Narmadesh Brass Industries
January 12, 2026 – January 15, 2026
| Price | ₹515 - ₹515 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 240 |
| Issue size | ₹45.00 cr |
| Allotment | Jan 16, 2026 |
| Listing | Jan 20, 2026 |
Narmadesh Brass Industries Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 480 | 247200 | 860 |
| HNI | 3 | 720 | 370800 | 573 |
Narmadesh Brass Industries Reservation
| Category | Shares Offered | % |
|---|---|---|
| HNI | 412800 | 47.38% |
| INDIVIDUAL | 412800 | 47.38% |
| Market Maker | 45600 | 5.23% |
| Total | 871200 | 100% |
Narmadesh Brass Industries About
IPO Details
| Total Issue Size | 8,71,200 shares (aggregating up to ₹44.86 Cr) |
| Fresh Issue | 7,00,800 shares (aggregating up to ₹36.09 Cr) |
| Offer For Sale | 1,70,400 shares (aggregating up to ₹8.77 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 24,00,000 shares |
| Share Holding Post Issue | 31,00,800 shares |
| Reserved for Market Maker | 45,600 shares (aggregating up to ₹2.34 Cr) |
| Market Maker | JSK Securities & Services Pvt.Ltd. |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ROE | 17.86% | 49.99% | 123.94% | 10.77% |
| ROCE | 13.31% | 23.29% | 37.05% | 11.20% |
| EPS (BASIC) | 17.77 | 26.23 | 32.52 | 4.10 |
| P/E Pre IPO | 19.63 | |||
| P/E Post IPO | 19.90 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 63.1 | 59.66 | 46.68 | 22 |
| Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
| Profit After Tax | 4.01 | 5.72 | 7.1 | 0.89 |
| EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
| NET Worth | 22.46 | 11.45 | 5.73 | 8.3 |
| Reserves and Surplus | 23.3 | 12.69 | 6.97 | |
| Total Borrowing | 19.21 | 24.73 | 22.43 | 5.94 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Narmadesh Brass Industries Limited | 19.63 | 515.00 | 10.00 |
| Poojawestern Metaliks Limited | 18.87 | 28.56 | 10.00 |
| Siyaram Recycling Industries Limited | 8.10 | 54.16 | 10.00 |
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Narmadesh Brass Industries Limited | 57.24 | 49.99 | 26.23 |
| Poojawestern Metaliks Limited | 13.38 | 11.46 | 1.53 |
| Siyaram Recycling Industries Limited | 58.24 | 11.49 | 6.69 |
About Company
Narmadesh Brass Industries Limited is a modern brass manufacturing company headquartered in Jamnagar, Gujarat, a region widely recognized as India’s “Brass City” due to its strong industrial ecosystem for brass products.
Manufacturing Infrastructure
The company operates a fully integrated manufacturing facility spanning 6,293 square meters, located at Plot Nos. 5, 8 & 9, Shree Ganesh Industrial Hub, Jamnagar. All major production activities, including casting and forging, are carried out within the same premises, enabling efficient operations and quality control.
Product Portfolio
Narmadesh Brass Industries manufactures a diverse range of brass products catering to both domestic and export markets, including:
- Brass billets and rods
- Brass valves, including ball valves and non-return valves (NRVs)
- Plumbing and sanitary fittings, including lead-free products
- Agricultural sprayer components and garden fittings
- Customised brass components produced through casting, forging, turning, CNC and VMC machining
Quality and Certifications
The company maintains in-house quality control across the entire production cycle, from raw material processing to final dispatch. It is certified under ISO 9001:2015, demonstrating compliance with internationally accepted quality management standards.
Strength
Integrated Manufacturing Capabilities: The Company operates a fully integrated brass manufacturing facility with in-house production of brass rods, billets, and components, enabling flexibility in product mix, customization, quality control, and margin optimization.
Strategic Location in Jamnagar: Located in Jamnagar, Gujarat, the Company benefits from strong infrastructure, easy access to raw materials, skilled labour, and efficient logistics, supporting cost-effective operations.
Experienced Promoter-Led Management: The Company is led by experienced promoters with over two decades of industry experience, providing strong operational leadership and strategic direction.
Weakness
Potential Conflict of Interest with Promoter Group: The Promoters have interests in other entities, including Sprayking Limited, which operates in a similar brass manufacturing segment. Such overlapping interests may result in potential conflicts that could adversely impact business operations.
Risk of Delay and Cost Overrun in Capital Expenditure: The Company has not yet placed firm orders for proposed plant and machinery. Delays, expiry of quotations, inflation, or exchange rate fluctuations may increase costs or delay installation, affecting expansion plans and operations.
Repayable-on-Demand Promoter Loans: The Company has unsecured loans from promoters and directors that are repayable on demand. Any sudden repayment request could strain cash flows and impact financial stability.
Narmadesh Brass Industries Lead Manager(s)
Narmadesh Brass Industries Address
809,
Shilp Zaveri Shyamal Cross Road,
Vejalpur, Shyamal,
Ahmedabad, Gujarat, 380006
+91 7575812866
E-mail: cs@indosmc.com
Website: https://indosmc.com/