The Narmadesh Brass Industries IPO will issue 8,71,200 shares, with a face value of ₹10 per share. The total issue amounts to ₹45 crore. Bids can be placed starting from January 12, 2026. The subscription window closes on January 15, 2026. The allotment is scheduled on January 16, 2026. The shares are expected to debut on the BSE SME platform on January 20, 2026.
Investors can apply for lots of 240 shares at a fixed price of ₹515 per share. For individual investors, the minimum bid consists of 2 lots, amounting to ₹2,47,200. The HNI category will have an outlay of ₹3,70,800 for 3 lots.
Narmadesh Brass Industries IPO Details
Here is an overview of the key information related to the issue:
| Particulars | Details |
| IPO Opens | January 12, 2026 |
| IPO Closes | January 15, 2026 |
| Face Value | ₹10 per share |
| Price Band | |
| Issue Price | ₹515 per share |
| Issue Type | Fixed Price IPO |
| IPO Lot Size | 240 Shares |
| Offer for Sale | 1,70,400 shares (₹9 Crore) |
| Fresh Issue | 6,55,200 shares (₹34 Crore) |
| Reserved for Market Maker | 45,600 shares (₹2 Crore) |
| Total Issue Size (₹ Crore) | 8,71,200 shares (₹45 Crore) |
| Listing at | BSE SME |
| Minimum Investment | ₹2,47,200 |
Narmadesh Brass Industries IPO Timeline
The IPO will run as per the following dates:
| Particulars | Details |
| Bidding Starts | January 12, 2026 |
| Bidding Ends | January 15, 2026 |
| Allotment Scheduled | January 16, 2026 |
| Refund Initiation | January 19, 2026 |
| Demat Credit of Shares | January 19, 2026 |
| Listing Expected | January 20, 2026 |
| UPI mandate cut-off | – |
Narmadesh Brass Industries Key Performance Indicator
The key performance indicators (KPIs) of Narmadesh Brass Industries are presented in the following table:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 10.77 | 123.94 | 49.99 |
| ROCE (%) | 11.20 | 37.05 | 23.29 |
| Debt Equity (times) | 0.72 | 2.50 | 1.68 |
| RoNW (%) | 10.77 | 123.94 | 49.99 |
| PAT Margin (%) | 1.49 | 9.00 | 6.52 |
| EBITDA margin (%) | 3.56 | 14.46 | 10.64 |
| Price Book Value | – | – | – |
Narmadesh Brass Industries Financials
Presented below is an overview of Narmadesh Brass Industries’ core financial performance metrics:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 6,009.21 | 7,906.11 | 8,805.02 |
| Total Asset | 2,200.22 | 4,668.21 | 5,965.91 |
| Profit | 89.37 | 709.61 | 572.30 |
Subscription Status of Narmadesh Brass Industries IPO
The subscription status of the Narmadesh Brass Industries IPO is as follows:
| Day | NII | Individual Investor | Total |
| Day 1 | |||
| Day 2 | |||
| Day 3 |
Narmadesh Brass Industries IPO Grey Market Premium Today
With a grey market premium of ₹0, the Narmadesh Brass Industries IPO is seeing a neutral response so far. The premium hasn’t changed in the past two days, and 0% listing gains can be expected on the listing date.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 12-01-2026 | ₹0 | ₹515 | 0% | Neutral |
| 11-01-2026 | ₹0 | ₹515 | 0% | Neutral |
| 10-01-2026 | ₹0 | ₹515 | 0% | Neutral |
| 09-01-2026 | ₹0 | ₹515 | 0% | Neutral |
| 08-01-2026 | ₹0 | ₹515 | 0% | Neutral |
| 07-01-2026 | ₹0 | ₹515 | 0% | Neutral |
Note: The GMP figures are taken from unofficial market activity and can change based on fluctuations in demand, subscription trends, and market sentiment.
Narmadesh Brass Industries IPO Reservation
The share reservation for this IPO is split across investor categories.
| Investor Category | Reservation |
| Market Maker Shares Offered | 45,600 (5.23%) |
| QIB Shares | – |
| NII (HNI) Shares | 4,12,800 (47.38%) |
| Retail Shares | 4,12,800 (47.38%) |
| Total Shares | 8,71,200 (100.00%) |
Narmadesh Brass Industries IPO Lot Size
Applications may be submitted according to the lot sizes outlined below:
| Investor Type | Lots | Shares | Amount |
| Retail Investors (Minimum) | 2 | 480 | ₹2,47,200 |
| Retail Investors (Maximum) | 2 | 480 | ₹2,47,200 |
| HNI (Minimum) | 3 | 720 | ₹3,70,800 |
Details of Narmadesh Brass Industries IPO Anchor Investors
Narmadesh Brass Industries IPO follows a fixed-price SME structure and does not include any anchor investor allocation. As a result, there are no separate anchor investor details associated with this issue.
Prospectus of the Narmadesh Brass Industries IPO
These documents have additional details regarding the IPO:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | Not Applicable |
| Final Prospectus |
About Narmadesh Brass Industries
Narmadesh Brass Industries Limited was incorporated on October 30, 2023, following its transition from a partnership firm established in 2019. The promoter group includes Mr. Hitesh Dudhagara, the Managing Director, along with Mrs. Ronak Dudhagara and M/s Sprayking Limited.
The company manufactures a wide range of brass products, including billets, rods, valves, fittings, and precision components used across agriculture, plumbing, sanitaryware, and industrial applications. Operating from its Jamnagar facility in Gujarat, Narmadesh Brass functions within the brass manufacturing segment, where it competes with Poojawestern Metaliks Limited and Siyaram Recycling Industries Limited, while steadily expanding its product depth and market reach.
| Issue Registrar | Kfin Technologies Ltd. |
| Lead Manager | Aryaman Financial Services Ltd. |
Narmadesh Brass Industries IPO Objectives
The funds raised from the issue are proposed to be used for the objectives listed below:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1 | Loan repayment/prepayment | 1,450 |
| 2 | Purchase of Machinery and Equipment | 329 |
| 3 | Working Capital Needs | 1,020 |
| 4 | General Corporate Purposes | 460 |
Strength Of Narmadesh Brass Industries
The following factors have supported the company’s growth and helped strengthen its operating position.
1. Integrated Manufacturing Setup
A well-equipped facility allows control over production quality, costs, and flexibility in production across brass rods, billets, valves, and components.
2. Strategic Location Advantage
Operations in Jamnagar provide easy access to raw materials, skilled labour, and logistics, supporting cost efficiency and smoother execution.
3. Diversified Product Portfolio
Revenue is spread across multiple brass products and applications, reducing dependence on any single product line.
4. Experienced Promoters and Management
Leadership with decades of industry experience drives operational discipline, customer relationships, and long-term business direction.
Risk of Narmadesh Brass Industries
The business is exposed to the following risks that could influence its operations and stability:
1. Working Capital Intensity
High levels of receivables and inventory lock up cash and may strain liquidity if turnover slows or recoveries are delayed.
2. Geographic Dependence
Most revenue comes from a few states, making operations vulnerable to regional disruptions, policy changes, or economic slowdowns.
3. Leasehold Facilities
Manufacturing and warehouse premises are leased from promoters; any non-renewal could disrupt operations and increase costs.
4. Raw Material Price Risk
The profit margins are exposed to fluctuations in brass, copper, and zinc prices, including currency-linked import costs.
Narmadesh Brass Industries IPO Review
Narmadesh Brass Industries IPO offers an investment opportunity in a brass manufacturing player backed by integrated operations and seasoned promoters. The business benefits from product diversity and a strong manufacturing base. However, working capital pressure and raw material volatility remain watchpoints. The current GMP signals muted listing expectations. This issue is more appropriate for long-term investors comfortable with SME-related risks.
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Narmadesh Brass Industries IPO FAQs
Narmadesh Brass Industries IPO is a fixed-price SME issue of about ₹45 crore, combining a fresh issue and an offer for sale, proposed to be listed on BSE SME.
You can apply during the offer period through your stockbroking platform by selecting the IPO, choosing the required lot size, and completing the application via ASBA or UPI before the cut-off time.
The IPO presents a mixed picture. Operational strengths support the business, but risks and flat GMP suggest it suits patient investors rather than quick listing-gain seekers.
With the grey market premium currently at ₹0, the IPO does not indicate any immediate listing upside. Returns, if any, are likely to depend on long-term business execution rather than short-term price movement.
The IPO opens for subscription on January 12, 2026.
The lot size is 240 shares. Retail investors must apply for 2 lots (480 shares), requiring an investment of ₹2,47,200.
The allotment is expected to be finalised on January 16, 2026.
The shares are scheduled to list on the BSE SME platform on January 20, 2026.
