Nilachal Carbo Metalicks IPO

₹1,36,000/1600 shares

Minimum Investment

IPO Details

Open Date

08 Sep 25

Close Date

10 Sep 25

Minimum Investment

₹1,36,000

Lot Size

1600

Price Range

₹85 to ₹0

Listing Exchange

BSE

Issue Size

₹56.10 Cr

Listing Date

15 Sep 25

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Nilachal Carbo Metalicks IPO Timeline

Bidding Start

08 Sep 25

Bidding Ends

10 Sep 25

Allotment Finalisation

11 Sep 25

Refund Initiation

12 Sep 25

Demat Transfer

12 Sep 25

Listing

15 Sep 25

Nilachal Carbo Metalicks Limited

Incorporated in 2003, Nilachal Carbo Metalicks Limited specialises in producing high-quality, low-sulfur metallurgical coke, including nut coke, blast furnace coke, foundry coke, and low-phosphorus coke fines. Its modern facility in Chadheidhara, Jajpur, Odisha, with three bee-hive type coke oven batteries, has an annual capacity of 60,000 MTPA. The company is expanding with a new 36-oven battery at Baramana, Jajpur, boosting capacity to 94,400 MTPA, or 1,12,400 MTPA including leased units. Serving multiple industries, Nilachal employs 65 people as of July 2025.

Nilachal Carbo Metalicks IPO Overview

Krupalu Metals IPO is a fixed price issue worth ₹13.48 crore, comprising a fresh issue of 0.19 crore shares. The subscription will open on September 8, 2025, and close on September 10, 2025, with allotment finalisation scheduled for September 11, 2025. The shares are expected to be listed on BSE SME on September 15, 2025. Priced at ₹72 per share, the IPO requires a lot size of 1,600 shares. Retail investors must apply for 3,200 shares (₹2,30,400), while HNIs need a minimum of 4,800 shares (₹3,45,600). Finshore Management Services Ltd. is the lead manager, Cameo Corporate Services Ltd. acts as the registrar, and Anant Securities is the market maker.

Nilachal Carbo Metalicks Limited IPO Details

Particulars	Details
IPO Date	8 September 2025 to 10 September 2025
Listing Date	15 September 2025
Face Value	₹10 per share
Issue Price Band	₹85 per share
Lot Size	1,600 Shares
Total Issue Size	66,00,000 shares (aggregating up to ₹56.10 Cr)
Fresh Issue	22,68,800 shares (aggregating up to ₹19.28 Cr)
Offer for Sale	40,00,000 shares (aggregating up to ₹34.00 Cr)
Issue Type	Fixed Price IPO
Listing At	BSE SME
Share Holding Pre Issue	2,23,27,000 shares
Share Holding Post Issue	2,49,27,000 shares
Market Maker Portion	3,31,200 shares

Nilachal Carbo Metalicks IPO Reservation

Investor Category	Shares Offered
Market Maker Shares Offered	3,31,200 (5.02%)
NII (HNI) Shares Offered	31,32,800 (47.47%)
Retail Shares Offered	31,36,000 (47.52%)
Total Shares Offered	66,00,000 (100.00%)

Nilachal Carbo Metalicks IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	3,200	₹2,72,000
Retail (Max)	2	3,200	₹2,72,000
HNI (Min)	3	4,800	₹4,08,000

Nilachal Carbo Metalicks IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	99.99%
Post-Issue	73.52%

Nilachal Carbo Metalicks IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.28 (Pre-Issue), ₹5.62 (Post-Issue)
Price/Earnings (P/E) Ratio	13.54x (Pre-Issue), 15.12x (Post-Issue)
Return on Net Worth (RoNW)	17.90%
Net Asset Value (NAV)	₹35.07
Return on Equity	17.90%
Return on Capital Employed (ROCE)	22.74%
EBITDA Margin	13.46%
PAT Margin	6.96%
Debt to Equity Ratio	0.30

Objectives of the Proceeds

Funding installation of one coke oven plant to expand capacity (₹134.6m)

Supporting modernization of the company’s existing coke plant facilities (₹30.33m)

Utilisation towards general corporate purposes and working capital needs

Key Financials (in ₹ crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	123.34	114.49	93.22
Revenue	202.79	267.13	268.46
Profit After Tax	14.02	15.82	14.82
Reserves and Surplus	55.97	41.95	26.14
Total Borrowings	23.55	26.14	18.84

SWOT Analysis of Nilachal Carbo Metalicks IPO

Strength and Opportunities

Strategically located manufacturing units near steel and alloy industries
Strong promoter experience and professional management team
Expanding coke capacity to 94,400 MTPA for larger market share
Own fleet ensures just-in-time delivery and reliability

Risks and Threats

Revenue declined 24% in FY25 showing market sensitivity
High dependence on cyclical steel and metal sectors
Post-issue equity dilution reduces promoter control
Rising environmental regulations may impact coke manufacturing

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About Nilachal Carbo Metalicks Limited

Nilachal Carbo Metalicks IPO Strengths

Manufacturing facilities located near steel hubs, reducing logistics cost and delivery time.

Experienced promoters and management with deep industry knowledge in coke production.

Proven excellence in producing high-quality low ash metallurgical coke for industries.

Strong customer base for coke by-products ensuring consistent demand and revenues.

Own fleet supports timely, reliable just-in-time deliveries to industrial clients.

Flexible operations allow production adjustments based on customer-specific requirements.

Peer Group Comparison

Company Name	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Nilachal Carbo Metalicks Ltd	6.28	35.07	13.54	17.90	–
Peer Group
Stratmont Industries Ltd	0.36	10.43	68.85	3.48	5.20

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