Anand Seamless Ltd. IPO

Anand Seamless 

• Anand Seamless is coming out with an initial public offering (IPO) of 35,44,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share.
• The issue will open on September 22, 2026 and will close on September 24, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.20 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Aftertrade Broking.
• Compliance Officer for the issue is Kinjal Jain.

Profile of the company

Anand Seamless is tubes and pipes manufacturer and exporter based in India having an experience of nearly two decades. Its products are broadly categorized into: i) Seamless tubes and pipes; and ii) Finned tubes. Its products are used by a diverse range of customers like Automobile Industries, Heat Exchanger Industry, Petroleum Industries, Pharmaceutical Industries, Chemical Industries, Oil and Gas Refineries, Thermal & Nuclear Power Plants, Boiler Manufacturing, Chemical Industries, Textile Machinery, Railways and Transportation sectors, Defense Sector. It possesses an integrated capability as a manufacturer and supplier, enabling it to provide a one-stop solution for the specialized requirements of its customers. This integration facilitates consistent product quality, timely delivery, and reliable service. Leveraging its manufacturing expertise and diversified operations, the company serves a broad base of clients across various industries. 

Its strategic customer base comprises leading oil and gas majors. Combined with its integrated manufacturing capabilities, this positions it in a specialized segment characterized by high qualification and entry barriers. These factors limit new competition, provide pricing leverage, and support long-term customer retention. Its seamless pipes and tubes manufacturing capacity is around 3,000 metric tons per annum and its finned tube manufacturing capacity is around 3,60,000 meters per annum, operating from manufacturing facility located in Gujarat. Manufacturing processes such as cold drawing, heat treatment, auto cutting, eddy current testing and in-house laser-based fin welding and other various types of in-house fin tube manufacturing capabilities provide full backward and forward integration, reducing cycle time and makes it easy to track and verify every step, which is especially important for high-safety products used in nuclear plants and refineries.

It caters to both the domestic as well as the international markets. It is an ISO 9001:2015 Certified by TUV India Private Limited, ISO 14001:2015 and ISO 45001:2018 certified by Gulf Lloyds Business Assurance (GLOBA). It follows internationally recognized standard manufacturing practises, including ASTM standards and EN standards. Its products sold to the European market are certified under PED 97/23/EC and AD 2000 MERKBLATT W0 from TUV Nord.

Proceed is being used for:

• Financing the cost towards capacity expansion, technological upgradation, cost optimization of its operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India
• Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the company
• General corporate purposes

Industry Overview

Asia-Pacific leads the global seamless pipes and tubes market, with China and India acting as dominant contributors. The region's dominance is attributed to strong industrial output, the presence of massive steel production facilities, and continuous demand from energy and construction sectors. China’s focus on upgrading its petrochemical and refining facilities, coupled with India's infrastructure and pipeline expansion initiatives, supports growth. North America is expected to exhibit significant growth due to increasing investments in shale gas and tight oil production. The U.S. has been actively drilling new wells and upgrading aging pipeline infrastructure, where seamless pipes are preferred for their strength and reliability. Canada also sees increasing demand in the power and mining sectors. Europe remains a mature but innovation-driven market, focusing on precision tubes for automotive and mechanical applications. Germany, Italy, and Russia are major producers and consumers. The European Green Deal is pushing for clean hydrogen pipelines and renewable energy grids, requiring new seamless piping systems compliant with decarbonization goals.

The steel industry has emerged as a major focus area given the dependence of a diverse range of sectors on its output as India works to become a manufacturing powerhouse through policy initiatives like Make in India. With the industry accounting for about 2% of the nation's GDP, India ranks as the world's second-largest producer of steel and is poised to overtake China as the world's second-largest consumer of steel. Both the industry and the nation's export manufacturing capacity have the potential to help India regain its favourable steel trade balance. The National Steel Policy, 2017 envisage 300 million tonnes of production capacity by FY31. The per-capita consumption of steel stood at 100 kgs in FY26 (April-August 2025) and the National Steel Policy aims to increase it to 160 kgs by FY31. While, in FY23, per capita consumption of steel in rural India was estimated to be between 21.3 kg per annum. Huge scope for growth is offered by India's comparatively low per capita steel consumption and the expected rise in consumption due to increased infrastructure construction and the thriving automobile and railways sectors.

Meanwhile, the global seamless pipes and tubes market is projected to reach $137.5 billion by 2035, rising from $69.9 billion in 2025, expanding at a CAGR of 7.0% during the forecast period. The market is witnessing strong traction due to growing demand in oil & gas exploration, automotive, power generation, and construction sectors, where high pressure and corrosion-resistant piping solutions are essential. Seamless pipes offer superior mechanical performance, uniformity, and reliability over welded alternatives, which is especially vital in harsh operating environments.

Pros and strengths

Diversified product range: The company has a varied product range to cater to the requirements of its customers. Its product portfolio spans a wide variety of Seamless Tubes and Pipes in carbon steel, alloy steel, and stainless steel, along with an extensive range of Finned Tubes and Pipes such as Extruded Fin Tube, G Fin Tube (Embedded Fin tube), ‘L’ Fin Tube, Low Fin Tube (Integral Fin Tube), Crimped Fin Tube, Studded Fin Tube and Welded fin tubes. Its product portfolio includes diversified variety of pipes and tubes in various specifications and sizes. Its range of products allows its existing customers to source most of their product requirements from it and also enables it to expand its business from existing customers as well as address a larger base of potential new customers.

International accreditations and product approvals: It is a growing brand in Seamless Tubes and Pipes and Finned Tubes. It follows internationally recognized standard manufacturing practices, including ASTM standards, ASME standards and EN standards, and its manufacturing facility benefits from the quality benchmarking certifications, including ISO 9001:2015, 14001:2015 and 45001:2018 certified by Gulf Lloyds Business Assurance and TUV SUD South Asia. Its products sold to the European market are certified under PED 97/23/EC: AD 2000 MERKBLATT W0. It holds accreditation from the Indian Boiler Regulation as Well-Known Tube Maker and Well-Known Pipe Maker for manufacturing and supply of Boiler Quality Cold Finished Seamless Steel Tubes and Pipes in Carbon Steel and Alloy Steel Grades and a separate Approval from Indian Boiler Regulation for Manufacturing of Studded and Finned Tubes.

Equipment maintenance and calibration: The company places significant emphasis on the maintenance and upkeep of its plant and machinery to ensure efficient operations and consistent product quality. All critical equipment used in the manufacture of seamless tubes, pipes and finned tubes is covered under a structured preventive maintenance programme, which is implemented by its dedicated and experienced in-house maintenance team. This programme is designed to ensure that machinery operates at optimal efficiency, minimize unplanned breakdowns, and reduce production disruptions that could adversely affect product quality.

Risks and concerns

Significant revenue reliance on limited numbers of customers: It relies on a limited number of high-volume customers for a significant portion of its revenues, with its top ten customers contributing 59.21%, 61.62% and 47.36% for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively. This dependence on a few key customers exposes it to several risks, including the potential reduction, delay, or cancellation of orders, as well as challenges in negotiating favourable terms. Any loss of these customers, or a failure to renew orders on similar terms, could materially affect its business, financial condition, cash flows, and future prospects.

Reliance on key suppliers for procurement of raw materials: It depends on certain key suppliers for certain raw materials and has not entered into definitive supply agreements with most of its suppliers. Its top ten suppliers contributed 85.36%, 81.30% and 68.15% of purchase of raw materials for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively. A failure by its suppliers to meet their obligations may affect the availability and cost of raw materials, which may adversely affect its business, results of operations, profitability and margins, cash flows and financial condition. Further volatility in the raw material prices and its inability to pass on the increase in cost of raw materials to the customers may impact its results of operations, profitability and margins.

Exposure to volatility in steel prices and demand: Steel prices fluctuate based on a number of factors, such as, the availability and cost of raw material inputs, fluctuations in domestic and international demand and supply of steel and steel products, domestic and international manufacturing production and capacity, government spending on infrastructure, inflation and interest rates, fluctuation in the volume of steel imports, transportation costs, protective trade measures and various social and political factors, in the economies in which the steel producers sell their products, and are sensitive to the trends of particular industries, such as, the construction, real estate and machinery industries. When downturns occur in these economies or sectors, it may experience decreased demand for its products, which may lead to a decrease in steel prices, which may, in turn, have a material adverse effect on its business, results of operations, financial condition and prospects.

Outlook

Anand Seamless is primarily engaged in the manufacture of a wide range of products, including cold drawn carbon steel and alloy steel seamless tubes, finned tubes, heat exchanger tubes, U-tubes, and various other fin tubes. It sells its products both in the domestic as well as the international markets. In the domestic market, it sells its products to the end customers as well as traders/ stockists while in the international market it supplies its products through traders/stockists, authorized distributors and through certain marketing representatives in the European Union market. On the concern side, under-utilisation of its manufacturing capacities and any inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on its business, future prospects and future financial performance. Its inability to accurately forecast demand for its products may have an adverse effect on its business, results of operations and financial condition.

The company is coming out with an IPO of 35,44,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share to mobilize Rs 25.52 crore. On performance front, its revenue from operations increased by 66.94% to Rs 5,600.36 lakh for FY 2026 from Rs 3,354.63 lakh for FY 2025. Profit for the period has increased by 106.66% from Rs 265.05 lakh for FY 2025 to Rs 547.76 lakh for FY 2026.

Meanwhile, the company is focused on strengthening its presence in high-growth markets by expanding its geographical footprint. It plans to strategically enter new regions across India and select international markets where demand for tubes and pipes is accelerating. This expansion will be supported through enhanced distribution networks, and local manufacturing collaborations to improve its business efficiency. Going forward, it is improving its internal operations by implementing an ERP system across all key functions whereas it has implemented the same in sales and purchase department. This integration will streamline workflows and reduce manual errors. It will also enable better tracking of purchase cycles and operational processes. With real time data and automated processes, decision-making will become faster and more efficient.

Jetking Infotrain has submitted Corrigendum to the Notice of 42nd Annual General Meeting of the Members of the Company scheduled to be held on Tuesday, September 29, 2026 at 11:30 a.m.

The above information is a part of company’s filings submitted to BSE.

Desh Rakshak Aushdhalaya has submitted intimation for re-appointment of Mr. Arihant Kumar Jain (DIN: 06401053) as whole-time director of the Company liable to retire by rotation in the 45th AGM of the Company pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The above information is a part of company’s filings submitted to BSE.

IFCI has informed about retirement of Prof. Narayanaswamy Balakrishnan (DIN: 00181842) as Non-Executive, Non-Independent Director of the Company w.e.f. September 25, 2026.

The above information is a part of company’s filings submitted to BSE.

Tyche Industries has informed that the Trading window of the Company shall remain closed w.e.f. October 1, 2026 till the expiry of 48 hours after the declaration of the Financial results of the Company for the 2nd quarter and half-year ended September 30, 2026.

The above information is a part of company’s filings submitted to BSE.