In Progress
Valuation
Market Cap
₹86.18 Cr
P/E Ratio
11.08x
P/B Ratio
3.11x
Anand Seamless IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Anand Seamless Limited, incorporated in November 2005 and based in Kadi, Mehsana (Gujarat), manufactures and exports seamless tubes and pipes and finned tubes, with nearly two decades of industry experience. Its cold-drawn seamless range covers straight and U-bend tubes in carbon, alloy and stainless steel, while finned tubes span extruded, low-fin, embedded 'G', 'L' type, welded, crimped and studded variants. Products serve oil & gas refineries, thermal and nuclear power plants, heat exchangers, boilers, petrochemicals, railways and defence. The company holds IBR 'Well Known Tube/Pipe Maker' approvals and PED/AD 2000 certification for Europe. It operates ~3,000 MTPA of seamless capacity; FY26 revenue from operations was ₹56.00 crore with PAT of ₹5.48 crore.
Lots & IPO Size
Anand Seamless IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 3,200 | ₹2,30,400 |
| Ind (Max) | 2 | 3,200 | ₹2,30,400 |
| Others (Min) | 3 | 4,800 | ₹3,45,600 |
Market Maker
₹1.78 L
Employee
₹0.00
Shareholder
₹0.00
Anand Seamless IPO Size
Total
₹26 Cr
Fresh Issue
₹26 Cr
(0.35 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Capex for capacity expansion, technological upgradation & cost optimisation at the Kadi (Mehsana) manufacturing facility
Repayment/prepayment of certain secured and unsecured borrowings
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company depends on a few key customers, with its top 10 contributing 59.21% of FY26 revenue from operations; losing any of them could materially hurt its business and cash flows.
Key Risk Factors
The company depends on a few key customers, with its top 10 contributing 59.21% of FY26 revenue from operations; losing any of them could materially hurt its business and cash flows.
The company derives a large share of revenue from Gujarat (54.49% in FY26), so adverse economic or regulatory developments in that region could materially affect its revenue.
The company relies on key raw material suppliers without definitive contracts, with the top 10 accounting for 85.36% of FY26 purchases; disruptions or price swings may hit margins.
The company reported negative operating cash flows of ₹5.57 crore in FY26 and ₹3.31 crore in FY25; continued negative cash flows could adversely affect its business and prospects.
The company has contingent liabilities of ₹0.29 crore from GST demands as of March 31, 2026, plus an unquantified RoC penalty for delayed MSME-1 filing that could affect its finances.
The company faces two material civil suits of unascertainable value and two tax proceedings of ₹0.29 crore; adverse outcomes could hurt its business, operations and financial condition.
The company has discrepancies, errors and delayed filings in several RoC forms (DIR-12, DPT-3, BEN-2, CHG-1 and others); regulatory penalties for such lapses could impact its finances.
The company has entered into related party transactions, including net related-party borrowings of ₹2.45 crore in FY26, and future dealings may involve conflicts of interest.
The company has past instances of late filing of returns and delayed payment of statutory dues; any recurrence could attract penalties and affect its financial condition.
The statutory auditor issued a qualified opinion on the FY24 financial statements, citing non-maintenance of quantity information as a material weakness in internal controls.
Anand Seamless IPO Details Live GMP
GMP
₹0
Est. Price
₹72
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 20 Sep | ₹0 (0%) | ₹72 |
| 19 Sep | ₹0 (0%) | ₹72 |
| 18 Sep | ₹0 (0%) | ₹72 |
| 17 Sep | ₹0 (0%) | ₹72 |
Anand Seamless IPO Peer Comparison
(Rs. in crores)
| Particulars | Anand Seamless | Venus Pipes & Tubes | Gandhi Special Tubes | Ratnamani | Scoda Tubes |
|---|---|---|---|---|---|
| Revenue | 56.00 | 1,166.85 | 191.77 | 4,493.96 | 518.65 |
| PAT | 5.48 | 101.96 | 68.36 | 534.47 | 38.84 |
| EPS (₹) | 6.50 | 49.51 | 56.26 | 68.85 | 6.79 |
| NAV (₹) | 23.17 | 322.69 | 260.00 | 586.46 | 65.15 |
| RONW | 28.05% | 15.25% | 21.64% | 13.00% | 9.95% |
| EBITDA | 18.25% | 16.29% | 43.10% | 16.63% | 14.66% |
| PAT Mrgn | 9.75% | 8.65% | 33.58% | 11.58% | 7.34% |
| PE Ratio | 11.08 | 31.86 | 15.69 | 34.16 | 19.62 |
| Debt to Equity | 1.44 | 0.43 | - | 0.07 | 0.47 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 15, 2026 for Peers
Anand Seamless IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 56.00 | 33.55 | 36.90 |
| Profit | 5.48 | 2.65 | 3.36 |
| Net Worth | 19.52 | 14.05 | 11.40 |
| Borrowings | 28.02 | 21.13 | 14.13 |
| Assets | 67.58 | 52.40 | 35.55 |
| NAV (₹) | 23.17 | 16.67 | 13.53 |
| EPS (₹) | 6.50 | 3.15 | 3.99 |
Key Performance Indicators (KPIs)
Debt to Equity
1.44
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Anand Seamless IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 56.00 | 33.55 | 36.90 |
| Other Income | 0.17 | 0.09 | 0.10 |
| Total Income | 56.17 | 33.64 | 37.00 |
| Materials Consumed | 43.19 | 13.05 | 21.30 |
| Changes in Inventories | -11.52 | 1.98 | -4.28 |
| Employee Expense | 6.11 | 6.04 | 4.04 |
| Finance Costs | 2.42 | 1.94 | 1.56 |
| Depreciation | 0.53 | 0.47 | 0.50 |
| Other Expenses | 8.01 | 6.58 | 9.33 |
| Total Expenses | 48.73 | 30.06 | 32.45 |
| Profit Before Tax | 7.44 | 3.58 | 4.56 |
| Tax Expense | 1.96 | 0.93 | 1.19 |
| Profit After Tax | 5.48 | 2.65 | 3.36 |
| EPS — Basic (₹) | 6.50 | 3.15 | 3.99 |
| EPS — Diluted (₹) | 6.50 | 3.15 | 3.99 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 8.43 | 0.10 | 0.10 |
| Reserves & Surplus | 11.10 | 13.94 | 11.29 |
| Total Equity | 19.52 | 14.05 | 11.40 |
| Total Borrowings | 28.02 | 21.13 | 14.13 |
| Trade Payables | 15.48 | 10.89 | 6.69 |
| Other Liabilities | 4.56 | 6.33 | 3.33 |
| Total Equity & Liab | 67.58 | 52.40 | 35.55 |
| Fixed Assets | 6.46 | 6.77 | 6.14 |
| Inventories | 44.59 | 31.19 | 23.62 |
| Trade Receivables | 13.65 | 10.32 | 2.75 |
| Cash & Bank Bal | 0.47 | 1.57 | 0.62 |
| Other Assets | 2.42 | 2.55 | 2.42 |
| Total Assets | 67.58 | 52.40 | 35.55 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -5.57 | -3.31 | 1.51 |
| Cash Flow from Investing Activities | -0.17 | -1.06 | -1.14 |
| Cash Flow from Financing Activities | 4.64 | 5.31 | -0.37 |
| Net Change in Cash & Equivalents | -1.10 | 0.95 | -0.01 |
| Cash & Equivalents at End of Period | 0.47 | 1.57 | 0.62 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Kedar Mayank Choksi
89.61%
Heta Kedar Choksi
1.00%
Mayank Bhikhabhai Choksi HUF
7.93%
Kedar Mayank Choksi HUF
1.25%
Others
0.21%
Management
Kedar Mayank Choksi
Age: 42
Chairman & MD
Remuneration
₹Up to ₹1.00 Cr p.a. + performance-linked incentive & perquisites (FY26 paid: ₹0.24 Cr)
Education
B.E. Mechanical (Sardar Patel University); MBA Marketing (Gujarat University); Diploma in Automobile Engg.
Prior Experience
21+ years in manufacturing operations and business management; with the company since 2009 as Head of Production & Operations.
Heta Kedar Choksi
Age: 40
WTD & CAO
Remuneration
₹Up to ₹1.00 Cr p.a. + performance-linked incentive & perquisites (FY26 paid: ₹0.24 Cr)
Education
BBA (Gujarat University); Diploma in Financial Planning & Wealth Management
Prior Experience
5+ years in business administration; with the company since 2020, overseeing administration, HR and operational support.
Jitendra Nandlal Donga
Age: 38
CFO
Remuneration
₹₹0.05 Cr paid for FY26 (part-year; joined Nov 2025); contractual terms not disclosed
Education
B.Com; MBA (National Institute of Business Management)
Prior Experience
16+ years in budgeting, financial planning, cash flow management and financial control; previously with Dudhat Industries Pvt Ltd.
Dayalal S. Trivedi
Age: 42
GM – Sales & Marketing
Remuneration
₹₹0.21 Cr paid for FY26; contractual terms not disclosed
Education
B.Sc. (University of Pune); MBA (Amity University, Rajasthan)
Prior Experience
16 years of experience; previously with Racer Valves Pvt Ltd; GM – Sales & Marketing (domestic) since March 2024.
Registrar & Lead Managers
Registrar
MUFG Intime India
Lead Managers (1)
Company Details
Name: Anand Seamless Limited
Address: Plot No. 129-A, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715
Number: +91 63573 64613
Email: cs@anandseamless.com
Website: https://www.anandseamless.com
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Frequently Asked Questions (FAQs)
What is Anand Seamless IPO?
Anand Seamless IPO is a SME IPO having an issue size of
₹26 Crs.
Anand Seamless IPO is priced at
₹72 - ₹72 per
share.
The
issue opens on 22 Sep 26
and
closes on 24 Sep 26.
When will Anand Seamless IPO open?
Anand Seamless IPO opens on
22 Sep 26 and closes on
24 Sep 26.
What is the GMP of Anand Seamless IPO?
The estimated Grey Market Premium of Anand Seamless IPO is
₹0 per share (0.00%).
What is the lot size of Anand Seamless IPO?
The minimum lot size of Anand Seamless IPO is
1600 shares & the minimum application amount
is
Rs.
115200.
When is the allotment of Anand Seamless IPO?
The allotment date of Anand Seamless IPO is
25 Sep 26.
What is the listing date of Anand Seamless IPO?
The listing date of Anand Seamless IPO is
29 Sep 26.
What is the subscription of Anand Seamless IPO?
Anand Seamless IPO is subscribed
-.
What is the price band of Anand Seamless IPO?
Anand Seamless IPO is priced at
₹72 - ₹72 per
share.
How to check allotment status of Anand Seamless IPO?
Click the allotment link on Anand Seamless IPO page of IPO360.
How to apply Anand Seamless IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Anand Seamless IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Anand Seamless IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Anand Seamless IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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