| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 36.90 | 33.55 | 56.00 |
| Expenses | 32.45 | 30.06 | 48.73 |
| Other Income | 0.10 | 0.09 | 0.17 |
| Total Revenue | 37.00 | 33.64 | 56.17 |
| Profit Before Tax | 4.56 | 3.58 | 7.44 |
| Net Profit | 3.36 | 2.65 | 5.48 |
Anand Seamless
Anand Seamless IPO
₹2,30,400
1.16 xOver-subscribedBidding Dates 22 Sept, 26 -24 Sept, 26
Min Investment ₹2,30,400
Lot Size1,600
Price Range ₹72 – ₹72
Issue Size ₹25.52 Cr.
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IPO Subscription Details
Retail Subscription Details
0.7 x
Non-Institutional Buyers (bHNI)
1.53 x
Total1.16 x
1.16 x IPO Timeline
IPO Offer Start
22 Sept,26
IPO Offer Ends
24 Sept,26
Allotment Finalisation
25 Sept,26
Refund Initiation
28 Sept,26
Listing of Shares
29 Sept,26
IPO Analysis
Strengths
The company offers a wide product portfolio spanning Seamless Tubes and Pipes (carbon, alloy, and stainless steel) and various Finned Tubes, with Seamless Tubes contributing ₹3,737.77 lakhs (66.74%) and Finned Tubes ₹1,752.72 lakhs (31.30%) to revenue in FY 2025-26.
The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, follows ASTM, ASME, and EN standards, and holds IBR accreditation as 'Well Known Tube Maker' and 'Well Known Pipe Maker,' with European market products certified under PED 97/23/EC.
The company maintains a dedicated quality control team with in-house infrastructure including spectro testing machines, eddy current testing machines, and profile projectors, ensuring multi-level quality checks from raw material procurement to dispatch, with Mill Test Certificates issued per EN 10204 3.1/3.2 standards.
Risks
The company relies heavily on a limited number of customers, with the top 10 customers contributing 59.21%, 61.62%, and 47.36% of revenues for FY2026, FY2025, and FY2024 respectively. Loss of any key customer or failure to renew orders on similar terms could materially affect business, financial condition, and cash flows.
The company's top 10 suppliers accounted for 85.36% of raw material purchases in FY2026, with no definitive long-term supply agreements in place. Supplier failure, supply disruptions, or inability to pass on raw material cost increases to customers could adversely impact profitability and margins.
The company reported negative operating cash flows of ₹557.06 lakhs and ₹331.00 lakhs in FY2026 and FY2025 respectively. Continued negative cash flows could impair the company's ability to meet capital expenditure needs, repay debt, and sustain operations without external financing.
Objectives
The company proposes to utilize a portion of the Net Proceeds towards financing the cost of capacity expansion, technological upgradation, cost optimization of operations, and support to the manufacturing facility at Kadi, Gujarat, including civil works, plant & machinery, and electrical upgrades.
The company intends to utilize a portion of the Net Proceeds towards full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed from lenders including HDFC Bank Limited and Tata Capital Limited, to reduce indebtedness and debt servicing costs.
The company intends to deploy the balance Net Proceeds for general corporate purposes including capital expenditure, operating expenses, working capital requirements, funding growth opportunities, and meeting expenses in the ordinary course of business, subject to SEBI ICDR Regulations.
The company estimates total issue-related expenses covering fees payable to the Lead Manager, Registrar, regulators, auditors, legal advisors, market maker, escrow/sponsor bank, and other miscellaneous expenses associated with the IPO process.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 35.55 | 52.40 | 67.58 |
| Current Assets | 28.31 | 44.23 | 59.96 |
| Fixed Assets | 7.24 | 8.17 | 7.62 |
| Total Equity & Liabilities | 35.55 | 52.40 | 67.58 |
| Total Liabilities | 24.16 | 38.35 | 48.06 |
| Current Liabilities | 21.09 | 28.45 | 35.88 |
| Non Current Liabilities | 3.06 | 9.91 | 12.18 |
| Total Equity | 11.40 | 14.05 | 19.52 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.01 | 0.95 | -1.10 |
| Investing Activities | -1.14 | -1.06 | -0.17 |
| Operating Activities | 1.51 | -3.31 | -5.57 |
| Financing Activities | -0.37 | 5.31 | 4.64 |
About Anand Seamless
Anand Seamless Limited is an India-based tubes and pipes manufacturer and exporter with nearly two decades of experience, offering two broad product categories: Seamless Tubes & Pipes and Finned Tubes. The company serves diverse industries including Oil & Gas, Thermal & Nuclear Power Plants, Automobile, Pharmaceutical, and Chemical sectors, with...more
Managing DirectorKedar Mayank Choksi
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