Gabion Technologies India
- Gabion Technologies India is coming out with an initial public offering (IPO) of 36,00,000 shares in a price band of Rs 76-81 per equity share.
- The issue will open on January 06, 2026 and will close on January 08, 2026.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 7.60 of its face value on the lower side and 8.10 times on the higher side.
- Book running lead manager to the issue is GYR Capital Advisors.
- Compliance Officer for the issue is Puja Aggarwal.
Profile of the company
Gabion Technologies India was incorporated on February 18, 2008, by its Promoter, Madhusudan Sarda and is engaged in the manufacturing, designing, trading and installation of services of Gabions, Rockfall Protection Nettings, and Geosynthetic Materials, tailored to meet the diverse requirements of civil engineering, infrastructure development, and environmental protection projects. There are three verticals to the company’s business: i) Manufacturing and supply of mechanically woven Double Twisted Hexagonal Steel Wire Mesh Gabions, Defence Gabions, PP Rope Gabions, Hi-tensile Rockfall Protection Nettings, Rockfall Fence/Barrier Reinforced Geomat, and High Strength Flexible Geogrid; ii) Service of Design and Constructing Gabion Structures, Slope Stabilization by Anchor-Mesh system and other types of structures in the fields of Geosynthetics, Geotechnical Engineering, and Ground Improvement Techniques; and iii) Trading of auxiliary products not manufactured by the company but required by its target customers.
The company is working with the vision to provide products, services and technology to Government entities, contractors, private customers, consultants, and authorities in the fields of Geosynthetics, Geotechnical Engineering, and Ground Improvement Techniques. To this end, the company is manufacturing several products of which the primary product is Steel Gabions. It is trading various other products so that its target customers can avail a wide range of products from it. Apart from the supply of products, it is also a works contractor itself. So, the company constructs the structures that its customers require. It has the capability to engineer and design structures in its field. So, it is a technology provider in its field and has the capability of turnkey execution of projects. It undertakes construction projects for both government and private sector clients.
The company’s products, services and technologies are extensively utilized across a wide range of sectors including infrastructure projects such as roads, railways, airports, irrigation and water resources sector, energy, mining, defence, real estate developments of resorts, commercial building complexes, IIT’s for applications such as road and railway embankments formation, protection of roads and railway tracks from landslides, airport runway developments, protection of hydro power projects, river channelization and river front developments, mining and thermal power plant waste disposal, energy pipelines protection, beach protection etc. The solutions it provides are retaining walls, reinforced soil walls and slopes, slope erosion control, vegetation growth, rockfall protection, slope stabilization, flood protection wall, river training, scour protection, land reclamation, ground improvement, and ash pond formation.
Proceed is being used for:
- Funding working capital requirements of the company
- Meeting capex requirement for purchasing plant and machinery
- Meeting general corporate purposes
Industry Overview
India gabion market is projected to witness a CAGR of 11.18% during the forecast period FY2025-FY2032, growing from $16.23 million in FY2024 to $37.89 million in FY2032. India gabion market is expected to witness significant growth with the rising level of urbanization and infrastructural development. Gabions, which are wire mesh containers filled with natural materials, are gaining popularity for their efficiency in erosion control, slope stabilization, and aesthetic landscaping. The demand for these structures is highest in regions undergoing rapid construction activities, such as urban centres and modernizing rural areas. Government initiatives for improving infrastructure resilience, especially in flood-prone areas, fuel the adoption of gabion solutions. India is positioned as a prominent region in the Asia-Pacific due to its high infrastructure investment and growing interest in sustainable construction practices. Landslides have significantly increased the demand for gabions in the Indian market, especially in landslide-prone areas such as the Himalayas and the Western Ghats. Climate change has enhanced weather conditions, and landslides have become more frequent, which requires effective mitigation measures. Moreover, road construction drives the market for gabions, which are in high demand due to their efficiency in stabilizing slopes and preventing soil erosion. Gabion baskets are used in large quantities in infrastructure projects, such as highways and rural roads, where they offer essential support to embankments and retaining walls.
Gabion baskets have a significant market share because of their versatility and eco-friendliness. The segment has gained dominance as it is widely used for erosion control, retaining walls, and landscaping applications. Because of their adaptability to the needs of construction, they are often favoured in the development of infrastructure. The upsurge for sustainable construction practices has further fueled demand, as filled gabion baskets are usually made up of local materials that save transport costs and render minimal ecological impact. Additionally, further innovation in manufacturing technology improves their strength and performance, thereby making them more applicable to varied applications. Gabions weirs are porous hydraulic structures, which have been successfully used in watershed management to control erosion and flow. They are structures with minimal adverse impact on the water environment and are considered to be more environmentally friendly than most impermeable weirs.
The aesthetic element gabions bring to a space is very important for promoting environmental stewardship, as it helps to inspire people to appreciate and care for nature. Furthermore, they can be designed to fit any aesthetic and theme desired, such as a classical French style or a rustic countryside look. Gabions look great around bodies of water, such as lakes and rivers, where they help to reduce wave disturbance and maintain the natural, serene atmosphere. This is an incredibly beneficial benefit for any recreational area, as their natural beauty attracts more visitors. Gabions can also make wonderful additions to homes, gardens, and commercial centers. Whether for a front yard, backyard, or garden, gabions help create a natural, open space that helps illustrate nature's beauty. This can benefit the local environment as people learn to appreciate the nature around them, helping to promote environmental stewardship.
Pros and strengths
Manufacturer and contractor: The company’s business model is built on a unique combination of manufacturing and contracting, leveraging two complementary strengths. As both a manufacturer and contractor, it produces quality products and utilize them in work contracts. This dual approach allows it to directly supply its products to both government and private sector customers while simultaneously executing projects that incorporate the products it manufactures. This integrated model not only supports the sale of its products but also enhances its ability to secure specialized work contracts. By using its own manufactured products in these contracts, it gains a competitive advantage, enabling it to deliver tailored solutions that meet the specific needs of its clients. Its ability to seamlessly combine product manufacturing with contract execution strengthens its market position and fosters long-term business growth.
Wide customer base: The company has the capability to serve customers across India through its extensive network of marketing and project offices. The company’s previous technical experience allows it to understand the unique requirements of each project, enabling it to provide comprehensive, single source solutions for a wide range of technological products. This enables it to offer not only its core products but also various auxiliary items, ensuring it meets all the needs of its clients. For instance, the company is able to supply products like Geogrid, Geotextile, Drainage Geocomposite, and perforated PVC pipes to its gabion customers working on Mechanically Stabilized Earth (MSE) wall projects. Additionally, it offers Anchors and Erosion Control Mats to clients involved in Rockfall Netting and Reinforced GeoMat installations. By providing these products alongside its primary offerings, it streamlines the procurement process for its customers, offering them a one-stop solution for all their project needs. This integrated approach strengthens its position in delivering quality, reliable solutions to clients across diverse industries.
One-stop solution provider: The company provides a comprehensive solution that includes design consultation, product supply, installation service, and post-project maintenance advice. Its turnkey approach streamlines the entire process, allowing clients to receive a cohesive, all-in-one solution without the need to coordinate with multiple vendors. By offering end-to-end support, it ensures that every aspect of the project is seamlessly managed, delivering both efficiency and quality. This approach simplifies project execution and enhances the overall experience for its clients, ensuring they receive a complete, hassle-free service from start to finish.
Risks and concerns
Regional concentration of operations and revenue: The company markets its products to 29 States & Union Territories in India of which majority portion of the revenue comes from the state of Northern and Eastern India. Its revenue from Northern and Eastern India for the period ended November 30, 2025 and financial year ended 2025, 2024 and 2023 was Rs 3,927.93 lakh, Rs 7,646.18 lakh, Rs 7,691.37 lakh and Rs 6,731.60 lakh respectively which constitutes 66.23%, 76.99%, 73.95%, and 85.73% for the period ended November 30, 2025, and financial year ended March 2025, March 2024 and March 2023 of its total revenue from operations for the respective fiscal. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.
Exposure to raw material price volatility and supply risk: The company procures a large portion of raw material from a few key suppliers, with whom it does not have any long-term supply contracts and therefore, it cannot assure that it shall always have a steady supply of raw material at prices favourable to the company. The principal raw materials used in its manufacturing process are steel wire, hot-dip galvanized, PVC-coated, or zinc- aluminium (Galfan) coated wire etc. The raw materials it uses are subject to price volatility and unavailability caused by external conditions, such as commodity price fluctuations, weather conditions, supply and demand dynamics, logistics and processing costs, its bargaining power with the suppliers, inflation and governmental regulations and policies. Major portion of its raw material purchase for the period ended November 2025 is from the state of Himachal Pradesh which is 53.29% of the total raw material purchase. It does not have any long-term agreements with any of its suppliers and it acquires raw materials pursuant to its purchase orders from suppliers. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.
High debt levels may adversely affect liquidity and financial flexibility: The company is currently operating in the manufacturing and construction industry, which is highly capital-intensive and requires significant operating funds. A key challenge it faces is the need to extend long credit periods to clients to foster and maintain strong business relationships. To cover the working capital required during these extended credit terms, it has secured debt financing from banks. As of November 30, 2025, the company had a total debt of Rs 5,205.06 lakh, resulting in a debt-equity ratio of 1.98 This indicates a relatively high reliance on debt financing for its operations and growth initiatives. A higher debt equity ratio increases its fixed financial commitments, particularly interest and principal repayments, which may impact its liquidity position. In the event of lower-than-expected cash flows or delays in receivables, its ability to service debt could be adversely affected. Additionally, high leverage may limit its capacity to raise further capital on favorable terms and could restrict its strategic and operational flexibility. Any deterioration in market conditions or an increase in interest rates may further exacerbate these risks, potentially affecting its financial stability and growth trajectory.
Outlook
Gabion Technologies India manufactures steel gabions and provides geosynthetics, geotechnical engineering, and ground improvement services globally. The company produces high-quality products for specialized contracts as a manufacturer and contractor. On the concern side, the company generates its major portion of sales from its operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations. Moreover, the company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.
The company is coming out with a maiden IPO of 36,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 76-81 per equity share. The aggregate size of the offer is around Rs 27.36 crore to Rs 29.16 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations for Fiscal 2025 stood at Rs 10,036.38 lakh as compared to Rs 10,476.44 lakh in Fiscal 2024, reflecting a decline of 4.20%. Moreover, profit after tax for Fiscal 2025 was Rs 663.15 lakh against a profit after tax of Rs 581.72 lakh in Fiscal 2024. An increase of 14.00% was due to Service business which has high margin compared to manufacturing.
The company consistently invests in research and development to create innovative gabion systems, such as Sloping Fascia Units with 3D PP Geomat integration to enhance long-term vegetation growth, pre-filled gabions for faster installations, and modular designs for complex structures. By staying in tune with evolving industry needs, it ensures that its clients receive the latest, most efficient solutions. This commitment to innovation enables it to develop reliable, efficient products that address the varied needs of modern infrastructure projects, providing solutions that support improved performance and long-term durability. Going forward, the company is planning to actively participate in subcontracting works related to highways, railways, dams, and coastal protection projects. It is also planning to strengthen presence in high-growth regions like Gujarat and Kerala while exploring export opportunities. Furthermore, the company will invest in research for green infrastructure solutions like bio-engineering applications and environmentally sustainable solutions.
