Anand Seamless

Founded in 2005, Anand Seamless has established itself as a specialized manufacturer of seamless tubes and pipes. Over nearly two decades, the company has evolved its product portfolio to include carbon steel, alloy steel seamless tubes, heat exchanger tubes, U-tubes, and various types of finned tubes.

The company's business model focuses on high-precision manufacturing for demanding industrial environments. Its products are essential for heat exchangers and critical piping systems, ensuring safety and efficiency in high-pressure and high-temperature applications.

Anand Seamless maintains a diverse customer base across India, serving the Petroleum, Pharmaceutical, Chemical, and Oil and Gas refineries. It also supplies to the railways, boiler manufacturing, textile machinery, transportation, automobile, defense, and cement industries.

Operational scale is centered around its manufacturing facility located at Survey No. 944, Chhatral Kadi Road, Indrad, Kadi, Gujarat. This facility serves as the hub for its production and quality control processes to meet both domestic and international market standards.

The company is led by its promoters: Kedar Mayank Choksi, Mayank Bhikhabhai Choksi, and Heta Kedar Choksi, who have steered the company's growth from a regional player to a specialized industrial supplier.

The Anand Seamless IPO is a fixed price issue seeking to raise approximately ₹25.52 crore through a 100% fresh issue of equity shares. The shares are priced at ₹72 per share, with a minimum retail lot size of 3,200 shares requiring an application amount of ₹2,30,400. The IPO opens on September 22, 2026, and closes on September 24, 2026, with listing scheduled for September 29, 2026, on the BSE SME platform.

The proceeds from the fresh issue are earmarked for capacity expansion, technological upgradation, and cost optimization at the Gujarat manufacturing facility (₹13.20 crore), as well as the repayment or prepayment of certain outstanding secured and unsecured borrowings (₹5.73 crore), with the remainder for general corporate purposes and issue expenses.

Financial performance shows a strong recovery and growth trajectory in FY26. After a slight dip in FY25, the company reported revenue of ₹56.17 crore in 2026 compared to ₹33.64 crore in 2025. Net profit (PAT) also saw a significant jump to ₹5.48 crore in 2026 from ₹2.65 crore in the previous year.

From a valuation perspective, the company reports a basic EPS of ₹6.50 for FY26. When compared to peers like Venus Pipes and Ratnamani Metals, Anand Seamless operates on a smaller scale but maintains a healthy Return on Equity (ROE) of 28.05% and ROCE of 20.66%.

Key strengths include the 100% fresh issue structure, which indicates capital infusion into the business rather than promoter offloading, and a strong growth in top and bottom lines for the latest fiscal. However, the Debt-to-Equity ratio of 1.44 is a point of observation for conservative investors.

Overall, the IPO presents a growth story in the industrial tubes sector. Investors should weigh the strong recent financial growth and pure fresh issue structure against the lack of institutional subscription velocity and the inherent risks of the SME segment.