Anand Seamless Ltd

ANAND Anand Seamless Ltd

BSE IPO

Bidding dates22 Sep 2026 - 24 Sep 2026

Price range₹72 - ₹72

Min. investment₹2,30,400

Issue size25.52 Cr

Lot size1600 Shares

IPO Timeline

Start date

22 Sep 2026

End date

24 Sep 2026

Allotment date

25 Sep 2026

Refund initiation

28 Sep 2026

Share credit

28 Sep 2026

Deactivate mandate

29 Sep 2026

About company

Incorporated in 2005, Anand Seamless Limited is engaged in the production of seamless tubes, pipes, and finned tubes used in industrial applications. The company operates in the iron and steel manufacturing sector. The company specializes in manufacturing carbon steel and alloy steel seamless tubes, heat exchanger tubes, U-tubes, and various types of finned tubes. These products are widely used in industries such as oil & gas, petrochemicals, power plants, and process industries.

Product Portfolio:

Seamless Tubes and Pipes
Finned Tubes

The company cater to both the domestic as well as the international markets. In the domestic market, we sell our Products to Heat Exchanger Industry, Petroleum Industries, Pharmaceutical Industries, Chemical Industries, Oil and Gas Refineries Railways, Thermal & Nuclear Power Plants, Boiler Manufacturing, Chemical Industries, Textile Machinery, and Transportation sectors, Automobile Industries, Defense Sector, Cement Industries.

The company operate at their owned manufacturing unit situated at Survey No. 944, Chhatral Kadi Road, Nr. Ankhol Patiya, Indrad, Kadi, Gujarat 382715, India.

As of March 31, 2026, the company employs 81 permanent employees and engages 57 contractual personnel at the Unit I facility and, 19 permanent employees and 10 contractual personnel at the Unit II facility.

Founded in 2005

Managing director Mr. Kedar Mayank Choksi

Parent organisation Anand Seamless IPO

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Strengths and Risks

Strengths

The company manufactures seamless tubes, pipes, and engineered finned tubes (such as extruded, embedded, and low-fin tubes) used in demanding applications like oil & gas, petrochemicals, power generation, and automotive sectors.

Anand Seamless operates an in-house setup handling critical processes like cold drawing, heat treatment, eddy current testing, and fin welding. This control allows for better quality management and alignment with strict industrial specifications.

The company holds prominent certifications (e.g., ISO 9001, ISO 14001, ISO 45001), Indian Boiler Regulations (IBR) approvals as a well-known tube maker, and pre-qualifications from major institutional clients like Engineers India Limited and ADNOC.

Risks

The business is heavily dependent on a handful of relationships. Its top 10 customers account for a significant portion of its revenue (~59% to over 71% depending on recent periods), meaning the loss of a major client could deeply impact cash flows. Similarly, raw material sourcing relies heavily on a limited pool of top suppliers.

While performance bounced back strongly in FY2026, the preceding years exhibited choppy revenue trends (e.g., dipping between FY2024 and FY2025 before recovering). Return on Capital Employed (ROCE) has also been relatively modest (~11.65%), reflecting a capital-intensive asset base.

A major portion of the manufacturing operations is anchored around a single regional cluster/facility in Gujarat (Mahesana district), exposing the company to localized operational disruptions.