A-One Steels India IPO
A-One Steels India shares listed on BSE and NSE on 1 October 2026 after an IPO priced at ₹405, an issue of ₹405 crore.
- Minimum investment
- ₹14,9851 lot of 37 shares, at the issue price
- Issue price
- ₹405
- Lot size
- 37 shares
- Issue size
- ₹405 croreFresh issue and offer for sale
- Bidding
- 24 Sep to 28 Sep
- Listing
- 1 OctBSE, NSE
Dates
A-One Steels India IPO dates
RHP cover page and Terms of the Offer (p. 719)- 23 SepAnchor bidding
- 24 SepBidding opens
- 28 SepBidding closes, UPI by 5 pm
- 29 SepAllotment
- 30 SepRefunds and demat credit
- 1 OctListing
- Today7 Nov
Read before you apply
A-One Steels India IPO review: read before you apply
Worth checking
- SeriousHigh debt
Net debt was ₹985.37 crore in March 2026 and finance cost was ₹109.19 crore in FY26. The IPO repays ₹250 crore of loans (RHP, KPIs and Objects of the Offer).
- SeriousProfit has swung sharply
Profit was ₹38.91 crore in FY24, fell to ₹7.71 crore in FY25 and rose to ₹127.41 crore in FY26. The company says it may not sustain the FY26 level (Risk factor 1).
- Cash from operations fell
Cash from operations dropped from ₹325.40 crore in FY24 to ₹62.80 crore in FY26, while trade receivables rose 51.9% in FY26 to ₹664.46 crore (our calculation from the restated financial information).
- One state gives over half the sales
Karnataka gave 54.86% of FY26 revenue, and all six plants are in Karnataka and Andhra Pradesh (Risk factors 6 and 15).
- Part of revenue is trading
Resale of coal, iron ore, scrap and MS billets was 18.22% of FY26 revenue. Trading usually earns lower margins (Risk factor 24).
- Cases and past penalties
66 cases are pending against the company with ₹55.58 crore involved, and the Registrar of Companies levied penalties on the company and promoters between FY21 and FY25 (Risk factors 4 and 26).
Strengths
- Integrated steel maker
It makes sponge iron, billets and coils for its own use and turns them into TMT bars and pipes. Crude steel capacity was 5.70 lakh tonnes a year, used at 89.14% in FY26 (RHP, Our Business).
- Better margins in FY26
EBITDA margin rose from 4.49% in FY24 to 7.29% in FY26, above MSP Steel (6.25%) and Jai Balaji (6.04%) (RHP, Basis for Offer Price).
- Debt falling against equity
Debt to equity fell from 2.34 in FY24 to 1.17 in FY26 (RHP, KPIs).
- Mostly green power
Renewable energy was 83.20% of electricity used in FY26 (RHP, KPIs).
- No single big customer
The top 10 customers gave 27.90% of FY26 revenue (Risk factor 11).
What A-One Steels India does
A-One Steels India makes long and flat steel products such as TMT bars, HR coils, CR coils and pipes, along with sponge iron, MS billets, met coke and ferro alloys. Its products are used in construction, infrastructure and industry.
It was incorporated in 2012 and started making MS billets in 2013 at Gauribidanur, Karnataka. It now runs six plants with its subsidiaries in Karnataka and Andhra Pradesh. Its promoters are Sandeep Kumar, Sunil Jallan and Krishan Kumar Jalan.
Listing and subscription
A-One Steels India IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹405
- Listing price
- ₹455
- Gain at open
- +12.3%
- Day close
- ₹416.55
Subscription
- Total
- 11.61x
- Retail
- 8.64x
- Updated
- 28 Sep 2026, 5:00 pm IST
- QIB50% of offer7.30x
- NII15% of offer24.51x
- Big NII24.88x
- Small NII23.78x
- Retail35% of offer8.64x
- Employee4.87x
- Total11.61x
As of 28 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
A-One Steels India IPO price band, lot size and issue size
RHP cover page and The Offer (p. 147). Fresh issue of up to ₹355.00 crore. Share counts are our calculation at the issue price of ₹405.| Issue price | ₹405 |
| Lot size | 37 shares |
| Issue size | ₹405 crore at the upper price |
| Fresh issue | ₹355 crore |
| Offer for sale | ₹50 crore by promoters Sandeep Kumar (up to ₹20 crore), Sunil Jallan (up to ₹20 crore) and Krishan Kumar Jalan (up to ₹10 crore) |
| Face value | ₹10 per share |
| Employee quota | Up to ₹2 crore of shares for eligible employees |
| Employee discount | ₹38 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 210 to 213)| Object of the issue | ₹ crore |
|---|---|
| Repay or prepay part of the company's loans (Bajaj Finance, Jio Credit, HDFC Bank, Axis Bank, ICICI Bank, SBI) | 250.00 |
| General corporate purposes. Amount to be fixed after pricing, up to 25% of gross proceeds | |
| Offer for sale by the three promoters. The company receives none of this money | 50.00 |
Minimum and maximum investment
Our calculation: at ₹405 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 37 | ₹14,985 |
| Retail (max) | 13 | 481 | ₹1,94,805 |
| Small NII (min) | 14 | 518 | ₹2,09,790 |
| Small NII (max) | 66 | 2,442 | ₹9,89,010 |
| Big NII (min) | 67 | 2,479 | ₹10,03,995 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 219 to 224)Set to the issue price, ₹405. Change it to see what you would be paying for.
- Market cap
- ₹3,128 cr
- P/E (FY26, diluted)
- 21.9x
- Price to book
- 3.8x
- Market cap to sales
- 0.8x
- Peer average P/E
- 45.2x
Based on FY26, diluted EPS of ₹18.47, 7.72 crore shares, net worth of ₹819.52 crore (March 2026) and revenue of ₹4,167.33 crore. The peer average P/E of 45.20x is from the RHP (p. 220), across MSP Steel and Power, Jai Balaji Industries and Shyam Metalics and Energy. Shares are after the IPO (our calculation at the issue price of ₹405).
Financials
A-One Steels India financials
RHP, Restated Consolidated Financial Information and KPIs (p. 150 to 152, 223 to 224), ₹ croreRevenue and EBITDA
Revenue grew 4.2% a year from FY24 to FY26, after a fall in FY25 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 3,835.93 | 3,544.37−7.6% | 4,167.33+17.6% |
| EBITDA | 172.19 | 174.06 | 303.64 |
| EBITDA margin | 4.49% | 4.91% | 7.29% |
| Profit after tax | 38.91 | 7.71−80.2% | 127.41+1552.5% |
| Diluted EPS (₹) | 6.56 | 1.28 | 18.47 |
| Total equity | 444.91 | 718.26 | 863.36 |
| Cash from operations | 325.40 | 108.96 | 62.80 |
| Net debt | 992.79 | 951.96 | 985.37 |
Consolidated figures. Revenue includes government grants, as in the RHP's KPIs. The RHP has no stub period. FY25 includes a ₹4.44 crore exceptional charge and FY26 a ₹0.53 crore exceptional gain.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 222). Peer prices as of 11 Sep 2026.| Company | Total income (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| A-One Steels India | 4,202.05 | 18.47 | 21.93x at issue price (ours) | 15.43% |
| MSP Steel and Power | 2,846.04 | 0.56 | 61.52x | N.A. |
| Jai Balaji Industries | 5,820.59 | 1.42 | 45.76x | N.A. |
| Shyam Metalics and Energy | 18,755.82 | 37.97 | 28.31x | 10.10% |
The peer average P/E of 45.2x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| PAT margin | 1.01% | 0.22% | 3.06% |
| Return on equity | 8.75% | 1.07% | 14.76% |
| Return on capital employed | 8.67% | 7.03% | 12.86% |
| Debt to equity | 2.34 | 1.34 | 1.17 |
| Working capital days | 58 | 54 | 53 |
| Renewable share of electricity | 88.86% | 89.46% | 83.20% |
| Revenue from Karnataka | 50.31% | 57.20% | 54.86% |
Return on equity is after exceptional items.
RHP, Basis for Offer Price, KPIs (p. 224) and Our Business (p. 337)
Company
About A-One Steels India
Business
RHP, Our Business (p. 337 to 339)TMT bars, pipes and tubes, and sponge iron gave 61.61% of FY26 revenue. Coal, iron ore, scrap and MS billet sales are mainly trading. Most sales go to Karnataka, Andhra Pradesh, Tamil Nadu, Maharashtra and Telangana.
Revenue by product, FY26
- Manufacturing plants
- 6
- Crude steel capacity a year
- 5,70,000 tonnes
- Revenue from Karnataka, FY26
- 54.86%
- Working capital days, FY26
- 53
Key risks
RHP, Risk Factors- Steel cycleSteel demand and prices are cyclical and volatile.
- Profit swingsProfit and margins have moved sharply and FY26 may not repeat.
- Product concentrationThree products gave 61.61% of FY26 revenue.
- Regional concentrationOver half of sales and all plants are in two southern states.
- Supplier concentrationTop 10 suppliers gave over 49% of purchases.
- Working capitalReceivables and inventory are large and payment delays could hurt cash flow.
- Promoter supportPromoters have lent ₹137.67 crore and guaranteed company loans.
- Expansion riskNew projects at Koppal could face delays or cost overruns.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingA pending merger of two subsidiaries would add 6,24,213 shares.
The three promoters own 85.56% before the IPO and are the only sellers. After-IPO holdings are our calculation at the issue price of ₹405. A pending merger of two subsidiaries would add 6,24,213 shares.
| Shareholder | Before IPO | Selling (₹ crore) | After IPO (ours) |
|---|---|---|---|
| Sandeep Kumar (promoter) | 32.81% | Up to 20.00 | 28.45% |
| Sunil Jallan (promoter) | 30.29% | Up to 20.00 | 26.21% |
| Krishan Kumar Jalan (promoter) | 22.46% | Up to 10.00 | 19.59% |
| Promoter group (3 holders) | 0.30% | Nil | 0.27% |
| Goodluck India | 0.58% | Nil | 0.51% |
RHP, Capital Structure (p. 200 to 202) and cover page
IndustryIndia crude steel production FY2026: About 169.2 million tonnes (up 11.2%)
- India crude steel production FY2026
- About 169.2 million tonnes (up 11.2%)
- Expected growth FY2027 to FY2031
- 7% to 8% a year
These are figures for all Indian crude steel, not only TMT bars, pipes or sponge iron.
CRISIL Market Intelligence & Analytics report in the RHP, commissioned and paid for by the company (p. 271 to 272)
LitigationAgainst the company: criminal, tax, regulatory, civil and other: 66 · By the company: 40 · Against subsidiaries: tax, regulatory and civil: 59
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory, civil and other | 66 | ₹55.58 crore |
| By the company | 40 | ₹40.17 crore |
| Against subsidiaries: tax, regulatory and civil | 59 | ₹10.69 crore |
| Against promoters: criminal and tax | 16 | ₹17.51 crore |
RHP, Risk Factors (summary of outstanding litigation, p. 87)
Company detailsLegal name, registered office, CIN and website
| Legal name | A-One Steels India Limited |
| Founded | 2012, as A-One Steel and Alloys Private Limited |
| Promoters | Sandeep Kumar, Sunil Jallan, Krishan Kumar Jalan |
| Main product | TMT bars |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
A-One Steels India IPO allotment status
Out from 29 Sep 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select A-One Steels India LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
A-One Steels India IPO FAQs
When does the A-One Steels India IPO open and close?
The A-One Steels India IPO opens on Thursday, 24 September 2026 and closes on Monday, 28 September 2026. Anchor bidding is on 23 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the A-One Steels India IPO price band and lot size?
The price is ₹405 per share. The lot size is 37 shares, so the minimum bid is 37 shares, or ₹14,985 at the upper price.
What is the A-One Steels India IPO size?
The A-One Steels India IPO is of ₹405 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoters Sandeep Kumar (up to ₹20 crore), Sunil Jallan (up to ₹20 crore) and Krishan Kumar Jalan (up to ₹10 crore).
What is the A-One Steels India IPO allotment date?
Allotment is on Tuesday, 29 September 2026. Refunds and demat credit are expected on 30 September 2026.
What is the A-One Steels India IPO listing date?
A-One Steels India shares are due to list on BSE and NSE on Thursday, 1 October 2026.
Who is the registrar of the A-One Steels India IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does A-One Steels India do?
A-One Steels India is a Bangalore-based integrated steel maker with six plants in Karnataka and Andhra Pradesh, making TMT bars, pipes and tubes, sponge iron, coils, met coke and ferro alloys.
What does A-One Steels India make?
Steel products such as TMT bars, pipes and tubes, coils, sponge iron and MS billets, plus met coke and ferro alloys. TMT bars were 29.00% of FY26 revenue.
What is the A-One Steels India IPO size?
Up to ₹405 crore, made of a fresh issue of up to ₹355 crore and an offer for sale of up to ₹50 crore.
How will A-One Steels India use the IPO money?
₹250 crore of the fresh issue goes to repay loans and the rest to general corporate purposes. The ₹50 crore from the offer for sale goes to the selling promoters.
Who is selling shares in the A-One Steels India IPO?
The three promoters, Sandeep Kumar and Sunil Jallan (up to ₹20 crore each) and Krishan Kumar Jalan (up to ₹10 crore).
When does the A-One Steels India IPO open and close?
It opened on 24 Sep 2026 and closed on 28 Sep 2026. The shares listed on BSE and NSE on 1 Oct 2026.
What was the price band and lot size?
The price band was ₹385 to ₹405 and one lot was 37 shares (NSE issue details). Shares were issued at ₹405.
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