Anand Seamless
What they do: The company manufactures and sells seamless tubes and pipes, including U-bend tubes, and finned tubes to industrial customers in India and overseas. It earns revenue from product sales across sectors such as oil and gas, power, chemicals, heat exchangers and transportation.
By IPO Milega Research · Published · Updated
FY2026 revenue was ₹560.036 million and net profit was ₹74.411 million.
- Listing gain
- +0.14%
- Listed at ₹72.1
- Subscribed
- 1.47x
- Total
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication. GMP updated 29 Sept, 17:05 IST.
- Price band
- ₹72
- Lot size
- 3200 shares
- Min. investment
- ₹2,30,400
- Issue size
- Approx 25.52 Crores
- Open22 Sept 2026
- Close24 Sept 2026
- Allotment25 Sept 2026
- Listing29 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0x
- NII
- 1.96x
- Retail
- 0.98x
₹72 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹25.52 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Financing the cost towards capacity expansion, technological upgradation, cost optimization of the operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715₹13.2 Cr51%
- Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the Company₹5.73 Cr22%
- General Corporate Purpose₹3.7 Cr14%
- Issue Expenses₹3.13 Cr12%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance6.0
- Flexibility6.0
- Timing6.0
- Risk3.0
FY2026 revenue and net profit rebounded strongly, with an 18.25% EBITDA margin and a diversified industrial product range. The outlook is tempered by negative operating cash flow in the latest two years, material debt, customer and supplier concentration, and execution risks in the planned expansion.
Strengths4
- Manufacturing capacity of approximately 3,000 metric tons annually for seamless tubes and pipes and 360,000 metres annually for finned tubes.
- Broad product portfolio across steel grades and several finned-tube designs, serving multiple industrial sectors.
- Holds ISO certifications, Indian Boiler Regulation approvals as a Well Known Tube Maker and Pipe Maker, and European PED-related certification for products sold in Europe.
- FY2026 revenue reached ₹56.00 crore, with EBITDA of ₹10.22 crore and PAT of ₹5.48 crore.
Concerns5
- The top 10 customers generated 59.21% of FY2025–26 revenue, while the top 10 suppliers accounted for 85.36% of raw-material purchases; most suppliers lack definitive supply agreements.
- Operating cash flow was negative in FY2024–25 and FY2025–26; borrowings were ₹2,802.48 lakh and planned expansion requires ₹1,319.78 lakh of unfunded investment.
- Two material civil cases have unascertainable amounts, alongside ₹29.28 lakh of disputed GST demands and a promoter tax proceeding.
- ROC and other compliance lapses include delayed or missing filings, an unfiled MGT-14 and delayed CHG-1; further penalties or scrutiny may affect the company.
- Dependence on promoter Kedar Mayank Choksi, potential promoter-group competition and operational disruption could affect continuity and performance.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,30,4002 lots, 3200 shares
- Retail Maximum2,30,4002 lots, 3200 shares
- S-HNI Minimum3,45,6003 lots, 4800 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3200 | 2,30,400 |
| Retail Maximum | 2 | 3200 | 2,30,400 |
| S-HNI Minimum | 3 | 4800 | 3,45,600 |
Timing
6.0/10Anand Seamless is seeking capital to expand finned-tube capacity by 25%, upgrade production and quality-control equipment, and support operations at its consolidated manufacturing site. These plans align the issue with identified capacity and process needs. However, equipment orders have not been placed, costs may change, and the expansion’s funding requirements have not been independently appraised. The company-specific rationale is constructive, while the available information gives limited basis to assess wider market conditions.
- Time to market
- The company has identified the site, planned the facility layout and obtained a cost estimate. Execution remains dependent on placing equipment orders and completing construction and installation, leaving some risk of delays and cost overruns.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 6.0
- Listing on
- BSE SME
Key milestones
- 22 Sept 2026IPO Opens
- 24 Sept 2026IPO Closes
- 25 Sept 2026Basis of Allotment
- 28 Sept 2026Refunds Initiated
- 28 Sept 2026Credit to Demat Account
- 29 Sept 2026Listing Date
Financials
6.0/10- Revenue
- ₹56.17 Cr
- +67.0%
- Profit after tax
- ₹5.48 Cr
- +106.8%
- Net margin
- 9.8%
- +1.9 pts
- Assets
- ₹67.58 Cr
- +29.0%
- Return on equity
- 28.05%
- Debt to equity
- 1.44
- Current ratio
- 1.67:1
- Revenue CAGR
- 23.23%
- ROCE
- 20.66%
- Return on net worth
- 28.05%
- NAV per share (₹)
- 23.17
Financial performance trend
Amount ₹ in croresFY2026 revenue was ₹560.036 million and net profit was ₹74.411 million. Revenue and profits rose sharply from FY2025, with healthy reported margins and returns. High borrowings and negative operating cash flow in FY2025 and FY2026 temper the outlook.
Borrowings were ₹28.21 crore at FY2026, equal to 1.44 times net worth. The IPO allocates ₹5.49 crore of net proceeds to full or partial repayment or prepayment of borrowings. Debt remains material, while the repayment allocation provides some reduction.
Fresh issue goes to the company. OFS goes to the selling shareholders.
The company is raising fresh capital, with net proceeds allocated to capacity expansion and technology upgrades, repayment or prepayment of borrowings, and general corporate purposes. There is no offer for sale, so existing shareholders are not cashing out.
Risk
3.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks4
- Operational risks4
- Regulatory risks4
High customer and supplier concentration, negative operating cash flow, debt-funded expansion needs, compliance lapses and unresolved litigation create substantial financial and operational exposure.
How the company offsets these
The company has sought adjudication for delayed MSME-1 filings and reports statutory dues paid and returns filed; these steps do not remove exposure to future penalties or scrutiny.
Financial risks4
- Negative operating cash flow in FY2024–25 and FY2025–26.
- Borrowings of ₹2,802.48 lakh and unfunded expansion investment of ₹1,319.78 lakh.
- Steel-price volatility may raise costs that the company may not pass on.
- Two civil cases have unascertainable amounts; disputed GST demands total ₹29.28 lakh.
Market risks4
- Customer concentration: top 10 customers generated 59.21% of FY2025–26 revenue.
- Geographic concentration in India and Gujarat.
- Exposure to economic, political, currency, policy and geopolitical volatility that may affect demand, costs and financing.
- Potentially volatile SME share trading, delayed or failed listing, limited market liquidity, taxation and currency-related investor losses.
Operational risks4
- Supplier concentration: top 10 suppliers accounted for 85.36% of raw-material purchases, and most lack definitive supply agreements.
- Reliance on promoter Kedar Mayank Choksi and potential promoter-group competition.
- Capacity utilisation of 74.52% for tubes and pipes and 40.10% for finned tubes.
- Operational disruption and a qualified FY2023–24 audit opinion arising from missing quantitative inventory records.
Regulatory risks4
- Delayed or missing ROC filings, including MSME-1 and BEN-2 filings, an unfiled MGT-14 and delayed CHG-1; future penalties or scrutiny are possible.
- Late TDS, GST, PF and ESIC filings or payments; the company reports statutory dues and returns as currently paid or filed.
- Disputed GST demands, a promoter tax proceeding and two material civil cases.
- Changes in Indian laws, taxation, competition-law enforcement, foreign ownership rules or repatriation requirements may raise costs or create penalties.
Performance
6.0/10Anand Seamless manufactures and sells seamless tubes and pipes and finned tubes to industrial customers in India and overseas. FY2026 revenue was ₹56.00 crore, up 66.94% year on year, with an 18.25% EBITDA margin. Performance is tempered by revenue volatility, negative operating cash flow in FY2025 and FY2026, and rising debt.
- Historical growth
- Revenue was ₹36.90 crore in FY2024, fell 9.09% to ₹33.55 crore in FY2025, then rose 66.94% to ₹56.00 crore in FY2026. The two-year revenue CAGR from FY2024 to FY2026 was approximately 23.2%., FY2026 revenue growth was strong after a decline in FY2025; growth has been uneven.
- Market comparison
- The company operates in a competitive segment and competes on quality, approvals, technical capability and delivery. Its finned-tube capability and customer qualification requirements offer differentiation; qualification can take two to four years. The prospectus names larger heat-exchanger market participants, including Thermax, Alfa Laval, Kelvion, Danfoss and GEA, but gives no comparable financial or market-share data to establish Anand Seamless's relative scale.
- Future potential
- The company plans to expand and upgrade manufacturing, introduce advanced products, automate processes, extend ERP use and enter additional Indian and international markets. Industry demand prospects are supported by the stated growth outlook for heat exchangers, though company-specific targets and project timelines are not specified.
- Operational consistency
- The company reports nearly two decades of industry experience and established quality, production and sales procedures. Margins were comparatively stable, but revenue swings, negative recent operating cash flows, debt growth and high raw-material supplier concentration weaken consistency.
- Experience
- Promoter Kedar Mayank Choksi has more than 21 years of industry experience. The company states that its senior management includes professionally qualified personnel with pipe-industry and regulatory experience.
- Track record
- Management experience and established operating processes support execution. However, operating cash flow was negative in both FY2025 and FY2026, while debt increased from ₹14.21 crore in FY2024 to ₹28.21 crore in FY2026.
Key achievements
- 01Manufacturing capacity of approximately 3,000 metric tons annually for seamless tubes and pipes and 360,000 metres annually for finned tubes.
- 02Broad product portfolio across steel grades and several finned-tube designs, serving multiple industrial sectors.
- 03Holds ISO certifications, Indian Boiler Regulation approvals as a Well Known Tube Maker and Pipe Maker, and European PED-related certification for products sold in Europe.
- 04FY2026 revenue reached ₹56.00 crore, with EBITDA of ₹10.22 crore and PAT of ₹5.48 crore.
Flexibility
6.0/10Products serve multiple industrial sectors, supported by quality certifications and approvals. Domestic sales provide a large base, while export revenue has varied substantially, from 35.23% of revenue in FY2024 to 5.15% in FY2026.
FY2026 revenue grew 66.94% and EBITDA margin was 18.25%. Net worth rose to ₹1,952.46 lakhs, while debt increased to ₹2,820.83 lakhs. Operating cash flow was negative in FY2025 and FY2026, and the issue includes a proposed borrowing repayment.
Integrated production and in-house testing support control over quality and customer-specific specifications. The company plans automation and equipment upgrades, though these require execution at its single operating facility and vendor orders have not yet been placed.
Anand Seamless has a broad product offering, established manufacturing processes and plans for capacity and technology upgrades. Adaptability is tempered by export revenue volatility, negative operating cash flow in the latest two years, rising borrowings and execution risks around unplaced capital expenditure orders.
- Product diversification
- The portfolio includes seamless straight and U-bend tubes in carbon, alloy and stainless steel, plus seven finned-tube types. Revenue remains concentrated in seamless tubes and pipes, which contributed 66.74% in FY2026; finned tubes contributed 31.30%.
- Future adaptability
- Potential is supported by proposed finned-tube capacity growth from 3,60,000 to 4,50,000 metres annually, equipment modernization, product development and planned expansion into new Indian and international markets. Delivery depends on completing the expansion, managing cost and timing risks, and addressing weak recent operating cash flow.
Latest on Anand Seamless IPO
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