1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | A-One Steels India Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | ₹35,500 lakhs |
| Offer for Sale | ₹5,000 lakhs |
| Total Offer Size | ₹40,500 lakhs |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹385–₹405 per Equity Share |
| Lot Size | 37 Equity Shares |
| Minimum Application | ₹14,985 at ₹405 per share |
| Anchor Bidding | September 23, 2026 |
| Opening Date | September 24, 2026 |
| Closing Date | September 28, 2026 |
| Listing | Proposed on BSE and NSE; BSE designated exchange |
| Registrar | Bigshare Services Private Limited |
| Lead Managers | PL Capital Markets Private Limited; Khambatta Securi |
2. IPO Details
| Particular | At Floor Price ₹385 | At Cap Price ₹405 |
|---|
| Fresh Issue Shares | 79,22,079 | 75,30,865 |
| Fresh Issue Amount | ₹3,550.00 million | ₹3,550.00 million |
| OFS Shares | 12,98,700 | 12,34,567 |
| OFS Value | ₹500.00 million | ₹500.00 million |
| Total Offer Shares | 92,20,779 | 87,65,432 |
| Total Offer Value | ₹4,050.00 million | ₹4,050.00 million |
| Pre-Issue Shares | 6,84,65,270 | 6,84,65,270 |
| Post-Offer Shares | 7,76,86,049 | 7,72,30,702 |
| Post-Offer Market Capitalisation | ₹29,909.10 million | ₹31,278.40 million |
3. Issue Reservation
| Category | Reservation / Disclosure |
|---|
| QIB | Not more than 50% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| Employee | Up to ₹200 lakhs; exact final share quantity not disclosed in final advertisement |
| Anchor | Up to 60% of QIB Portion may be allocated to Anchor Investors under the RHP framework; final allocation not disclosed |
4. IPO Lot Size
| Application | Lots | Shares | At ₹385 | At ₹405 |
|---|
| Retail (Min) | 1 | 37 | ₹14,245 | ₹14,985 |
| Retail (Max) | 13 | 481 | ₹1,85,185 | ₹1,94,805 |
| S-HNI (Min) | 14 | 518 | ₹1,99,430 | ₹2,09,790 |
| S-HNI (Max) | 66 | 2,442 | ₹9,40,170 | ₹9,89,010 |
| B-HNI (Min) | 67 | 2,479 | ₹9,54,415 | ₹10,03,995 |
5. About the Company
A-One Steels India Limited is a backward/vertically integrated steel manufacturer based in southern India. Its product portfolio includes sponge iron, MS billets, TMT bars, HR coils, CR coils, GP coils, HR/MS pipes, CR pipes, GP pipes, ferro alloys, met coke and other by-products. The group operates six manufacturing facilities, five in Karnataka and one in Andhra Pradesh. Facilities are located at Gauribidanur, Bellary, Koppal, Chikkantapur and Hindupur. The RHP describes proximity to major iron ore sources and major ports as a location advantage.
The company states that it sells across India, with revenue concentrated in Karnataka, Andhra Pradesh, Tamil Nadu, Maharashtra and Telangana. It intends to deepen these markets, expand through distributors, retail and institutional channels, and enter additional regions selectively. It also plans continued capacity expansion through acquisitions/leases, organic and brownfield additions and operational improvements.
| State | FY26 Revenue (₹ lakhs) | Share of Revenue |
|---|
| Karnataka | 2,27,608.78 | 54.86% |
| Andhra Pradesh | 47,089.77 | 11.35% |
| Tamil Nadu | 29,897.20 | 7.21% |
| Maharashtra | 24,913.40 | 6.01% |
| Telangana | 18,212.68 | 4.39% |
| Others | 67,134.91 | 16.18% |
6. Restated Financial Information
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 4,14,856.74 | 3,54,178.09 | 3,83,421.25 |
| Government Grants | 1,875.84 | 259.19 | 171.88 |
| Other Income | 3,472.86 | 2,525.61 | 2,650.73 |
| Total Income | 4,20,205.44 | 3,56,962.89 | 3,86,243.86 |
| EBITDA | 30,363.64 | 17,405.54 | 17,218.80 |
| PAT | 12,740.82 | 771.05 | 3,891.37 |
| Finance Costs | 10,919.18 | 11,315.43 | 9,729.84 |
| Depreciation & Amortisation | 6,267.53 | 5,586.89 | 4,321.76 |
| Net Worth | 86,336.34 | 71,826.04 | 44,491.21 |
| Total Assets | 3,19,130.95 | 2,75,306.42 | 2,39,587.14 |
| Total Liabilities | 2,32,794.61 | 2,03,480.38 | 1,95,095.93 |
| Operating Cash Flow | 6,279.56 | 10,896.34 | 32,539.75 |
| Investing Cash Flow | (1,009.08) | (19,229.33) | (19,149.00) |
| Financing Cash Flow | (3,884.60) | 4,530.17 | (15,568.38) |
| PPE/Intangibles/CWIP Purchases | 6,845.22 | 15,611.81 | 16,752.17 |
| Inventory | 89,933.20 | 79,789.01 | 56,145.20 |
| Trade Receivables | 66,445.71 | 43,757.22 | 48,408.28 |
| Trade Payables | 90,410.46 | 70,894.88 | 55,194.30 |
| Basic & Diluted EPS (₹) | 18.47 | 1.28 | 6.56 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Total Revenue from Operations | 416,732.58 | 354,437.28 | 383,593.13 |
| Total Income | 420,205.44 | 356,962.89 | 386,243.86 |
| EBIT | 24,096.11 | 11,818.65 | 12,897.04 |
| EBITDA | 30,363.64 | 17,405.54 | 17,218.80 |
| EBITDA Margin | 7.29% | 4.91% | 4.49% |
| PAT after exceptional item | 12,740.82 | 771.05 | 3,891.37 |
| PAT before exceptional item | 12,688.14 | 1,214.74 | 3,891.37 |
| PAT Margin after exceptional item | 3.06% | 0.22% | 1.01% |
| PAT Margin before exceptional item | 3.04% | 0.34% | 1.01% |
| Operating Cash Flow | 6,279.56 | 10,896.34 | 32,539.75 |
| Net Worth | 81,952.16 | 67,663.10 | 42,179.07 |
| Net Debt | 98,536.80 | 95,195.80 | 99,278.97 |
| Debt Equity Ratio | 1.17 | 1.34 | 2.34 |
| ROCE | 12.86% | 7.03% | 8.67% |
| ROE after exceptional item | 14.76% | 1.07% | 8.75% |
| ROE before exceptional item | 14.70% | 1.69% | 8.75% |
| Working Capital Days | 53 | 54 | 58 |
| Net Fixed Assets Turnover | 6.93 | 7.02 | 9.75 |
| Manufacturing Plants | 6 | 6 | 6 |
| Sponge Iron (tonnes) | 252,686 | 247,688 | 245,752 |
| Steel Bars/Rods/Long Products (tonnes) | 253,343 | 238,669 | 190,728 |
| Billets/MS Ingot (tonnes) | 493,371 | 439,883 | 384,013 |
| Ferro Alloys (tonnes) | 23,719 | 12,142 | 7,196 |
| Met Coke (tonnes) | 90,776 | 73,808 | 48,274 |
| MS/GP Pipes (tonnes) | 188,789 | 162,589 | 131,874 |
| HR Coils (tonnes) | 170,384 | 150,992 | 132,382 |
| Renewable energy share | 83.20% | 89.46% | 88.86% |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹385–₹405 |
| Face Value | ₹10 |
| Diluted EPS, FY2026 | ₹18.47 |
| P/E at Floor | 20.84x |
| P/E at Cap | 21.92x |
| Industry P/E – Average | 45.20x |
| Industry P/E – Highest / Lowest | 61.52x / 28.31x |
| NAV – quantitative factors | ₹119.70 |
| RoNW, FY2026 | 15.43% |
| Weighted Average RoNW | 9.65% |
| Post-offer Market Cap | ₹2,99,091 lakhs / ₹3,12,784 lakhs |
| Company EV/EBITDA at final band | Not disclosed |
| Industry EV/EBITDA – Average | 14.71x |
| Industry EV/EBITDA – Highest / Lowest | 18.17x / 12.71x |
9. Peer Comparison
| FY2026 Metric | A-One Steels | MSP Steel & Power | Jai Balaji Industries | Shyam Metallics & Energy |
|---|
| Total Income (₹ lakhs) | 4,20,205.44 | 2,84,604.06 | 5,82,059.00 | 18,75,582.00 |
| Basic EPS (₹) | 18.47 | 0.60 | 1.42 | 38.10 |
| Diluted EPS (₹) | 18.47 | 0.56 | 1.42 | 37.97 |
| NAV (₹) | 119.93 | 18.18 | 24.75 | 412.81 |
| RoNW (%) | 15.43% | N.A. | N.A. | 10.10% |
| P/E (x) | [●]# | 61.52 | 45.76 | 28.31 |
| EV/EBITDA (x) | [●]# | 12.71 | 18.17 | 13.24 |
10. Shareholding & Capital Structure
| Category | Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares at ₹385 | Post-Offer % at ₹385 | Post-Offer Shares at ₹405 | Post-Offer % at ₹405 |
|---|
| Promoter | Sandeep Kumar | 2,24,66,430 | 32.81% | 2,19,46,950 | 28.25% | 2,19,72,603 | 28.45% |
| Promoter | Sunil Jallan | 2,07,37,640 | 30.29% | 2,02,18,160 | 26.03% | 2,02,43,813 | 26.21% |
| Promoter | Krishan Kumar Jalan | 1,53,76,200 | 22.46% | 1,51,16,460 | 19.46% | 1,51,29,287 | 19.59% |
| Promoter Group | Daya Jalan | 1,34,000 | 0.20% | 1,34,000 | 0.17% | 1,34,000 | 0.17% |
| Promoter Group | Santosh | 30,000 | 0.04% | 30,000 | 0.04% | 30,000 | 0.04% |
| Promoter Group | Quality Stone and Steels | 40,000 | 0.06% | 40,000 | 0.05% | 40,000 | 0.05% |
| Public | Goodluck India | 4,00,000 | 0.58% | 4,00,000 | 0.51% | 4,00,000 | 0.52% |
| Public | Gauravrajsingh Vijay Singh Rathore | 3,00,000 | 0.44% | 3,00,000 | 0.39% | 3,00,000 | 0.39% |
| Public | Saroj Vijay Singh Rathore | 2,00,000 | 0.29% | 2,00,000 | 0.26% | 2,00,000 | 0.26% |
| Public | Ankur Garg | 2,00,000 | 0.29% | 2,00,000 | 0.26% | 2,00,000 | 0.26% |
| Public | Faaguni Kapoor | 2,00,000 | 0.29% | 2,00,000 | 0.26% | 2,00,000 | 0.26% |
| Public | Seven Alpha Investors Private Limited | 1,98,105 | 0.29% | 1,98,105 | 0.26% | 1,98,105 | 0.26% |
| Public | Neetu Bansal | 1,70,000 | 0.25% | 1,70,000 | 0.22% | 1,70,000 | 0.22% |
| Public | Ashutosh | 1,55,000 | 0.23% | 1,55,000 | 0.20% | 1,55,000 | 0.20% |
| Public | Sheela Stainless Private Limited | 1,50,000 | 0.22% | 1,50,000 | 0.19% | 1,50,000 | 0.19% |
| Public | Saket Agarwal | 1,39,500 | 0.20% | 1,39,500 | 0.18% | 1,39,500 | 0.18% |
| Public | Other public shareholders | 75,68,395 | 11.05% | 1,80,87,874 | 23.28% | 1,75,68,394 | 22.75% |
| Total | Pre/Post-Offer Equity Share Capital | 6,84,65,270 | 100.00% | 7,76,86,049 | 100.00% | 7,72,30,702 | 100.00% |
11. Objects of the Issue
| Object of the Issue | Amount |
|---|
| Pre-payment / partial repayment of certain outstanding borrowings | ₹25,000 lakhs |
| General corporate purposes | [●] in RHP; subject to maximum 25% of gross proceeds |
12. OFS / Selling Shareholders
| Selling Shareholder | Maximum OFS Amount | WACA / Share |
|---|
| Sandeep Kumar | Up to ₹2,000 lakhs | ₹6.57 |
| Sunil Jallan | Up to ₹2,000 lakhs | ₹8.04 |
| Krishan Kumar Jalan | Up to ₹1,000 lakhs | ₹0.76 |
13. Key Risks Highlighted in the RHP
| Editorial Category | RHP Disclosure | Potential Impact stated in neutral terms |
|---|
| Business / Operational | Dependence on steel demand, pricing, key products and manufacturing operations. | Changes in revenue, margins, cash flows and operating conditions. |
| Customer | Dependence on key customers; top 10 customers contributed 27.90% of FY26 Revenue from Operations. | Loss or reduction of business could affect revenue and cash flows. |
| Supplier | Top 10 suppliers represented 49.24% of purchases in FY26. | Supply disruption or raw-material price changes could affect procurement and costs. |
| Geographic | Karnataka contributed 54.86% of FY26 Revenue from Operations; five of six facilities are in Karnataka. | Regional developments could affect demand and manufacturing operations. |
| Financial / Debt | Borrowings include variable-rate debt; RHP reports ₹1,15,813.83 lakhs total outstanding borrowings as of July 15, 2026. | Higher interest costs could affect profitability and cash flows. |
| Expansion / Projects | Koppal projects include a 10 MW WHRB plant, proposed 6,00,000 MTPA iron ore beneficiation plant and railway siding. | Delay, cost overruns, approvals or lower utilization could affect operations and cash flows. |
| Related Parties | Related-party sales/purchases, borrowings, leases and guarantees are disclosed. | Potential conflicts or adverse terms could affect business and financial condition. |
| Audit Trail / Controls | Database-level audit trail was not enabled for the Company and two subsidiaries in FY26; other historical deficiencies are disclosed. | Regulatory scrutiny, audit observations or control implications may arise. |
| Management / Personnel | Dependence on promoters, KMP and senior management; 1,377 permanent employees at June 30, 2026 and attrition of 36.00%, 35.40% and 29.35% in FY26/FY25/FY24. | Loss of personnel or inability to recruit/retain staff could affect operations. |
| Legal / Regulatory / Environmental | RHP discloses criminal, tax, regulatory, civil and environmental matters. | Outcomes may involve penalties, compliance requirements, remedial measures or operating restrictions. |
| IPO / Market | First public issue; no formal market for the equity shares. | Post-listing trading activity and price are not assured by the RHP. |
| Objects of Issue | Objects were not appraised by a bank or financial institution. | Utilization may vary subject to applicable requirements. |
14. Litigation & Contingent Liabilities
| Entity / Direction | Criminal | Tax | Statutory / Regulatory | Material Civil | SEBI / Exchange Disciplinary | Aggregate Amount |
|---|
| Company – against | 3 | 33 | 25 | 4 | 1 | ₹5,558.44 lakhs |
| Company – by | 28 | Nil | NA | 12 | NA | ₹4,017.39 lakhs |
| Subsidiaries – against | Nil | 8 | 44 | 7 | Nil | ₹1,069.19 lakhs |
| Subsidiaries – by | 5 | Nil | NA | 6 | NA | ₹702.41 lakhs |
| Promoters – against | 2 | 14 | Nil | Nil | Nil | ₹1,750.93 lakhs |
15. Registrar
| Particular | Disclosure |
|---|
| Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
| Telephone | +91 22 6263 8200 |
| Email | ipo@bigshareonline.com |
| Investor Grievance Email | investor@bigshareonline.com |
| Website | www.bigshareonline.com |
| Contact Person | Vinayak Morbale |
| SEBI Registration No. | INR000001385 |
16. Lead Managers
17. Company Contact Details
| Particular | Disclosure |
|---|
| Registered / Corporate Office | A One House, No. 326, CQAL Layout, Ward No. 08, Sahakarnagar, Bangalore – 560 092, Karnataka, India |
| Telephone | +91 80456 46000 |
| Email | legal@aonesteelgroup.com |
| Website | www.aonesteelgroup.com |
| Company Secretary & Compliance Officer | Pooja Sara Nagaraja |
| CIN | U28999KA2012PLC063439 |
