A-One SteelsIPO Review — Financials, Valuation & Peers
A data-only look at the A-One Steels IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 3,862.44 | 38.91 | 172.19 | 421.79 | 2,395.87 | 1,042.53 | — |
| FY 2025 | 3,569.63 | 7.71 | 174.06 | 676.63 | 2,753.06 | 963.67 | — |
| FY 2026 | 4,202.05 | 127.41 | 303.64 | 819.52 | 3,191.31 | 1,010.94 | 18.61 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 15.43%
- RoE
- 14.7%
- RoCE
- 12.86%
- Debt / Equity
- 1.17
- EPS (pre-issue)
- ₹18.61
- EBITDA Margin
- 7.29%
- PAT Margin
- 3.04%
- NAV / share
- ₹119.7
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| A-One Steels | 18.47 | 119.93 | — | 15.43% | Consolidated |
| Jai Balaji Industries | 1.42 | 24.75 | 45.76x | — | Standalone |
| MSP Steel and Power | 0.6 | 18.18 | 61.52x | — | Consolidated |
| Shyam Metallics and Energy | 38.1 | 412.81 | 28.31x | 10.1% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sandeep Kumar, Sunil Jallan, Krishnan Kumar Jalan</p>
- Holding (pre-issue)
- 85.86%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. A-One Steels operates at an EBITDA margin of 7.29% and a net (PAT) margin of 3.04% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 12.86% and a return on equity (RoE) of 14.7%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the indian subsidiary, vanya steels pvt.ltd. for purchase of equipment /machineries and civil works for expansion of facility (₹344.37 crore), alongside pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the company (₹100 crore). In all, 4 objects are disclosed.
Financials
In FY2026, A-One Steels reported revenue of ₹4,202.05 crore and a net profit of ₹127.41 crore. Revenue grew from ₹3,862.44 crore in FY2024 to ₹4,202.05 crore in FY2026 (+9.0%). Net worth stood at ₹819.52 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Jai Balaji Industries and MSP Steel and Power, with a median peer P/E of about 45.8×.
Promoters
The promoters of the company are <p>Sandeep Kumar, Sunil Jallan, Krishnan Kumar Jalan</p>. Promoter holding is 85.86% before the issue.
Frequently asked questions
- Who are the promoters of A-One Steels and what is their holding?
- The promoters are <p>Sandeep Kumar, Sunil Jallan, Krishnan Kumar Jalan</p>. Promoter holding is 85.86% before the issue.
- What are the objects of the A-One Steels IPO?
- The net proceeds go primarily toward investment in the indian subsidiary, vanya steels pvt.ltd. for purchase of equipment /machineries and civil works for expansion of facility, among 4 disclosed objects.