Anand Seamless IPO
Anand Seamless IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹72 |
| Face Value | ₹10 |
| Lot Size | 1600 Shares |
| Issue Size | ₹25.52 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| NSE Symbol | ANAND.BO |
| BSE Scrip Code | 7990 |
| Min Investment | ₹115,200 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,600 | ₹115,200 |
| Retail (Max) | 1 | 1,600 | ₹115,200 |
| HNI (Min) | 2 | 3,200 | ₹230,400 |
Strengths & Risks
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.
Valuation & Key Ratios
Financials (Rs. Crore)
| 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 |
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | 0 | — |
| Non-Institutional Investors (NII) | 1.87× | 1,860,800 | — |
| Retail Individual Investors (RII) | 0.98× | 1,683,200 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 1.44× | 3,544,000 | — |
GMP History
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