Narmadesh Brass IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | September 2025 |
|---|---|---|---|---|
| Revenue | 60.09 | 79.06 | 88.05 | 34.21 |
| Expense | 58.92 | 69.38 | 80.92 | 29.37 |
| Profit (PAT) | 0.89 | 7.10 | 5.72 | 4.01 |
| Total Assets | 22.00 | 46.68 | 59.66 | 63.10 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Poojawestern Metaliks Limited | 18.67 | 1.53 | 11 |
| Siyaram Recycling Industries Limited | 8.10 | 6.69 | 11 |
Promoters: M/s. Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 24,00,000 | 99.92% |
| Promoter Holding Post Issue | 31,00,800 | 71.84% |
Company Information
Narmadesh Brass Industries Limited has been involved in the manufacturing of a wide range of brass products. The company runs its operations through its manufacturing located in plot no. 5, 8 & 9 at Jamnagar, Gujarat, spanning 6,293.03 sq.mtr. Its manufacturing facilities are capable of producing up to 4,320 metric tonnes (MT) of brass billets per year, 4,320 MT of brass rods per year, and 1,600 MT of brass components per year. It’s product portfolio consists of brass rods, brass billets, agricultural sprayer parts, garden fittings, ball valves, non-return valves (NRVs), turning components and plumbing fittings, sanitary fittings, and brass compression fittings serving both domestic and global markets. Moreover, the company consists of 81 laborers as of September 2025.
| Purpose | Amount (Cr) |
|---|---|
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings | 14.50 |
| Purchase of machinery and equipment | 3.29 |
| Funding Working capital requirements | 10.20 |
| General Corporate Purpose | - |
Resources & Documents
Narmadesh Brass Industries Ltd., Plot No. 5, 8 & 9, Survey No. 433, Shree Ganesh Industrial Hub, Changa Village, Jamnagar, Gujarat, 361012
Narmadesh Brass has set a price band of Rs 490–Rs 515 per share in the brass manufacturing sector. The stock listed with a 8.69% discount versus its issue price on January 21, 2026.
Narmadesh Brass Industries Limited has been involved in the manufacturing of a wide range of brass products. The company runs its operations through its manufacturing located in plot no. The company operates in the brass manufacturing space.
The issue is promoted by M/s. Sprayking Limited, Mr. Hitesh Dudhagara and Mrs. Ronak Dudhagara with Aryaman Financial Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Repayment/ prepayment, in full or in part, of certain outstanding borrowings (Rs 15 crore) and Purchase of machinery and equipment (Rs 3 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 1.31x, retail at 0.44x, NII at 2.03x.
At the upper end of the price band, the issue is priced at a post-issue P/E of 19.63x. On fundamentals, the company is posting revenue growth of 11.4%, a profit margin of 6.5%, return on equity of 50.0% in its most recent reported period. Listed peers in this segment include Siyaram Recycling Industries Limited (P/E 8.10x, market cap Rs 11 crore) and Poojawestern Metaliks Limited (P/E 18.67x, market cap Rs 11 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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