Narmadesh Brass Industries Ltd IPO: Narmadesh Brass Industries Limited, a Jamnagar-based manufacturer of premium brass products, has entered the primary market with its Initial Public Offering (IPO). Operating from India’s “Brass City,” the company serves a global clientele with integrated manufacturing capabilities.
Narmadesh Brass IPO Important Dates & Timeline
The IPO bidding window is currently active. Here is the schedule for investors to track:
| Event | Tentative Date |
| IPO Open Date | Monday, January 12, 2026 |
| IPO Close Date | Thursday, January 15, 2026 |
| Basis of Allotment | Friday, January 16, 2026 |
| Initiation of Refunds | Monday, January 19, 2026 |
| Credit of Shares to Demat | Monday, January 19, 2026 |
| Listing Date | Tuesday, January 20, 2026 |
Price, Lot Size, and Investment Details
Narmadesh Brass has opted for a Fixed Price Issue. Unlike book-built issues with a range, the price here is set at a single point.
- Fixed Price: ₹515 per equity share
- Face Value: ₹10 per share
- Lot Size: 240 Shares
- Minimum Retail Investment: ₹2,47,200 (for 2 lots/480 shares)
- Total Issue Size: ~₹44.87 Crores
- Listing At: BSE SME Platform
Company Financial Details
The company has shown a high Return on Equity (ROE) but faces some inconsistency in net profit margins recently.
| Particulars | FY24 (₹ Cr) | FY25 (₹ Cr) | H1 FY26 (₹ Cr) |
| Total Revenue | 79.06 | 88.05 | 34.21 |
| Profit After Tax (PAT) | 7.10 | 5.72 | 4.01 |
| Net Worth | 5.73 | 11.45 | 22.46 |
| ROE (%) | 79.11% | 49.99% | — |
Note: The company plans to use ₹14.50 Cr of the proceeds to repay debt, which will likely improve its interest coverage ratio and bottom-line stability in the future.
Narmadesh Brass IPO Review: Apply or Avoid?
The Strengths (Pros)
- Integrated Setup: The facility in Jamnagar handles everything from casting and forging to CNC machining, allowing for better quality control.
- Strategic Hub: Proximity to Jamnagar’s brass cluster provides access to skilled labor and raw materials.
- Experienced Promoters: Promoted by Sprayking Limited, the company benefits from industry-specific leadership.
The Risks (Cons)
- Pricing: At ₹515 per share, many analysts consider the IPO to be “aggressively priced” compared to its peers like Poojawestern Metaliks.
- High Ticket Size: The minimum investment of ~₹2.47 lakh is higher than average SME IPOs, potentially limiting retail participation.
- Flat GMP: As of Jan 14-15, the Grey Market Premium (GMP) is signaling a ₹0 premium, suggesting a flat listing.
How to Check Allotment Status
Allotment is expected to be finalized on January 16, 2026. Investors can check their status using their PAN number or Application Number on the registrar’s portal:
- Registrar: KFin Technologies Limited
- Check Link: KFintech IPO Allotment Status
Final Verdict
Narmadesh Brass Industries is a fundamentally sound manufacturing unit but comes with a steep entry price. Conservative investors might wait for post-listing stability, while those seeking exposure to the brass manufacturing sector may consider a long-term view.
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