Narmadesh Brass IPO will open for subscription on January 12, 2026, and will close on January 15, 2026. The basis of allotment is expected to be finalised on January 16, 2026. The IPO is scheduled to be listed on BSE SME on January 20, 2026. This IPO is a Fixed Price Issue with an issue price of ₹515 per equity share having a face value of ₹10.
The company plans to raise around ₹45 crores through this IPO. The issue consists of a fresh issue of approximately ₹36 crores and an offer for sale of up to 1,70,400 equity shares. Retail and NII investors have been allocated equal portions, while there is no QIB participation in this issue.
Contents
Narmadesh Brass IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | January 12, 2026 |
| IPO Close Date | January 15, 2026 |
| Face Value | ₹10 per Equity Share |
| Issue Price | ₹515 per Share |
| Issue Size | Approx ₹45 Crores |
| Fresh Issue | Approx ₹36 Crores |
| Offer for Sale | Approx 1,70,400 Equity Shares |
| Issue Type | Fixed Price Issue |
| Listing Exchange | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Narmadesh Brass IPO
Open: 12-15 Jan
Issue Size: ₹45 Cr.
Objective: To repay debt, enhance working capital and upgrade machinery and operations.
Exchange: BSE SME
Narmadesh Brass IPO Review
Narmadesh Brass Industries Limited has shown consistent growth in revenue over the last three financial years, reflecting steady demand for its brass products in domestic and export markets. While revenue increased in FY2025, profitability declined compared to FY2024 due to margin pressure and higher operating costs.
The company operates from a well-established manufacturing base in Jamnagar, Gujarat, which is a key hub for brass manufacturing in India. The IPO proceeds from the fresh issue will be used primarily to reduce borrowings, strengthen working capital, and invest in machinery, which may improve operational efficiency over time.
However, the fixed price appears moderately valued when compared with peers, and the issue may be more suitable for investors with a medium to long-term investment horizon rather than those seeking short-term listing gains.
Narmadesh Brass IPO Market Lot
The minimum market lot for Narmadesh Brass IPO is 480 shares, requiring an investment of ₹2,47,200.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 480 | ₹2,47,200 |
| Retail Maximum | 2 | 480 | ₹2,47,200 |
| S-HNI Minimum | 3 | 720 | ₹3,70,800 |
| S-HNI Maximum | – | – | – |
| B-HNI Minimum | – | – | – |
IPO Reservation
| Investor Category | Shares Offered | % of Shares |
|---|---|---|
| Anchor Investors | – | – |
| QIB (Ex-Anchor) | – | – |
| NII (HNI) | 4,12,800 | 47.38% |
| Retail Investors | 4,12,800 | 47.38% |
Narmadesh Brass IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | January 12, 2026 |
| IPO Close Date | January 15, 2026 |
| Basis of Allotment | January 16, 2026 |
| Refund Initiation | January 19, 2026 |
| Credit of Shares | January 19, 2026 |
| IPO Listing Date | January 20, 2026 |
| Bidding Cut-off Time | January 15, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are M/s Sprayking Limited, Mr Hitesh Dudhagara, and Mrs Ronak Dudhagara.
| Particular | Shares | % Holding |
|---|---|---|
| Promoter Holding Pre-Issue | 24,00,000 | 99.92% |
| Promoter Holding Post-Issue | 31,00,800 | 71.84% |
Objects of the Issue
The company intends to utilise the IPO proceeds primarily towards repayment or prepayment of certain outstanding borrowings, which is expected to reduce interest costs and improve financial stability.
A portion of the funds will be used for the purchase of machinery and equipment to enhance manufacturing efficiency. The remaining funds will be allocated towards meeting working capital requirements to support ongoing business operations.
About Narmadesh Brass Industries Limited
Narmadesh Brass Industries Limited is engaged in the manufacturing of a wide range of brass products. The company operates from its manufacturing facility located at Plot No. 5, 8 and 9 in Jamnagar, Gujarat, spread across 6,293.03 square metres. The installed capacity includes 4,320 MT per year of brass billets, 4,320 MT per year of brass rods, and 1,600 MT per year of brass components.
Its product portfolio includes brass rods, billets, agricultural sprayer parts, garden fittings, ball valves, non-return valves, turning components, plumbing fittings, sanitary fittings, and brass compression fittings. As of September 2025, the company employed 81 workers.
Narmadesh Brass IPO Financials
Amount in ₹ Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 60.09 | 58.92 | 0.89 | 22.00 |
| 2024 | 79.06 | 69.38 | 7.10 | 46.68 |
| 2025 | 88.05 | 80.92 | 5.72 | 59.66 |
| Sep 2025 | 34.21 | 29.37 | 4.01 | 63.10 |
Narmadesh Brass IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | 49.99% |
| ROCE | 23.29% |
| EBITDA Margin | 10.64% |
| PAT Margin | 6.52% |
| Debt to Equity Ratio | 1.68 |
| EPS | ₹26.23 |
| P/E Ratio | 19.63 |
| RoNW | 49.99% |
| NAV | ₹57.24 |
Peer Group Comparison
| Company | EPS | P/E | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Poojawestern Metaliks Ltd | 1.53 | 18.67 | 11.46% | 13.38 | 50.37 Cr |
| Siyaram Recycling Industries Ltd | 6.69 | 8.10 | 11.49% | 58.24 | 515.56 Cr |
IPO Lead Manager
Aryaman Financial Services Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | Narmadesh Brass Industries Limited |
| Address | Plot No. 5, 8 & 9, Survey No. 433, Shree Ganesh Industrial Hub, Changa Village |
| City | Jamnagar |
| State | Gujarat |
| Pincode | 361012 |
| Phone | +91 02895 299401 |
| info@narmadeshbrass.com | |
| Website | https://www.narmadeshbrass.com |
IPO Registrar
KFin Technologies Limited
Phone: 040 6716 2222 / 040 7961 1000
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/
Narmadesh Brass IPO FAQs
What is Narmadesh Brass IPO?
Narmadesh Brass IPO is an SME IPO through which the company plans to raise around ₹45 crores at a fixed price of ₹515 per equity share. The IPO will be listed on BSE SME.
When will Narmadesh Brass IPO open for subscription?
Narmadesh Brass IPO will open on January 12, 2026, and will close on January 15, 2026.
What is the price of Narmadesh Brass IPO?
The IPO is offered at a fixed price of ₹515 per equity share with a face value of ₹10.
What is the issue size of Narmadesh Brass IPO?
The total issue size of the IPO is approximately ₹45 crores, which includes a fresh issue of about ₹36 crores and an offer for sale of up to 1,70,400 equity shares.
What is the lot size of Narmadesh Brass IPO?
The minimum lot size is 480 shares, requiring an investment of ₹2,47,200.
What is the allotment date of Narmadesh Brass IPO?
The basis of allotment for Narmadesh Brass IPO is expected to be finalised on January 16, 2026.
When will Narmadesh Brass IPO be listed?
The IPO is scheduled to be listed on BSE SME on January 20, 2026.
What is the investor quota in Narmadesh Brass IPO?
Retail investors and NII investors are allocated 50% each of the issue. There is no QIB portion in this IPO.
How can I apply for Narmadesh Brass IPO?
You can apply for the IPO through ASBA using your bank’s net banking facility, through UPI via your stock broker, or by submitting an offline application form through your broker.
Is Narmadesh Brass IPO suitable for long-term investment?
The company has shown steady revenue growth and plans to use IPO proceeds mainly for debt repayment and working capital. The IPO may be suitable for investors with a medium to long-term investment horizon.
Expert Comment
Narmadesh Brass IPO offers exposure to the organised brass manufacturing segment with steady revenue growth and clear utilisation of funds towards debt reduction and operational support.
While profitability has seen some pressure, balance sheet strengthening through IPO proceeds could support long-term stability. The issue is better suited for investors with a medium to long-term investment approach.
