Nilachal Carbo Metalicks Ltd IPO
Status:
Overview
IPO date
08 Sept 2025 to 11 Sept 2025
Face value
₹ 10 per share
Price
₹ 85 to ₹85 per share
Issue Size
6,600,000 shares
(aggregating up to ₹ 56.1 Cr)
(aggregating up to ₹ 56.1 Cr)
Allotment Date
12 Sept 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Objectives of Nilachal Carbo Metalicks Ltd IPO
Nilachal Carbo Metalicks Ltd IPO Strategy
About Nilachal Carbo Metalicks Ltd
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T&C*
Strengths vs Risks of Nilachal Carbo Metalicks Ltd
Know the pros & cons
Strengths
Strategic Location of Manufacturing Facilities.- Experienced Promoter and Management Team.
- Excellence in Producing High-Quality LAM Coke.
- Established customer base for Products and by product.
- Own Fleet for Just-In-Time (JIT) delivery.
- Strong existing client relationship.
- A successful and proven track record of manufacturing LAM coke in the region.
- Offering Flexible Operation for meeting specific customers requirement.
- Strong technical and execution capabilities to maintain quality of LAM Coke.
Risks
- If the supply chain of raw materials is disrupted due to price volatility or changes in government regulations, it could significantly impact its business operations, potentially affecting our ability to meet customer demands and leading to adverse financial consequences for the company.
- The company's business is inherently working capital-intensive. Should the company encounters insufficient cash flows from its operations or face challenges in securing borrowing to meet the company's working capital needs, it could materially and adversely impact its business operations and financial results.
- The company's business is dependent on its manufacturing units and the company is subject to certain risks in the company's manufacturing process. Any slowdown or shutdown in the company's manufacturing operations or underutilization of its manufacturing units could have an adverse effect on the company's business, results of operations and financial condition.
- Any failures in the company's quality control processes may adversely affect its business, results of operations and financial condition. The company may faces product liability claims and legal proceedings if the quality of its product does not meet the company's customers' expectations.
- The company's manufacturing capacity could be significantly impacted if the company is unable to maintain or renew its lease agreement for the Vishakhapatnam unit, which is owned by a third party. Should the company fails to secure a renewal of this lease, it could adversely affect its business operations, revenue generation, and distribution channels.
- The company's business is highly dependent on the ferroalloy industries and is exposed to cyclical demand fluctuations in these sectors, which may materially affect its revenue, profitability, and financial condition. Further, the company derives a significant portion of its revenues from a limited number of customers. The loss of any significant clients may have an adverse effect on the company's business, financial condition, results of operations, and prospects.
- The company is heavily dependent on limited number of suppliers in handling its business operations. The loss of any significant supplier may have an adverse effect on the company's business, operations, financial conditions and prospects.
- The Company had negative operating cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The company's revenue is dependent on domestic market and the company does not have any export revenue. Any adverse changes in the conditions affecting domestic market could adversely affect its business, results of operations and financial condition.
- There are outstanding legal proceedings involving the Company, Directors and Promoters. Any adverse decisions could impact its cash flows 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 the company's business, prospects, results of operations and financial condition.
- A significant portion of its revenue comes from key customers, and losing one or more of them, experiencing a decline in their financial health or business outlook, or facing a reduction in their demand for the company's products could negatively impact its business, operating results, financial condition, and cash flows.
- In the past, there have been discrepancies in fillings with the Registrar of Companies (RoC) and other non-compliance under the companies act, which may result in penalties.
- There are certain instances of delays in filing returns and/or payment of statutory dues. Any delay in filing returns and/or payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
- The company's Logo registration NCM status is currently under process. Failures to obtain the trademark registration could lead to difficulties in identification or mistaken association if the trademark is not officially registered under the company's name. This could potentially result in brand confusion, loss of market recognition, and legal challenges regarding the use of its logo.
- The company's dependence on the Sukinda mining belt for chrome ore supply expose the company to risks that could adversely affect its business, operations, and financial condition.
- There had been defaults or rescheduling / restructuring of borrowings with financial institutions / banks in past. Any such occurrence in future can adversely affect its business operations.
- The company does not own Visakhapatnam office from where the company carries out the company's business activities. Any dispute in relation to use of the premises could have a material adverse effect on its business and results of operations.
- The Company operates under several statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's Promoters/Directors have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters/Directors and thereby, impact the company's business and operations.
- Any under-utilization of capacity of its manufacturing facilities available and the company's inability to effectively utilize its available manufacturing facilities (existing as well as proposed) may have an adverse effect on the company's business and future financial performance.
- The Promoter Group Company is in the same line of business i.e. manufacturing low ash metallurgical coke. Consequently there may be conflict of interest between the Companies.
- Failure to comply with environmental laws and regulations by us could lead to unforeseen environmental litigation which could impact our business and our future net earnings.
- The company may not be able to recruit or retain key management and plant operating personnel, such persons could affect its business and operations.
- The Company operates under several statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's contingent liabilities as stated in our Restated Financial Statements could affect its financial condition.
- The company may not be sufficiently protected or insured for certain losses that the company may incur or claims that the company may faces against the company.
- The company does not have long-term agreements with its customers. If a significant number of the company's customers choose not to place long term purchase orders with the Company or may choose to terminate its contracts if market price drops drastically, the company's business, financial condition and results of operations may be adversely affected.
- Any adverse change in regulations governing its products and the products of the company's customers, may adversely impact its business prospects and results of operations.
- Non-compliance with amendments to safety, health, and environmental laws, as well as other applicable regulations, could negatively impact the Company's operational performance and financial condition.
- If the company is unable to manage its growth or execute the company's strategies effectively, the company's business plan and expansion may not be successful, and its business and prospects may be adversely affected.
- The Company has not received the appropriate documentary evidence regarding the experience certificates of its Directors.
- The average cost of acquisition of Equity Shares by its Promoters, are lower than the Offer Price of Equity Share.
- The company's Promoters and members of the Promoter Group will continue to jointly retain majority shareholding and control over the Company after the Offer, which may allow them to exercise significant influence over shareholder matters, including decisions that may not align with the interests of other shareholders.
- The company operates in a highly competitive industry and the company's failures to compete effectively could have a negative impact on the success of its business and/or impact the company's margin.
- Within the parameters as mentioned in the chapter titled "Objects of this Offer" of this Prospectus, the Company's management will have flexibility in applying the proceeds of this Offer. The fund requirement and deployment mentioned in the Objects of this Offer have not been appraised by any bank or financial institution.
- The company's Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failure or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations its Promoters and Directors and thereby, adversely impact the company's business and operations.
- The Company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the net proceeds from the Offer for Sale.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- The Company has not placed orders of plant & machinery for its proposed object as specified in the Objects of the Offer. Any delay in placing orders, procurement of plant & machinery may delay the company's implementation schedule and may also lead to increase in price of these plant & machinery and equipment's, further affecting its revenue and profitability.
- The company has not identified any alternate source of raising the funds required for the object of the Offer and the deployment of funds is entirely at the company's discretion and as per the details mentioned in the section titled "Objects of the Offer".
- The company's success depends heavily upon its Promoter, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support.The company's success depends heavily upon the continuing services of Promoter, Directors and Key Managerial Personnel who are the natural person in control of the Company.
- The company encounters competition from both domestic and international markets, and its inability to compete effectively could materially and adversely affect the company's business and results of operations.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Offer proceeds.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of its Equity Shares.
- The company's 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.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- Certain data mentioned in this Prospectus has not been independently verified.
- QIBs and Non-Institutional Applicants are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting an Application and Individual Investors are not permitted to withdraw their Applications after Offer Closing Date.
- Excessive dependence on New India Co-op Bank Limited, HDFC Bank Limited and Indian Bank in respect of loan facilities obtained by the Company.
Nilachal Carbo Metalicks Ltd Peer Comparison
Understand the company’s industry standing
Nilachal Carbo Metallicks limited
Face Value
10
Standalone / Consolidated
Consolidated
Total Income Rs. Cr.
201.512
EPS-Basis
---
EPS-Diluted
6.28
NAV Per Share
35.07
P/E-Basic EPS
13.54
P/E-Diluted EPS
---
RONW(%)
17.9
Latest NAV Period
---
Latest NAV
---
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The IPO opens on 08 Sept 2025 & closes on 11 Sept 2025.
Nilachal Carbo Metalicks Limited was originally incorporated as 'Company Limited by Shares' under the name 'Nilachal Carbo Metalicks Private Limited' and the Certificate of Incorporation was issued by Registrar of Companies, Cuttack, on February 13, 2003. The Company was then converted from a Private Limited to Public Limited and the name of Company was changed to 'Nilachal Carbo Metalicks Limited' and a fresh certificate of incorporation dated February 07, 2024 was issued by the Registrar of Companies, Cuttack.
Company is engaged in manufacturing of Low Ash Metallurgical (LAM) Coke and selling to most of the top ferro chrome manufacturers in the country. Company has specialized in making Ferro Alloy Grade coke with most of the top ferro chrome manufacturers in the country. Product portfolio includes LAM Coke, Low Phosphorus Nut Coke, Ultra Low Phosphorus Nut Coke & High Grade Coke Fines.
Company installed the First Battery with annual capacity of 20,000 MTPA in 2003, set up the second Battery with a capacity of 20,000 MTPA in 2005, following the installation of third battery with a capacity of 20,000 MTPA in 2011.
The owned Plant is located at Baramana, Jajpur, Odisha where the Company currently operate 3 batteries with 32 ovens in each battery (total 96 ovens) with an annual manufacturing capacity of 60,000 Metric Tonnes Per Annum (MTPA). Apart from this, Company has second Plant having manufacturing facilities at Visakhapatnam, Andhra Pradesh which is having one battery with 18 ovens with the installed capacity of 18,000 MTPA. The total aggregating capacity of Company (owned + leased) is 78,000 MTPA for both the units. Company has a tie-up for contract manufacturing for our product with Om Avi Carbon Resources Private Limited and make use of their 24,000 MTPA capacity for use.
Company launched an aggregate IPO of 66,00,000 equity shares of face value of Rs 10 each, by raising funds aggregating to Rs 56.1 Crore, comprising a fresh issue of 26,00,000 equity shares amounting to Rs 22.1 Crore and 40,00,000 equity shares aggregating to Rs 34 Cr through offer for sale in September, 2025.
Nilachal Carbo Metalicks Ltd IPO will close on 11 Sept 2025.
- Strategic Location of Manufacturing Facilities.
- Experienced Promoter and Management Team.
- Excellence in Producing High-Quality LAM Coke.
- Established customer base for Products and by product.
- Own Fleet for Just-In-Time (JIT) delivery.
- Strong existing client relationship.
- A successful and proven track record of manufacturing LAM coke in the region.
- Offering Flexible Operation for meeting specific customers requirement.
- Strong technical and execution capabilities to maintain quality of LAM Coke.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Bibhu Datta Panda | 7069440 | 31.66 | 7069440 | 28.36 |
| 2 | Geeta Rani Panda | --- | --- | --- | --- |
| 3 | Kajal Fashionwear Agency Priva | 15257500 | 68.33 | 11257500 | 45.16 |
| 4 | Rishiraj Panda | 10 | --- | 10 | --- |
- If the supply chain of raw materials is disrupted due to price volatility or changes in government regulations, it could significantly impact its business operations, potentially affecting our ability to meet customer demands and leading to adverse financial consequences for the company.
- The company's business is inherently working capital-intensive. Should the company encounters insufficient cash flows from its operations or face challenges in securing borrowing to meet the company's working capital needs, it could materially and adversely impact its business operations and financial results.
- The company's business is dependent on its manufacturing units and the company is subject to certain risks in the company's manufacturing process. Any slowdown or shutdown in the company's manufacturing operations or underutilization of its manufacturing units could have an adverse effect on the company's business, results of operations and financial condition.
- Any failures in the company's quality control processes may adversely affect its business, results of operations and financial condition. The company may faces product liability claims and legal proceedings if the quality of its product does not meet the company's customers' expectations.
- The company's manufacturing capacity could be significantly impacted if the company is unable to maintain or renew its lease agreement for the Vishakhapatnam unit, which is owned by a third party. Should the company fails to secure a renewal of this lease, it could adversely affect its business operations, revenue generation, and distribution channels.
- The company's business is highly dependent on the ferroalloy industries and is exposed to cyclical demand fluctuations in these sectors, which may materially affect its revenue, profitability, and financial condition. Further, the company derives a significant portion of its revenues from a limited number of customers. The loss of any significant clients may have an adverse effect on the company's business, financial condition, results of operations, and prospects.
- The company is heavily dependent on limited number of suppliers in handling its business operations. The loss of any significant supplier may have an adverse effect on the company's business, operations, financial conditions and prospects.
- The Company had negative operating cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The company's revenue is dependent on domestic market and the company does not have any export revenue. Any adverse changes in the conditions affecting domestic market could adversely affect its business, results of operations and financial condition.
- There are outstanding legal proceedings involving the Company, Directors and Promoters. Any adverse decisions could impact its cash flows 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 the company's business, prospects, results of operations and financial condition.
- A significant portion of its revenue comes from key customers, and losing one or more of them, experiencing a decline in their financial health or business outlook, or facing a reduction in their demand for the company's products could negatively impact its business, operating results, financial condition, and cash flows.
- In the past, there have been discrepancies in fillings with the Registrar of Companies (RoC) and other non-compliance under the companies act, which may result in penalties.
- There are certain instances of delays in filing returns and/or payment of statutory dues. Any delay in filing returns and/or payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
- The company's Logo registration NCM status is currently under process. Failures to obtain the trademark registration could lead to difficulties in identification or mistaken association if the trademark is not officially registered under the company's name. This could potentially result in brand confusion, loss of market recognition, and legal challenges regarding the use of its logo.
- The company's dependence on the Sukinda mining belt for chrome ore supply expose the company to risks that could adversely affect its business, operations, and financial condition.
- There had been defaults or rescheduling / restructuring of borrowings with financial institutions / banks in past. Any such occurrence in future can adversely affect its business operations.
- The company does not own Visakhapatnam office from where the company carries out the company's business activities. Any dispute in relation to use of the premises could have a material adverse effect on its business and results of operations.
- The Company operates under several statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's Promoters/Directors have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters/Directors and thereby, impact the company's business and operations.
- Any under-utilization of capacity of its manufacturing facilities available and the company's inability to effectively utilize its available manufacturing facilities (existing as well as proposed) may have an adverse effect on the company's business and future financial performance.
- The Promoter Group Company is in the same line of business i.e. manufacturing low ash metallurgical coke. Consequently there may be conflict of interest between the Companies.
- Failure to comply with environmental laws and regulations by us could lead to unforeseen environmental litigation which could impact our business and our future net earnings.
- The company may not be able to recruit or retain key management and plant operating personnel, such persons could affect its business and operations.
- The Company operates under several statutory and regulatory approvals for the operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.
- The company's contingent liabilities as stated in our Restated Financial Statements could affect its financial condition.
- The company may not be sufficiently protected or insured for certain losses that the company may incur or claims that the company may faces against the company.
- The company does not have long-term agreements with its customers. If a significant number of the company's customers choose not to place long term purchase orders with the Company or may choose to terminate its contracts if market price drops drastically, the company's business, financial condition and results of operations may be adversely affected.
- Any adverse change in regulations governing its products and the products of the company's customers, may adversely impact its business prospects and results of operations.
- Non-compliance with amendments to safety, health, and environmental laws, as well as other applicable regulations, could negatively impact the Company's operational performance and financial condition.
- If the company is unable to manage its growth or execute the company's strategies effectively, the company's business plan and expansion may not be successful, and its business and prospects may be adversely affected.
- The Company has not received the appropriate documentary evidence regarding the experience certificates of its Directors.
- The average cost of acquisition of Equity Shares by its Promoters, are lower than the Offer Price of Equity Share.
- The company's Promoters and members of the Promoter Group will continue to jointly retain majority shareholding and control over the Company after the Offer, which may allow them to exercise significant influence over shareholder matters, including decisions that may not align with the interests of other shareholders.
- The company operates in a highly competitive industry and the company's failures to compete effectively could have a negative impact on the success of its business and/or impact the company's margin.
- Within the parameters as mentioned in the chapter titled "Objects of this Offer" of this Prospectus, the Company's management will have flexibility in applying the proceeds of this Offer. The fund requirement and deployment mentioned in the Objects of this Offer have not been appraised by any bank or financial institution.
- The company's Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failure or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations its Promoters and Directors and thereby, adversely impact the company's business and operations.
- The Company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the net proceeds from the Offer for Sale.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- The Company has not placed orders of plant & machinery for its proposed object as specified in the Objects of the Offer. Any delay in placing orders, procurement of plant & machinery may delay the company's implementation schedule and may also lead to increase in price of these plant & machinery and equipment's, further affecting its revenue and profitability.
- The company has not identified any alternate source of raising the funds required for the object of the Offer and the deployment of funds is entirely at the company's discretion and as per the details mentioned in the section titled "Objects of the Offer".
- The company's success depends heavily upon its Promoter, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support.The company's success depends heavily upon the continuing services of Promoter, Directors and Key Managerial Personnel who are the natural person in control of the Company.
- The company encounters competition from both domestic and international markets, and its inability to compete effectively could materially and adversely affect the company's business and results of operations.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Offer proceeds.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of its Equity Shares.
- The company's 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.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- Certain data mentioned in this Prospectus has not been independently verified.
- QIBs and Non-Institutional Applicants are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting an Application and Individual Investors are not permitted to withdraw their Applications after Offer Closing Date.
- Excessive dependence on New India Co-op Bank Limited, HDFC Bank Limited and Indian Bank in respect of loan facilities obtained by the Company.
The Issue type of Nilachal Carbo Metalicks Ltd is Fixed Price - SME.
The minimum application for shares of Nilachal Carbo Metalicks Ltd is 3200.
The total shares issue of Nilachal Carbo Metalicks Ltd is 6600000.
Initial public offer of up to 66,00,000 equity shares of face value of Rs.10/- each ("equity shares") of Nilachal Carbo Metalicks Limited ("Nilachal" or "the company" or "the issuer") for cash at a price of Rs. 85.00 per equity share (including a premium of Rs. 75.00 per equity share) ("offer price") aggregating to Rs. 56.10 crores comprising of fresh offer of up to 26,00,000 equity shares aggregating to Rs. 22.10 crores ("fresh offer") and an offer for sale of up to 40,00,000 equity shares by Kajal Fashionwear Agency Private Limited ("selling shareholder") aggregating to Rs. 34.00 crores ("offer for sale") ("the offer") of which 3,31,200 equity shares aggregating to Rs. 2.82 crores will be reserved for subscription by market maker ("market maker reservation portion"). The offer less the market maker reservation portion i.e. offer of up to 62,68,800 equity shares of face value of Rs.10/- each at an offer price of Rs. 85.00 per equity share aggregating to Rs. 53.28 crores ("net offer"). The offer and the net offer will constitute 26.48% and 25.15% of the post-offer paid-up equity share capital of the company.