A-One Steels India

ListedListed 1 Oct 2026MainboardNSE: AONESTEELSCheck allotment

Current price₹ 374.2−7.6% since issue

Listing day+12.35%

Issue price: ₹ 405
Issue size: ₹ 405 Cr.
Min. investment: ₹ 14,985
Listing price: ₹ 455
Subscribed: 11.61x
Lot size: 37 shares
P/E: 24.55
RoNW: 15.43%
RoCE: 12.86%
Debt / Equity: 1.17
PAT margin: 3.04%
EBITDA margin: 7.29%
RoE: 14.70%
EPS: ₹ 16.50
NAV: ₹ 119.70
Promoter stake: 74.51%

About

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.

Timeline

Opens
24 Sep
done
Closes
28 Sep
done
Allotment
29 Sep
done
Refunds
30 Sep
done
Demat credit
30 Sep
done
Listing
1 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 64 on 19 Sep 2026
Lowest: ₹ 28 on 28 Sep 2026
First quoted: ₹ 55 on 17 Sep 2026

Subscription

How many times each investor group bid for its share, as of 01 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

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

Company overview

Financials

Financials by year

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

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.

What the money is for

Objects of the issue

Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the Company	250
General Corporate Purposes	—

Promoters

Sandeep Kumar
Sunil Jallan
Krishnan Kumar Jalan

Promoter holding85.86%→74.51%before → after the issue · down 11.35 points

Anchor investors

11 anchors put in ₹ 120.91 Cr., including 4 mutual funds.

Anchor investors

LRSD SECURITIES PVT.LTD.	7,01,124	28.4	23.49%
MORGAN STANLEY ASIA (SINGAPORE) PTE.	6,17,308	25	20.68%
LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND	4,93,839	20	16.54%
VIKASA INDIA EIF I FUND-SHARE CLASS P	3,08,617	12.5	10.34%
SB OPPORTUNITIES FUND II	2,46,938	10	8.27%
VENUS INVESTMENTS VCC-VENUS STELLAR FUND	2,46,938	10	8.27%
ASHIKA GLOBAL FINANCE PVT.LTD.	2,46,938	10	8.27%
TAURUS FLEXI CAP FUND	86,401	3.5	2.89%
TAURUS ELSS TAX SAVER FUND	24,698	1	0.83%
TAURUS MID CAP FUND	11,489	0.47	0.38%
TAURUS INFRASTRUCTURE FUND	870	0.04	0.03%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Khambatta Securities Limited
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.