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A-One Steels India Ltd IPO
A-One Steels India Ltd
₹14,245 /37 sharesMinimum investment
IPO listing details
Listed on
1 Oct '26
Issue price
₹405.00
Listing price
₹455.00
Listing gains
₹50.00 (12.35%)
Exchange
BSE
IPO details
Minimum investment
₹14,245
Price range
₹385 - ₹405
Lot size
37
Issue size
405 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers7.30x
Non-Institutional Investor24.38x
Retail Individual Investor8.18x
Employees4.73x
Total11.35x
As of 28 Sep'26, 04:55 PM
Schedule
24 Sep 2026
IPO open date
28 Sep 2026
IPO close date
29 Sep 2026
Allotment date
29 Sep 2026
Funds unblock or debit
1 Oct 2026
Tentative listing date
About
Founded in
2012
MD/CEO
Mr Sandeep Kumar
Parent organisation
A-One Steels India Ltd
A-One Steels Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims a vertically integrated manufacturing setup covering sponge iron, MS billets, and finished steel products, including TMT bars, HR coils, CR coils, HR (MS) pipes, CR pipes, and galvanised tubes and pipes, along with met coke and ferro alloys. In FY26, TMT bars contributed Rs 1,203.25 crore (29.00%) of Revenue from Operations, followed by pipes and tubes at Rs 900.29 crore (21.70%) and sponge iron at Rs 452.58 crore (10.91%).
The company claims to benefit from manufacturing facilities located close to key raw material sources, particularly the mineral belt in Bellary and Koppal districts. Its sourcing network includes domestic and international purchases, e-auctions and long-term supply arrangements. The company also claims that road and railway connectivity supports raw material movement and helps reduce transportation costs and improve operational efficiencies.
The company claims to have a diversified sales network comprising direct retail sales channels, authorised distributors and institutional customers. Its direct retail sales channels increased from 1,041 in FY24 to 1,118 in FY25 and 1,246 in FY26, while authorised distributors stood at 46, 50, and 32, respectively, and institutional customers at 45, 62, and 57.
The company claims to operate in an industry characterised by high entry barriers arising from capital requirements, access to raw materials, land and environmental clearances, established players, technology, skilled workforce and distribution networks. Its manufacturing footprint, regulatory approvals, certifications, customer relationships, and distribution network support its operations. It also claims to benefit from long-term power purchase agreements for solar and wind power at fixed costs, supporting manufacturing costs and reducing its carbon footprint.
The company claims to have established the “A-One Gold” brand for products including TMT bars and steel pipes in its principal southern Indian markets. It offers products across different specifications and undertakes targeted advertising and sales-promotion activities. Business promotion and sales marketing expenses were Rs 7.39 crore in FY26, Rs 12.25 crore in FY25, and Rs 13.03 crore in FY24, representing 0.18%, 0.35%, and 0.34% of Revenue from Operations, respectively. The company also claims to have an endorsement arrangement with a renowned film actor for promoting its TMT bars, structural steel, and allied products on a pan-India basis.
The company claims to manage power costs and supply continuity through long-term renewable power purchase arrangements and captive power generation. It has entered into 10 solar and six wind power purchase agreements, collectively sourcing 230 MW. In FY26, solar and wind arrangements supplied 3,442.15 lakh units, contributing 57.19% of total energy requirements, compared with 2,973.51 lakh units or 55.28% in FY25 and 2,485.74 lakh units or 53.04% in FY24. Non-captive power plants and in-house waste heat recovery boiler plants supplied 1,565.38 lakh units in FY26, 1,838.19 lakh units in FY25 and 1,678.58 lakh units in FY24, contributing 26.01%, 34.17% and 35.82%, respectively.
The company’s profitability and margins have fluctuated during the period under review. PAT stood at Rs 38.91 crore in FY24, declined to Rs 7.71 crore in FY25, and increased to Rs 127.41 crore in FY26, while PAT margin was 1.01%, 0.22%, and 3.06%, respectively. EBITDA margin was 4.49%, 4.91%, and 7.29%, respectively, and ROCE was 8.67%, 7.03%, and 12.86%. The company may not be able to sustain the improvement recorded in FY26, as profitability remains sensitive to raw material prices and availability, product prices and mix, steel demand, capacity utilisation, power and fuel costs, freight, finance costs, and other operating expenses. Any inability to pass on increases in input costs or maintain adequate capacity utilisation and product demand could adversely affect margins, profitability, cash flows and ROCE.
The company is undertaking expansion and infrastructure projects at its Koppal Facility, including a 10 MW waste heat recovery boiler power plant, a proposed 600,000 MTPA iron ore beneficiation plant, and a proposed railway siding. Of the WHRB plant, 6 MW was partially operational as of the date of the Red Herring Prospectus, with full commissioning expected in Q2 FY27. The beneficiation plant is expected to be commissioned in phases, with 50% of capacity in FY27 and the remaining 50% in FY28. The company has also acquired approximately 23.03 acres for the railway siding, which is expected to become operational in June 2027. Delays, cost overruns, or failure to achieve the expected benefits could adversely affect its business, financial condition, cash flows, and growth prospects.
The company derives a substantial portion of its revenue from operations from Pipes and Tubes, TMT Bars, and Sponge Iron, which together contributed 61.61% in FY26, 67.73% in FY25, and 60.83% in FY24. Revenue from Pipes and Tubes stood at Rs 900.29 crore in FY26, Rs 805.32 crore in FY25, and Rs 725.46 crore in FY24, contributing 21.70%, 22.74%, and 18.92%, respectively. TMT Bar revenue was Rs 1,203.25 crore, Rs 1,181.83 crore and Rs 1,118.65 crore, contributing 29.00%, 33.37%, and 29.18%, respectively. Lower demand, prices or sales volumes for these products could hurt the company’s business and profits.
The company derives a significant portion of its revenue from operations from Karnataka, which contributed Rs 2,276.09 crore in FY26, Rs 2,025.78 crore in FY25 and Rs 1,929.11 crore in FY24, representing 54.86%, 57.20% and 50.31%, respectively. Any adverse economic, regulatory, or other developments in Karnataka could have a significant adverse impact on the company’s business, financial condition and cash flows.
The company’s business is dependent on industries such as construction, infrastructure, power, dams, airports, bridges, highways, industrial structures and high-rise residential construction. Demand from these industries may be affected by economic cycles, consumer demand, government policies, commodity and oil prices, availability of substitutes and other macroeconomic factors. Further, TMT bars, pipes and tubes and sponge iron together contributed 61.61% in FY26, 67.73% in FY25, and 60.83% in FY24 of Revenue from Operations. A sustained slowdown in these end-use industries could adversely affect demand, revenues, and profitability.
The company’s purchases from its top 10 suppliers amounted to Rs 1,608.76 crore in FY26, Rs 1,476.18 crore in FY25 and Rs 1,306.96 crore in FY24, representing 49.24%, 49.18% and 42.76%, respectively, of total purchases. These suppliers provide key raw materials, including scrap, iron ore, pellets, coal, coking coal, pig iron, wood charcoal, and quartz. The increasing concentration exposes the company to supply-chain risks, while its suppliers are not contractually obligated to maintain long-term or exclusive supply arrangements. Any procurement disruption, logistical challenge, production issue, regulatory change, or increase in raw material prices could adversely affect production, product availability, financial performance, and cash flows.
The company reported negative cash flows from investing activities of Rs 10.09 crore in FY26, Rs 192.29 crore in FY25, and Rs 191.49 crore in FY24, primarily due to capital expenditure and investments. Capital expenditure stood at Rs 68.45 crore in FY26, Rs 156.12 crore in FY25, and Rs 167.52 crore in FY24. The company also reported negative financing cash flows of Rs 38.85 crore in FY26 and Rs 155.68 crore in FY24, while FY25 recorded positive cash flow of Rs 45.30 crore. FY26 financing outflows included repayment of borrowings of Rs 221.57 crore and finance costs of Rs 79.17 crore, partially offset by borrowings of Rs 268.05 crore. If capital expenditure continues to be funded by borrowings, it could impact the company’s free cash flow. Also, continued debt repayments and finance costs could adversely affect liquidity and financial flexibility.
The company, its promoters, and subsidiaries are involved in certain criminal, tax, and material proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY26, the company had contingent liabilities and guarantees amounting to Rs 108.97 crore. If any of these liabilities materialise, it could adversely affect the company’s financial condition.
As of FY26, the company’s trade receivables were Rs 664.46 crore. Any failure to collect these receivables on time or at all can have a negative impact on the business and its financial condition.
As of FY26, the company had outstanding financial indebtedness of Rs 864.41 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For A-One Steels IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹385 - ₹405 | Upto ₹2 Lakhs | 37 |
| Employee | ₹347 - ₹367 | Upto ₹5 Lakhs | 37 |
| High Networth Individual | ₹385 - ₹405 | ₹2 - ₹5 Lakhs | 37 |
About
Objectives of A-One Steels India IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the company |
250.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of A-One Steels India IPO
|
Book Running Lead Manager |
PL Capital Markets Private Limited, Khambatta Securities Limited |
|
Registrar to the Issue |
Bigshare Services Private Limited |
Key Performance Indicators (KPIs) of A-One Steels India Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
14.76 |
|
ROCE (%) |
12.86 |
|
EBITDA Margin (%) |
7.29 |
|
PAT Margin (%) |
3.06 |
|
Debt-to-equity Ratio (times) |
1.17 |
|
Return on Net Worth (RoNW) (%) |
15.43 |
|
Net Asset Value (NAV) per Equity Share (₹) |
119.70 |
|
EPS (Pre-IPO) (₹) |
18.61 |
A-One Steels India IPO Contact Details
|
Company Name |
A-One Steels India Limited |
|
Registered Office |
A-One House, No. 326, CQAL Layout Ward No. 08, Sahakarnagar Bangalore – 560 092, Karnataka, India |
|
Phone |
+91 80456 46000 |
|
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Website |
A-One Steels India IPO Registrar Contact Details
|
Company Name |
Bigshare Services Private Limited |
|
Phone |
+91 22 6263 8200 |
|
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Website |