A-One Steels India IPO is a mainboard IPO raising ₹405 Cr at ₹385 – ₹405 a share. It listed on 1 Oct 2026 at ₹455, +12.3% against its issue price of ₹405, and trades at ₹370 today (−8.7% since issue). It was subscribed 12× in total.
11.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 807-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 253 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our Profit After Tax ("PAT") was ₹3,891.37 lakhs in Fiscal 2024 which declined to ₹771.05 lakhs in Fiscal 2025 and thereafter subsequently increased to ₹12,740.82 lakhs in Fiscal 2026. Correspondingly, our PAT margin was 1.01% in Fiscal 2024, 0.22% in Fiscal 2025 and 3.06% in Fiscal 2026
our Promoters and certain members of the Promoter Group have provided... personal guarantees aggregating to ₹6,28,584 lakhs for certain borrowings obtained by our Company and Subsidiaries... which is significantly higher than the outstanding borrowings of our Company
More than 50% of our Revenue from Operations has historically been concentrated in the State of Karnataka... Karnataka contributed 54.86%, 57.20% and 50.31% of our Revenue from Operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024
there have been numerous instances between Fiscal 2021 to 2025, wherein penalties have been levied by the Registrar of Companies and/ or Regional Director under Section 12, 206, 206(4), 128, 203, 129, 134, 102, 118(10) against the Company and all its Directors and Promoters
our Promoters and Promoter Group hold 5,87,84,270 Equity Shares constituting approximately 85.86% of the pre-offer issued, subscribed and paid-up share capital... The existence of entities engaged in similar businesses and controlled by, or associated with, our Promoters... may give rise to actual or perceived conflicts of interest
As of July 15,2026, our total outstanding borrowings amount is ₹ 1,15,813.83 lakhs. Our financing arrangements contains restrictive covenants, that may limit our operational and financial flexibility
Our Company has availed unsecured loans from certain entities which may be recalled by such entities at any time. As of July 15, 2026, such loans availed by us amounted to ₹13,766.80 lakhs
two notices in relation to our Hindupur Facility, ten notices in relation to Bellary Facility I, three notices in relation to our Gauribidanur Facility and eight notices in relation to our Chikkantapur Facility
mining operations pursuant to the aforesaid mining lease have not commenced as of the date of this Red Herring Prospectus. We are presently in the process of completing the requisite regulatory formalities and obtaining or renewing the approvals required for commencement of mining operations
our Company had accumulated unutilised input tax credit of GST Compensation Cess of approximately ₹2,239.51 lakhs… There can be no assurance that the proceedings will be decided in our favour or that we will ultimately be permitted to transition, utilise or obtain refund of the accumulated credit, whether in whole or in part
Our Company is involved in 28 cases pending before the 'Hon'ble Court(s) at Bengaluru'... total outstanding amount of claim is ₹1,241.14 lakhs... Our Subsidiary Vanya Steels Private Limited has received 38 notices... from the Karnataka State Pollution Control Board
Our average cost of raw materials consumed as a percentage of Revenue from Operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024 was 84.05%, 86.22% and 88.53% respectively... coal and steel scrap together constituted 44.04% of total raw material consumption cost
As of March 31, 2026, over 49% of the Company's total purchases were made from its top 10 suppliers... Bellary Tubes Corporation... 17.05... our backward integration does not extend to mining of iron ore and coal and, accordingly, we remain dependent on third-party sources
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹50 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 31 | 33 | 7 | ₹50 Cr |
| Promoters | 3 | 14 | 0 | ₹18 Cr |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 40 | — |
Tax proceedings summary (filed against Company): 23 direct-tax cases (₹3,111.65 lakh) and 10 indirect-tax/GST cases (₹1,893.43 lakh); largest individual items include A-One Steels India Pvt Ltd AY 19-20 of ₹1,155.81 lakh and a GST DRC-07 order of ₹747.91 lakh — appeals pending
HDFC Bank Ltd FIR No. 0320 (Nov 9, 2023) against Company along with Indojap Organic Pvt Ltd alleging forgery/fraud involving a purported Bank Guarantee of ₹1,300 lakhs (₹13 crore) the Bank claims it never issued; Company is contesting as a witness
Shri Khatu Shyam Ispat Udyog LLP vs Company — Section 9 IBC petition (C.P.(IB) No. 34/BB/2026) before NCLT Bengaluru seeking CIRP over alleged unpaid operational debt of ₹516.14 lakhs; Company contests alleging pre-existing quality dispute of ~₹463.79 lakhs
Avery Ralegh Cycles LLP vs Company (CS(COMM) 639/2019, Delhi HC) — trademark infringement/passing-off suit over 'A ONE GOLD' mark claimed similar to 'AVON'; damages sought of ₹200 lakh (₹2 crore) plus permanent injunction and destruction of goods
SEBI Adjudication Order/AA/AR/2019-20/3414 (June 14, 2019) — ₹7 lakh + ₹9 lakh penalties on erstwhile entities (now merged into the Company) for synchronized/reversal trades in BSE stock-options segment FY2015–FY2016; penalty paid July 18, 2019, matter closed
All amounts converted to ₹ crore (1 crore = 100 lakh). Company bucket: criminal count = 3 cases filed against (HDFC Bank FIR, M.M. Steels Crl Appeals 538 & 539 of 2024) plus 28 Section 138 NI Act complaints filed by the Company (total claim ₹1,285.5 lakh, outstanding ₹241.14 lakh). 'Other' for Company = 4 material civil proceedings filed against (Bhavya Cements ₹89.57 lakh, KERC REC matter, Avery Ralegh trademark, Shri Khatu Shyam Ispat IBC) plus 3 material civil proceedings filed by the Company shown in this part (Laxmi Rolling, State of AP WP, Bharat Re Rolling); SEBI order (closed) and ROC Section 177 order (closed after compounding at ₹1 lakh on Company) counted separately. 'Other' for directors = 1 ROC Section 177 proceeding (original penalty ₹3 lakh each on Sunil Kumar Jalan and Pooja Sara Nagaraja, compounded to ₹0.25 lakh each; paid and closed). 23 Pollution Control Board show-cause notices (2 Hindupur + 10 Bellary I + 3 Gauribidanur + 8 Chikkantapur) are pending and not aggregated under any bucket. The only explicit grand-total amount in this part is the tax aggregate of ₹5,005.08 lakh (₹50.05 crore); aggregate amounts for criminal, civil and regulatory matters are not stated. Promoters, Subsidiaries and Group-Companies buckets are null as their disclosures are not present in this part of the section. Criminal count for Company (28 Section 138 matters by Company) is taken from the table heading 'Our Company is involved in 28 cases…'. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
