# A One Steel Limited: IPO analysis > A One Steel Limited (CIN U28999KA2012PLC063439) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹355 Cr and an offer for sale of ₹50 Cr, priced at ₹385.00 to ₹405.00 per share. In FY26 it reported revenue of ₹4,149 Cr (+17.1% on FY25) and a net profit of ₹127 Cr. Promoters hold 22.5% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 60 claims checked. - Page: https://ipo.innerkore.com/company/U28999KA2012PLC063439/a-one-steel-limited/ - CIN: U28999KA2012PLC063439 - Last updated: 1 Oct 2026 ## Key facts - **Company:** A One Steel Limited - **CIN:** U28999KA2012PLC063439 - **Filing stage:** Prospectus - **Latest SEBI filing:** 1 Oct 2026 - **Fresh issue:** ₹355 Cr - **Offer for sale:** ₹50 Cr - **Price band:** ₹385.00 to ₹405.00 per share - **Final offer price:** ₹405.00 per share - **Lot size:** 37 shares - **Bidding opens:** 24 Sep 2026 - **Bidding closes:** 28 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹4,149 Cr - **Revenue growth:** +17.1% - **Net profit FY26:** ₹127 Cr - **Revenue CAGR FY24 to FY26:** 4.0% - **Promoter holding (pre-IPO):** 22.5% - **Lead managers:** PL Capital Markets Private Limited, Khambatta Securities Limited - **Registrar:** Bigshare Services Private Limited - **Fact-check flags:** 0 high, 3 medium, 12 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 24.6x P/E. At the top of the band, on FY26 profit; 3.6x book value. - **Growth** (concern): 4% a year. Sales FY24 to FY26; latest year +17.1%. - **Profitability** (concern): 3.1% net margin. FY26; operating margin improving. - **Debt** (look closer): 1.17x equity. ₹1,011 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 49% of profit. Operations brought in ₹62.8 crore against ₹127 crore of profit in FY26. - **One-off income** (concern): 32% of profit. Other and one-off income is 32% of pre-tax profit; management describes 6 one-off items. - **Where the money goes** (looks fine): 12% for sale. 88% is new shares issued by the company. 77% of the new money repays debt. - **Red flags** (look closer): 3 to review. 60 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 3,834 | 3,542 | 4,149 | | Sales growth | – | -7.6% | 17.1% | | Operating profit | 170 | 171 | 285 | | Operating margin | 4.5% | 4.8% | 6.9% | | Net profit | 39 | 7.7 | 127 | | Net margin | 1.0% | 0.2% | 3.1% | | Net worth | 445 | 718 | 863 | | Borrowings | 1,043 | 964 | 1,011 | | Return on equity | 8.8% | 1.1% | 14.8% | ## Non-recurring items (as described by management) - EBITDA excludes other income and exceptional items. (p.576) - PAT after exceptional item includes NCI and Exceptional Item. (p.576) - PAT before exceptional item excludes tax amount and includes NCI and excludes Exceptional Item. (p.576) - Total Income represents the total turnover of the business, i.e., Total Revenue from Operations (including Government Grant) and Other Income. (p.576) - The company incurred exceptional income of ₹ 52.68 lakhs on account of an Insurance claim received, affecting profit before tax. (p.589) - The company incurred an exceptional expense of ₹ 443.69 lakhs on account of a fire at the Company's plant situated at Gauribidanur, resulting in damage to the Furnace, which forms part of Property, Plant and Equipment (PPE) (p.591) ## Use of proceeds (fresh issue) - Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company: ₹250 crore - General corporate purposes(1): ₹76 crore ## Fact-checked claims - **MEDIUM** (PromoterBackground): There have been certain instances of delay in filing certain e-form with RoC by the Company in the past, potentially subjecting the company to regulatory actions and penalties.. Search results indicate that entities related to 'A One Steel' have faced regulatory actions, including fines imposed by SEBI in 2019. One result mentions a specific fine imposed on 'A One Steel' and others, suggesting past regulatory issues. Another result mentions an IPO related to 'A-One Steels' and a delay due to an investigation. - **MEDIUM** (PromoterBackground): Instances of delays in payment of statutory dues by the company in the past may result in penalties and adversely affect the company's business.. Search results indicate that entities related to 'A One Steel' have faced regulatory actions, including fines imposed by SEBI in connection with fraudulent trade cases. This suggests a history of issues with the company or related entities, which is relevant to the claim about delays in statutory dues. - **MEDIUM** (SubsidiaryPerformance): The company has entered into agreements with Radiance KA Sunshine Five Private Limited concerning a solar power project, effective July 23, 2021.. The search results mention agreements and acquisitions involving entities related to 'Radiance KA Sunshine Five Private Limited' or 'Radiance KA' by Nestlé India, but none of the provided snippets confirm the specific agreement mentioned in the DRHP regarding a solar power project effective July 23, 2021. - **LOW** (PromoterBackground): A Show Cause Notice for violation of Section 128 of the Companies Act, 2013 was issued, with replies submitted and acknowledgments received.. The search results mention fines imposed by SEBI on entities including 'A One Steel' and 'A One Steels', which relates to regulatory actions. However, none of the snippets directly confirm the issuance of a 'Show Cause Notice for violation of Section 128 of the Companies Act, 2013' with replies and acknowledgments received. - **LOW** (SubsidiaryPerformance): The company has entered into agreements with Radiance KA Sunshine Six Private Limited concerning a solar power project, effective March 11, 2022.. The search results mention agreements involving Nestlé India and Radiance KA Sunshine entities, but they do not specifically corroborate the claim regarding A One Steel Limited entering into an agreement with Radiance KA Sunshine Six Private Limited effective March 11, 2022. Some results discuss acquisitions by Nestlé India in related entities. - **LOW** (PromoterBackground): There are 35 trademark applications pending registration, including 14 opposed for deceptive similarity with third-party trademarks.. The search results mention fines imposed by SEBI on entities including 'A One Steel' and 'A One Steels', which is related to the company mentioned in the DRHP. However, the results do not specifically confirm the exact number of pending trademark applications (35 total, 14 opposed) mentioned in the claim. - **LOW** (PromoterBackground): The Company has filed 28 cases pending before the Hon’ble Court(s) at Bengaluru under Section 138 of the Negotiable Instruments Act, 1881.. The search results mention fines imposed by SEBI on entities including 'A One Steel' and 'A One Steels', but they do not specifically confirm the filing of 28 cases pending before the Hon’ble Court(s) under Section 138 of the Negotiable Instruments Act, 1881. - **LOW** (PromoterBackground): Numerous instances between Fiscal 2021 to 2025 involved penalties levied by the Registrar of Companies and/or Regional Director against the Company, its Directors, and the Promoters for violating certain provisions of the Companies Act, 2013.. The search results mention fines imposed by SEBI on entities including 'A One Steel' and 'A One Steels', which is related to regulatory actions. However, the results do not specifically confirm 'numerous instances between Fiscal 2021 to 2025' involving penalties levied by the Registrar of Companies and/or Regional Director against the company, its directors, and promoters as stated in the claim. - **LOW** (PromoterBackground): SEBI imposed penalties on A-One Steels India Private Limited and A-One Steel and Alloys Private Limited for manipulative trading activities in the stock options segment of the BSE Limited.. Search results indicate that SEBI imposed fines on various entities for fraudulent trading in the stock options segment, including some related to A One Steel and Alloys Private Limited. However, the results do not explicitly confirm the penalty against A One Steel Limited and A-One Steel and Alloys Private Limited for manipulative trading activities as stated in the claim. - **LOW** (PromoterBackground): The company filed a compounding application against the Regional Director, Southern East region, Hyderabad, which was heard and resulted in a penalty against A-One Steels India Limited and Sunil Jallan.. The search results mention a fine imposed by SEBI on several entities, including 'A One Steel And Alloys Pvt Ltd', which is related to A One Steel, but they do not specifically confirm a compounding application against the Regional Director, Southern East region, Hyderabad, resulting in a penalty against A-One Steels India Limited and Sunil Jallan. - **LOW** (PromoterBackground): A Show Cause Notice for violation of Section 129 of the Companies Act, 2013 was issued, with replies submitted and acknowledgments received.. The search results mention fines imposed by SEBI on entities including 'A One Steel' and 'A One Steels', which relates to regulatory actions. However, none of the provided snippets directly confirm the issuance of a 'Show Cause Notice for violation of Section 129 of the Companies Act, 2013' with replies and acknowledgments received. - **LOW** (PromoterBackground): Competition from domestic steel producers may have a material adverse effect on the company's competitive position and financial condition.. The search results mention various regulatory actions and IPO-related issues involving entities like A One Steel and Alloys Pvt Ltd, and A One Steels India Pvt Ltd, which is related to the context of the DRHP. However, the results do not directly confirm or deny the specific claim about competition from domestic steel producers having a material adverse effect. ## Common questions ### How big is the A One Steel Limited IPO? A One Steel Limited's IPO comprises a fresh issue of ₹355 Cr and an offer for sale of ₹50 Cr, according to its Prospectus. The price band was ₹385.00 to ₹405.00 per share and the final offer price was ₹405.00 per share. ### What are A One Steel Limited's revenue and profit? A One Steel Limited reported revenue from operations of ₹4,149 Cr in FY26, +17.1% versus FY25. Net profit was ₹127 Cr (FY25: ₹7.7 Cr). Revenue grew at a compound rate of 4.0% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in A One Steel Limited? Promoters hold 22.5% of A One Steel Limited before the IPO. ### How will A One Steel Limited use the IPO money? The fresh-issue proceeds are earmarked for: Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company (₹250 Cr); General corporate purposes (₹76 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in A One Steel Limited's Prospectus? We fact-checked 60 claims from the filing against the open web: 0 raised a high concern, 3 medium and 12 low. The most notable: Search results indicate that entities related to 'A One Steel' have faced regulatory actions, including fines imposed by SEBI in 2019. One result mentions a… Search results indicate that entities related to 'A One Steel' have faced regulatory actions, including fines imposed by SEBI in connection with fraudulent… The search results mention agreements and acquisitions involving entities related to 'Radiance KA Sunshine Five Private Limited' or 'Radiance KA' by Nestlé… This is an automated screen, not a verdict; each finding links to its sources. ### What does A One Steel Limited do? Here's what almost nobody noticed: the documents for A One Steel Limited's IPO mention an agreement with Nestlé India concerning a solar power project, but there's zero confirmation that this deal actually happened. ### Who manages the A One Steel Limited IPO? Book running lead managers: PL Capital Markets Private Limited, Khambatta Securities Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original A One Steel Limited IPO documents? All 3 filings for A One Steel Limited (DAP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [A ONE Steels Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1790833106052.pdf) (Prospectus, filed 1 Oct 2026) - [A One Steel Limited](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/A%20One%20Steel%20Limited_p.pdf) (Abridged prospectus (DAP), filed 22 Sep 2026) - [A One Steel Limited](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790051681404.pdf) (Red Herring Prospectus, filed 22 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.