Rudra Green Ship Recycling IPO
Rudra Green Ship Recycling Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to 1,90,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹12.65 crore on revenue of ₹204.52 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- Cumulative Capital Private Limited
- Last SEBI contact
- 15 Oct 2026
- Price band and dates
- Not announced
Where it stands
Rudra Green Ship Recycling IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 15 October 2026 (day count is our calculation).
DRHP at a glance
Rudra Green Ship Recycling DRHP at a glance
Draft red herring prospectus, 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Risk Factors (p. 26 to 31) and Basis for the Issue Price, KPIs (p. 113 to 116)Rudra Green Ship Recycling breaks up end-of-life ships at its plot in the Alang-Sosiya Ship Recycling Yard, Gujarat, allotted by the Gujarat Maritime Board, and sells the steel and other materials.
Its group company Rudra Global Infra Products, a related party, bought 52.46% of FY26 revenue, and the top 10 customers 66.29%. It was incorporated in 2018 and is based in Bhavnagar, Gujarat.
The offer
DRHP cover page and The Issue (p. 67)| Fresh issue | Up to 1,90,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 3,00,00,000Face value ₹5. The fresh issue equals about 63.3% of them (ours) |
| Pre-IPO placement | Up to ₹22 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Cumulative Capital Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Ashokkumar Jagdishram Gupta, Shamarani Ashokkumar Gupta, Sahil Ashok Gupta, Shrishti Nikhilkumar Gupta and Sonthalia Steel Rolling Mills Private Limited |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 101 to 102)| Object | ₹ crore |
|---|---|
| Working capital | 90.00 |
| Unidentified acquisitions, other strategic initiatives and general corporate purposes (set later) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 69 to 73) and Basis for the Issue Price, KPIs (p. 113 to 116), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 179.51 | 179.20 | 204.52 |
| EBITDA | 8.43 | 16.73 | 21.79 |
| EBITDA margin | 4.69% | 9.33% | 10.65% |
| Profit after tax | 5.37 | 9.82 | 12.65 |
| Diluted EPS (₹) | 1.79 | 3.27 | 4.22 |
| Net worth | 30.01 | 39.82 | 52.47 |
| Cash from operations | -22.06 | -9.23 | -4.65 |
| Return on equity | 19.64% | 28.11% | 27.40% |
| Debt to equity | 1.18 | 1.32 | 1.19 |
Restated figures. Net worth is as given in the KPI table. Cash from operations was negative in all three years. Revenue grew about 6.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 113 to 114).The DRHP names one listed peer, so its P/E is also the industry high, low and average. The P/E for Rudra Green is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Rudra Green Ship Recycling (FY26) | 4.22 | Set with the price band | 27.40% |
| VMS Industries | – | 29.75x | – |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 31)- Related-party salesGroup company Rudra Global Infra Products bought 52.46% of FY26 revenue. (Risk factor 1, p. 26)
- Yard permissionPermission to use its ship recycling plot expired on 18 Jan 2026 and has only been extended. (Risk factor 2, p. 28)
- Negative cash flowCash flow from operations was negative in FY24, FY25 and FY26. (Risk factor 3, p. 29)
- Ship supplyIt must keep finding end-of-life ships at workable prices. (Risk factor 4, p. 29)
- Iran conflictThe Iran-US conflict has disrupted shipping and raised vessel and gas prices. (Risk factor 5, p. 30)
- SanctionsSanctions on vessels linked to Iran or other countries could affect the business. (Risk factor 6, p. 31)
Documents
Rudra Green Ship Recycling DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Rudra Green Ship Recycling IPO FAQs
When will the Rudra Green Ship Recycling IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the Rudra Green Ship Recycling IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Rudra Green Ship Recycling IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Rudra Green Ship Recycling IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Rudra Green Ship Recycling IPO?
Cumulative Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Rudra Green Ship Recycling do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹90.00 crore), and the rest to general corporate purposes.
What does Rudra Green Ship Recycling do?
Rudra Green Ship Recycling breaks up end-of-life ships at its plot in the Alang-Sosiya Ship Recycling Yard, Gujarat, allotted by the Gujarat Maritime Board, and sells the steel and other materials.
Where can I read the Rudra Green Ship Recycling DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 441 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.