Sky Alloys and Power IPO
Sky Alloys and Power Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 1,60,84,000 shares and an offer for sale of up to 18,07,000 shares by two promoter selling shareholders. In FY25, the latest full year the draft covers, the company made a profit of ₹52.95 crore on revenue of ₹819.24 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 24 Jun 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Gretex Corporate Services Limited
- Last SEBI contact
- 29 Sep 2026
- Price band and dates
- Not announced
Where it stands
Sky Alloys and Power IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI24 Jun 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 24 June 2026, 135 days ago, and its last communication on the draft was on 29 September 2026 (day count is our calculation).
DRHP at a glance
Sky Alloys and Power DRHP at a glance
Draft red herring prospectus, 22 Jun 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, Our Business (p. 220 to 221) and Basis for Offer Price, KPIs (p. 151 to 152)Sky Alloys and Power is an integrated steel maker producing sponge iron, mild steel billets, TMT bars and ferro alloys, and it also trades sponge iron, mild steel billets and steel raw materials. Its manufacturing units are at Raigarh, Chhattisgarh, which the draft says puts them close to the key raw materials and cuts procurement distances and transport costs. It started its first direct reduced iron plant in 2013, added a ferro alloys plant in 2014, a steel melting shop and continuous casting machine for billets in 2015, and a rolling mill for TMT bars in 2024. Products are sold business to business to other steel makers, and under the retail brand SKY TMT, registered in 2024, for which the company engaged the cricketer Suryakumar Yadav as brand ambassador from December 2025 to December 2027.
Captive power comes from waste heat recovery and atmospheric fluidised bed combustion boilers, two captive power plants and a 9 MWp solar plant at Raunda, with a 19 MWp solar plant at Keshdabri being commissioned and a 22 MWp plant planned at Mopka. The Directorate of Industries, Government of Chhattisgarh has recognised the company as a Mega Manufacturing Enterprise, and its units are eligible for incentives under the state's Industrial Policy 2019-24. Production volume was 2,70,099 MT in FY25, against 1,49,595 MT in FY23, and the customer count rose from 263 to 512 over the same period. Average manpower was 732 in FY25.
The offer
DRHP cover pages, The Offer (p. 76) and Capital Structure (p. 97)| Fresh issue | Up to 1,60,84,000 sharesFace value ₹10 each. Money goes to the company |
| Offer for sale | Up to 18,07,000 sharesBy promoter selling shareholders Ravi Singhal, up to 12,04,800 shares at a weighted average cost of ₹2.82, and Nisha Singhal, up to 6,02,200 shares at ₹2.31 |
| Shares before the IPO | 4,83,73,451The total offer of up to 1,78,91,000 shares is about 37.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Gretex Corporate Services Limited and Arihant Capital Markets Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ravi Singhal, Sandeep Agrawal, Nisha Singhal, Vikas Agrawal and Vinay Kumar Agrawal |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 138 to 139)| Object | ₹ crore |
|---|---|
| Repayment or pre-payment of borrowings | 190.00 |
| General corporate purposes (set later) |
The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the offer price, so no total is shown. Offer expenses are deducted before these amounts. Total outstanding borrowings were ₹318.00 crore as of 31 March 2026, of which ₹190.00 crore is proposed to be repaid. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 79 to 82) and Basis for Offer Price, KPIs (p. 149 to 152), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 553.71 | 629.69 | 819.24 |
| Total income | 554.37 | 631.23 | 821.09 |
| EBITDA | 77.61 | 89.24 | 108.46 |
| EBITDA margin | 14.02% | 14.17% | 13.24% |
| EBIT margin | 11.23% | 11.72% | 11.31% |
| Profit after tax | 37.60 | 46.95 | 52.95 |
| Profit after tax margin | 6.79% | 7.46% | 6.46% |
| Diluted EPS (₹) | 5.47 | 6.78 | 8.48 |
| Total equity | 119.69 | 165.47 | 218.35 |
| Cash from operations | 52.55 | 53.17 | 5.10 |
| Return on net worth | 38.15% | 32.93% | 27.59% |
| Return on capital employed | 24.13% | 21.12% | 18.67% |
| Debt to equity | 1.11 | 1.08 | 1.23 |
| Current ratio | 1.35 | 1.37 | 1.35 |
| Working capital (days) | 25 | 25 | 27 |
| Production volume (MT) | 1,49,595 | 2,13,144 | 2,70,099 |
| Customers | 263 | 294 | 512 |
Restated figures for the three full years to FY25. Revenue, profit and production all rose across the three years, while EBITDA margin, return on net worth and return on capital employed narrowed. Cash from operations fell sharply in FY25, to ₹5.10 crore from ₹53.17 crore. Total equity is equity share capital plus other equity. Return on net worth is worked out on average net worth. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹17.28, ₹23.89 and ₹46.94 at the end of FY23, FY24 and FY25, the rise in FY25 reflecting the capital reduction.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 149 to 150). Peer prices as of 19 June 2026 on NSE and BSE, and peer figures for the year ended 31 March 2025 on a consolidated basis.The document puts the peer group P/E high at 42.95 times for Gallant Ispat, the low at 7.34 times for Prakash Industries and the average at 25.15 times. The P/E for Sky Alloys and Power is not given until the offer price is set. Peer P/E is worked out on basic earnings per share.
| Company | Basic EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Sky Alloys and Power (FY25) | 8.48 | Set with the offer price | 27.59% |
| Godawari Power & Ispat | 13.24 | 20.32x | 17.29% |
| Sarda Energy & Minerals | 19.86 | 26.37x | 13.80% |
| Gallant Ispat | 16.61 | 42.95x | 15.14% |
| Prakash Industries | 19.85 | 7.34x | 11.21% |
Risks the draft lists first
DRHP, Risk Factors (p. 30 to 38)- Income tax litigationIncome tax litigation is pending against the company, some promoters and promoter group members. (Risk factor 1, p. 30)
- Capital reductionThe company carried out a capital reduction under an order of the National Company Law Tribunal, Cuttack bench, extinguishing shares held by a promoter selling shareholder and a promoter group member, and further proceedings on it could affect the business. (Risk factor 2, p. 32)
- Steel cycleDemand and pricing in the iron and steel industry are volatile and cyclical, and most revenue comes from steel products. (Risk factor 5, p. 34)
- Project overrunsThe company is exposed to time and cost overruns, delays and under-estimated costs on its expansion projects. (Risk factor 6, p. 35)
- SuppliersThe business depends on suppliers for raw materials and traded products, with the top ten suppliers accounting for a large share of purchases. (Risk factor 8, p. 37)
- Steel productsThe company is predominantly dependent on the sale of steel products and may not adapt to changing demand. (Risk factor 9, p. 38)
Documents
Sky Alloys and Power DRHP and documents
SEBI filings- Draft red herring prospectus, dated 22 Jun 2026, on SEBI since 9 Oct 2025
- Draft red herring prospectus, dated 22 Jun 2026, on SEBI since 25 Jun 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Sky Alloys and Power IPO FAQs
When will the Sky Alloys and Power 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 135 days ago (our calculation).
Has SEBI approved the Sky Alloys and Power 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 Sky Alloys and Power 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 Sky Alloys and Power 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 Sky Alloys and Power IPO?
Gretex Corporate Services 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 Sky Alloys and Power do with the IPO money?
According to the DRHP, the fresh issue money goes to repayment or pre-payment of borrowings (₹190.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Sky Alloys and Power do?
Sky Alloys and Power is an integrated steel maker producing sponge iron, mild steel billets, TMT bars and ferro alloys, and it also trades sponge iron, mild steel billets and steel raw materials. Its manufacturing units are at Raigarh, Chhattisgarh, which the draft says puts them close to the key raw materials and cuts procurement distances and transport costs. It started its first direct reduced iron plant in 2013, added a ferro alloys plant in 2014, a steel melting shop and continuous casting machine for billets in 2015, and a rolling mill for TMT bars in 2024. Products are sold business to business to other steel makers, and under the retail brand SKY TMT, registered in 2024, for which the company engaged the cricketer Suryakumar Yadav as brand ambassador from December 2025 to December 2027.
Where can I read the Sky Alloys and Power DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 October 2025. The draft is dated 22 June 2026 and runs to 519 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 22 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.