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Formerly known as A-One Steel and Alloys Private Limited
A-One Steels India Limited is a South India-based backward-integrated steel manufacturer with operations across intermediate, finished and industrial steel products. The company was originally incorporated as A-One Steel and Alloys Private Limited in 2012, later converted into a public limited company and renamed A-One Steels India Limited in December 2024. (BSE India)
1. Company Snapshot
| Particular | Details |
|---|---|
| Company | A-One Steels India Limited |
| Former Name | A-One Steel and Alloys Pvt. Ltd. |
| Incorporated | 2012 |
| Registered Office | Bengaluru, Karnataka |
| Sector | Iron & Steel |
| Business Model | Backward-integrated steel manufacturing |
| Manufacturing Locations | Karnataka & Andhra Pradesh |
| Facilities | 6 |
| Installed Capacity | ~17.33 lakh MTPA |
| Promoters | Sandeep Kumar, Sunil Jallan, Krishan Kumar Jalan |
| ISIN | INE0OTC01025 |
| Current Status | Unlisted / Pre-IPO |
| IPO | ₹405 Cr Mainboard IPO |
| IPO Price Band | ₹385–₹405 |
| Proposed Listing | NSE & BSE |
The company had approximately 17.33 lakh tonnes per annum of aggregate installed capacity as of March 2026 across six facilities. (IPO Central)
2. What Does A-One Steels Do?
A-One Steels operates across several stages of the steel value chain.
Major Products
- Sponge Iron
- MS Billets
- TMT Bars
- HR Coils
- CR Coils
- MS Pipes
- Galvanised Pipes & Tubes
- Met Coke
- Silicon Manganese
- Ferro Alloys
Its backward-integrated model allows intermediate products such as sponge iron and billets to be used internally for downstream manufacturing. This can provide greater control over raw materials, production and quality. (IPO Central)
Revenue contribution
For FY26, TMT bars contributed around 29% of revenue from operations, while pipes and tubes contributed around 21.7% and sponge iron around 10.9%. (IPOGyani)
3. Manufacturing Footprint
A-One Steels has manufacturing facilities across Karnataka and Andhra Pradesh.
Its integrated ecosystem includes facilities around:
- Gauribidanur
- Bellary
- Koppal
- Hindupur
- Chikkantapur
The company has been expanding its capacity and downstream product portfolio. (UnlistedZone)
4. Financial Performance
Consolidated Financials
₹ Crore
| Particular | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 3,862 | 3,570 | 4,202 |
| EBITDA | 172 | 174 | 304 |
| PAT | 38.91 | 7.71 | 127.41 |
| Net Worth | 421.79 | 676.63 | 819.52 |
| Total Borrowings | 1,042.53 | 963.67 | 1,010.94 |
| EBITDA Margin | 4.5% | 4.9% | 7.3% |
(K2M A STOCK MARKET INSTITUTE)
FY26 was a major earnings recovery
Revenue increased from approximately ₹3,570 Cr in FY25 to ₹4,202 Cr in FY26, while PAT increased from ₹7.71 Cr to ₹127.41 Cr. EBITDA also increased from ₹174 Cr to approximately ₹304 Cr. (K2M A STOCK MARKET INSTITUTE)
However, investors should note that FY25 was an unusually weak profit year. Therefore, the FY26 PAT growth rate partly reflects a low-base recovery, rather than simply steady year-on-year growth.
5. Key Ratios – FY26
| Ratio | FY26 |
|---|---|
| EBITDA Margin | 7.29% |
| PAT Margin | ~3.0% |
| ROE | ~14.7% |
| ROCE | 12.86% |
| Debt/Equity | 1.17x |
| EPS | ~₹18.47 |
| NAV | ~₹119.70 |
The improvement in profitability is significant, but the business remains capital intensive and leveraged, with FY26 borrowings of roughly ₹1,011 Cr. (K2M A STOCK MARKET INSTITUTE)
6. Green Steel & Renewable Energy
A-One Steels has been increasing its use of renewable energy.
The company recently signed 16 renewable power purchase agreements covering approximately 230 MW for its manufacturing facilities. The company has also been developing a 10 MW waste-heat-based captive power plant at Koppal. (ETEnergyworld.com)
Its FY26 Green Steel Certificate covered 1.80 lakh tonnes of TMT bars, with the company reporting an average emission intensity of 0.67 t-CO₂e/tfs and a 69.55% greenness rating. (ETEnergyworld.com)
This could become strategically relevant as customers increasingly focus on lower-carbon steel supply chains.
7. Distribution Network
The company sells through a combination of:
- Direct retail channels
- Authorised distributors
- Institutional customers
- Intermediary channels
As of March 2026, the company had around 1,246 retail sales channels, 32 distributors and 57 institutional customers, according to IPO-related disclosures summarized by IPOGyani. (IPOGyani)
Its customer base has included construction and infrastructure companies such as NCC, Sobha and Amara Raja Infra, among others. (UnlistedZone)
8. Shareholding Pattern
The pre-IPO promoter group includes:
| Promoter | Holding |
|---|---|
| Sandeep Kumar | 32.81% |
| Sunil Jallan | 30.29% |
| Krishan Kumar Jalan | 22.46% |
| Promoter Group | ~85.56% |
The FY25 consolidated financial statements report promoter ownership of approximately 85.56%. (A-One Gold Steel)
9. IPO – Major Development
This is particularly important because A-One Steels is no longer simply an unlisted-company story.
The company has filed its DRHP with SEBI, and SEBI records the A-One Steels India Limited DRHP and subsequent addendum. (Securities and Exchange Board of India)
Current IPO Structure
Issue Size: ₹405 Crore
| Component | Amount |
|---|---|
| Fresh Issue | ₹355 Cr |
| Offer for Sale | ₹50 Cr |
| Total | ₹405 Cr |
The company has now announced a ₹385–₹405 price band. The IPO is scheduled to open on 24 September 2026 and close on 28 September 2026, with proposed listing on NSE and BSE around 1 October 2026. (The Economic Times)
SEBI – A-One Steels DRHP Filing
10. Use of IPO Proceeds
The IPO proceeds are intended to support the company’s capital structure and corporate requirements.
The offer documents identify pre-payment/partial repayment of certain borrowings as an important use of proceeds, along with general corporate purposes. Earlier DRHP documents also contemplated investment into subsidiary Vanya Steels Private Limited for expansion and renewable-energy-related investments. Investors should rely on the latest RHP/final offer documents for the final allocation. (IPOMarkets)
11. Current Unlisted Share Price
Before the IPO, unlisted-market platforms were quoting A-One Steels around ₹318–₹325 per share in mid-September 2026.
For example, one source reported ₹325 on 15 September 2026, while another reported ₹318 on 12 September 2026. These are OTC indicative prices, not NSE/BSE market prices. (BuyUnlistedShares)
With the IPO price band now announced at ₹385–₹405, the relationship between the pre-IPO OTC price and IPO price is particularly relevant for existing unlisted shareholders.
12. Valuation at IPO
Using FY26 EPS of approximately ₹18.47:
| IPO Price | Approx. P/E |
|---|---|
| ₹385 | ~20.8x |
| ₹405 | ~21.9x |
The FY26 NAV is around ₹119.70, meaning the upper IPO band represents roughly 3.4x book value.
These calculations are based on reported FY26 figures and should not be treated as a recommendation. (BuyUnlistedShares)
13. Growth Drivers
1. Capacity expansion
The company has expanded installed capacity to approximately 17.33 lakh MTPA, providing a larger manufacturing base. (IPO Central)
2. Backward integration
Control across sponge iron, billets and downstream products can reduce dependence on external suppliers.
3. Infrastructure demand
TMT bars, pipes, structural products and other steel products are linked to construction and infrastructure activity.
4. Renewable energy
Expansion of renewable power sourcing could help reduce electricity costs and emissions.
5. Earnings recovery
FY26 showed a significant improvement in EBITDA and PAT compared with FY25. (K2M A STOCK MARKET INSTITUTE)
6. South India presence
Manufacturing and distribution across Karnataka, Andhra Pradesh and other southern markets provides access to major industrial and construction markets.
14. Key Risks
Steel-cycle risk: Steel prices, raw-material costs and spreads can change rapidly.
High capital intensity: Steel manufacturing requires significant capital expenditure and working capital.
Debt: FY26 borrowings were approximately ₹1,011 Cr, with debt/equity around 1.17x. (K2M A STOCK MARKET INSTITUTE)
Profit volatility: PAT fell sharply in FY25 before recovering strongly in FY26. This demonstrates the cyclical nature of earnings.
Margin sensitivity: Even with FY26 improvement, PAT margin remains only around 3%.
Execution risk: Capacity expansion requires timely commissioning and sufficient utilisation.
IPO valuation: At ₹385–₹405, the implied valuation needs to be assessed against FY26 earnings, debt, steel-cycle conditions and future growth.
Unlisted-market liquidity: Until listing, OTC prices can vary between buyers and sellers and do not provide the same liquidity or price discovery as an exchange.
15. UnlistedCart Takeaway
A-One Steels India Limited is an integrated South Indian steel manufacturer transitioning from the unlisted market toward a mainboard IPO.
The key investment variables to track are:
17.33 lakh MTPA capacity → backward integration → FY26 earnings recovery → renewable-energy initiatives → debt reduction → IPO valuation.
The FY26 numbers show a substantial improvement in profitability, but the FY25 earnings weakness also highlights the cyclical and margin-sensitive nature of the steel business.
For someone analysing the company today, the important comparison is no longer simply “What is the unlisted price?” but rather:
OTC price vs IPO price vs FY26 earnings vs book value vs debt and future earnings capacity.
Quick Snapshot
| Parameter | A-One Steels India |
|---|---|
| Former Name | A-One Steel & Alloys Pvt. Ltd. |
| Sector | Steel |
| Established | 2012 |
| Facilities | 6 |
| Capacity | ~17.33 lakh MTPA |
| FY26 Revenue | ₹4,202 Cr |
| FY26 EBITDA | ₹304 Cr |
| FY26 PAT | ₹127 Cr |
| FY26 Net Worth | ₹820 Cr |
| FY26 Borrowings | ₹1,011 Cr |
| Promoter Holding | ~85.6% |
| Indicative OTC Price | ~₹318–₹325 |
| IPO Size | ₹405 Cr |
| IPO Band | ₹385–₹405 |
| Fresh Issue | ₹355 Cr |
| OFS | ₹50 Cr |
| IPO Opens | 24 Sep 2026 |
| IPO Closes | 28 Sep 2026 |
| Proposed Listing | 1 Oct 2026 |
| Exchanges | NSE & BSE |
| ISIN | INE0OTC01025 |
Disclaimer: This report is for educational and informational purposes only. Unlisted-share prices are indicative OTC references and can vary based on liquidity, quantity and transaction terms. IPO dates, price bands and offer details can change; investors should verify the latest RHP/Prospectus and exchange filings before making any investment decision. This is not investment advice or a recommendation to buy or sell securities.
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