Anand Seamless IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Anand Seamless

Price band

₹72

Lot size

1600 shares

Min investment

₹1,15,200

Issue size

₹25.52 Cr

About the company

Anand Seamless Limited was started in 2005. It makes seamless tubes, pipes and finned tubes used in industry. A seamless tube is drawn from a solid billet rather than rolled and welded from a sheet, so it has no joint along its length. That matters wherever a tube has to hold high pressure or heat, which is why these are used in the equipment they go into rather than in ordinary plumbing. Its range covers carbon steel and alloy steel seamless tubes, heat exchanger tubes, U-tubes and several types of finned tubes. Finned tubes carry small ridges along the outside to increase surface area, which helps transfer heat faster. Its products are used in oil and gas, petrochemicals, power plants and general process industries. Its manufacturing facility is at Village Indrad on the Chhatral-Kadi Road in Mahesana district of Gujarat, and the money raised in this issue is going into expanding capacity, upgrading technology and reducing operating cost at that plant.

Anand Seamless Limited manufactures carbon steel and alloy steel seamless tubes and pipes, heat exchanger tubes, U-tubes and finned tubes for oil and gas, petrochemicals, power plants and process industries. Running since 2005, it operates from a facility at Indrad in Mahesana district, Gujarat.

IPO details

Issue price: ₹72
Price band: ₹72
Face value: ₹10
Lot size: 1600
Min investment: ₹1,15,200
Issue size: ₹25.52 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7990
NSE symbol: ANAND.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,15,200
Retail (Max)	1	1,600	₹1,15,200
HNI (Min)	2	3,200	₹2,30,400

Investor reservation

CATEGORY	RESERVED
NII	16,83,200 shares (50.00% of the Offer)
Retail	16,83,200 shares (50.00% of the Offer)

Objects of the issue

1Financing the cost towards capacity expansion, technological upgradation, cost optimization of the operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 38271513.20

2Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the Company5.73

3General corporate purposes3.70

4Issue Expenses3.13

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	67.58	52.40	35.55
Total Income	56.17	33.64	37.00
Profit After Tax	5.48	2.65	3.36
EBITDA	10.22	5.90	6.51
NET Worth	19.52	14.05	11.40
Reserves and Surplus	11.10	13.94	11.29
Total Borrowing	28.21	21.22	14.21

Key performance indicators

P/E Ratio

15.72

EPS (₹)

4.58

RoE

16.57%

RoCE

11.65%

RoNW

16.57%

PAT Margin

9.31%

EBITDA Margin

16.09%

Debt / Equity

1.38

NAV (₹)

19.98

✓ Strengths

• Sales recovered strongly in FY2026, rising 67% from Rs 33.64 crore to Rs 56.17 crore.

• Profit more than doubled over the same year, from Rs 2.65 crore to Rs 5.48 crore.

• EBITDA improved from Rs 5.90 crore to Rs 10.22 crore, and the EBITDA margin of 16.09% is healthy for a steel products maker.

• The PAT margin of 9.31% is well above what commodity pipe makers earn, reflecting the more technical nature of seamless tube.

• Seamless tube is a harder product to make than welded pipe, which limits how many competitors can serve the same customers.

• Its products go into oil and gas, petrochemicals, power and process industries, so it is not tied to a single end market.

• The issue is priced at about 15.72 times earnings on an EPS of Rs 4.58.

• The whole issue is fresh capital going into capacity expansion, technology upgrade and cost reduction at its Mahesana plant.

⚠ Risks

• The recovery is only one year old and the trend is choppy. Total income was Rs 37.00 crore in FY2024, fell to Rs 33.64 crore in FY2025 and then rose to Rs 56.17 crore in FY2026.

• Debt is high. Total borrowing was Rs 28.21 crore against a net worth of Rs 19.52 crore, a debt to equity ratio of 1.38, and it has doubled in two years from Rs 14.21 crore.

• Return on capital employed is only 11.65%, which shows how much capital the plant ties up relative to what it earns.

• Demand depends on capital spending by oil and gas, petrochemical and power companies, which is lumpy and can pause for years at a time.

• Steel input prices move sharply and cannot always be passed on where orders are already priced.

• The whole business runs from one facility at Indrad in Mahesana, so there is single location risk.

• This is a fixed price issue at Rs 72 per share, so there is no price discovery through bidding.

• Promoter holding will come down from 100% to 70.39% after the issue.

• This is an SME issue. One lot is 1,600 shares, which is Rs 1.15 lakh at the issue price, and SME shares usually trade in low volume after listing.

Promoters & holding

Kedar Mayank Choksi and Heta Kedar Choksi

Pre-issue promoter holding

100%

Post-issue promoter holding

70.39%

Data refreshed 07 Nov 2026, 04:53 pm IST. GMP is unofficial market sentiment, not investment advice.