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Nilachal Carbo IPO
Nilachal Carbo Metalicks Ltd
₹1,36,000 /1600 sharesMinimum Investment
Nilachal Carbo IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 8 Sep ‘25 - 11 Sep ‘25 | ₹2,72,000 | 1,600 | ₹85 - ₹85 |
| Issue Size | IPO Doc |
|---|---|
| 56.10Cr | RHP PDF |
Subscription rate
As of 08 Sep'25, 06:01 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 1.86x |
| Retail Individual Investor | 0.71x |
| Total | 1.22x |
About Nilachal Carbo
Founded in
2003
Managing director
Mr Bibhu Datta Panda
Parent organisation
Nilachal Carbo Metalicks Ltd
Strengths & Financials of Nilachal Carbo
Strengths
Risks
Nilachal Carbo Metalicks operates manufacturing plants near Paradip Port in Odisha and Vizag Port in Visakhapatnam, providing a logistical advantage for transportation. The proximity of ferro-chrome producers, including the Kalinga Nagar Industrial Complex, further enhance the company’s market reach and access to a ready customer base.
The company specialises in producing LAM coke that meets the stringent requirements of the ferro-alloy and metallurgical industries. Nilachal Carbo Metalicks claims to have a dedicated quality control laboratory at its plant in Baramana, Odisha, ensuring that each batch meets high-quality benchmarks such as low ash content, low phosphorus levels, and high Coke Reactivity Index (CRI).
The company claims to have developed a reliable customer base for its byproducts, specifically coke fines, which are used in iron ore pellet production and steel manufacturing. The company capitalises on the increasing demand for these byproducts, ensuring steady revenue from its coke fines while maintaining high-quality standards.
To ensure the timely delivery of products, Nilachal Carbo Metalicks claims to operate its own fleet of six Ashok Leyland tippers. This fleet supports the company’s logistics strategy by providing just-in-time (JIT) delivery, allowing for better control over delivery schedules and reducing lead times for customers.
The company claims its ability to produce coke in specific sizes, such as 10-30 mm and 10-40 mm, makes it adaptable to the unique needs of its customers, particularly in the ferro-alloy sector.
The company has reported a consistent decrease in revenue from operations. It decreased from Rs 266.21 crore in FY23 to Rs 265.11 crore in FY24 and Rs 201.51 crore in FY25.
Nilachal Carbo Metalicks' business heavily relies on the efficient operation of its manufacturing units. Any slowdown or shutdown in operations, especially in the Vishakhapatnam plant, could disrupt production and lead to financial losses. Furthermore, underutilisation of manufacturing capacity due to low demand or inefficiencies can raise per-unit costs, negatively affecting the company's financial health and operational performance.
The top five customers accounted for Rs 173.86 crore (86.28 percent) of the company’s revenue in FY25, Rs 230.01 crore (86.53 percent) in FY24, and Rs 204.33 crore (77.18 percent) in FY23. Furthermore, the top customer alone accounted for Rs 57.09 crore (28.33 percent) of the company’s revenue in FY25, Rs 116.47 crore (44.00 percent) in FY24, and Rs 68.84 crore (26.00 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The top supplier alone accounted for Rs 88.60 crore (53.06 percent) of the company’s revenue in FY25, Rs 77.79 crore (34.00 percent) in FY24, and Rs 96.54 crore (41.05 percent) in FY23. Any disruption in supplies from this supplier could adversely affect the company’s business and finances.
The company reported negative cash flow from operating activities amounting to Rs 16.21 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 9.02 crore in FY24 and Rs 4.03 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 6.99 crore in FY25. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company is dependent on the Sukinda mining belt for chrome ore supply. Any disruption in the area could lead to reduced demand for its LAM coke, adversely affecting sales and profits.
The company, its group company, directors, and promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Nilachal Carbo Metalicks has experienced decreasing capacity utilisation in its manufacturing facilities. It decreased from 64.57 percent in FY23 to 61.51 percent in FY24 and 48.87 percent in FY25. Any failure to increase capacity utilisation, due to lower demand, operational inefficiencies, or delays in customer orders, could significantly impact the company’s financial performance.
As of FY25, the company had contingent liabilities amounting to Rs 6.37 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of June 30, 2025, the company had financial indebtedness of Rs 31.96 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Nilachal Carbo Financials
*All values are in Rs. Cr
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Application Details of Nilachal Carbo IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Individual investor | ₹85 - 85 | ₹2 - 5 Lakh |
For Nilachal Carbo IPO, eligible investors can apply as Individual investor.