A two-decade-old Gujarat-based seamless-tube and finned-tube maker opens its Rs 25.52 crore BSE SME issue on September 22
Anand Seamless Ltd (ASL) operates in a specialised, high-barrier corner of the steel-products industry — the manufacture and export of seamless tubes, pipes and finned tubes for high-performance industrial applications.
With nearly two decades of experience, it is a play on India’s oil & gas, power, refinery and industrial-capex cycles, in a niche where qualification and quality approvals matter more than commodity scale.
The product portfolio splits into two categories: seamless tubes and pipes (carbon-steel and alloy-steel seamless tubes, heat-exchanger tubes, U-tubes) and finned tubes.
These serve a strikingly diverse and demanding customer base — automobile, heat exchanger, petroleum, pharmaceutical, chemical industries, oil & gas refineries, thermal and nuclear power plants, boiler manufacturing, textile machinery, railways and transportation, cement, and the defence sector.
ASL possesses integrated manufacturing capability — a one-stop solution with in-house processes like cold drawing, heat treatment, eddy-current testing and laser-based fin-welding technologies — supporting consistent quality, timely delivery and reliable service, backed by ISO and boiler/pressure-equipment certifications.
Crucially, its strategic customer base comprises leading oil & gas majors, and the specialised, high-qualification, high-entry-barrier nature of the segment limits new competition, provides pricing leverage and supports long-term customer retention.
The operating base is in Gujarat. ASL has a seamless tubes/pipes capacity of ~3,000 MT per annum and finned-tube capacity of ~3,60,000 metres per annum, across facilities in Gujarat, serving both domestic and international markets.
It had 100 employees plus 67 contractual workers as of March 31, 2026, and the promoter is Kedar Choksi (who inherited a controlling stake in August 2026).
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 22, 2026 |
| Issue Closes | September 24, 2026 |
| Listing | BSE SME |
| Listing Date | September 29, 2026 |
| Issue Type | Fixed Price |
| Price | Rs 72 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 25.52 crore (35,44,000 shares, entirely fresh) |
| Min. Application | 3,200 shares (multiples of 1,600 thereafter) |
| Min. Retail Investment | Rs 2,30,400 |
| Post-IPO Market Cap | Rs 86.18 crore |
| IPO as % of Post-IPO Capital | 29.61% |
| NII / Retail | 50% / 50% (no QIB portion) |
| Lead Manager | Aftertrade Broking Pvt. Ltd. |
| Market Maker | Aftertrade Broking Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
The issue is entirely a fresh issue. From the net proceeds, ASL will utilise Rs 13.20 crore for capex on capacity expansion and technology upgradation, Rs 5.49 crore for repayment or prepayment of certain borrowings, and Rs 3.70 crore for general corporate purposes, with Rs 3.13 crore spent on the IPO process.
Post-IPO, paid-up equity capital rises from Rs 8.43 crore to Rs 11.97 crore.
Price Band
At the fixed price of Rs 72, on FY26 earnings the issue is valued at a P/E of about 15.72x, with a P/BV of 3.11 on the March 31, 2026 NAV of Rs 23.17, easing to 1.91x on the post-IPO NAV of Rs 37.63.
GMP
Grey-market interest has been flat. As of the days around opening, the Anand Seamless IPO GMP stood at ₹0
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Revenue | 37.00 | 33.64 | 56.17 |
| Net Profit (PAT) | 3.36 | 2.65 | 5.48 |
| PAT Margin (%) | 9.09 | 7.88 | 9.75 |
| RoCE (%) | 23.90 | 15.64 | 20.66 |
The financials show inconsistency alongside a sharp FY26 surge. Total revenue actually dipped in FY25 (Rs 33.64 crore, from Rs 37.00 crore in FY24) before jumping ~67% to Rs 56.17 crore in FY26, while PAT fell in FY25 (Rs 2.65 crore) then more than doubled to Rs 5.48 crore in FY26. PAT margin has bounced around (9.09% → 7.88% → 9.75%), and RoCE has been volatile (23.90% → 15.64% → 20.66%).
The company reported an average EPS of about Rs 4.96 and an average RoNW of 25.24%.
Peer Comparison
The offer document lists Venus Pipes, Gandhi Special Tubes, Ratnamani Metals and Scoda Tubes as peers, trading at P/Es of roughly 45.8x, 14.5x, 45.9x and 20.7x (as of September 18, 2026). These are far larger, established mainboard tube makers with very different scale.
Risks to Consider
Earnings inconsistency and margin sustainability are the headline risks. A revenue-and-profit dip in FY25 followed by a bumper FY26 (PAT more than doubling) in the pre-IPO year has the hallmarks of possible window dressing — so the durability of both the growth and the margins is the central question.
Aggressive valuation. On the cleaner FY25 base the P/E is ~33x, rich for a small specialty-tube SME, leaving little cushion if margins normalise.
Weak merchant-banker track record. Aftertrade Broking’s only prior listing opened at a discount — a poor record, and a concern for listing support, compounded by its dual lead-manager-and-market-maker role.
Receivables and cash-flow quality. Rising trade receivables raise a cash-conversion concern.
Steel-price, cyclicality and customer-concentration risks. Margins are exposed to steel/alloy input-price volatility, demand is tied to the oil & gas and industrial-capex cycles, and reliance on a set of large oil & gas/industrial customers adds concentration risk.
No-QIB, small-size and SME risks. With no QIB portion, demand hinges on retail/HNI; the small scale, single-region Gujarat operations, SME-platform liquidity and the large Rs 2.30 lakh minimum retail ticket, alongside a flat grey market, add to the risk profile.
