Narmadesh Brass Industries Limited is engaged in the manufacturing of a wide range of brass products for domestic and export markets. The company earns revenue through the sale of brass billets, rods, valves, sanitary fittings, and customized brass components. These products are used across agriculture, plumbing, construction, automotive, and industrial applications. Revenue is primarily generated through bulk orders from OEMs and industrial customers.

Key Clients and Manufacturing Facilities
The company supplies brass components to OEMs, exporters, and industrial customers, including group company Sprayking Limited. Narmadesh Brass operates a single ISO 9001:2015 certified manufacturing facility located at Plot Nos. 5, 8 & 9, Jamnagar, Gujarat, spanning 6,293.03 sq. meters. The facility is fully integrated, handling casting, forging, machining, quality control, and dispatch under one roof.

Product Portfolio and Order Book Execution
The company’s product portfolio includes brass billets, brass rods, valves, sanitary fittings, agricultural sprayer parts, and customized brass components. These products cater to different stages of the client product life cycle, from raw material supply to finished components. Orders are largely execution-based, with timely delivery supported by in-house manufacturing and installed capacities of 4,320 MTPA for billets and rods and 1,600 MTPA for components.

Mergers, Capex, and Expansion Plans
Narmadesh Brass Industries was converted from a partnership firm into a public limited company in October 2023. The company plans to utilize IPO proceeds for working capital requirements and business expansion. Future capex plans focus on enhancing manufacturing efficiency, increasing capacity utilization, and expanding product offerings to serve both domestic and export markets more effectively.

Employees and Banker Details
As of September 30, 2025, the company had 18 permanent employee The Banker to the Company is HDFC Bank Limited.

Management and Vision

The company is led by promoters and directors Hitesh Dudhagara and Ronak Dudhagara, who collectively possess over two decades of industry experience. Management focuses on sustainable growth through operational efficiency, capacity optimization, and customer diversification. In the near term, the company aims to strengthen working capital cycles, while long-term goals include scaling production and increasing export share. Funds for expansion are planned through IPO proceeds, internal accruals, and optimized debt usage.

Industry Overview

Narmadesh Brass operates in the brass and non-ferrous metal manufacturing industry. Globally, brass demand is driven by construction, automotive, electrical, and renewable energy sectors. Brass recycling accounts for nearly 60% of total brass supply worldwide. The Indian brass industry benefits from infrastructure growth and export demand. Industry growth is expected at 5–7% annually, supported by rising construction activity, EV adoption, and sustainable manufacturing practices.

Key Risk Factors

1. Raw Material Price Volatility
   Brass prices depend heavily on copper, which constitutes 60–70% of brass. Fluctuations in copper prices can directly impact margins and profitability if cost increases cannot be passed on to customers.
2. Customer Concentration Risk
   A significant portion of revenue comes from industrial and OEM customers. Loss of major clients or reduction in order volumes may adversely affect revenue stability and cash flows.
3. Working Capital Intensive Business
   The business requires high working capital due to inventory holding and receivables. Any disruption in cash flows may impact day-to-day operations and order execution capability.
4. Competition from Alternative Materials
   Substitution by aluminum and stainless steel in certain applications could reduce demand for brass products, affecting long-term growth prospects.
5. Single Manufacturing Location Risk
   The company operates from a single manufacturing facility in Jamnagar. Any operational disruption due to regulatory, environmental, or logistical issues may impact production.

Key Strengths and Opportunities

1. Integrated Manufacturing Facility
   Complete in-house manufacturing from casting to dispatch ensures quality control, cost efficiency, and timely execution of orders.
2. Diverse Product Portfolio
   The company serves multiple industries such as agriculture, plumbing, and construction, reducing dependency on a single end-use segment.
3. Experienced Promoter Group
   Promoters bring over 20 years of industry experience, enabling efficient decision-making and strategic growth planning.
4. Strong Capacity and Scalability
   Installed capacities of brass billets, rods, and components provide scalability to meet rising demand without immediate large capex.
5. Growing Demand for Sustainable Materials
   Increased use of recyclable brass and demand from green infrastructure and renewable energy sectors present strong future growth opportunities.
6. Export Market Potential
   The company’s product quality and certifications position it well to expand exports and improve foreign revenue contribution.