The A-One Steels India IPO opens on September 24 and closes on September 28, 2026. A-One Steels India Limited is a backward-integrated steel manufacturer with a diversified product portfolio, offering both long and flat steel products, as well as industrial products used in steel manufacturing. The company is raising ₹405 crore through a fresh issue of ₹355 crore and an offer for sale of ₹50 crore by promoters.
IPO Snapshot
| Event | Date |
| IPO Opens | September 24, 2026 |
| IPO Closes | September 28, 2026 |
| Allotment Date | September 29, 2026 |
| Refund | September 30, 2026 |
| Shares Credited to Demat | September 30, 2026 |
| Listing Date (BSE, NSE) | October 1, 2026 |
Price Band and Lot Size
| Detail | Value |
| Price Band | ₹385 to ₹405 per share |
| Face Value | ₹10 per share |
| Lot Size | 37 shares |
| Minimum Investment | ₹14,245 to ₹14,985 |
| Retail Maximum | 13 lots, or 481 shares (₹1,94,805) |
| Fresh Issue | ₹355 crore (87.65 lakh shares) |
| Offer for Sale | ₹50 crore (12.35 lakh shares) |
| Total Issue Size | ₹405 crore |
| Listing | BSE and NSE |
Pre-issue shareholding stood at 6,84,65,270 shares, rising to approximately 7,72,30,270 shares post-issue. The IPO comprises a fresh issue of ₹355 crore and an offer for sale of ₹50 crore by promoters Sandeep Kumar (₹20 crore), Sunil Jallan (₹20 crore) and Krishnan Kumar Jalan (₹10 crore).
What Does A-One Steels India Actually Do
A-One Steels India Limited, incorporated in 2012, is a backward-integrated steel manufacturer with a diversified product portfolio, offering both long and flat steel products, as well as industrial products used in steel manufacturing. The company manufactures HR and CR coils from MS billets, which are then converted into HR pipes, CR pipes, and galvanized tubes. It also produces TMT bars from MS billets as long steel products.
The company also manufactures industrial products like met coke and silicon manganese/ferrosilicon, which are sold in the open market. Ferrosilicon is essential in the steel industry for alloying.
The company sources significant green energy compared to peers (Source: CRISIL Report). Its TMT bars, certified as green products by CII, are produced in various sizes at the Gauribidanur and Hindupur plants. The company relies on a steady power and fuel supply, with power purchase agreements for solar and wind energy (15 to 25 years) to support its manufacturing facilities in Karnataka and Andhra Pradesh.
The company has six manufacturing facilities: five in Karnataka (Gauribidanur, Bellary, Koppal, Chikkantapur) and one in Hindupur, Andhra Pradesh. The company’s manufacturing facilities are located near major iron ore sources, within 450 km of ports like Ennore, New Mangalore, and Goa-Mormugao, allowing cost-effective product transportation.
The company’s products are used in various industries, including construction, infrastructure, power plants, dams, airports, bridges, flyovers, stadiums, highways, marine structures, industrial buildings, and high-rise residential constructions.
The company manufactures sponge iron at its Koppal facility (Vanya Steels) and Bellary Plant. It is setting up a 10 MW power plant with waste heat recovery on 39.29 acres of land.
Products:
- Sponge iron: Primarily used in steel manufacturing as a raw material for the production of steel billets and other steel products
- MS billet: Used as raw material for rolling into bars, rods, and other structural steel products
- TMT: Construction and infrastructure for reinforcement in concrete structures
- HR coil: Manufacturing of pipes, tubes, automotive frames, and various industrial equipment
- CR coil: Used in precision instruments, automotive panels, appliances, and other finished goods requiring a smooth surface finish
As of November 30, 2024, the company had 2,459 employees, including 1,377 permanent and 1,082 contractual. The sales and marketing team had 63 employees.
The Money Numbers
| Metric | FY24 | FY25 | FY26 |
| Total Income (₹ Crore) | 3,862.44 | 3,569.63 | 4,202.05 |
| Profit After Tax (₹ Crore) | 38.91 | 7.71 | 127.41 |
| Net Worth (₹ Crore) | 421.79 | 676.63 | 819.52 |
All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.
Total income grew from ₹3,862.44 crore in FY24 to ₹4,202.05 crore in FY26, up 8.8% between FY24 and FY26. Profit after tax more than doubled from ₹7.71 crore in FY25 to ₹127.41 crore in FY26, up 1,552%.
EBITDA rose from ₹172.19 crore in FY24 to ₹174.06 crore in FY25 and ₹303.64 crore in FY26, with EBITDA margin improving from 4.46% to 7.29%. Total borrowings stood at ₹1,010.94 crore in FY26, with debt-to-equity at 1.17 times.
Return ratios were strong: ROE stood at 14.70% and ROCE at 12.86% in FY26, with RoNW at 15.43% and NAV of ₹119.70 per share. Basic EPS for FY26 was ₹18.61. At the upper price band of ₹405, this implies a pre-issue P/E of 21.76 times. Price-to-book value at the offer price works out to 3.38 times.
Objects of the Issue
| Purpose | Amount (₹ Crore) |
| Pre-payment or partial repayment of a portion of certain outstanding borrowings availed by the Company | 250.00 |
| General corporate purposes | Balance amount |
| Total identified objects | 250.00 |
Strengths
- Revenue growth, with total income increasing 8.8% from FY24 to FY26.
- Exceptional profitability improvement, with PAT surging 1,552% from ₹7.71 crore to ₹127.41 crore between FY25 and FY26.
- Backward-integrated manufacturing model with diversified product portfolio.
- Strategically located manufacturing facilities in Karnataka and Andhra Pradesh, near iron ore sources and ports.
- Experienced promoters with an established track record in the steel industry.
- Strong distribution network with presence across multiple channels.
- Leading company in the use of green energy for the manufacture of steel products.
- CII-certified green TMT bars.
- Strong return ratios: ROE of 14.70%, ROCE of 12.86% and RoNW of 15.43% in FY26.
- Healthy EBITDA margin improvement from 4.46% to 7.29% between FY24 and FY26.
- Six manufacturing facilities with diversified product offerings.
Risks
- Valuation is moderate at a P/E of 21.76 times at the upper price band.
- PAT margin remains moderate at 3.04% in FY26.
- Debt-to-equity ratio of 1.17 times indicates moderate leverage.
- The company operates in a highly competitive steel industry with exposure to cyclicality in infrastructure and real estate demand, raw material price volatility (iron ore, coal, scrap metal, natural gas), and competition from both organized and unorganized players.
- A significant portion of the fresh-issue proceeds (₹250 crore out of ₹355 crore) is earmarked for debt repayment.
- Revenue growth has been modest at 8.8% between FY24 and FY26.
- The company’s expansion depends on securing suitable raw material supplies and maintaining capacity utilization.
- The business is capital intensive, with total assets of ₹3,191.31 crore and total borrowings of ₹1,010.94 crore as of FY26.
- The company’s 10 MW waste heat recovery power plant project carries execution risk.
- The steel industry is cyclical and subject to government policies, import duties, and global commodity price fluctuations.
How to Apply
You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 24 and September 28.
If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks A-One Steels India’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.
Frequently Asked Questions
1. What is the price band for the A-One Steels India IPO?
The price band is ₹385 to ₹405 per share.
2. What is the A-One Steels India IPO lot size?
The lot size is 37 shares. At the upper price band, one lot costs ₹14,985.
3. What is the minimum investment in the A-One Steels India IPO?
The minimum investment is ₹14,245 at the lower price band and ₹14,985 at the upper price band.
4. When will the A-One Steels India IPO open and close?
The IPO opens on September 24, 2026, and closes on September 28, 2026.
5. When will A-One Steels India IPO shares be allotted?
The basis of allotment is expected to be finalised on September 29, 2026.
6. When will A-One Steels India IPO list?
The tentative listing date is October 1, 2026, on BSE and NSE.
