A-One Steels India IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

A-One Steels India

Price band

₹385 – ₹405

Lot size

37 shares

Min investment

₹14,985

Issue size

₹405 Cr

About the company

A-One Steels India Limited was started in 2012. It is a backward integrated steel maker, which means it makes the raw material it later shapes rather than buying it in. Its range covers both long steel and flat steel products, along with industrial products used by other steel makers. From its own MS billets it makes HR and CR coils, which it then converts into HR pipes, CR pipes and galvanized tubes. From the same billets it makes TMT bars, which are the ribbed rods used in construction. Alongside this it makes met coke and silicon manganese and ferrosilicon, which it sells in the open market. Ferrosilicon is used by the steel industry for alloying. The company buys a large share of its power as green energy, holding solar and wind power purchase agreements running 15 to 25 years for its plants in Karnataka and Andhra Pradesh. Its TMT bars are certified as green products by the CII and are made at the Gauribidanur and Hindupur plants. It has six manufacturing facilities in all, five in Karnataka at Gauribidanur, Bellary, Koppal and Chikkantapur, and one at Hindupur in Andhra Pradesh. These sit close to major iron ore sources and within 450 km of the Ennore, New Mangalore and Goa-Mormugao ports.

A-One Steels India Limited is a backward-integrated steel maker producing TMT bars, HR and CR coils, pipes and galvanized tubes from its own MS billets, along with met coke and ferrosilicon. It runs six plants across Karnataka and Andhra Pradesh and buys solar and wind power under long-term agreements.

IPO details

Issue price: ₹405
Price band: ₹385 – ₹405
Face value: ₹10
Lot size: 37
Min investment: ₹14,985
Issue size: ₹405 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7998
NSE symbol: AONESTEELS.NS
Employee discount: Rs 38.00 per share

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	37	₹14,985
Retail (Max)	13	481	₹1,94,805
S-HNI (Min)	14	518	₹2,09,790
B-HNI (Min)	67	2,479	₹10,03,995

Investor reservation

CATEGORY	RESERVED
QIB	49,75,308 shares (50.00% of the Offer)
NII	14,92,592 shares (15.00% of the Offer)
Retail	34,82,716 shares (35.00% of the Offer)
Employee	54,495 shares (0.54% of the Offer)

Objects of the issue

1Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the Company250.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	3,191.31	2,753.06	2,395.87
Total Income	4,202.05	3,569.63	3,862.44
Profit After Tax	127.41	7.71	38.91
EBITDA	303.64	174.06	172.19
NET Worth	819.52	676.63	421.79
Total Borrowing	1,010.94	963.67	1,042.53

Key performance indicators

P/E Ratio

24.55

EPS (₹)

16.50

RoE

14.70%

RoCE

12.86%

RoNW

15.43%

PAT Margin

3.04%

EBITDA Margin

7.29%

Debt / Equity

1.17

NAV (₹)

119.70

✓ Strengths

• Profit recovered strongly in FY2026, reaching Rs 127.41 crore against Rs 7.71 crore in FY2025.

• EBITDA nearly doubled in the last year, from Rs 174.06 crore to Rs 303.64 crore.

• Net worth has almost doubled in two years, from Rs 421.79 crore in FY2024 to Rs 819.52 crore in FY2026.

• Being backward integrated matters in steel. Making its own billets and converting them into coils, pipes, tubes and TMT bars means it captures margin at several stages instead of one.

• It also sells met coke and ferrosilicon in the open market, which are inputs other steel makers need, so it is not dependent on finished steel demand alone.

• Long term solar and wind power agreements of 15 to 25 years give it more predictable energy costs than peers buying grid power, and its TMT bars are certified as green products by the CII.

• The six plants sit near iron ore sources and within 450 km of the Ennore, New Mangalore and Goa-Mormugao ports, which cuts both inbound and outbound freight.

• Rs 250 crore of the Rs 405 crore issue repays borrowings, which should reduce interest cost meaningfully.

⚠ Risks

• At the upper band of Rs 405 the P/E is about 24.55 times on an EPS of Rs 16.50, which is a high multiple for a steel maker earning a 3.04% margin.

• Profit is extremely volatile. It was Rs 38.91 crore in FY2024, collapsed to Rs 7.71 crore in FY2025 and then jumped to Rs 127.41 crore in FY2026, so one good year should not be read as the new normal.

• The profit margin is very thin at 3.04%. On income of Rs 4,202.05 crore the company kept Rs 127.41 crore.

• Debt is high. Total borrowing was Rs 1,010.94 crore against a net worth of Rs 819.52 crore, a debt to equity ratio of 1.17, and it has stayed around Rs 1,000 crore for three years.

• Sales are not growing steadily either. Total income fell from Rs 3,862.44 crore in FY2024 to Rs 3,569.63 crore in FY2025 before recovering.

• Steel is a cyclical, price driven commodity. Earnings move with steel prices, iron ore costs and construction demand, none of which the company controls.

• Return on capital employed is only 12.86%, which is modest for the amount of capital tied up in six plants.

• Promoter holding will come down from 85.86% to 74.51% after the issue.

Promoters & holding

Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan

Pre-issue promoter holding

85.86%

Post-issue promoter holding

74.51%

Promoters hold 85.86% before the issue and will hold 74.51% after it.

Data refreshed 07 Nov 2026, 04:51 pm IST. GMP is unofficial market sentiment, not investment advice.