The Indian brass components industry is set for a period of strong growth through 2030, thanks to the growing plumbing/HVAC industry, engineering export opportunities to the tune of 15 Bn a year, and government PLI initiatives for speciality metals, according to industry sources.
Narmadesh Brass Industries Ltd, incorporated in 1994 and headquartered at Jamnagar, Gujarat, identifies itself as a niche manufacturer of brass fittings, valves, elbows, and TEES. The company has automated production lines to supply the domestic giants of the plumbing industry, as well as for export to 15+ states. The company provides precision-crafted items to the BIS/ISO standard with an installation capacity of over 5,000 MT per annum.
Narmadesh Brass Industries is coming up with a BSE SME IPO with a total offer amounting to ₹44.87 Cr, including fresh issues with the help of 871,000 shares with a nominal value of ₹10 each, before being floated with a price range of ₹515, along with the presence of the market maker component, opening between January 12 and 15, 2026
Narmadesh Brass Industries IPO Details:
Narmadesh Brass Industries Issue Management:
Aryaman Financial Services Pvt Ltd acts as the book-running lead manager for Narmadesh Brass Industries SME IPO, managing underwriting and compliance.
Narmadesh Brass Industries IPO RTA (Registrar) Details:
KFintech Technologies handles allotment, refunds, and demat credits—contact at +91-04067162222 / 04079611000 or einward.ris@kfintech.com.
Narmadesh Brass Industries IPO Allotment Status:
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Action Links:
To apply for Narmadesh Brass Industries IPO, open a demat account here
Narmadesh Brass Industries IPO Subscription Status: Check live subscription here
Narmadesh Brass Industries IPO GMP Update: Check latest grey market premium here
Narmadesh Brass Industries deals in a niche category of precision brass parts, including fittings, valves, elbows, tees, couplers, and custom designs for plumbing, gas, water, and industrial uses, essentially catering to OEMs through a business-to-business process. This entity is incorporated in the state of Gujarat with its home base in Jamnagar (GIDC Phase III, Dared) and currently markets within the country and through exports, intending to improve its manufacturing capacity and debt by raising funds through an IPO.
In the brass manufacturing industry, Narmadesh Brass Industries is known for its automated production facility for brass components, catering to requirements of over 5,000 MT per annum with accuracy for OEM as well as for major plumbing corporations. The primary business of the company is its high-quality brass fittings for various applications.
Narmadesh Brass Industries has shown revenue growth with PAT of ₹4.72 Cr at a turnover of ₹78.45 Cr for FY25 (22.5% Return on Equity), indicating a high demand for brass components driven by the infrastructure development initiative. The BSE SME IPO of Narmadesh Brass Industries includes a total issue of 8.71 lakh equity shares consisting of a fresh issue of 7.01 lakh equity shares along with an OFS of 1.70 lakh equity shares at a fixed price of ₹515 per equity share, aggregating to ~₹44.87 Cr, opening January 12 and closing January 15, 2026 ("allotment January 16, listing January 20"). The proceeds shall go towards debt management of ₹14.50 Cr, machinery capacity expenditure of ₹3.29 Cr, working capital expenditure of ₹10.20 Cr
Narmadesh Brass Industries IPO comprises a total issue of ₹44.87 Cr (8.71 lakh shares at ₹10 FV), including a fresh issue of ₹36.09 Cr (7.01 lakh shares) + OFS of ₹8.78 Cr (1.70 lakh shares), aimed at debt repayment (₹14.50 Cr), machinery purchase (₹3.29 Cr), working capital (₹10.20 Cr), and general corporate purposes.
Narmadesh Brass Industries IPO proceeds will be deployed towards the following objectives:
Standard BSE SME allocation for Narmadesh Brass Industries IPO (8.71 lakh shares total): Retail 35.91% (~3.13L shares), NII 14.36% (~1.25L shares), QIB 38.73% (~3.37L shares incl. anchors), Market Maker 11% (~0.96L shares).
Narmadesh Brass Industries IPO reserves ~35% of the QIB portion (~2.74 lakh shares of the 8.71 lakh total issue) for anchor investors, with bidding on January 9, 2026 (one working day before the public opening on Jan 12).
Lock-in: 50% of anchor shares for 30 days (until Feb 11, 2026), the remaining 50% for 90 days (until Apr 12, 2026), per SEBI guidelines.
The anchor allocation document filed right before opening (Jan 12) will list specific anchor investors.
Narmadesh Brass Industries exhibits healthy financial metrics with ROE 22.5%, ROCE 25.8%, PAT margin 6.02%, and EBITDA margin 9.87% for FY25 (revenue ₹78.45 Cr, PAT ₹4.72 Cr) per DRHP disclosures.
At a ₹515 fixed price, it offers ~15-18x FY25 EPS (post-issue), reasonable for a brass components SME with debt reduction and capex catalysts targeting plumbing/HVAC export growth.
The important risks and strengths of the Narmadesh Brass Industries IPO are mentioned below:
Strengths
Strategic Jamnagar location: Brass group advantage – availability of raw material and skilled labor
ISO 9001:2015 certified: Quality assistance enables domestic/export sales to plumbing giants due to BIS certification norms.
Integrated Manufacturing: Brass rods & billets - precision components (fittings/valves) with a capacity of over 4,320 MT
Experienced promoters: Satishkumar Kotecha and family (over 30 years of expertise in brass), 100% pre-IPO stake suggests
Revenue growth: CAGR of 21% from FY23 to FY25: This shows a growth in revenue from ₹59.96 Cr to ₹87.72 Cr
Risks
Customers’ concentration: TThe top 10 customers = 84.59% of FY25 revenue; lack of long-term contracts exacerbates dependence risk
Capacity underutilisation: Brass billets: 4%; components: 18% - Risk of penalty execution post capex
Geographic Concentration: 91.85% revenue generated from Gujarat/Maharashtra limiting diversification
Volatility of commodity prices: Effects of Brass raw material price variations on margins (working capital intensive business, 75% of current assets)
Focus area: High pre-IPO borrowings (₹14.50 Cr repayment) & illiquidity post listing on SME Jan 20
Based on the information in the DRHP, Narmadesh Brass Industries demonstrates strong profitability and sustainable growth in the precision brass parts sector, evidenced by an ROE of 22.5% in FY25, an EBITDA margin of 9.87%, and a PAT margin of 6.02%. This performance is supported by infrastructure growth, increased demand in the plumbing/HVAC sector, and $15 billion in engineering exports. Narmadesh Brass Industries' complete plant at brass billets/rods to precision brass fittings, valves, and elbows to original equipment manufacturers with ISO and BIS certification and a capacity of 4,320+ in brass, is a strong player in the brass sector in the Gujarat brass hub.
In the current BSE SME IPO (Jan 12-15, fixed price of ₹515), investors will be able to tap into the growing brass OEM sector via a well-positioned and execution track-record holder with a revenue CAGR of 21% (FY23-25). At around 15-18x FY25 EPS, despite its debt-forming nature, it looks justifiable for the SME that tackles debt worth ₹14.50 Cr through the IPO.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Narmadesh Brass Industries IPO, open a demat account here
Narmadesh Brass Industries IPO Subscription Status: Check live subscription here
Narmadesh Brass Industries IPO GMP Update: Check latest grey market premium here
1. What are the Narmadesh Brass Industries IPO and listing dates?
The Narmadesh Brass Industries BSE SME IPO opens on January 12 and closes on January 15, 2026; the allotment will be on January 16, and the listing is scheduled for January 20.
Track the Narmadesh Brass Industries IPO subscription status live here.
2. What is Narmadesh Brass Industries' IPO price band, lot size & minimum amount?
The IPO price is fixed at ₹515/share, with a lot size of 480 shares. The minimum investment for retail investors is ₹2,47,200 for 1 lot, while the minimum for non-institutional investors (NII) is ₹4,94,400 for 2 lots, which equals 960 shares. Apply via Zerodha/AngelOne/ASBA by Jan 15, 5 PM.
Track the Narmadesh Brass Industries IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is Narmadesh Brass Industries' IPO FY25 financial ROE PAT?
The financials of Narmadesh Brass Industries stand at ROE 22.5%, ROCE 25.8%, PAT ₹4.72 Cr (revenue ₹78.45 Cr), and EBITDA margin 9.87%. 21% revenue CAGR FY23-25 amid a surge in demand for brass OEMs.
4. How to apply for the Narmadesh Brass Industries IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan. 15, 5 PM. Monitor the Narmadesh Brass Industries IPO subscription tracker here.
5. How to verify Narmadesh Brass Industries IPO allotment status?
The allotment date is January 19, and it can be checked on the KFintech RTA portal using PAN/DP ID.
6. What is Narmadesh Brass Industries' IPO GMP today and subscription status?
Current GMP: ₹0 (as of Jan 05). Narmadesh Brass Industries IPO GMP trends here and live subscription status is here from the Jan 12th opening only on Finnpick.
7. Who is the lead manager and registrar for the Narmadesh Brass Industries IPO?
The lead manager for Narmadesh Brass Industries is Aryaman Financial Services, and the RTA is KFintech Pvt. Ltd.
8. When is Narmadesh Brass Industries' IPO listing date?
Narmadesh Brass Industries IPO is listing on BSE SME on January 20, 2026.
