A One Steels India Ltd Unlisted Shares

DRHP Status : Yes Filed

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Fundamentals About A One Steels India Ltd

Current Price 260

Market Cap 1732.17 Cr

ISIN INE0OTC01025

Face Value 10

P/E Ratio 1.05

EPS 240.81

P/B Ratio 0.1

Book Value 2467.25

Debt to Equity Ratio 2.34

Downloads & Investor Documents

All documents are provided for informational purposes and are subject to regulatory disclosures.

Key Financials of A One Steels India Ltd

Particulars	31-03-2024	31-03-2023
Income
Revenue from operations	3,83,421.25	3,16,351.92
Other income	2,822.61	2,075.23
Total Income	3,86,243.86	3,18,427.15
Expenses
Cost of materials consumed	3,39,451.31	2,79,901.27
Changes in inventories	-9,228.94	-9,985.59
Employee benefit expense	4,082.17	3,131.89
Finance costs	9,729.84	7,069.70
Depreciation and amortisation	4,321.76	3,273.23
Other expenses	32,069.79	21,553.38
Total Expenses	3,80,425.93	3,04,943.88
Profit before tax	5,817.93	13,483.27
Current Tax	1,674.84	3,624.13
Deferred Tax charge/(benefit)	251.72	89.48
Profit after tax	3,891.37	9,769.66
Other comprehensive income
Items that will be reclassified to profit or loss:
Exchange differences on translating the Financial Information of a foreign operation	7.42	0.73
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans	-7.93	24.35
Income tax relating to these items	2.00	-6.13
Total other comprehensive income/(loss	1.49	18.95
Total comprehensive income/(loss) for the period/year	3,892.86	9,788.61
Total Profit/(loss) for the period/year attributable to :
Owners of the company	3,844.94	9,769.66
Non-controlling interests	46.43	-
Other comprehensive income/(loss) for the period/year attributable to
Owners of the company	1.49	18.95
Total comprehensive income/(loss) of the period/year attributable to:
Owners of the company	3,864.43	9,788.61
Non-controlling interests	46.43	-
Restated Basic and diluted earnings per share	6.64	16.68

Particulars	31-03-2024	31-03-2023
Non-Current Assets
Property, plant and equipment	44,035.95	34,642.23
Capital work-in-progress	8,738.30	4,699.53
Right-of-use assets	9,888.00	10,468.97
Goodwill	0.08	0.08
Other Intangible assets	40.03	58.25
Investments	6,175.59	4,978.72
Other financial assets	8,048.71	7,439.37
Non-current tax assets	163.93	164.22
Other non-current assets	1,928.82	2,426.96
Current Assets
Inventories	56,145.20	54,350.29
Trade receivables	48,408.28	32,092.29
Cash and cash equivalents	4,973.91	7,151.54
Bank balances other than cash	7,699.73	6,373.08
Loans	93.16	66.78
Other financial assets (current)	762.08	2,541.12
Current Tax Asset	421.68	46.53
Other current assets	42,063.70	29,889.83
Total Assets	2,39,587.15	1,97,389.79
Equity
Equity share capital	1,673.72	1,673.72
Other equity	42,343.08	36,424.73
Non-Controlling Interest	474.41	-
Non-Current Liabilities
Borrowings	25,094.45	23,653.15
Lease liabilities	11,104.17	11,285.90
Other financial liabilities	2,274.33	2,105.86
Provisions	401.44	235.99
Deferred tax liabilities	825.90	575.80
Other non-current liabilities	5,252.16	5,729.52
Current Liabilities
Borrowings	79,158.43	88,950.93
Lease liabilities	197.50	209.85
Trade payables
total outstanding dues of micro and small enterprises	603.92	439.70
total outstanding dues of creditors other than above	54,590.38	19,200.79
Other financial liabilities	953.35	1,219.80
Other current liabilities	14,190.36	5,302.63
Provisions	11.32	6.57
Current tax liabilities	438.23	374.85
Total Equity and Liabilities	2,39,587.15	1,97,389.79

About Company

The following table shows a 10-point analysis of A One Steels India Limited. We will discuss each point in detail after this table.

Parameter	Key Numbers	Insights
Business Overview	FY25 Revenue from Operations ~₹380–410 cr PAT ~₹18–22 cr PAT margin ~5–5.5%	Mid-tier secondary steel manufacturer & trader. Produces TMT bars, MS rounds, angles, channels & structural sections. Operates rolling mills in Punjab/Haryana region; serves construction, infrastructure & industrial sectors. Focus on cost-competitive billets & finished products with strong regional distribution.
Industry & Market Position	Regional player in secondary steel products Competitive in North India TMT & structural segment	Edge via cost efficiencies, quick delivery & dealer network. Faces competition from primary producers (Tata Steel, JSW, SAIL) & other secondary mills. Resilient to infra push but highly cyclical & exposed to steel price volatility, power costs & raw material fluctuations.
Revenue Growth Trend	FY23–FY25 CAGR ~15–20% FY25 YoY growth ~12–18%	Steady growth from higher volumes, realizations & capacity utilization. Supported by construction & infra recovery; moderated by steel price corrections but consistent regional demand.
Profitability & Margins	EBITDA margin ~8–10% ROE moderate PAT margin ~5–5.5%	Margins stable from operational efficiencies & cost management. PAT growth aligned with revenue; earnings quality moderate amid commodity cycles but supported by hedging & fixed contracts in some cases.
Cash Flow Quality	OCF positive (from ops & dealer advances) Dividend policy: payouts noted	Reliable cash from sales & working capital cycle; supports debt & reinvestment. Quality fair with inventory & receivable management; low capex intensity post-scale.
Balance Sheet Strength	Net worth strong Debt moderate (gearing controlled)	Comfortable leverage; liquidity buffers; downside protected by assets (mills) & dealer network; minimal major risk.
Valuation Comfort	Unlisted price ~₹140–165 (Feb 2026) P/E ~15–20x (EPS ~₹8–10 est.) Market cap ~₹1,400–1,600 cr	Reasonable multiple for secondary steel growth play with steady margins. Justified by infra tailwinds & regional strength; attractive vs. listed steel peers.
Management & Governance	Promoter-led with professional team Transparent disclosures & filings	Proven execution in rolling mill operations & distribution; clean governance with annual reports; no major issues noted.
Growth Triggers & Catalysts	Infra & construction demand Capacity utilization & new product mix Export potential No confirmed IPO/DRHP plans	Organic upside from government capex, housing & real estate revival. Incremental gains from efficiency & value-added products; steady value creation without listing hype.
Liquidity & Exit Visibility	OTC liquidity only No confirmed IPO plans	Moderate unlisted trading; capital somewhat locked; exit via OTC or strategic interest; real liquidity risk but stable secondary steel asset.

A One Steels India Limited (ASIPL) is a backwards-integrated steel manufacturing company headquartered in Southern India, with a strong operational presence across Karnataka and Andhra Pradesh.

The company operates six manufacturing plants and produces a diversified range of steel products, including TMT bars, steel pipes, coils, and sponge iron, catering largely to the infrastructure and construction sectors.

ASIPL has built a strong regional footprint in Southern India, supported by a wide retail distribution network of over 1,200 outlets.

A key differentiator for the company is its focus on sustainability—84% to 87% of its power consumption comes from renewable energy, positioning it among the relatively greener players in the mid-sized steel segment.

The company is preparing for a ₹650 crore IPO (₹600 crore fresh issue and ₹50 crore offer-for-sale), with proceeds proposed to be utilised for capacity expansion, green energy initiatives, and debt reduction.

Business Model & Operations

A One Steel follows a backwards-integrated business model, which helps it control raw material availability and partially mitigate cost volatility inherent in the steel industry. Its integrated operations span sponge iron manufacturing to finished steel products, enabling supply chain efficiencies.

Key operational highlights include:

Multi-product steel portfolio
Regional dominance in Southern India
Strong retail-led distribution strategy
High renewable energy usage in manufacturing

Products & Portfolio

The following is the product portfolio of A One Steels India Limited:

TMT Bars
Steel Pipes
Steel Coils
Sponge Iron

These products primarily cater to the construction, infrastructure, and real estate segments.

Industry Position & Market Presence

The following outlines ASIPL’s market positioning.

Strong presence in Southern India
Established retail network with 1,200+ outlets
Mid-tier steel manufacturer with integrated operations
Competes with listed regional and national steel players

Financial Review (Consolidated: FY24 & FY25 Outlook)

The following provides a consolidated financial performance review.

FY24 Financial Performance

Revenue: ₹3,834 crore
PAT: ₹38 crore
EBITDA Margin: 5.18%
PAT Margin: 1.01%
ROCE: 10.45%
ROE: 9.42%
Debt-to-Equity Ratio: 2.34

Based on the current unlisted valuation of ₹2,636 crore, the trailing P/E stands at ~67.75x, reflecting a premium valuation despite thin margins typical of commodity businesses.

FY25 Projections (Annualised based on 3M FY25)

Revenue: ₹3,818 crore
PAT: ₹64 crore
Forward P/E: ~40.73x

The projected improvement in profitability suggests operating leverage benefits, although margins remain sensitive to steel price cycles and input costs.

Valuation & Share Capital Snapshot

The following summarises valuation-related details.

Total Shares Outstanding: 6,84,67,532 equity shares
Current Unlisted Price: ₹250 per share available at UnlistedKraft
Implied Valuation: ₹2,636 crore

Valuation Growth History

Date	Type	Amount Raised	Valuation	Price / Share
Dec 2015	Rights Issue	₹2 Cr	₹9 Cr	₹100
Mar 2021	Rights Issue	₹27.52 Cr	₹894 Cr	₹688
Jun–Jul 2024	Private Placement	₹24.72 Cr	₹1,711 Cr	₹250
2025	Unlisted Market	-	₹2,636 Cr	₹385

Peer Comparison (FY24–FY25)

The following table compares ASIPL with its listed peers:

Company	Revenue (₹ Cr)	EBITDA Margin	PAT Margin	ROCE	D/E	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

Challenges & Risks

The following outlines key challenges for A One Steels India Limited.

Thin marginsare inherent to commodity steel businesses
High leverage with a Debt-to-Equity of 2.34
Premium valuation compared to listed peers
Exposure to steel price cycles and raw material volatility
Execution risk related to expansion and IPO pricing

Promoters & Management

The following are the promoters and management of A One Steels India Ltd:

The company is promoted by a family, specifically:

Krishan Kumar Jalan (also referred to as Chief Mentor/Founder)
Sunil Jallan (also referred to as Chairman & Director)
Sandeep Kumar Jalan (also referred to as Managing Director)

Key Management Personnel & Directors

Sunil Jallan (Chairman & Director): Oversees overall business strategy and operations
Sandeep Kumar (Managing Director): Focuses on technical aspects, production, and operations
Umashankar Goenka (Executive Director/CEO): Manages daily manufacturing operations
Saurabh Jindal (Chief Financial Officer): Handles finance, accounts, and international affairs
Pooja Sara Nagaraja (Company Secretary): Manages corporate governance and compliance
Krishan Singh Barguzar (Independent Director): Expert in banking and corporate credit
Kamaldeep Singh (Independent Director): Expert in Business Development and Sales
Jeevika Poddar (Independent Director)

Quick Summary

A One Steels India Limited is a backwards-integrated steel manufacturing company with a strong footprint in Southern India, operating six plants across Karnataka and Andhra Pradesh. The company manufactures TMT bars, pipes, coils, and sponge iron, supported by a wide retail network of over 1,200 outlets.

A key differentiator for A One Steels is its high reliance on renewable energy, with nearly 84–87% of its power consumption sourced from clean energy. While the business has demonstrated steady revenue traction, profit margins remain thin and leverage levels are relatively high, which is common in commodity-driven steel businesses.

At an unlisted share price of around ₹250 per share, investors are closely tracking the company due to its upcoming IPO plans, regional dominance, and sustainability focus, while also remaining cautious about valuation and execution risks.

Shareholding Pattern of A One Steels India Ltd

Name	Holding
Promoters	85.86%
Public Shareholding	14.14%

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Frequently Asked Questions

A One Steels India Limited is a backwards-integrated steel manufacturer producing TMT bars, steel pipes, coils, and sponge iron, with a strong presence in Southern India.

No, A One Steels India Limited is currently an unlisted company and is planning to come out with an IPO in the near future.

You can buy A One Steels India Limited unlisted shares through UnlistedKraft, a trusted platform for buying and selling verified unlisted shares in India.

The current unlisted market price of A One Steels India Limited shares is around ₹250 per share, subject to demand, supply, and deal size.

Investors are tracking A One Steels India Limited unlisted shares due to its integrated operations, renewable energy usage, regional dominance, and upcoming IPO plans.

Key risks include thin profit margins, high debt levels, commodity price volatility, and valuation sensitivity ahead of the IPO.

Yes, when you buy A One Steels India Limited unlisted shares via UnlistedKraft, transactions are conducted with proper documentation, verified sellers, and demat transfer.