| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 3834.21 | 3541.78 | 4148.57 |
| Expenses | 3804.26 | 3539.34 | 4035.56 |
| Other Income | 26.51 | 25.26 | 34.73 |
| Total Revenue | 3862.44 | 3569.63 | 4202.05 |
| Profit Before Tax | 58.18 | 25.85 | 167.02 |
| Net Profit | 38.91 | 7.71 | 127.41 |
A One Steels
A One Steels IPO
₹14,245
0.02 xOver-subscribedBidding Dates 24 Sept, 26 -28 Sept, 26
Min Investment ₹14,245
Lot Size37
Price Range ₹385 – ₹405
Issue Size ₹405.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.49 x
Non-Institutional Buyers (sHNI)
0.33 x
Non-Institutional Buyers (bHNI)
0.45 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.37 x
Total0.02 x
0.02 x IPO Timeline
IPO Offer Start
24 Sept,26
IPO Offer Ends
28 Sept,26
Allotment Finalisation
29 Sept,26
Refund Initiation
30 Sept,26
Listing of Shares
01 Oct,26
IPO Analysis
Strengths
The company's presence across multiple stages of the steel-manufacturing value chain enables it to manufacture a diversified portfolio of long steel products, flat steel products and industrial products. The company's diversified product mix reduces reliance on any single manufactured product category, with TMT bars contributing 29.00% of Revenue from Operations in Fiscal 2026.
The company's manufacturing facilities are strategically located in close proximity to raw material sources, which provides access to raw materials, lowers transportation costs and provides significant logistics management and cost benefits. The company's facilities situated at Bellary and Koppal are located within 100 kilometres radius of the mineral belt in Bellary and Koppal district.
The company sells products through a combination of direct retail sales channels, authorised distributors, institutional customers, other intermediaries and trading channels. As of March 31, 2026, the company's sales network comprised 1,246 direct retail sales channels, 32 authorised distributors and 57 institutional customers with the largest customer contributing 5.33% of Revenue from Operations.
Risks
The company's profitability and margins have fluctuated significantly in the past, with PAT declining from ₹3,891.37 lakhs in Fiscal 2024 to ₹771.05 lakhs in Fiscal 2025 before increasing to ₹12,740.82 lakhs in Fiscal 2026. There is no assurance that the company will be able to sustain improvement in profitability or margins in future periods.
The company's proposed expansion projects involve significant capital outlay, operational complexity, and regulatory dependencies, including a 10 MW WHRB power plant and a 6,00,000 MTPA iron ore beneficiation plant. These projects may not yield expected benefits and could adversely affect business, financial condition, cash flows, and growth prospects.
The company enters into certain related party transactions in the ordinary course of business, including sales, purchases, and unsecured borrowings. While conducted on arm's length basis, such transactions could potentially involve conflicts of interest that may be detrimental to minority shareholders' interests.
Objectives
The company intends to reduce its outstanding indebtedness by undertaking pre-payment/partial re-payment of borrowings. This will help reduce overall outstanding indebtedness, debt servicing costs, assist in maintaining a favorable debt-equity ratio and enable better utilization of internal accruals for further investment in business growth and expansion.
The company intends to deploy any balance left out of the Net Proceeds towards general corporate purposes including repayment of loans, maintenance of plants and machineries, business development initiatives, employee related expenses, meeting exigencies, insurance requirements, payments of taxes and duties, meeting ongoing general corporate contingencies, providing security deposits and cash collaterals.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 2395.87 | 2753.06 | 3191.31 |
| Current Assets | 1605.68 | 1829.34 | 2225.91 |
| Fixed Assets | 790.19 | 923.72 | 965.40 |
| Total Equity & Liabilities | 2395.87 | 2753.06 | 3191.31 |
| Total Liabilities | 1950.96 | 2034.80 | 2327.95 |
| Current Liabilities | 1501.43 | 1524.61 | 1753.63 |
| Non Current Liabilities | 449.52 | 510.19 | 574.31 |
| Total Equity | 444.91 | 718.26 | 863.36 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -21.78 | -38.03 | 13.86 |
| Investing Activities | -191.49 | -192.29 | -10.09 |
| Operating Activities | 325.40 | 108.96 | 62.80 |
| Financing Activities | -155.68 | 45.30 | -38.85 |
About A One Steels
A-One Steels India Limited is a backward/vertically integrated steel manufacturer based in southern India with a diversified product portfolio comprising long and flat steel products, as well as industrial products used in steel manufacturing. The company operates six manufacturing facilities across Karnataka and Andhra Pradesh, with manufacturing operations extending from...more
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Managing DirectorSandeep Kumar
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