A One Steels India Limited (ASIPL), established in Southern India, is a backward-integrated steel manufacturer with six plants across Karnataka and Andhra Pradesh. The company produces a wide range of steel products including TMT bars, pipes, coils, and sponge iron. ASIPL also utilizes 84–87% renewable energy in its operations and boasts a robust network of over 1,200 retail outlets. The company is now heading towards a ₹650 crore IPO (₹600 crore fresh issue + ₹50 crore OFS), aiming to fund expansion, green energy initiatives, and debt reduction. The increasing reliance on clean energy and regional dominance in Southern India positions ASIPL as a key player to watch in the mid-tier steel segment.
As per latest disclosures: 6,84,67,532 equity shares
(Source: DRHP)
₹385 per share (as per unlisted market rates)
Valuation = Total Shares × Price per Share
= 6,84,67,532 × ₹385
= ₹2,636 crore
Revenue: ₹3,834 Cr
PAT: ₹38 Cr
Implied P/E Ratio: ₹2,636 Cr ÷ ₹38.91 Cr = ~67.75x
EBITDA Margin: 5.18%
PAT Margin: 1.01%
ROCE: 10.45%
ROE: 9.42%
Debt-to-Equity Ratio: 2.34
Revenue (Annualized): ₹3,818 Cr
PAT (Annualized): ₹64 Cr
Forward P/E Ratio: ~40.73x
| Date | Type | Amount Raised | Valuation | Implied Price/Share |
|---|---|---|---|---|
| Dec 2015 | Rights Issue | ₹2 crore | ₹9 crore | ₹100 |
| Mar 2021 | Rights Issue | ₹27.52 crore | ₹894 crore | ₹688 |
| Jun–Jul 2024 | Private Placement | ₹24.72 crore | ₹1,711 crore | ₹250.00 |
| Current (2025) | Unlisted Market | — | ₹2,636 crore | ₹385.00 |
| Company | Revenue (₹ Cr) | EBITDA Margin | PAT Margin | ROCE | D/E Ratio | Market Cap (₹ Cr) | P/E |
| A One Steels India Ltd (FY24) | 3,834 | 5.18% | 1.01% | 10.45% | 2.34 | 2,636 | 67.75x |
| Jai Balaji Industries (FY25) | 6,351 | ~13.6% | 8.78% | 36.10% | 0.26 | 10,336 | 18.6x |
| Shyam Metallics & Energy (FY25) | 15,945 | 12.30% | 6.00% | 12.00% | 0.07 | 27,342 | 29.7x |
| MSP Steel & Power (FY25) | 2,844 | 4.61% | -0.98% | 6.23% | 0.27 | 1,974 | Loss |
At ₹385 per share, A One Steels India Limited commands a valuation of ₹2,636 crore in the unlisted market, which appears relatively high for a commodity-based business. The company is trading at a trailing P/E of ~67.75x based on FY24 earnings and a forward P/E of ~40.7x based on FY25 projections. While PAT margins remain thin, ASIPL’s consistent revenue traction, proactive adoption of renewable energy, and its regional dominance present a case for long-term potential. However, elevated leverage and premium valuation compared to listed peers warrant investor caution. With the upcoming IPO, investor interest will hinge on pricing and growth execution.
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