Anand Seamless IPO
IPO price, dates, financial performance, strengths, risks and offer details
₹2,30,400 / 3,200 shares
Bidding Dates22 Sept, 26 – 24 Sept, 26
Min Investment₹2,30,400
Lot Size1,600
Price Range₹72 – ₹72
Issue Size₹25.52 Cr.
IPO Timeline
IPO Offer Start22 Sept, 26
IPO Offer Ends24 Sept, 26
Allotment Finalisation25 Sept, 26
Refund Initiation28 Sept, 26
Listing of Shares29 Sept, 26
Strengths
Diversified tubes and pipes portfolioThe company manufactures Seamless Tubes and Pipes across carbon, alloy and stainless steel categories, along with Finned Tubes. In FY2025-26, Seamless Tubes generated ₹3,737.77 lakhs or 66.74% of revenue, while Finned Tubes contributed ₹1,752.72 lakhs or 31.30%.
Recognized quality certificationsAnand Seamless holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications. Its manufacturing follows ASTM, ASME and EN standards, while IBR accreditation recognizes it as a 'Well Known Tube Maker' and 'Well Known Pipe Maker'. Products for European markets are certified under PED 97/23/EC.
In-house quality control systemsThe company operates a dedicated quality control function supported by spectro testing equipment, eddy current testing machines and profile projectors. Quality checks are carried out from raw material sourcing through dispatch, with Mill Test Certificates issued under EN 10204 3.1/3.2 standards.
Domestic and international customer baseThe company serves customers in India as well as overseas markets. FY2025-26 revenue comprised ₹5,311.88 lakhs or 94.85% from domestic operations and ₹288.48 lakhs or 5.15% from exports, including sales to the UAE, Saudi Arabia, Oman and Germany through distributors and representatives.
Experienced promoter leadershipPromoter Kedar Mayank Choksi has more than 21 years of specialized experience in seamless tubes, pipes and finned tubes. The promoter is supported by a senior management team with established industry knowledge and operational experience.
Preventive maintenance programmeThe company follows a structured maintenance system covering key manufacturing equipment. Regular inspections, scheduled servicing and timely replacement of components are used to support equipment reliability and consistent product quality.
Risks
Customer concentrationThe ten largest customers contributed 59.21%, 61.62% and 47.36% of revenue in FY2026, FY2025 and FY2024 respectively. Losing a key customer or failing to retain comparable orders could materially affect revenue, financial performance and cash flows.
Supplier concentrationThe ten largest suppliers represented 85.36% of raw material purchases in FY2026. The absence of definitive long-term supply agreements creates exposure to supplier disruptions and limits certainty around raw material availability and pricing.
Negative operating cash flowsOperating cash flow was negative at ₹557.06 lakhs in FY2026 and ₹331.00 lakhs in FY2025. Continued negative cash generation could constrain capital expenditure, debt repayment and ongoing operations without additional financing.
Borrowing and repayment riskOutstanding borrowings totalled ₹2,802.48 lakhs as of March 31, 2026 and were secured against current assets and the manufacturing facility. Failure to meet repayment obligations or loan covenants could allow lenders to accelerate repayment or enforce security.
Key person dependencyThe business depends significantly on sole remaining promoter Kedar Mayank Choksi for strategic decisions and important customer and supplier relationships following the demise of co-promoter Mayank Bhikhabhai Choksi. The loss of the promoter or other key personnel could disrupt operations and financial performance.
Single manufacturing facilityThe company operates from one manufacturing facility in Kadi, Gujarat. Equipment breakdowns, power interruptions, natural disasters or labour disputes at the site could result in production stoppages or slower operations and affect financial results.
Statutory compliance historyThe company has disclosed several delayed or non-filed statutory forms with the Registrar of Companies, including delays of up to 1,131 days. It has also reported late TDS, GST, PF and ESIC filings, exposing it to possible penalties and regulatory action.
Competitive industry environmentThe steel tubes and pipes market includes organized and unorganized domestic and international competitors, some with greater financial and operational resources. Rising competition may put pressure on selling prices, margins and market share.
Regional revenue concentrationGujarat contributed 54.49% of domestic revenue in FY2026. Economic weakness, regulatory developments or other disruptions in the state could therefore materially affect revenue and operating performance.
Uncommitted machinery purchasesMachinery purchases worth ₹1,319.78 lakhs planned from IPO proceeds had not yet been supported by purchase orders. The company has not identified an alternative funding source, creating execution and funding risk if procurement is delayed, costs increase or the IPO does not generate the expected proceeds.
Objectives
A portion of the Net Proceeds is proposed for capacity expansion, technology upgrades and operating cost optimization at the Kadi, Gujarat manufacturing facility. The planned investment includes civil works, plant and machinery and electrical improvements.
The company plans to use part of the Net Proceeds for full or partial repayment or prepayment of selected secured and unsecured borrowings from lenders including HDFC Bank Limited and Tata Capital Limited, with the aim of reducing debt and associated servicing costs.
The balance of the Net Proceeds is intended for general corporate purposes, including capital expenditure, operating expenses, working capital, growth initiatives and ordinary business requirements, subject to SEBI ICDR Regulations.
The company expects to incur issue-related expenses including fees payable to the Lead Manager, Registrar, regulators, auditors, legal advisers, market maker, escrow or sponsor bank and other expenses connected with the IPO process.
Yearly Financial Results
Standalone
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 36.90 | 33.55 | 56.00 |
| Expenses | 32.45 | 30.06 | 48.73 |
| Other Income | 0.10 | 0.09 | 0.17 |
| Total Revenue | 37.00 | 33.64 | 56.17 |
| Profit Before Tax | 4.56 | 3.58 | 7.44 |
| Net Profit | 3.36 | 2.65 | 5.48 |
Above figures are in Rs. Crores
Balance Sheet
Standalone
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 35.55 | 52.40 | 67.58 |
| Current Assets | 28.31 | 44.23 | 59.96 |
| Fixed Assets | 7.24 | 8.17 | 7.62 |
| Total Equity & Liabilities | 35.55 | 52.40 | 67.58 |
| Total Liabilities | 24.16 | 38.35 | 48.06 |
| Current Liabilities | 21.09 | 28.45 | 35.88 |
| Non Current Liabilities | 3.06 | 9.91 | 12.18 |
| Total Equity | 11.40 | 14.05 | 19.52 |
Above figures are in Rs. Crores
Cash Flow
Standalone
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | -0.01 | 0.95 | -1.10 |
| Investing Activities | -1.14 | -1.06 | -0.17 |
| Operating Activities | 1.51 | -3.31 | -5.57 |
| Financing Activities | -0.37 | 5.31 | 4.64 |
Above figures are in Rs. Crores
About Anand Seamless
Anand Seamless Limited is an Indian manufacturer and exporter of tubes and pipes with nearly two decades of operating experience. Its product portfolio is centered on two categories: Seamless Tubes & Pipes and Finned Tubes. The company supplies products to industries including Oil & Gas, thermal and nuclear power plants, automobile, pharmaceutical and chemical sectors.
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