue grew 17.1% YoY to ₹4,148.6 crore in FY26. PAT surged sharply to ₹127.41 crore from just ₹7.71 crore in FY25. EBITDA rose 74.4% YoY to ₹303.6 crore, with EBITDA margin expanding to 7.31% from 4.91%.
- Total outstanding borrowings remain above ₹1,000 crore, and steel-price fluctuations and finance costs could materially affect future earnings.
- Pre-IPO EPS: ₹18.61
- Outstanding borrowings as of 15 July 2026: ₹864.4 crore (standalone)
Company Strengths
- One of the largest backward-integrated steel product manufacturers in southern India with a wide product portfolio and a widespread, well-connected distribution network present across multiple channels.
- Fully integrated value chain — from raw material production (sponge iron, met coke, ferro alloys) to finished steel products — enables better cost control and margin protection.
- Strong and growing focus on sustainability — sourcing over 5,000 lakh units of green electricity in FY26 — improving long-term cost efficiency and ESG positioning.
- Sharp profitability turnaround in FY26 — PAT grew over 16x YoY, reflecting improved operational efficiency and better product mix.
- In 2026, the board approved a scheme to amalgamate Basai Steels and Power Private Limited and A-One Gold Pipes and Tubes Private Limited into A-One Steels India Limited, which will consolidate operations and potentially improve margins further.
- Strategic location across Karnataka and Andhra Pradesh, enabling proximity to key construction and infrastructure markets in southern India.
Key Risks & Challenges
- FY26 operating cash flow was ₹62.79 crore — around 40% lower year-on-year — as increasing inventories and trade receivables have affected cash generation, raising concerns about working capital management despite the profit surge.
- Total borrowings remain above ₹1,000 crore — steel-price fluctuations and high finance costs could materially affect future earnings.
- Certain manufacturing lines operated below full capacity due to technical ramp-ups, power availability, or equipment breakdowns — for example, TMT bars at Hindupur at 60.39% and GP Pipes at Bellary Facility II at 67.00% utilization in FY26.
- Promoters are partially exiting via ₹50 crore OFS — a mild signal of partial liquidity-taking at the time of public listing.
- Steel sector is highly cyclical and sensitive to global commodity prices, Chinese steel exports, and domestic demand from infrastructure and real estate sectors.
- The company reduced its IPO issue size from the ₹650 crore originally proposed in its DRHP filed in December 2024 to ₹405 crore — suggesting a recalibration of capital requirements or market demand expectations.
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.
