About
Narmadesh Brass Industries IPO is a fixed price issue of ₹44.87 crores. The issue is a combination of fresh issue of 0.07 crore shares aggregating to ₹36.09 crores and offer for sale of 0.02 crore shares aggregating to ₹8.78 crores.
Narmadesh Brass Industries IPO bidding opened for subscription on Jan 12, 2026 and will close on Jan 16, 2026. The allotment for the Narmadesh Brass Industries IPO is expected to be finalized on Jan 19, 2026. Narmadesh Brass Industries IPO will list on BSE SME with a tentative listing date fixed as Jan 21, 2026.
Narmadesh Brass Industries IPO price is ₹515 per share. The lot size for an application is 240. The minimum amount of investment required by an individual investor (retail) is ₹2,47,200 (480 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (720 shares), amounting to ₹3,70,800.
Aryaman Financial Services Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is JSK Securities & Services Pvt.Ltd..
Refer to Narmadesh Brass Industries IPO DRHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Mon, Jan 12, 2026
IPO Close
Fri, Jan 16, 2026
Issue Price
₹515 per share
Market Cap (Pre-IPO)
₹159.69 Cr
IPO Details
| IPO Date | 12 to 16 Jan, 2026 |
| Listed on | Wed, Jan 21, 2026 |
| Face Value | ₹10 per share |
| Issue Price | ₹515 per share |
| Lot Size | 240 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 8,71,200 shares (agg. up to ₹45 Cr) |
| Reserved for Market Maker | 45,600 shares (agg. up to ₹2 Cr) JSK Securities & Services Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 6,55,200 shares (agg. up to ₹34 Cr) |
| Offer for Sale | 1,70,400 shares of ₹10 (agg. up to ₹9 Cr) |
| Net Offered to Public | 8,25,600 shares (agg. up to ₹43 Cr) |
| Share Holding Pre Issue | 24,00,000 shares |
| Share Holding Post Issue | 31,00,800 shares |
| BSE Script Code | 544680 |
| ISIN | INE0S1B01014 |
IPO Timetable
- IPO OpenMon, Jan 12, 2026
- IPO CloseFri, Jan 16, 2026
- AllotmentMon, Jan 19, 2026
- RefundTue, Jan 20, 2026
- Credit of SharesTue, Jan 20, 2026
- ListingWed, Jan 21, 2026
IPO Reservation
Narmadesh Brass Industries IPO offers total 8,71,200 shares. Out of which 4,12,800 (47.38%) allocated to
NII
4,12,800 (47.38%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 45,600 (5.23%) |
| NII (HNI) Shares Offered | 4,12,800 (47.38%) |
| Retail Shares Offered | 4,12,800 (47.38%) |
| Total Shares Offered | 8,71,200 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 480 shares and in multiples of 240 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 480 | ₹2,47,200 |
| Individual investors (Retail) (Max) | 2 | 480 | ₹2,47,200 |
| HNI (Min) | 3 | 720 | ₹3,70,800 |
About Narmadesh Brass Industries Ltd.
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat.
The company’s manufacturing facility spans 6,293 m², situated at Plot Nos. 5, 8 & 9 in the Shree Ganesh Industrial Hub, Jamnagar – a city renowned as India’s “Brass City” due to its dense concentration of brass producers.
Narmadesh specializes in producing a wide variety of brass products for both domestic and export markets. Their portfolio includes:
- Brass Billets
- Brass Rods
- Brass Valves (including ball valves and NRVs)
- Plumbing and Sanitary Fittings (including lead-free options)
- Agricultural Sprayer Parts and Garden Fittings
- Customization via Casting, Forging, Turning, CNC & VMC Machined Components.
Their in-house processes ensure tight control over quality, from production to dispatch.
The company holds ISO 9001:2015 certification for its Quality Management System, reflecting strong adherence to international quality benchmarks.
This includes its capabilities in casting and forging operations, all executed within the same premises.
As of September 30, 2025, the firm employed 81 contract labourers to support its manufacturing operations.
Competitive Strengths
- A well-equipped, ISO-certified manufacturing facility located in the brass-rich hub of Jamnagar (often referred to as “Brass City”) ensures efficiency and supply chain advantages.
- Full process control—from raw brass billet casting to finished product dispatch—allows better quality assurance and responsiveness to client needs.
- Experienced promoters and management team, including leadership by Hitesh Pragajibhai Dudhagara and others who bring continuity from the prior partnership structure.
Company Financials (Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 63.10 | 59.66 | 46.68 | 22.00 |
| Total Income | 34.21 | 88.05 | 79.06 | 60.09 |
| Profit After Tax | 4.01 | 5.72 | 7.10 | 0.89 |
| EBITDA | 6.24 | 9.34 | 11.41 | 2.13 |
| NET Worth | 22.46 | 11.45 | 5.73 | 8.30 |
| Reserves and Surplus | 23.30 | 12.69 | 6.97 | |
| Total Borrowing | 19.21 | 24.73 | 22.43 | 5.94 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/ prepayment, in full or in part, of certain outstanding borrowings | 14.50 |
| 2 | Purchase of machinery and equipment | 3.29 |
| 3 | Funding Working capital requirements | 10.20 |
| 4 | General Corporate Purpose | 4.60 |
Key Performance Indicator (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 17.86% | 49.99% |
| ROCE | 13.31% | 23.29% |
| RoNW | 17.86% | 49.99% |
| PAT Margin | 11.74% | 6.52% |
| EBITDA Margin | 18.26% | 10.64% |
| Price to Book Value | 5.50 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 26.23 | 25.87 |
| P/E (x) | 19.63 | 19.9 |
| Promoter Holding | 99.92% | 71.84% |
| Market Cap | ₹159.69 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Narmadesh Brass Industries IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
The Narmadesh Brass Industries IPO is subscribed 1.25 times on January 16, 2026 6:54:57 PM (Day 4). The public issue subscribed 0.44 times in the individual investors category, [.] times in the QIB category, and 1.92 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| NII* | 1.92 | 4,12,800 | 7,91,520 | 0 |
| Individual Investor | 0.44 | 4,12,800 | 1,83,360 | 0 |
| Total | 1.25 | 8,25,600 | 10,32,960 | 658 |
Total Applications: 658
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead manager(s) fees | 0.50 |
| 2 | Underwriting commission | 2.24 |
| 3 | Fees Payable to Market Maker | 0.15 |
| 4 | Fees Payable to Registrar to the Offer | 0.01 |
| 5 | Fees Payable to Auditor, Legal Advisors & Other Advisors | 0.11 |
| 6 | Fees Payable for Advertising and marketing expenses | 1.16 |
| 7 | Fees Payable to Regulators including stock exchanges | 0.10 |
| 8 | Fees Payable for Printing and distribution of issue stationary | 0.03 |
| 9 | Brokerage, selling commission and upload fees | 0.01 |
Listing Day Trading Information
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹515.00 |
| Open | ₹495.00 |
| Low | ₹470.25 |
| High | ₹495.00 |
| Last Trade | ₹470.25 |
Check IPO Performance…
IPO Registrar
Kfin Technologies Ltd.
- 04067162222, 04079611000
- einward.ris@kfintech.com
- Visit Website
IPO Lead Manager(s)
- Aryaman Financial Services Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- +91 028 95299401
- info@narmadeshbrass.com
- Visit Website
IPO FAQs
Narmadesh Brass Industries IPO is a SME IPO of 8,71,200 equity shares of the face value of ₹10 aggregating up to ₹45 Crores. The issue is priced at ₹515 per share. The minimum order quantity is 240.
The IPO opens on Mon, Jan 12, 2026, and closes on Fri, Jan 16, 2026.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Narmadesh Brass Industries IPO using UPI as a payment gateway. Zerodha customers can apply in Narmadesh Brass Industries IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Narmadesh Brass Industries IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Narmadesh Brass Industries IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Narmadesh Brass Industries IPO opens on Mon, Jan 12, 2026 and closes on Fri, Jan 16, 2026.
Narmadesh Brass Industries IPO lot size is 240, and the minimum amount required for application is ₹2,47,200, with 2 lots being the minimum application size.
You can apply in Narmadesh Brass Industries IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Narmadesh Brass Industries IPO will be done on Monday, January 19, 2026, and the allotted shares will be credited to your demat account by Tue, Jan 20, 2026. Check the Narmadesh Brass Industries IPO allotment status.
The Narmadesh Brass Industries IPO listing date is on Wed, Jan 21, 2026.
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