Logo
search
Login
Call Us Now :
+91 80629 16290

Narmadesh Brass Industries Ltd IPO

Status: Closed

Overview

IPO date
12 Jan 2026 to 16 Jan 2026
Face value
₹ 10 per share
Price
₹ 515 to ₹515 per share
Issue Size
871,200 shares
(aggregating up to ₹ 44.87 Cr)
Allotment Date
19 Jan 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Non Ferrous Metals

Objectives of Narmadesh Brass Industries Ltd IPO

Narmadesh Brass Industries Ltd IPO Strategy

About Narmadesh Brass Industries Ltd

Unlock_ipo_iconUnlock Stock of the Month

T&C*

Strengths vs Risks of Narmadesh Brass Industries Ltd

Know the pros & cons

Strengths

  • arrowStrategically located manufacturing facilities.
  • arrowStringent quality control mechanism ensuring standardized product quality.
  • arrowExperienced Management team.
  • arrowHigh standard of product quality and customer service.
  • arrowIn-house R&D, tool room and continuous new product developmentIn-house R&D, tool room and continuous new product development.
  • arrowWell-equipped manufacturing facility.
  • arrowStrategic location of its manufacturing facility.
  • arrowProduct Portfolio.
  • arrowExperienced Promoters and Management Team.

Risks

  • arrowOur Company has been recently incorporated thus we have limited operating history as a Company which may make it difficult for investors to evaluate our historical performance or future prospects.
  • arrowOur Company has negative cash flows from its operating and investing activities in the past years, details of which are given below. Sustained negative cash flow could impact on our growth and business.
  • arrowAn increase in the prices of our basic raw materials i.e. Brass Scrap, Copper and Zinc will raise our manufacturing costs and could adversely affect our profitability.
  • arrowUnder-utilization of our manufacturing capacities and an inability to effectively utilize our existing manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
  • arrowWe require high working capital for our smooth day to day operations of business and any discontinuance or our inability to acquire adequate working capital timely and on favourable terms at a future date, may have an adverse effect on our operations, profitability and growth prospects.
  • arrowOur business operates on a high volume-low margin model, which impacts our overall profitability.
  • arrowOur top ten customers contribute majority of our revenues from operations. Any loss of business from one or more of them may adversely affect our revenues and profitability.
  • arrowCertain typographical errors have been noticed in ROC filings at the time of conversion in URC-1 which was rectified at later stage by filing MGT-14.
  • arrowWe require certain approvals, licenses, registrations and permits to operate our business, and failure to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operate our business may adversely affect our operations and financial conditions.
  • arrowFailure to manage our trade receivables could have an adverse effect on our net sales, profitability, cash flow and liquidity.
  • arrowOur operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect our production schedules, costs, sales and ability to meet customer demand.
  • arrowThere exists a potential conflict of interest between our Company and our Group Companies which may adversely affect our business.
  • arrowWe are subject to strict quality requirements and therefore incur significant expenses to maintain our product quality. Any failure to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect our reputation, financial conditions, cash flows and results of operations.
  • arrowWe require a number of approvals, NOCs, licences, registrations and permits in the ordinary course of our business. Some of the approvals are required to be transferred in the name of Narmadesh Brass Industries Limited from M/s. Narmada Brass Industries pursuant to conversion of partnership firm into our company and any failure or delay in obtaining the same in a timely manner may adversely affect our operations.
  • arrowAny penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • arrowOur inability to accurately forecast demand for our products, and accordingly manage our inventory, may have an adverse effect on our business, cash flows, financial condition, and results of operations.
  • arrowWe do not own the manufacturing facilities, registered office and other place of operations from which we carry out our business activities. In case of non-renewal of lease agreements or dispute in relation to use of the said premise, our business and results of operations can be adversely affected.
  • arrowThe continued operation of our manufacturing facilities is crucial to our business. Any disruption, breakdown, or failure of machinery, disruption to power sources, or temporary shutdown of our manufacturing facility may significantly impact our business, financial condition, and cash flows.
  • arrowOur business operations are majorly concentrated in certain geographical regions and any adverse developments affecting our operations in these regions could have a significant impact on our revenue and results of operations.
  • arrowWe are subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realization of the price for our product, which may adversely affect our business operation and financial condition.
  • arrowOur Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Draft Prospectus. Thus, we may be subject to claims alleging breach of third party intellectual property rights.
  • arrowWe are heavily dependent on our Promoters and Key Managerial Personnel for the continued success of our business through their continuing services and strategic guidance and support.
  • arrowWe have in the past entered into related party transactions and may continue to do so in the future.
  • arrowIf we are not able to successfully manage our growth, our business and results of operations may be adversely affected.
  • arrowChanges in technology may render our current technologies obsolete or require us to make substantial investments.
  • arrowAdverse publicity regarding our products could negatively impact us.
  • arrowThe average cost of acquisition of Equity Shares by our Promoters and Selling Shareholders could be lower than the Offer price.
  • arrowThere are outstanding legal proceedings involving our Company, our Directors and our Promoters. Any adverse decisions could impact our cashflows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention, consume financial resources in their defense or prosecution, affect our reputation, standing and future business and have an adverse effect on our business, prospects, results of operations and financial condition.
  • arrowOur industry is labour intensive and our business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees or those of our suppliers.
  • arrowDependence upon transportation services for supply and transportation of our products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
  • arrowOur insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business.
  • arrowWe have not made any alternate arrangements for meeting our capital requirements for the Objects of the Offer. Further we have not identified any alternate source of financing the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect our growth plans, business operations and financial condition.
  • arrowThe Promoters (including Promoter Group) and Directors hold almost 100% of the Equity Shares of our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
  • arrowWe have incurred significant indebtedness which exposes us to various risks which may have an adverse-affect on our business and results of our operations
  • arrowOur Company will not receive any proceeds from the Offer for Sale. The proceeds from the Offer for Sale shall be received directly by the Selling Shareholders.
  • arrowOur Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect our cash flows.
  • arrowFraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.
  • arrowWe could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.
  • arrowWe may not be able to sustain effective implementation of our business and growth strategy.
  • arrowWe are subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
  • arrowAny Penalty or demand raised by statutory authorities in future will affect our financial position of the Company.
  • arrowThe Objects of the Offer for which funds are being raised, are based on our management estimates and have not been appraised by any bank or financial institution or any independent agency.
  • arrowInformation relating to our production capacities and the historical capacity utilization of our production facilities included in this Draft Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
  • arrowOur Company has higher debt-equity ratio which requires significant cash flows to service our debts obligations, and this, together with the conditions and restrictions imposed by our financing arrangements, fluctuations in the interest rates may limit our ability to operate freely and grow our business.
  • arrowOur ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.
  • arrowCertain key performance indicators for certain listed industry peers included in this Draft Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete
  • arrowThere is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.
  • arrowOur Promoters and the Promoter Group will jointly continue to retain majority shareholding in our Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • arrowAny future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by our major shareholders may adversely affect the trading price of our Equity Shares.
  • arrowWe cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which we operate contained in the Draft Prospectus.
  • arrowThe company derives a significant portion of our revenue from the sale of brass rods and brass billets and any reduction in demand or in the manufacturing of such products could have an adverse effect on the company's business, results of operations and financial condition.
  • arrowThe company is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect the company's business, results of operations and financial condition.
  • arrowThe company is significantly dependent on few customers for its revenue in a particular financial year. The loss of any one or more of such customers may have a material effect on the company's business operations and profitability.
  • arrowTrade Receivables, Inventories and other current assets form a substantial part of the company's Total Assets. Failures to manage its trade receivables and inventories could have an adverse effect on the company's net sales, profitability, cash flow and liquidity.
  • arrowMajority of revenue contribution comes from the Gujarat, Maharashtra and Delhi which contributed 91.85% 73.06%, 94.29%, 95.89% of the company's revenue from products in for the period ended September 30, 2025 and FY 2024-25, FY 2023-24 and F.Y 2022-23 respectively.
  • arrowThe company's manufacturing facility and Warehouse are not owned by it, and the company has only leasehold rights. In the event the company lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • arrowThe company has reported negative net cash flows in the past and may do so in the future, which may have adverse effect on its business operation.
  • arrowThe Company may have potential Conflicts of interest with its Promoter Company as they are engaged in similar line of business, which may have adverse effect on the company's business operation.
  • arrowThe Company, its Promoters, its Directors and its Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • arrowThe company not entered into any agreement with the suppliers of machinery and equipment as specified in the Objects of the Offer. Further the amount allocated for purchases of machinery and equipment are based on the quotation received from supplier.
  • arrowThe Company has been recently incorporated thus the company has limited operating history as a Company which may make it difficult for investors to evaluate the company's historical performance or future prospects.
  • arrowThe company's revenue and cost of production is exposed to fluctuations in the prices of raw materials required for the manufacture as well as its availability, higher cost may have adverse effect on its business operation and margins.
  • arrowThe Company has availed unsecured loan from its Directors / Promoters which is repayable on demand. Any demand from the lender for repayment of such unsecured loan may affect the company's cash flow and financial condition.
  • arrowThe deployment of the Net Proceeds from the Fresh Issue are based on management estimates and have not been independently appraised by any bank or financial institution and is not subject to any monitoring by any independent agency and the Company's management will have flexibility in utilizing the Net Proceeds from the Fresh Issue
  • arrowThe company's insurance coverage may not be sufficient or may not adequately protect it against any or all hazards, which may adversely affect its business, results of operations and financial condition.
  • arrowUnder-utilization of the company's manufacturing capacities and an inability to effectively utilize its existing manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
  • arrowThe company's business is subject to seasonality and has sluggish sales in the first half of the financial year and picks up in second half and which may continue in the future.
  • arrowThe company has made certain typographical error in subscriber shareholding details in the past and the same were corrected. Recurrence of such instances in the future can expose it to compliance risk and penalties and can have adverse impact on the company's profitability and business operation.
  • arrowThe company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be transferred in the name of the Company "Narmadesh Brass Industries Limited" from the company's partnership firm "M/s. Narmada Brass Industries" pursuant to conversion of partnership firm into company and any failures or delay in obtaining the same in a timely manner may adversely affect the company's operations.
  • arrowThe Company has purchased second hand machinery from its group company.
  • arrowThe company's existing manufacturing facility is concentrated in a single region i.e. Jamnagar, Gujarat, hence the company faces geographical concentration related risks.
  • arrowIn addition to normal remuneration, other benefits and reimbursement of expenses the company's directors (including its Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
  • arrowThe company's Promoters and Key Managerial Personnel play key role in the company's functioning and we heavily rely on their knowledge and experience in operating its business and therefore, it is critical for the company's business that they remain associated with it.
  • arrowThe company's Balance sheet has a significant portion of Property Plant and Equipment including intangible asset. Any destruction, breakdown, theft its major plants or equipment or failures to repair or maintain the same may adversely affect the company's business, cash flows, financial condition and results of operations.
  • arrowAny delay or defaults in receipt of payments or dues from the company's customers could result in a reduction of its profits.
  • arrowAny disruption to the steady and regular supply of workforce for its operations, including due to strikes, work stoppages or increased wage demands by the company's workforce or any other kind of disputes with our workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
  • arrowThere have been past instances of procedural delays by the Company in making payments under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 during the period ended September 30, 2025 and financials year ended 2024-25, 2023-24 and 2022-23. Any future instances of such delays may result in levy of penalties on the Company from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
  • arrowThe Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Prospectus. Thus, the company may be subject to claims alleging breach of third party intellectual property rights.
  • arrowThe market for brass products is growing and getting competitive.
  • arrowThe company's operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect its production schedules, costs, sales and ability to meet customer demand.
  • arrowThe company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. The company possess certain technical knowledge about its products.
  • arrowThe company has incurred indebtedness which exposes it to various risks which may have an adverse effect on the company's business and results of operations. The company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
  • arrowThe company's Promoters Hitesh Dudhagara, Ronak Dudhagara, Krish Dudhagara and Sprayking Limited has extended personal guarantees in connection with certain of its debt facilities.
  • arrowThe company has not made any alternate arrangements for working capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the `Objects of the Offer'.
  • arrowThe company's working capital object is based on certain assumptions, any deviation from assumptions could affect its financial position.
  • arrowThe company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by it.
  • arrowInformation relating to its installed capacities and the historical capacity utilization included in this Prospectus is based on various assumptions and estimates and future production and capacity utilisation may vary.
  • arrowThe average cost of acquisition of Equity Shares held by the company's Promoters could be lower than the Issue Price.
  • arrowThe Company has higher debt-equity ratio which requires significant cash flows to service its debts obligations, and this, together with the conditions and restrictions imposed by its financing arrangements, fluctuations in the interest rates may limit the company's ability to operate freely and grow its business.
  • arrowIn the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect the company's revenues and results of operations.
  • arrowThe company is dependents on third party transportation providers for the delivery of its products to the company's customers.
  • arrowEmployee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
  • arrowThe company is subject to quality requirements and therefore incur significant expenses to maintain the company's product quality. Any failures to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect the company's reputation, financial conditions, cash flows and results of operations.
  • arrowIf the company is unable to manage its growth effectively or raise additional capital, the company's business, future financial performance and results of operations could be materially and adversely affected.
  • arrowThe Company may not be able to bring growth or successfully implement its business plan which could have an effect on the company's business, results of operations and financial condition.
  • arrowChanges in technology may render its current technologies obsolete or require it to make substantial investments.
  • arrowThe company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
  • arrowKey challenges in the global brass industry such as global slowdown, availability of raw materials and price volatility, Trade barriers and environmental concerns and regulations that are beyond its control may have an adverse effect on the company's business and results of operations.
  • arrowAny future issuance of Equity Shares may dilute your shareholding and sale of Equity Shares by the Promoter may adversely affect the trading price of the Equity Shares.
  • arrowThe company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • arrowThere is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner, or at all.
  • arrowPursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
  • arrowNon-compliance with and changes in, safety, health and environmental laws and other applicable regulations, might adversely affect the Company's results of operations and its financial condition.

Narmadesh Brass Industries Ltd Peer Comparison

Understand the company’s industry standing

Narmadesh Brass Industries Limited
Poojawestern Metaliks Limited
Siyaram Recycling Industries Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
87.72
50.37
515.56
EPS-Basis
26.23
1.53
6.69
EPS-Diluted
26.23
1.53
6.69
NAV Per Share
57.24
13.38
58.24
P/E-Basic EPS
19.63
18.67
8.1
P/E-Diluted EPS
---
---
---
RONW(%)
49.99
11.46
11.49
Latest NAV Period
---
---
---
Latest NAV
---
---
---
steps

How to check the allotment status of Narmadesh Brass Industries Ltd IPO?

Follow the steps

check
check
check
check

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

IPO reads

Stay updated with the latest IPO developments

dir

February 27, 2025 | 5 min read

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis
dir

February 25, 2025 | 5 min read

Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%
dir

February 18, 2025 | 5 min read

Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here
dir

October 25, 2024 | 5 min read

Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!
dir

October 22, 2024 | 5 min read

Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

September 6, 2024 | 5 min read

Bajaj Housing Finance IPO: All You Need to Know
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

August 26, 2024 | 5 min read

Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue Launch

More on IPOs

Navigate your way to other IPO resources

More on IPOs

Current IPOs

More on IPOs

Upcoming IPOs

More on IPOs

Closed IPOs

More on IPOs

Listed IPOs

More on IPOs

Performing IPOs

Latest videos on IPOs

IPO highlights & details!

FAQs on IPO

Get answers to all your questions here!

The IPO opens on 12 Jan 2026 & closes on 16 Jan 2026.

Narmadesh Brass Industries Limited was originally formed as a Partnership Firm with the Registrar of Firm, Jamnagar in the name and style of 'M/s. Narmada Brass Industries', pursuant to a Deed of Partnership entered on August 29, 2019. Further the Partnership Firm 'M/s. Narmada Brass industries' was converted into Public Limited Company 'Narmadesh Brass Industries Limited' vide Certificate of Incorporation dated October 30, 2023 by Registrar of Companies, Central Registration Centre. The Company was incorporated with the main object to carry on the business of Manufacturing, Wholesale & Trading, Importing, Exporting of all types of Brass, Ferrous Metals, Non-Ferrous Metals and other Metals Products etc. The Company commenced operations in 2019 under the partnership firm 'Narmada Brass Industries', promoted by Mr. Hitesh Pragajibhai Dudhagara, Mrs. Ronak Hitesh Dudhagara and Mr. Ghanshyamlal Somani with profit sharing ratio as 2:3:5. It started business as a manufacturing and trading concern of agricultural sprayer parts & garden fittings, ball valves & NRV'S, turning components, brass pipe & plumbing fittings, sanitary fittings, brass compression fittings, extruded brass rods, brass fittings & lead free brass fittings and forging specialty and established a channel network over the years. Mr. Ghanshyamlal Somani exited the Partnership Firm and later Sprayking Agro Equipment Ltd. entered into the business as a partner under the reconstituted partnership agreement. Out of total shareholding, 60% of Company's existing share capital is held by Sprayking Limited (formerly Sprayking Agro Equipment Limited) thus making it the holding company. The Company manufacture and sell a variety of products in the Indian market and for export, including agricultural sprayer parts, garden fittings, ball valves, non-return valves (NRVs), turning components, brass pipe and plumbing fittings, sanitary fittings, brass compression fittings, extruded brass rods, lead-free brass fittings, and specialty forged items. It handle casting, forging, and scrap selling related to brass components. In casting, it pour liquid material into a mould to create complex shapes that solidify into the desired form. The manufacturing unit is in Jamnagar. Additionally, it source specific customer requirements from suppliers and assemble the final products for delivery. The Company came up with the IPO aggregating an issuance of 8,71,200 equity shares of Rs 10 each and raised Rs 44.87 crores comprising a fresh issue of 700,800 equity shares amounting to Rs 36.09 crore and the offer for sale of 1,70,400 equity shares amounting to Rs 8.78 crore on January 15, 2026.

Narmadesh Brass Industries Ltd IPO will close on 16 Jan 2026.

  • Strategically located manufacturing facilities.
  • Stringent quality control mechanism ensuring standardized product quality.
  • Experienced Management team.
  • High standard of product quality and customer service.
  • In-house R&D, tool room and continuous new product developmentIn-house R&D, tool room and continuous new product development.
  • Well-equipped manufacturing facility.
  • Strategic location of its manufacturing facility.
  • Product Portfolio.
  • Experienced Promoters and Management Team.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Sprayking Ltd 1600000 66.67 1600000 51.6
2 Hitesh Dudhagara 395000 16.46 309800 9.99
3 Ronak Dudhagara 395000 16.46 309800 9.99
4 Krish Dudhagara 2000 0.08 2000 0.06
5 Pragjibhai Dudhagara 2000 0.08 2000 0.06
6 Parvatiben Dudhagara 2000 0.08 2000 0.06
7 Kalpana Dholariya 2000 0.08 2000 0.06

  • Our Company has been recently incorporated thus we have limited operating history as a Company which may make it difficult for investors to evaluate our historical performance or future prospects.
  • Our Company has negative cash flows from its operating and investing activities in the past years, details of which are given below. Sustained negative cash flow could impact on our growth and business.
  • An increase in the prices of our basic raw materials i.e. Brass Scrap, Copper and Zinc will raise our manufacturing costs and could adversely affect our profitability.
  • Under-utilization of our manufacturing capacities and an inability to effectively utilize our existing manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
  • We require high working capital for our smooth day to day operations of business and any discontinuance or our inability to acquire adequate working capital timely and on favourable terms at a future date, may have an adverse effect on our operations, profitability and growth prospects.
  • Our business operates on a high volume-low margin model, which impacts our overall profitability.
  • Our top ten customers contribute majority of our revenues from operations. Any loss of business from one or more of them may adversely affect our revenues and profitability.
  • Certain typographical errors have been noticed in ROC filings at the time of conversion in URC-1 which was rectified at later stage by filing MGT-14.
  • We require certain approvals, licenses, registrations and permits to operate our business, and failure to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operate our business may adversely affect our operations and financial conditions.
  • Failure to manage our trade receivables could have an adverse effect on our net sales, profitability, cash flow and liquidity.
  • Our operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect our production schedules, costs, sales and ability to meet customer demand.
  • There exists a potential conflict of interest between our Company and our Group Companies which may adversely affect our business.
  • We are subject to strict quality requirements and therefore incur significant expenses to maintain our product quality. Any failure to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect our reputation, financial conditions, cash flows and results of operations.
  • We require a number of approvals, NOCs, licences, registrations and permits in the ordinary course of our business. Some of the approvals are required to be transferred in the name of Narmadesh Brass Industries Limited from M/s. Narmada Brass Industries pursuant to conversion of partnership firm into our company and any failure or delay in obtaining the same in a timely manner may adversely affect our operations.
  • Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • Our inability to accurately forecast demand for our products, and accordingly manage our inventory, may have an adverse effect on our business, cash flows, financial condition, and results of operations.
  • We do not own the manufacturing facilities, registered office and other place of operations from which we carry out our business activities. In case of non-renewal of lease agreements or dispute in relation to use of the said premise, our business and results of operations can be adversely affected.
  • The continued operation of our manufacturing facilities is crucial to our business. Any disruption, breakdown, or failure of machinery, disruption to power sources, or temporary shutdown of our manufacturing facility may significantly impact our business, financial condition, and cash flows.
  • Our business operations are majorly concentrated in certain geographical regions and any adverse developments affecting our operations in these regions could have a significant impact on our revenue and results of operations.
  • We are subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realization of the price for our product, which may adversely affect our business operation and financial condition.
  • Our Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Draft Prospectus. Thus, we may be subject to claims alleging breach of third party intellectual property rights.
  • We are heavily dependent on our Promoters and Key Managerial Personnel for the continued success of our business through their continuing services and strategic guidance and support.
  • We have in the past entered into related party transactions and may continue to do so in the future.
  • If we are not able to successfully manage our growth, our business and results of operations may be adversely affected.
  • Changes in technology may render our current technologies obsolete or require us to make substantial investments.
  • Adverse publicity regarding our products could negatively impact us.
  • The average cost of acquisition of Equity Shares by our Promoters and Selling Shareholders could be lower than the Offer price.
  • There are outstanding legal proceedings involving our Company, our Directors and our Promoters. Any adverse decisions could impact our cashflows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention, consume financial resources in their defense or prosecution, affect our reputation, standing and future business and have an adverse effect on our business, prospects, results of operations and financial condition.
  • Our industry is labour intensive and our business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees or those of our suppliers.
  • Dependence upon transportation services for supply and transportation of our products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
  • Our insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business.
  • We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Offer. Further we have not identified any alternate source of financing the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect our growth plans, business operations and financial condition.
  • The Promoters (including Promoter Group) and Directors hold almost 100% of the Equity Shares of our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
  • We have incurred significant indebtedness which exposes us to various risks which may have an adverse-affect on our business and results of our operations
  • Our Company will not receive any proceeds from the Offer for Sale. The proceeds from the Offer for Sale shall be received directly by the Selling Shareholders.
  • Our Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect our cash flows.
  • Fraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.
  • We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.
  • We may not be able to sustain effective implementation of our business and growth strategy.
  • We are subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
  • Any Penalty or demand raised by statutory authorities in future will affect our financial position of the Company.
  • The Objects of the Offer for which funds are being raised, are based on our management estimates and have not been appraised by any bank or financial institution or any independent agency.
  • Information relating to our production capacities and the historical capacity utilization of our production facilities included in this Draft Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
  • Our Company has higher debt-equity ratio which requires significant cash flows to service our debts obligations, and this, together with the conditions and restrictions imposed by our financing arrangements, fluctuations in the interest rates may limit our ability to operate freely and grow our business.
  • Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.
  • Certain key performance indicators for certain listed industry peers included in this Draft Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete
  • There is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.
  • Our Promoters and the Promoter Group will jointly continue to retain majority shareholding in our Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by our major shareholders may adversely affect the trading price of our Equity Shares.
  • We cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which we operate contained in the Draft Prospectus.
  • The company derives a significant portion of our revenue from the sale of brass rods and brass billets and any reduction in demand or in the manufacturing of such products could have an adverse effect on the company's business, results of operations and financial condition.
  • The company is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect the company's business, results of operations and financial condition.
  • The company is significantly dependent on few customers for its revenue in a particular financial year. The loss of any one or more of such customers may have a material effect on the company's business operations and profitability.
  • Trade Receivables, Inventories and other current assets form a substantial part of the company's Total Assets. Failures to manage its trade receivables and inventories could have an adverse effect on the company's net sales, profitability, cash flow and liquidity.
  • Majority of revenue contribution comes from the Gujarat, Maharashtra and Delhi which contributed 91.85% 73.06%, 94.29%, 95.89% of the company's revenue from products in for the period ended September 30, 2025 and FY 2024-25, FY 2023-24 and F.Y 2022-23 respectively.
  • The company's manufacturing facility and Warehouse are not owned by it, and the company has only leasehold rights. In the event the company lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • The company has reported negative net cash flows in the past and may do so in the future, which may have adverse effect on its business operation.
  • The Company may have potential Conflicts of interest with its Promoter Company as they are engaged in similar line of business, which may have adverse effect on the company's business operation.
  • The Company, its Promoters, its Directors and its Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • The company not entered into any agreement with the suppliers of machinery and equipment as specified in the Objects of the Offer. Further the amount allocated for purchases of machinery and equipment are based on the quotation received from supplier.
  • The Company has been recently incorporated thus the company has limited operating history as a Company which may make it difficult for investors to evaluate the company's historical performance or future prospects.
  • The company's revenue and cost of production is exposed to fluctuations in the prices of raw materials required for the manufacture as well as its availability, higher cost may have adverse effect on its business operation and margins.
  • The Company has availed unsecured loan from its Directors / Promoters which is repayable on demand. Any demand from the lender for repayment of such unsecured loan may affect the company's cash flow and financial condition.
  • The deployment of the Net Proceeds from the Fresh Issue are based on management estimates and have not been independently appraised by any bank or financial institution and is not subject to any monitoring by any independent agency and the Company's management will have flexibility in utilizing the Net Proceeds from the Fresh Issue
  • The company's insurance coverage may not be sufficient or may not adequately protect it against any or all hazards, which may adversely affect its business, results of operations and financial condition.
  • Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its existing manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
  • The company's business is subject to seasonality and has sluggish sales in the first half of the financial year and picks up in second half and which may continue in the future.
  • The company has made certain typographical error in subscriber shareholding details in the past and the same were corrected. Recurrence of such instances in the future can expose it to compliance risk and penalties and can have adverse impact on the company's profitability and business operation.
  • The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be transferred in the name of the Company "Narmadesh Brass Industries Limited" from the company's partnership firm "M/s. Narmada Brass Industries" pursuant to conversion of partnership firm into company and any failures or delay in obtaining the same in a timely manner may adversely affect the company's operations.
  • The Company has purchased second hand machinery from its group company.
  • The company's existing manufacturing facility is concentrated in a single region i.e. Jamnagar, Gujarat, hence the company faces geographical concentration related risks.
  • In addition to normal remuneration, other benefits and reimbursement of expenses the company's directors (including its Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
  • The company's Promoters and Key Managerial Personnel play key role in the company's functioning and we heavily rely on their knowledge and experience in operating its business and therefore, it is critical for the company's business that they remain associated with it.
  • The company's Balance sheet has a significant portion of Property Plant and Equipment including intangible asset. Any destruction, breakdown, theft its major plants or equipment or failures to repair or maintain the same may adversely affect the company's business, cash flows, financial condition and results of operations.
  • Any delay or defaults in receipt of payments or dues from the company's customers could result in a reduction of its profits.
  • Any disruption to the steady and regular supply of workforce for its operations, including due to strikes, work stoppages or increased wage demands by the company's workforce or any other kind of disputes with our workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
  • There have been past instances of procedural delays by the Company in making payments under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 during the period ended September 30, 2025 and financials year ended 2024-25, 2023-24 and 2022-23. Any future instances of such delays may result in levy of penalties on the Company from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
  • The Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Prospectus. Thus, the company may be subject to claims alleging breach of third party intellectual property rights.
  • The market for brass products is growing and getting competitive.
  • The company's operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect its production schedules, costs, sales and ability to meet customer demand.
  • The company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. The company possess certain technical knowledge about its products.
  • The company has incurred indebtedness which exposes it to various risks which may have an adverse effect on the company's business and results of operations. The company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
  • The company's Promoters Hitesh Dudhagara, Ronak Dudhagara, Krish Dudhagara and Sprayking Limited has extended personal guarantees in connection with certain of its debt facilities.
  • The company has not made any alternate arrangements for working capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the `Objects of the Offer'.
  • The company's working capital object is based on certain assumptions, any deviation from assumptions could affect its financial position.
  • The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by it.
  • Information relating to its installed capacities and the historical capacity utilization included in this Prospectus is based on various assumptions and estimates and future production and capacity utilisation may vary.
  • The average cost of acquisition of Equity Shares held by the company's Promoters could be lower than the Issue Price.
  • The Company has higher debt-equity ratio which requires significant cash flows to service its debts obligations, and this, together with the conditions and restrictions imposed by its financing arrangements, fluctuations in the interest rates may limit the company's ability to operate freely and grow its business.
  • In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect the company's revenues and results of operations.
  • The company is dependents on third party transportation providers for the delivery of its products to the company's customers.
  • Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
  • The company is subject to quality requirements and therefore incur significant expenses to maintain the company's product quality. Any failures to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect the company's reputation, financial conditions, cash flows and results of operations.
  • If the company is unable to manage its growth effectively or raise additional capital, the company's business, future financial performance and results of operations could be materially and adversely affected.
  • The Company may not be able to bring growth or successfully implement its business plan which could have an effect on the company's business, results of operations and financial condition.
  • Changes in technology may render its current technologies obsolete or require it to make substantial investments.
  • The company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
  • Key challenges in the global brass industry such as global slowdown, availability of raw materials and price volatility, Trade barriers and environmental concerns and regulations that are beyond its control may have an adverse effect on the company's business and results of operations.
  • Any future issuance of Equity Shares may dilute your shareholding and sale of Equity Shares by the Promoter may adversely affect the trading price of the Equity Shares.
  • The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner, or at all.
  • Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
  • Non-compliance with and changes in, safety, health and environmental laws and other applicable regulations, might adversely affect the Company's results of operations and its financial condition.

The Issue type of Narmadesh Brass Industries Ltd is Fixed Price - SME.

The minimum application for shares of Narmadesh Brass Industries Ltd is 480.

The total shares issue of Narmadesh Brass Industries Ltd is 871200.

Initial public offering of 8,71,200 equity shares of face value of Rs. 10/- each ("Equity Shares") of Narmadesh Brass Industries Limited ("The Company" or "The Issuer Company") for cash at a price Rs. 515 per equity share ("The Offer Price") aggregating to Rs. 44.87 crores, the offer consisting of fresh issue of 7,00,800 equity shares aggregating to Rs. 36.09 crores ("Fresh Issue") and an offer for sale of 1,70,400 equity shares by the selling shareholder aggregating to Rs. 8.78 crores (The "Selling Shareholder") (The "Offer for Sale", and Together With the Fresh Issue, the "Offer"), of which 45,600 equity shares of face value of Rs. 10/- each for a cash price of Rs. 515 per equity share, aggregating to Rs. 2.35 crores will be reserved for subscription by market maker ( The "Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. offer of 8,25,600 equity shares of face value of Rs. 10/- each at an offer price of Rs.515 /- per equity share aggregating to Rs. 42.52 crores ( Is Hereinafter Referred to as The "Net Offer"). The offer and net offer will constitute 28.10% and 26.63%, respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 515 per equity share of face value Rs.10/- each. The floor price is 51.5 times of the face value of the equity shares. Bids can be made for a minimum of 480 equity shares and in multiples of 240 equity shares thereafter.