# A One Steel Limited: IPO analysis

> A One Steel Limited (CIN U28999KA2012PLC063439) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹355 Cr and an offer for sale of ₹50 Cr. 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 earlier look-up of its claims found no medium or high concerns across 38 claims looked up.

- Page: https://ipo.innerkore.com/in/company/U28999KA2012PLC063439/a-one-steel-limited/
- CIN: U28999KA2012PLC063439
- Last updated: 1 Oct 2026

## Key facts

- **Company:** A One Steel Limited
- **CIN:** U28999KA2012PLC063439
- **Filing stage:** RHP
- **Latest SEBI filing:** 1 Oct 2026
- **Fresh issue:** ₹355 Cr
- **Offer for sale:** ₹50 Cr
- **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
- **Earlier look-up flags:** 0 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **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 2 one-off items.
- **Where the money goes** (looks fine): 12% for sale. 88% is new shares issued by the company. 100% of the new money repays debt.
- **Red flags** (looks fine): None serious. 38 claims looked up earlier: 0 high, 0 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)

- The company incurred exceptional income of ₹ 52.68 lakhs on account of an Insurance claim received, affecting profit before tax. (p.592)
- The company incurred an exceptional expense of ₹ 443.69 lakhs on account of a fire that damaged the Furnace, which is part of Property, Plant and Equipment (PPE). (p.594)

## 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): amount not fixed yet

## Claims looked up earlier

- **NONE** (SubsidiaryPerformance): Pooja Sara Nagaraja has been associated with the Company since March 2019 and serves as the Company Secretary for the Subsidiary Vanya Steels Private Limited.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the association of Pooja Sara Nagaraja with A One Steel Limited or the role of Company Secretary for Vanya Steels Private Limited.
- **NONE** (SubsidiaryPerformance): Basai Steels was originally incorporated as Basai Steels Private Limited under the erstwhile Companies Act, 1956, with a certificate of incorporation dated January 29, 2002.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Basai Steels' incorporation date or company name under the erstwhile Companies Act, 1956.
- **NONE** (SubsidiaryPerformance): The Scheme of Amalgamation is pending before the National Company Law Tribunal, Bengaluru Bench.. No current web search results were found to corroborate, contradict, or provide any update regarding the claim that the Scheme of Amalgamation is pending before the National Company Law Tribunal, Bengaluru Bench.
- **NONE** (SubsidiaryPerformance): The IPO was locked-in in accordance with Regulation 17 of the SEBI ICDR Regulations.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the IPO was locked-in in accordance with Regulation 17 of the SEBI ICDR Regulations.
- **NONE** (SubsidiaryPerformance): The incorporation of 'A One Steels India Private Limited' occurred in 2008.. No web search results were found to corroborate, contradict, or provide any information regarding the incorporation date of 'A One Steels India Private Limited'.
- **NONE** (SubsidiaryPerformance): The company acquired a sponge iron plant from Trivista Steels Private Limited at the Koppal facility in 2018.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that A One Steel Limited acquired a sponge iron plant from Trivista Steels Private Limited at the Koppal facility in 2018.
- **NONE** (SubsidiaryPerformance): Aaryan Hitech Steels India Private Limited merged with the company in 2014, and it set up manufacturing of TMT bars at the Gauribidanur Plant which was subsequently leased to the company.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the merger and lease of the Gauribidanur Plant.
- **NONE** (SubsidiaryPerformance): The company was incorporated as “A-One Steel and Alloys Private Limited” on April 9, 2012.. No current web search results were found to corroborate, contradict, or provide any information regarding the incorporation date of A One Steel Limited as "A-One Steel and Alloys Private Limited" on April 9, 2012.
- **NONE** (SubsidiaryPerformance): The company and its subsidiaries have submitted responses to all such notices, and no further regulatory action has been initiated against them as of the date of the Red Herring Prospectus.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company and its subsidiaries have submitted responses to all notices without further regulatory action.
- **NONE** (SubsidiaryPerformance): The Karnataka High Court granted a stay on the closure of Vanya Steels pending confirmation from the PCB on whether all non-compliances have been resolved.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the Karnataka High Court granting a stay on the closure of Vanya Steels.
- **NONE** (SubsidiaryPerformance): The company has received a notice from the Pollution Control Board (PCB) regarding environmental non-compliances from its subsidiary, Vanya Steel Private Limited, in November 2023.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that A One Steel Limited received a notice from the PCB concerning environmental non-compliances from its subsidiary in November 2023.
- **NONE** (SubsidiaryPerformance): The Insolvency and Bankruptcy Code (IBC) was passed to address and restructure mounting bad debts in the banking sector.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the Insolvency and Bankruptcy Code (IBC) being passed to address bad debts in the banking sector.

## 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 Red Herring Prospectus. The price band is not stated in that document.

### 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 RHP, 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 (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in A One Steel Limited's RHP?

Earlier, we looked up 38 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does A One Steel Limited do?

A One Steel Limited के IPO की DRHP में एक detail है जो ध्यान आकर्षित करती है: Subsidiary Vanya Steels Private Limited के Company Secretary के संबंध में कोई official record नहीं मिला है। यह किस तरह से IPO की structure और regulatory compliance पर सवाल उठाता है, यह जानने के लिए वीडियो देखें।

### 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, Other) 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) (Other filing, 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)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.