Gulf Lloyds Summary
The business process entails offering independent third party TIC services – Inspection, Auditing, Verification, Testing, Training, and Certification in the fields of infrastructure, oil & gas, manufacturing, engineering, energy, and industrial sectors. Gulf Lloyds (India) Limited provides assessments on products, work, process, and operational activities to ensure that they meet quality standards, safety norms, technical specifications, and compliance requirements. In this way, Gulf Lloyds helps businesses of different sizes to ensure compliance, reduce cost, and become more efficient. Gulf Lloyds offers various services like pre-shipment inspection, vendor audits, quality assurance programs, third party inspection for capital projects, compliance verification, non-destructive testing by NABL approved partners and certification services. Inspection services account for over 94% of the total revenues generated in FY25 – thus, this is a specialized inspection based TIC company.
With regard to the process followed within the business, the company enjoys ISO/IEC 17020:2012 Type-A certification, which stands for the internationally accepted standard of inspection body independence and technical competence, assuring complete operational independence from any clients. The company is also empanelled with PNGRB (Petroleum and Natural Gas Regulatory Board) for conducting inspection and audit operations related to oil & gas – an important regulatory certification that allows us access to regulated pipeline and gas infrastructure projects. Our services are rendered by employing a team of 811 members (as of January 31, 2026). Gulf Lloyds Industrial Services was established by Jaykumar Bhavsar, Bhagirath Bhavsar, and Anitaben Bhavsar in 2011 as a partnership firm that later on was incorporated into a company on September 26, 2014. IPO money would be utilized for capital expenditure, unsecured loan repayment, working capital needs, and other corporate purposes.
BSE SME Fixed Price Issue by Gulf Lloyds (India) Limited, wherein face value is ₹10 per share with the issue price fixed at ₹100 per share (not a book-built price band — this is a fixed price issue). Total issue size of ₹18.19 Cr, comprising entirely a fresh issue of 18,20,000 equity shares with no Offer for Sale component. The issue follows a fixed price allocation structure with 50% to Retail Investors and 50% to Non-Institutional Investors/HNI. The tentative listing will be on BSE SME on July 27, 2026.
Gulf Lloyds IPO Details:
Gulf Lloyds Limited Issue Management:
Interactive Financial Services Ltd. acts as the book-running lead manager for Gulf Lloyds BSE SME IPO, managing underwriting and compliance.
Gulf Lloyds Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 040-79615565 or gulf.ipo@kfintech.com.
Gulf Lloyds Limited IPO Allotment Status:
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Gulf Lloyds (India) BSE SME IPO totals ₹18.19 Cr, comprising entirely a fresh issue of 18,20,000 equity shares at a fixed price of ₹100 per share with no OFS component.
Gulf Lloyds (India) Limited IPO proceeds from the fresh issue of ₹17.28 Cr will be deployed towards:
Gulf Lloyds (India) BSE SME IPO is a Fixed Price Issue — allocation follows 50% Retail and 50% NII/HNI structure (no QIB participation). Minimum retail application: 1 lot (1,200 shares) at ₹1,20,000. This is a fixed price issue — there is no price discovery process.
Gulf Lloyds (India) IPO is a Fixed Price Issue. There is no anchor investor process — anchor investors are only applicable in book-built issues. The issue opens directly for public subscription on July 20, 2026. Interactive Financial Services Ltd. is the BRLM and KFin Technologies Ltd. is the registrar. Company address: 910, Gala Empire, Opp. TV Tower, Drive-in Road, Thaltej Road, Ahmedabad, Gujarat – 380054 | Phone: +91 079-35289495 | Email: info@gulflloydsgroup.com | Website: www.gulflloydsgroup.com. Promoters: Jaykumar Bhavsar, Bhagirath Bhavsar, and Anitaben Bhavsar. Incorporated: September 26, 2014. Employees: 811 (as of January 31, 2026).
Gulf Lloyds (India) Ltd. is a third party inspection, audit & certification service provider company, based out of Ahmedabad, India, incorporated in September 2014. The revenue remained almost flat – ₹35.88 Cr (FY25) to ₹35.97 Cr (FY26) for 0.25% increase. PAT decreased from ₹4.67 Cr (FY25) to ₹4.30 Cr (FY26), down 8%. There has been a decrease in PAT margin from FY23 onwards: 17.56% (FY23) > 16.92% (FY24) > 13.02% (FY25) > 11.96% (FY26). However, average EPS for past two fiscals is ₹25.00 while average RoNW is 23.17%. NAV as of Dec 31, 2025 – ₹140.81 per share. P/BV, at issue price of ₹100 – 0.71x (trading below book value, hence cheap valuation on P/B basis). Inspection services contribute 94%+ to revenue. The number of employees as of January 2 is 811. Accreditation: ISO/IEC 17020:2012 Type-A. PNGRB empanelled. No listed peers. GMP as of July 15, 2026: ₹3 — estimated listing price ₹103 (+3% above issue price of ₹100).
Action Links:
To apply for Gulf Lloyds Limited IPO, open a demat account here
Gulf Lloyds Limited IPO Subscription Status: Check live subscription here
Gulf Lloyds Limited IPO GMP Update: Check latest grey market premium here
Gulf Lloyds Key Highlights:
Gulf Lloyds (India) Limited is an independent testing, inspection, and certification service provider based out of Ahmedabad, Gujarat incorporated as a partnership firm in 2011 and a private limited company on September 26, 2014. Service offerings include: third party inspection (pre-shipment, TPI for capital projects), vendor audits, quality assurance, compliance verification, non-destructive testing through NABL accredited partner labs, and certification services for infrastructure, oil and gas, manufacturing, engineering, and energy sectors. Inspections constitute more than 94%+ of the FY25 revenues. Accreditation: ISO/IEC 17020:2012 Type-A. PNGRB empanelled. Workforce: 811 (January 2026). Revenues: ₹35.97 Cr (FY26), same as previous year. PAT: ₹4.30 Cr (FY26). Average EPS (over last 2 fiscal years): ₹25.00. Average ROE (over last 2 fiscal years): 23.17%. NAV: ₹140.81 (December 2025). Issue price 100% fresh issue fixed price of ₹100. BSE approved: May 11, 2026. Promoters: Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar.
Gulf Lloyds Risk Factors:
The risks of Gulf Lloyds Limited IPO are mentioned below:
Flat Revenue Growth: Revenue increased merely by 0.25% from ₹35.88 Cr (FY25) to ₹35.97 Cr (FY26) – almost no top-line growth. Companies seeking IPO funds at such stage of lack of revenue growth pose questions on deployment efficiency.
PAT Down and Shrinking PAT Margins: PAT decreased by 8% from ₹4.67 Cr to ₹4.30 Cr in FY26. Margins are persistently shrinking for four years now: 17.56% (FY23) -> 16.92% (FY24) -> 13.02% (FY25) -> 11.96% (FY26).
No Comparable Peers: There are no direct listed peers in India’s TIC services space of a comparable size, hence no P/E and P/B benchmarking possible. Expert comment suggests that the firm tries to get away with fancy pricing without any peer support.
Very Tiny Issue Size: With an issue size of ₹18.19 Cr, this is one of the smallest BSE SME IPOs ever seen, leading to extremely low post-listing liquidity and interest among institutions. BSE SME issues of such size usually experience very low trade volumes.
Fixed Price Problem – No Price Discovery: In case of book-building issue, the price is decided depending on the demand of investors; however, in this case, it is a fixed price of ₹100 per share. No bidding at various prices is possible and no demand signals through institutions can be gathered.
Service Income Dependence: Around 94% of income is generated from inspection service income; very little diversification has been seen in testing, certification or training income.
Loan Repayment Through IPO: A portion of the money raised by way of IPO is being utilized for the repayment of unsecured loans, which implies that the company may have taken loans from its promoters.
Gulf Lloyds Expert Analysis:
Gulf Lloyds (India) BSE SME Fixed Price Issue is priced at ₹100 per share (face value ₹10), aggregating ₹18.19 Cr — entirely a fresh issue of 18,20,000 shares with no OFS component. This is a Fixed Price Issue — no book-building process.
Basic details of the IPO:
Type of IPO: Fixed Price Issue — BSE SME (not book-built)
Uses of funds: Capital expenditure for office premises (₹4.01 Cr), repayment of unsecured loans, working capital requirements, and general corporate purposes (₹3.12 Cr).
No anchor investor process (fixed price issues do not have anchor investors)
Opens: July 20, 2026 | Closes: July 22, 2026 | Allotment: July 23, 2026 | Listing: July 27, 2026 (BSE SME)
Lead Manager: Interactive Financial Services Ltd. | Registrar: KFin Technologies Ltd.
Expert View on the IPO:
Gulf Lloyds (India) is a specialized TIC services company that enjoys ISO/IEC 17020:2012 Type-A accreditation, PNGRB empanelment, and legitimate credentials for inspection in oil & gas sectors. It is traded at a discount to its NAV (₹100 versus NAV of ₹140.81 — P/BV of 0.71x), technically making it a cheap stock on a book value basis. ₹25 average EPS over past two years and 23.17% average return on net worth are good indicators. Nevertheless, lack of revenue growth (growth of 0.25% in FY26), consistent decline in PAT margin (from 17.56% to 11.96% over last four years), no listed peers, a very tiny issue size of ₹18.19 Cr, and mere GMP of ₹3 (+3%) make it look like a company that the market approaches with caution. Expert advice: "Well-informed investors can invest moderate amounts for the long run.
Should you invest in Gulf Lloyds?
Suitable only for moderate-risk, long-term investors comfortable with a niche TIC services company below NAV pricing, no listed peers, flat revenue growth, declining PAT margins, and BSE SME liquidity constraints. Not a listing-gain play — GMP of ₹3 indicates minimal near-term upside.
Consider investing when:
A long-term investment opportunity in a niche TIC services provider (Type-A ISO/IEC 17020:2012, PNGRB empanelled) trading under NAV (P/BV 0.71x at ₹100), having an average RoNW of 23.17% and an average EPS of ₹25 in last two fiscals.
No issues with BSE SME liquidity concerns, lack of revenue growth, decreasing PAT margins, lack of listed peer comparables, and GMP of ₹3 signaling minimal gains from listing.
Do not invest when:
Listing gains expected — GMP of ₹3 (+3%) suggests that the stock is not discounted with much near-term upside.
Risk-averse because of decreasing PAT margins (four consecutive fiscals), flat revenues (0.25% FY26 growth), small-sized issue (₹18.19 Cr), and no listed peers for valuation.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Gulf Lloyds Limited IPO, open a demat account here
Gulf Lloyds Limited IPO Subscription Status: Check live subscription here
Gulf Lloyds Limited IPO GMP Update: Check latest grey market premium here
1. What is the Gulf Lloyds Limited IPO open and close date?
Gulf Lloyds (India) BSE SME IPO opens July 20, 2026 and closes July 22, 2026. Allotment: July 23. Refunds & Demat credit: July 24. Listing on BSE SME: July 27, 2026.
Track Gulf Lloyds Limited IPO subscription status live here from Finnpick.
2. What is the Gulf Lloyds Limited IPO price band and lot size?
The IPO has an issue price: ₹100 per share (face value ₹10) — this is a Fixed Price Issue, not a book-built IPO. There is no price band. Lot size: 1,200 shares. Minimum retail investment: ₹1,20,000 (1 lot). Retail investors can apply for a maximum of 1 lot only.
3. What is Gulf Lloyds Limited IPO total size?
The total issue size is ₹18.19 Cr comprising 18,20,000 fresh issue equity shares at a fixed price of ₹100. No OFS — all proceeds go to the company. Listing on BSE SME only.
4. How to apply for the Gulf Lloyds Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by July 22, 4 PM. Monitor Gulf Lloyds Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Gulf Lloyds Limited IPO Allotment Status?
The allotment date is on July 23rd and can be checked on KFin Technologies Ltd. RTA portal using PAN/DP ID.
6. What is Gulf Lloyds Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹3 as of July 14, indicating listing at the price range of ₹103 - check daily updates of Gulf Lloyds Limited IPO GMP trends here and live subscription status here from July 20th opening only on Finnpick.
7. What does Gulf Lloyds Limited specialize in?
Gulf Lloyds (India) Limited is an Ahmedabad-based independent TIC (Testing, Inspection, Certification) services company incorporated September 2014. Provides third-party inspection (pre-shipment, capital project TPI), vendor audits, quality assurance, compliance verification, non-destructive testing (via NABL-accredited partners), and certification services across infrastructure, oil & gas, manufacturing, engineering, and energy sectors. ISO/IEC 17020:2012 Type-A accredited. PNGRB empanelled. Inspection services: 94%+ of FY25 revenue. Employees: 811 (January 2026).
8. When is the Gulf Lloyds Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 27th July 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 23rd July 2026, with refunds and demat credits around 24th July 2026.
9. What are the Gulf Lloyds Limited IPO proceeds utilization details?
The IPO Fresh issue proceeds of ₹18.19 Cr directed at: capital expenditure for office premises (₹4.01 Cr), repayment of unsecured loans, working capital requirements, and general corporate purposes. (₹3.12 Cr)
10. Who are the promoters of Gulf Lloyds Limited?
The promoters of Gulf Lloyds Ltd. are Jaykumar Bhavsar, Bhagirath Bhavsar, and Anitaben Bhavsar. Originally founded as Gulf Lloyds Industrial Services partnership firm in 2011 and incorporated as a private limited company on September 26, 2014.
11. Should I apply for the Gulf Lloyds IPO?
You may consider only long-term moderate-risk investors comfortable with a niche TIC services company priced below NAV (P/BV 0.71x at ₹100) with PNGRB empanelment and ISO/IEC 17020:2012 Type-A accreditation. Avoid seeking listing gains — GMP of ₹3 indicates only +3% near-term upside. Note: flat revenue growth (0.25% FY26), declining PAT margins (four consecutive years), and very small BSE SME issue size (₹18.19 Cr) limit post-listing liquidity. Minimum investment: ₹1,20,000 (1 lot). This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
