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Narmadesh Brass Industries Ltd. IPO
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat.
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.
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.
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 as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 49.99% |
| ROCE | 23.29% |
| RoNW | 49.99% |
| PAT Margin | 6.52% |
| EBITDA Margin | 10.64% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 26.23 | 25.87 |
| P/E (x) | 19.63 | 19.9 |
Narmadesh Brass IPO Details
| IPO Date | 12 to 15 Jan, 2026 |
| Listing Date | Tue, Jan 20, 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 |
Narmadesh Brass IPO Promoter Holding
The promoters of the company are M/s. Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara.
| Share Holding Pre Issue | 99.20% |
| Share Holding Post Issue | 71.84% |
SHARIAH SCREENING for - Narmadesh Brass Industries Ltd. IPO
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BUSINESS SCREEN
FINANCIAL RATIOS
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