A One Steels India
South India's backward-integrated TMT-bar maker with 1.73 MTPA across six plants, heading for a ₹405 Cr IPO at ₹385–405 that opens on 24 September 2026.
Market cap
₹2,151 Cr
6.85 Cr shares
P/E ratio
16.88
Sector average 45
Book value
₹126.04
P/B 2.49
1-year return
-17.18%
52w ₹226 – ₹430
Currently 43% of the way through its 52-week range.
Indicative price history
1Y change
-17.18% ₹379 → ₹314
52-week band in this window: ₹228.45 – ₹388.75. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Six plants in Karnataka and Andhra Pradesh with 1.73 MTPA installed capacity and 1,200+ retail outlets.
- FY26 total income ₹4,202 Cr, PAT ₹127.4 Cr (up from ₹7.7 Cr), EBITDA ₹303.6 Cr.
- ₹405 Cr IPO at ₹385–405 opens 24 September 2026; ₹250 Cr of proceeds to repay debt.
About A-One Steels
A-One Steels India Ltd (ASIL) is a Bengaluru-headquartered, backward-integrated long-steel producer. The company and its subsidiaries run six manufacturing units across Karnataka and Andhra Pradesh — at Gauribidanur, Hindupur, Chikkantapur, Bellary and Koppal — with an aggregate installed capacity of about 1.73 million tonnes per annum covering sponge iron, MS billets, TMT bars, structural steel and pipes. Products sell under the A-One Gold brand through a retail network of more than 1,200 outlets in South India.
The business was incorporated in April 2012 as A-One Steel and Alloys Pvt Ltd, absorbed group steel operations over the years, and was converted into a public company and renamed A-One Steels India Ltd ahead of its IPO. Promoters Sunil Jallan, Sandeep Kumar and Krishan Kumar Jalan hold roughly 86% of the pre-issue capital. Its subsidiary Vanya Steels Pvt Ltd houses part of the sponge-iron and billet capacity.
FY26 was a breakout year: total income rose 18% to ₹4,202 Cr and profit after tax jumped to ₹127.4 Cr from ₹7.7 Cr in FY25, as EBITDA climbed to ₹303.6 Cr. Net worth reached ₹863 Cr but borrowings of about ₹1,011 Cr keep leverage high, which is why ₹250 Cr of the ₹355 Cr fresh issue is earmarked for debt repayment. The IPO (fresh issue ₹355 Cr plus a ₹50 Cr promoter OFS) opens 24 September 2026, closes 28 September and is slated to list on NSE and BSE on 1 October 2026.
Revenue, EBITDA, PAT, net worth and borrowings are taken from the RHP and press coverage; other line items (depreciation, interest, tax and the asset split) are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- TMT bars & structural steel62%
A-One Gold branded TMT (Fe 500/550) and structurals sold through dealers
- MS billets & sponge iron24%
Intermediate products sold to third parties beyond captive use
- Pipes, tubes & coils10%
ERW pipes and hollow sections
- Other (power, by-products)4%
Captive power and scrap/by-product sales
Products & services
A-One Gold TMT bars
Fe 500/550 grade thermo-mechanically treated bars for construction, sold through South Indian dealers.
MS billets and sponge iron
Captive and merchant intermediate steel from DRI kilns and induction furnaces.
Structural steel
Angles, channels and flats for fabrication and infrastructure.
Pipes and hollow sections
ERW pipes, tubes and coils for construction and industrial use.
What works
- • Backward integration from sponge iron to finished TMT bars and pipes gives cost control that peers buying billets lack; EBITDA rose 74% in FY26.
- • Strong regional brand (A-One Gold) with 1,200+ retail outlets across Karnataka, Andhra Pradesh, Telangana and Tamil Nadu.
- • IPO proceeds of ₹250 Cr go to debt reduction, which should lift PAT further given interest costs of roughly ₹100 Cr a year.
What to watch
- • Leverage is high: total borrowings of about ₹1,011 Cr against ₹863 Cr of equity at March 2026; CRISIL moved the A- rating outlook to Negative in 2025.
- • Profit is highly sensitive to steel spreads — PAT collapsed to ₹7.7 Cr in FY25 before rebounding in FY26, and the FY26 profit surge was not fully matched by operating cash flow.
- • The unlisted quote (₹314) sits below the IPO band of ₹385–405; the listing outcome and lock-in rules on pre-IPO shares will determine near-term liquidity.