A-One Steels India Limited is launching its Initial Public Offering (IPO) to raise funds for repayment of borrowings and general corporate purposes. The IPO totals up to Rs. 405 crore and includes a fresh offer of 87.65 lakh equity shares for Rs. 355 crore and an offer for sale of up to 12.35 lakh equity shares worth around Rs. 50 crore.
The price band for the A-One Steels India Limited IPO is fixed at Rs. 385 to Rs. 405 per share. The IPO will open for subscription on September 24, 2026, and close on September 28, 2026. The shares are proposed to be listed on the NSE and BSE on Thursday, October 01, 2026.
GMP of A-One Steels India Limited IPO
As of September 23rd, 2026, the shares of A-One Steels India Limited in the grey market were trading at a 12.59 percent premium. The shares in the Grey Market traded at Rs. 456. This gives it a premium of Rs. 51 per share over the cap price of Rs. 405.
Overview of A-One Steels India Limited
A-One Steels India Limited was incorporated in 2012 and was initially known as A-One Steel and Alloys Private Limited. The company subsequently changed its name and became a public limited company in December 2024. Its registered office is located in Bengaluru, Karnataka.
The company follows a backward-integrated manufacturing model, beginning with sponge iron and moving through MS billets to products such as TMT bars, HR coils, CR coils, HR/MS pipes and galvanized pipes and tubes. It also manufactures industrial products such as met coke, silicon manganese and ferro silicon. This integrated model allows the company to use several intermediate products captive in its downstream manufacturing operations.
A-One Steels has six manufacturing facilities across Karnataka and Andhra Pradesh. According to the RHP, its facilities collectively include production capacities for sponge iron, MS billets, HR coils, MS pipes, met coke and ferro alloys, along with GP pipes through its subsidiary.
The company’s product portfolio is diversified across long and flat steel products as well as industrial products. Its products find applications across construction, infrastructure, power plants, dams, bridges, highways, industrial structures and residential projects.
Promoters of A-One Steels India Limited
The promoters of A-One Steels India Limited are Sandeep Kumar, Sunil Jallan and Krishan Kumar Jalan. The three promoters are also the promoter selling shareholders in the IPO.
The company has a promoter group consisting of various individuals and entities associated with the promoters. The company also has several groups of entities, including A-One Gold Retail Private Limited, Laksh Steels, Krishan Kumar and Sons HUF, Sunil Kumar and Sons HUF and Sandeep Kumar HUF.
Selling Shareholders of A-One Steels India IPO
The Rs. 50 crore Offer for Sale comprises shares being sold by the three promoter selling shareholders. Sandeep Kumar proposes to sell shares worth up to Rs. 20 crore, Sunil Jallan up to Rs. 20 crore, and Krishan Kumar Jalan up to Rs. 10 crore.
The company itself will not receive any proceeds from this portion of the issue. The selling shareholders will receive the OFS proceeds after deducting applicable offer-related expenses and taxes.
Lead Managers of A-One Steels India IPO
PL Capital Markets Private Limited and Khambatta Securities Limited are the Book Running Lead Managers for the A-One Steels India IPO. Bigshare Services Private Limited is the registrar to the offer.
Objectives of the IPO Offer
The company plans to use the proceeds from the Rs. 355 crore fresh issue primarily for reducing its debt. According to the report, Rs. 250 crore has been earmarked for the pre-payment or partial repayment of certain outstanding borrowings. The remaining proceeds will be used for general corporate purposes and IPO-related expenses.
The debt-repayment component is an important part of the offer because A-One Steels operates in a capital-intensive industry and had borrowings of Rs. 1,011 crore on a consolidated basis as of March 31, 2026. The company had also reduced its debt-equity ratio from 2.34 times in FY24 to 1.34 times in FY25 and 1.17 times in FY26.
Financial Analysis of A-One Steels India
A-One Steels India reported revenue from operations of Rs. 3,834.21 crore in FY24, which declined to Rs. 3,541.78 crore in FY25, before recovering strongly to Rs. 4,148.57 crore in FY26. This represents a decline of around 7.63 percent in FY25, followed by a growth of approximately 17.13 percent in FY26.
The company’s EBITDA stood at Rs. 172.19 crore in FY24, Rs. 174.06 crore in FY25, and increased sharply to Rs. 303.64 crore in FY26. As a result, the EBITDA margin improved from 4.49 percent in FY24 to 4.91 percent in FY25 and 7.29 percent in FY26.
Profit after tax stood at Rs. 38.91 crore in FY24, fell sharply to Rs. 7.71 crore in FY25, and then increased to Rs. 127.41 crore in FY26. The PAT margin consequently improved from 1.01 percent in FY24 to 0.22 percent in FY25 and 3.06 percent in FY26.
The company’s net worth increased from Rs. 421.79 crore in FY24 to Rs. 676.63 crore in FY25 and Rs. 819.52 crore in FY26. Total borrowings stood at Rs. 1,042.53 crore in FY24, declined to Rs. 963.67 crore in FY25 and increased to Rs. 1,010.94 crore in FY26. Despite the increase in borrowings in FY26, the debt-equity ratio improved from 2.34 times in FY24 to 1.34 times in FY25 and 1.17 times in FY26, supported by the increase in net worth.
The company also reported ROCE of 12.86 percent and RoNW of 15.43 percent in FY26, compared with 7.03 percent and 1.25 percent, respectively, in FY25. Operating cash flow, however, declined from Rs. 108.96 crore in FY25 to Rs. 62.80 crore in FY26, which is another figure worth mentioning when discussing the company’s financial position.
A-One Steels India Limited Vs Peers
A-One Steels India Limited reported FY2026 total income of Rs. 4,202.05 crore, basic and diluted EPS of Rs. 18.47, RoNW of 15.43 percent, and NAV of Rs. 119.93 per share.
In comparison, MSP Steel and Power Limited reported total income of Rs. 2,846.04 crore, basic EPS of Rs. 0.60 and diluted EPS of Rs. 0.56, with an NAV of Rs. 18.18 per share. Jai Balaji Industries Limited reported total income of Rs. 5,820.59 crore, basic and diluted EPS of Rs. 1.42, and NAV of Rs. 24.75 per share. Shyam Metallics and Energy Limited reported total income of Rs. 18,755.82 crore, basic EPS of Rs. 38.10, diluted EPS of Rs. 37.97, RoNW of 10.10 percent, and NAV of Rs. 412.81 per share.
Strengths of A-One Steels India Limited
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Backward integration provides greater control over intermediate products, manufacturing costs and raw-material availability.
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Diversified product portfolio covers long steel, flat steel, pipes, ferro alloys and met coke products.
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Six manufacturing facilities across Karnataka and Andhra Pradesh support diversified production capabilities and capacity.
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Strategic southern India locations provide access to manufacturing markets, raw materials and major ports.
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Green-energy usage supports its manufacturing operations, with 83.20 percent renewable electricity consumption reported in FY26.
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FY26 profitability improved significantly, with EBITDA and PAT increasing sharply compared with FY25.
Weaknesses of A-One Steels India Limited
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Steel-industry cyclicality can cause significant fluctuations in selling prices, demand, margins, and profitability.
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High borrowings and net debt increase financial obligations and make debt management important for operations.
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Profitability has fluctuated sharply, making sustained FY26 margins uncertain across future steel cycles.
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Expansion projects require substantial capital and face construction, financing, regulatory, and execution-related risks.
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Related-party transactions include purchases, borrowings, guarantees and other arrangements involving promoter-linked entities.
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Operating cash flow declined in FY26 despite the sharp improvement in reported profitability during the year.
Conclusion
A-One Steels India Limited’s IPO offers investors an opportunity to participate in the steel manufacturing sector. The company has a backward-integrated manufacturing model with a diversified portfolio of long and flat steel products, along with industrial products such as met coke and ferro alloys. Its FY2026 total income stood at Rs. 4,202.05 crore, while PAT increased to Rs. 127.41 crore from Rs. 7.71 crore in FY2025.
Investors should therefore carefully evaluate the company’s financial performance, valuation, debt position, profitability, steel industry cyclicality, product demand, raw material costs, project execution capabilities, and other risk factors before making an investment decision. The company’s Red Herring Prospectus should be read in full before subscribing to the IPO.