R.K. Steel Manufacturing Company IPO
R.K. Steel Manufacturing Company IPO — date, issue size, SEBI status & DRHP details 2025
R.K. Steel Manufacturing Company filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to 2,00,00,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
R.K. Steel Manufacturing Company makes welded steel pipes, tubes and coils at a single plant in Perundurai, Tamil Nadu. Revenue from operations grew from Rs 847.44 crore in FY2023 to Rs 1147.79 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the R.K. Steel Manufacturing Company IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 09 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 9 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
R.K. Steel Manufacturing Company IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to 2,00,00,000 shares |
| Offer for sale | None |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | GYR Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations grew from Rs 847.44 crore in FY2023 to Rs 1147.79 crore in FY2025, with FY2025 up 12.29% over FY2024.
- 02The plant has an installed capacity of 13,63,200 MTPA, after five new tube mills and one slitting line were added in 2024.
- 03The company has a tandem cold rolling mill, which it says few companies in the southern states have, so it can make cold rolled products itself.
- 04Customers are spread out: the top 10 customers gave 34.78% of FY2025 revenue, down from 42.08% in FY2023.
- 05Return on equity was 23.07% in FY2024 and 27.32% in FY2023, before falling to 9.46% in FY2025.
- 06The plant holds unused capacity, which the company keeps for new contracts in interior Karnataka and Tamil Nadu.
Risks · 10
- 01Profit after tax fell from Rs 22.70 crore in FY2024 to Rs 10.91 crore in FY2025 although revenue grew 12.29%. PAT margin fell to 0.95%.
- 02Debt equity ratio was 2.91 in FY2025. Total borrowings were Rs 351.09 crore on 31 March 2025, against a net worth of Rs 120.68 crore.
- 03Cash flow from operating activities was negative Rs 44.63 crore in FY2025 and negative Rs 23.19 crore in FY2023. Working capital days rose to 104 in FY2025.
- 04Capacity utilisation was only 55.06% in FY2025 and 55.81% in FY2024, so the new tube mills are not yet fully used.
- 05All production is at one plant in Perundurai, with no backup site.
- 06Four southern states gave 98.86% of FY2025 revenue, and Kerala alone gave 44.13%.
- 07The top 10 suppliers gave 94.68% of FY2025 purchases, and the company has no long-term contracts with all its key customers.
- 08The business is high volume and low margin. EBITDA margin was 4.21% in FY2025, against 5.83% in FY2024.
- 09The whole issue is fresh, but Rs 76.00 crore goes to working capital and the general corporate purposes amount is not yet fixed.
- 10Promoters have given personal guarantees for borrowings of Rs 68.94 crore as on 31 March 2025.
R.K. Steel Manufacturing Company financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 1147.79 | 1022.16 | 847.44 |
| Total Income | 1153.73 | 1028.52 | 858.80 |
| EBITDA | 48.30 | 59.55 | 47.13 |
| Profit After Tax | 10.91 | 22.70 | 19.88 |
| Net Worth | 120.68 | 109.81 | 87.03 |
| Total Assets | 542.55 | 401.23 | 356.52 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹119.23 crore of the fresh issue is earmarked to named objects.
About R.K. Steel Manufacturing Company
Its products include pre-galvanised pipes (GP pipes), hot dip galvanised pipes and tubes (GI pipes), hot rolled pipes and tubes (HR pipes) and cold rolled pipes and tubes (CR pipes). It also makes galvanised plain coils, cold rolled full hard coils and hot rolled pickled and oiled coils. Its main raw material is hot rolled coil. The company says it is one of the few in the southern states with a tandem cold rolling mill.
All production happens at one plant at the SIPCOT Industrial Growth Centre in Perundurai, Tamil Nadu. The plant has nine tube mills, four slitting lines, two continuous galvanizing lines, one tandem cold rolling mill, one pickling unit and one hot dip galvanizing unit. Installed capacity was 13,63,200 MTPA on 31 March 2025. Five new tube mills and one slitting line were added in 2024.
The business is almost entirely domestic. Karnataka, Kerala, Tamil Nadu and Telangana gave 98.86% of revenue from operations in FY2025. Kerala alone gave 44.13% and Tamil Nadu 36.22%. Most buyers are traders who sell the products on. Exports to the United States and Peru were negligible.
The company had 200 employees on its rolls on 30 June 2025. In FY2025 it also grew its coil trading business. Purchase of stock-in-trade rose from Rs 18.75 crore in FY2024 to Rs 107.16 crore in FY2025.
The industry
The company's industry report is by Dun & Bradstreet and covers Indian steel pipes and tubes. The Indian steel industry makes long products such as TMT bars and structural steel, and flat products such as hot rolled and cold rolled coils. The company's own pipes and coils sit in the flat steel chain. The company names APL Apollo Tubes, Hi-Tech Pipes and Rama Steel Tubes among its listed peers, and says its EBITDA and PAT margins have been lower than theirs.
Customer concentration: Top 10 customers gave 34.78% of FY2025 revenue (35.01% in FY2024 and 42.08% in FY2023). Top 5 gave 22.18% in FY2025.
Promoters & management
Promoters hold 93.8% and the promoter group holds 4.04% before the issue, a total of 97.84%.
| Name | Role |
|---|---|
| Pramod Kumar Bhalotia | Chairman and Managing Director |
| Abhishek Bhalotia | Whole-time Director |
| Beena Bhalotia | Non-Executive Director |
| C Rajendran | Independent Director |
| S Krishnamachari | Independent Director |
| Saimathy Soupramanien | Independent Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
GYR Capital Advisors Pvt.Ltd.
13 issues handled (2 mainboard, 11 SME)Best listing: Merritronix (+90.0%). Weakest: Indo SMC (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
R.K. Steel Manufacturing Company IPO: frequently asked
When will the R.K. Steel Manufacturing Company IPO open?
The R.K. Steel Manufacturing Company IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the R.K. Steel Manufacturing Company IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the R.K. Steel Manufacturing Company IPO?
R.K. Steel Manufacturing Company filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to 2,00,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the R.K. Steel Manufacturing Company IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the R.K. Steel Manufacturing Company IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the R.K. Steel Manufacturing Company IPO GMP once the RHP and price band are out.
What will R.K. Steel Manufacturing Company do with the IPO money?
As per the DRHP: Repay or prepay part of certain borrowings of the company (₹43.23 crore); Fund working capital requirements of the company (₹76 crore); General corporate purposes.
Who are the lead managers of the R.K. Steel Manufacturing Company IPO?
The book running lead managers are GYR Capital Advisors Private Limited. MUFG Intime India Private Limited is the registrar.
Is R.K. Steel Manufacturing Company profitable?
Yes. It made a profit after tax of Rs 10.91 crore in FY2025, down from Rs 22.70 crore in FY2024 and Rs 19.88 crore in FY2023.
Who owns R.K. Steel Manufacturing Company?
Promoters and promoter group hold 97.84% before the issue. Pramod Kumar Bhalotia holds 36.83% and Mayank Marketing Private Limited holds 32.39%.
What does R.K. Steel Manufacturing Company make?
It makes GP, GI, HR and CR welded steel pipes and tubes, and GP, CRFH and HRPO coils, at its plant in Perundurai, Tamil Nadu.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When R.K. Steel Manufacturing Company files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
