Soon
Gulf Lloyds (India) Limited IPO
SME
BSE SME
Fixed Price
Upcoming
Gulf Lloyds (India) Limited IPO
SME
BSE SME
Fixed Price
Upcoming
Price Band
₹100
Total Issue
₹18 Cr
Bid Dates
20 Jul - 22 Jul
Subscription
-
Est. GMP
₹0 (0.00%)
Valuation
Market Cap
₹67.29 Cr
P/E Ratio
11.42x
P/B Ratio
3.64x
Gulf Lloyds IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Gulf Lloyds (India) Limited, incorporated in 2014 and headquartered in Ahmedabad, Gujarat, is a third-party inspection, auditing, certification, testing and training services provider in the Services Sector. Originally a partnership firm established in 2011 by its promoters, it was incorporated to independently participate in tenders and execute projects across industries. The Company holds ISO/IEC 17020:2012 Type-A accreditation from NABCB and is empanelled with the Petroleum and Natural Gas Regulatory Board (PNGRB), serving clients across infrastructure, oil and gas, engineering, manufacturing and industrial equipment sectors, in India and internationally.
Lots & IPO Size
Gulf Lloyds IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,40,000 |
| Ind (Max) | 2 | 2,400 | ₹2,40,000 |
| Others (Min) | 3 | 3,600 | ₹3,60,000 |
Market Maker
₹91,200.00
Employee
₹0.00
Shareholder
₹0.00
Gulf Lloyds IPO Size
Total
₹18 Cr
Fresh Issue
₹18 Cr
(0.18 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Capital Expenditure for Office Premises
Repayment of Unsecured Loans
Working Capital Requirement
Issue Expenses
General Corporate Purposes
Total
Key Risk Factors
The Company is subject to periodic NABCB inspections and compliance requirements; observations or changes in accreditation requirements may require corrective action affecting operations.
Key Risk Factors
The Company is subject to periodic NABCB inspections and compliance requirements; observations or changes in accreditation requirements may require corrective action affecting operations.
The Company's dependence on a third-party NABL-accredited laboratory, since it lacks NABL accreditation itself, may affect its ability to execute certain testing and inspection assignments.
The Company executed a Banakhat to purchase office premises from Swatisandhya Procon LLP; delay or failure completing the sale deed may adversely affect its expansion plans and profitability.
The Company depends on a few suppliers for products/services; its top 10 suppliers were 98.36%, 42.99% and 31.47% of purchases in FY2026, FY2025 and FY2024, and losing any could affect operations.
The Company's revenue depends on a limited number of customers; its top customer alone was 21.67% of FY2026 revenue, and losing key customers could materially affect its business and financials.
The Company must furnish bank guarantees for contracts with public sector undertakings; failure to provide or maintain these may affect its ability to execute contracts and its financial condition.
The Company's business depends significantly on the accuracy of its inspection and testing results; errors or deficiencies in its reports may expose it to reputational risk and liabilities.
The Company's inspection and testing activities depend on proper calibration of equipment; failure to maintain accurate calibration may affect the quality of its inspection services.
The Company has experienced negative operating cash flows in previous years, and future operating losses or negative cash flow could adversely affect its results and financial condition.
The Company's business may be adversely affected by changes in industry standards, technical regulations or compliance requirements in the third-party inspection and testing industry.
Gulf Lloyds IPO Details Live GMP
GMP
₹0
Est. Price
₹100
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|
Gulf Lloyds IPO Peer Comparison
There are no comparable listed peers in India as per the company
Gulf Lloyds IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 35.68 | 35.61 | 23.26 |
| PAT | 4.30 | 4.67 | 1.68 |
| Net Worth | 13.63 | 9.33 | 4.66 |
| Borrowings | 15.68 | 8.94 | 6.94 |
| Assets | 35.29 | 23.51 | 15.88 |
| NAV (₹) | 27.46 | 18.99 | 9.49 |
| EPS (₹) | 8.76 | 9.51 | 3.42 |
Key Performance Indicators (KPIs)
EBITDA
21.97%
PAT
12.06%
ROE
37.49%
ROCE
24.88%
Debt to Equity
1.15
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Gulf Lloyds IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 35.68 | 35.61 | 23.26 |
| Other Income | 0.29 | 0.27 | 0.25 |
| Total Income | 35.97 | 35.88 | 23.51 |
| Employee Expense | 22.02 | 23.47 | 16.67 |
| Finance Costs | 1.60 | 0.98 | 0.45 |
| Depreciation | 0.66 | 0.41 | 0.19 |
| Other Expenses | 6.04 | 4.74 | 3.87 |
| Total Expenses | 30.33 | 29.61 | 21.19 |
| Profit Before Tax | 5.64 | 6.27 | 2.32 |
| Tax Expense | 1.34 | 1.60 | 0.64 |
| Profit After Tax | 4.30 | 4.67 | 1.68 |
| EPS — Basic (₹) | 8.76 | 9.51 | 3.42 |
| EPS — Diluted (₹) | 8.76 | 9.51 | 3.42 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 4.91 | 0.01 | 0.01 |
| Reserves & Surplus | 8.71 | 9.32 | 4.65 |
| Total Equity | 13.62 | 9.33 | 4.66 |
| Total Borrowings | 15.68 | 8.94 | 6.94 |
| Trade Payables | 0.88 | 0.20 | 1.26 |
| Other Current Liabilities | 3.27 | 3.21 | 2.28 |
| Other Liabilities | 1.84 | 1.84 | 0.75 |
| Total Equity & Liabilities | 35.29 | 23.51 | 15.88 |
| Fixed Assets | 2.06 | 1.73 | 0.94 |
| Trade Receivables | 15.56 | 10.70 | 5.25 |
| Cash & Bank Balances | 3.31 | 0.89 | 0.67 |
| Loans & Advances | 1.71 | 1.01 | 0.37 |
| Other Non-Current Assets | 7.12 | 6.18 | 6.31 |
| Other Current Assets | 5.53 | 3.00 | 2.35 |
| Total Assets | 35.29 | 23.51 | 15.88 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities (CFO) | -1.37 | 0.94 | -5.02 |
| Cash Flow from Investing Activities (CFI) | -1.34 | -1.74 | -0.38 |
| Cash Flow from Financing Activities (CFF) | 5.14 | 1.02 | 5.86 |
| Net Change in Cash & Equivalents | 0.02 | 0.00 | 0.00 |
| Cash & Equivalents at End of Period | 3.31 | 0.89 | 0.67 |
Promoter Holding
Promoter
99.95%
Public
0.05%
Jaykumar Bhavsar
33.00%
Bhagirath Bhavsar
34.00%
Anitaben Bhavsar
32.83%
Others
0.12%
Management
Jaykumar Bhavsar
Age: 33
MD
Remuneration
₹Rs.3,50,000/month (Rs.42 Lakh p.a., per appointment terms)
Education
Ph.D (Mech. Engg., NIILM University); MBA (Marketing, Dr. B.R. Ambedkar Univ.); B.E. (Mechanical, GTU)
Prior Experience
10+ years in Quality Assurance, Project Mgmt & Site Inspection; with GLIL since inception (2014).
Bhagirath Bhavsar
Age: 59
Chairman & WTD
Remuneration
₹Rs.2,00,000/month (Rs.24 Lakh p.a., per appointment terms)
Education
M.Tech (Welding Tech., CSJM Univ. Kanpur); B.E. (Mechanical, MSU Baroda); Diploma (Mech. Engg.)
Prior Experience
Inspection engineer experience (contractor/client/3rd-party) on onshore & offshore projects; oversees commercial operations.
Anitaben Bhavsar
Age: 56
WTD
Remuneration
₹Rs.2,00,000/month (Rs.24 Lakh p.a., per appointment terms)
Education
B.Sc. (North Gujarat University, 2001)
Prior Experience
11 years in business management; co-founded Gulf Lloyds Industrial Services (2011); oversees annual operating plan execution.
Shivaniben Bhavsar
Age: 30
CFO
Remuneration
₹Rs.22.50 Lakh (paid FY2025-26, in capacity of CFO)
Education
MBA (Arunachal University of Studies, 2020); BBA (Veer Kunwar Singh University, Bihar, 2016)
Prior Experience
6 years with the Company; Jr. Account Admin (2020-25) & Director (Jan-May 2025) before becoming CFO.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Gulf Lloyds (India) Limited
Address: 910, Gala Empire, Opp. TV Tower, Drive in Road, Thaltej Road, Ahmedabad, Gujarat, 380054, India
Number: 079-35289495
Email: info@gulflloydsgroup.com
Website: https://www.gulflloydsgroup.com
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Frequently Asked Questions (FAQs)
What is Gulf Lloyds IPO?
Gulf Lloyds IPO is a SME IPO having an issue size of
₹18 Crs.
Gulf Lloyds IPO is priced at
₹100 - ₹100 per
share.
The
issue opens on 20 Jul 26
and
closes on 22 Jul 26.
When will Gulf Lloyds IPO open?
Gulf Lloyds IPO opens on
20 Jul 26 and closes on
22 Jul 26.
What is the GMP of Gulf Lloyds IPO?
The estimated Grey Market Premium of Gulf Lloyds IPO is
₹0 per share (0.00%).
What is the lot size of Gulf Lloyds IPO?
The minimum lot size of Gulf Lloyds IPO is
1200 shares & the minimum application amount
is
Rs.
120000.
When is the allotment of Gulf Lloyds IPO?
The allotment date of Gulf Lloyds IPO is
23 Jul 26.
What is the listing date of Gulf Lloyds IPO?
The listing date of Gulf Lloyds IPO is
27 Jul 26.
What is the subscription of Gulf Lloyds IPO?
Gulf Lloyds IPO is subscribed
-.
What is the price band of Gulf Lloyds IPO?
Gulf Lloyds IPO is priced at
₹100 - ₹100 per
share.
How to check allotment status of Gulf Lloyds IPO?
Click the allotment link on Gulf Lloyds IPO page of IPO360.
How to apply Gulf Lloyds 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 Gulf Lloyds 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 Gulf Lloyds IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Gulf Lloyds 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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