Narmadesh Brass Industries
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹515 – ₹515
Lot Size
240
₹1,23,600
Face Value
₹10
Important Dates
Open Date
12 Jan 2026
Close Date
16 Jan 2026
Allotment
19 Jan 2026
Refund
20 Jan 2026
Listing
21 Jan 2026
About Company
Narmadesh Brass Industries Ltd. is a modern brass manufacturing company based in Jamnagar, Gujarat, India.
The company’s manufacturing facility spans 6,293 square meters at Plot Nos. 5, 8 & 9, Shree Ganesh Industrial Hub, Changa Village, Jamnagar.
Jamnagar is known as India’s Brass City due to its high density of brass manufacturers and ancillary units.
Narmadesh manufactures a wide range of brass products for domestic and export markets.
The product portfolio includes brass billets, brass rods, brass valves (including ball valves and NRVs), plumbing and sanitary fittings, and agricultural sprayer and garden fittings.
The company provides customized brass components using casting, forging, turning, and CNC/VMC machining processes.
Manufacturing operations, including casting and forging, are integrated within the same premises, allowing better control over quality and timelines.
The company’s quality management system is ISO 9001:2015 certified.
As of September 30, 2025, the company employed 81 contract labourers at its facility.
The company caters to both OEM customers and traders requiring standardized and customized brass components.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Repayment or prepayment, in full or in part, of certain outstanding borrowings. | ₹14.5 |
| 2 | Purchase of machinery and equipment. | ₹3.29 |
| 3 | Funding working capital requirements. | ₹10.2 |
| 4 | General corporate purposes. | ₹4.6 |
Financial Performance
Share Reservations
QIB
0
Anchor
0
NII
4,12,800
Retail
4,12,800
Employee
0
Total
8,71,200
RHP Insights
AI-powered analysis from Red Herring Prospectus
Steady Revenue Growth
The company has shown consistent top-line growth, with revenue from operations increasing from ₹5,996.18 lakhs in FY 2023 to ₹8,772.09 lakhs in FY 2025.
Impact: HighConversion to Public Limited Company
Originally formed as a partnership firm in 2019, the business successfully converted into a Public Limited Company in October 2023 to facilitate its entry into the capital markets.
Impact: HighSignificant Profitability Improvement
The company's net profit saw a major leap from ₹89.37 lakhs in FY 2023 to ₹566.65 lakhs in FY 2025, reflecting improved operational efficiency and scale.
Impact: HighStrategic Capital Expenditure Plans
A key objective of the issue is to deploy ₹329 lakhs for purchasing new plant and machinery to enhance production capacity and introduce better technology.
Impact: HighRising Employee Benefit Expenses
Employee benefit expenses increased from ₹173.90 lakhs in FY 2023 to ₹197.52 lakhs in FY 2024, primarily due to higher salaries and staff welfare costs as the company scales.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •ISO 9001:2015 certified manufacturing facility located in the brass manufacturing hub of Jamnagar.
- •Integrated production capabilities from casting and forging to machining and finishing under one roof.
- •Ability to manufacture a diversified range of brass products for multiple end-use industries.
- •Experience in supplying to both domestic and export markets with customized specifications.
- •Experienced promoters and management team with domain knowledge in brass manufacturing.
- •Presence in a cluster with established ecosystem for raw materials, manpower, and logistics.
Weaknesses
- •Small scale of operations compared to large listed metal and component manufacturers.
- •Business concentration in a single product category and single geographic manufacturing location.
- •Dependence on brass as a key raw material exposing margins to commodity price volatility.
- •Reliance on contract labour for operations which may face regulatory and availability risks.
Opportunities
- •Rising demand for brass fittings and components in plumbing, sanitary, and industrial applications.
- •Scope to increase export sales leveraging quality certifications and customization capabilities.
- •Potential to add higher value products and assemblies to improve margins.
- •Opportunity to deleverage balance sheet and fund working capital through IPO proceeds.
Threats
- •Volatility in brass and related metal prices affecting input costs and profitability.
- •Competition from other brass manufacturers in Jamnagar and other regions.
- •Regulatory and environmental changes impacting metal processing and casting units.
- •Economic slowdown affecting demand from construction, plumbing, and industrial segments.
Narmadesh Brass Industries IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Narmadesh Brass Industries Ltd | 26.23 | 26.23 | 57.24 | 19.63 | 49.99 | Consolidated |
| Poojawestern Metaliks Ltd | 1.53 | 1.53 | 13.38 | 18.67 | 11.46 | Consolidated |
| Siyaram Recycling Industries Ltd | 6.69 | 6.69 | 58.24 | 8.1 | 11.49 | Consolidated |
Narmadesh Brass Industries - Documents & Links
Registrar
Company contact
Narmadesh Brass Industries Ltd.
Address: Plot No. 5, 8 & 9, Survey No. 433, Shree Ganesh Industrial Hub, Changa Village, Jamnagar, Gujarat, 361012
info@narmadeshbrass.comhttps://www.narmadeshbrass.com/Lead managers
Frequently Asked Questions
Common questions about Narmadesh Brass Industries IPO.