Gallard Steel Limited, incorporated in 2015, manufactures ready-to-use machined and unmachined steel castings, assemblies and subassemblies for railways, defence, power generation and industrial machinery. It earns revenue by supplying critical components such as traction motor parts, bogie components, turbine subassemblies and defence castings to large engineering companies. Its products are used in locomotives, LHB coaches, thermal and hydro turbines, industrial equipment and defence systems.

The Company is led by Promoter, i.e., Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin.

The Revenues from operations for the Period ended on Sep 30 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹3,213.51 Lakh, ₹ 5,352.40 Lakh, ₹ 2,786.09 Lakh, and ₹ 2,164.78 Lakh, The EBITDA for the Period ended on Sep 30 2025, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 742.46 Lakh, ₹ 1,247.17 Lakh, ₹ 506.56 Lakh, and ₹ 189.69 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 429.31 Lakh, ₹ 606.67 Lakh, ₹ 319.56 Lakh, and ₹ 113.49 Lakh, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹8.67and post-issue EPS of ₹6.39 for FY25. The pre-issue P/E ratio is 17.30x, while the post-issue P/E ratio is 23.49x against the Industry P/E ratio is 29.7x The company's ROE for FY25 is 43.16% and RoNW is 35.51%. The Annualised EPS is ₹9.04x and P/E is 16.60x. These metrics suggest that the IPO is Fully priced.

The Grey Market Premium (GMP) of  Gallard Steel  showing listing gains of  5.33%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Avoid to the Gallard Steel Limited IPO for Listing gain or Long Term Purposes.