Narmadesh Brass Industries
- Narmadesh Brass Industries is coming out with an initial public offering (IPO) of 8,71,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 515 per equity share.
- The issue will open on January 12, 2026 and will close on January 15, 2026.
- The shares will be listed on SME Platform of BSE.
- The share is priced at 51.50 times higher to its face value of Rs 10.
- Book running lead manager to the issue is Aryaman Financial Services.
- Compliance Officer for the issue is Hetal Vachhani.
Profile of the company
Narmadesh Brass Industries is engaged in manufacturing diverse range of brass products catering to both domestic and international market. Presently, the company operates through one manufacturing facility located in plot no 5, 8 & 9 at Jamnagar, Gujarat. Its manufacturing premises spans 6,293.03 sq.mtr and is equipped with the technology and also ISO 9001:2015 certified for Quality Management. Its current manufacturing setup has an installed capacity of Brass Billets of 4,320 mt per annum, Brass Rods of 4,320 mt per annum and Brass Components of 1,600 mt per annum. It also offers casting and forging services related to brass components at its manufacturing facility. It maintains complete control over the manufacturing process, with every stage - from production to quality control and dispatch taking place within its manufacturing facility.
The company’s product offering includes brass rods, brass billets, agricultural sprayer parts, garden fittings, ball valves, non-return valves (NRVs), turning components and plumbing fittings, sanitary fittings, brass compression fittings etc. Its Holding Company, Sprayking Limited is also engaged in similar line of business i.e. manufacturing brass components/ products.
The company is led by its Promoter and Director Hitesh Dudhagara and Ronak Dudhagara. Hitesh Dudhagara, being a Chartered Mechanical Engineer and Diploma in Export Management - Engineering Specializations comes with over 20 years of experience in business. Its promoters have significant industry experience and have been instrumental in the growth of the company along with it possess the expertise and vision to scale up its business.
Proceed is being used for:
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings
- Purchase of machinery and equipment
- Funding working capital requirements
- General corporate purpose
Industry Overview
The India Brass Market size is expected to grow at a significant CAGR of 4.3% during the forecast period 2025-2031. The brass market in India plays a significant role in the country's industrial landscape, driven by its versatility and utility in various sectors. Brass, an alloy of copper and zinc, is widely used in manufacturing due to its corrosion resistance, malleability, and aesthetic appeal. Key applications of brass include plumbing fixtures, electrical components, decorative items, and precision engineering. India is not only a major consumer of brass products but also a growing exporter, supported by a robust manufacturing base and skilled labor. The market is influenced by factors such as industrial growth, urbanization, and demand from end-user industries.
Investment opportunities in the India brass market are abundant, particularly in the manufacturing and export sectors. With India being one of the largest producers of brass components, there is a strong demand for modernized production facilities and advanced machinery to meet international standards. Exploring value-added segments such as brass fittings, sanitary components, and customized hardware offers lucrative possibilities for manufacturers and investors alike. Furthermore, government initiatives focused on 'Make in India' and the push for local manufacturing create an encouraging environment for both domestic and foreign investments. Companies that prioritize sustainability, innovation, and cost efficiency are well-positioned to capitalize on the growing opportunities in this evolving market.
Meanwhile, the Crop Sprayer Market Size was estimated at $3332.6 billion in 2024. The Crop Sprayer industry is projected to grow from 3472.57 in 2025 to 5239.96 by 2035, exhibiting a compound annual growth rate (CAGR) of 4.2 during the forecast period 2025 - 2035. Technological advancements are reshaping the Crop Sprayer Market, enhancing efficiency and precision in application. North America remains the largest market, driven by robust agricultural practices and investment in modern equipment. The Asia-Pacific region is emerging as the fastest-growing market, fuelled by increasing food production demands and agricultural modernization. The rising awareness of pest management and regulatory support for sustainable agriculture are key drivers propelling market growth.
Pros and strengths
Well Equipped manufacturing facility: The company currently operate through one brass products manufacturing facility. The integrated nature of its manufacturing facility has resulted in the control over all aspects of its operations (with the exception of sourcing of primary raw materials) as well as operating margins, thereby enabling it to focus more on quality and create multiple products for sale across the value chain. It primarily focuses on manufacturing three main products, Brass Rods, Brass Billets and Brass Valves. Integration practices in its production process from Brass Rods to Brass Billets and various brass products have allowed it to be flexible with its production, and be able to alter its products as per the customer’s specific requirements as well as change its product mix to cater to the continuously evolving market conditions while insulating it from price of raw materials which has resulted in optimization of its operating margins.
Location of its manufacturing facility: The company’s manufacturing facility and warehouse is located in two plots attached to each other at Jamnagar, Gujarat. Its manufacturing premises span 6,293.03 sq.mt and total premises (incl manufacturing and warehouse) span 12,299.34 sq. mt in Gujarat and are equipped with the technology. Its presence in this location allows it to have easy access to raw materials and end users both which helps it to overcome entry barriers in comparison with its competitors. Its facility has proper infrastructure with good conditions of road and transport facility and availability of water and power supply. Labours are sourced easily from nearby area as these facilitate it to fetch them as per its work load in factory. This lowers its transportation costs and provides it with logistics management and cost benefits, thereby improving its operating margins.
Diversified product portfolio: The company’s products primarily comprise of Brass Rods, Brass Billets, Brass Components which amounts to 97.10% 96.52%, 92.98% and 98.28% of total revenue from operations excel operating income for the period ended September 30, 2025 and F.Y 2024-25, 2023-24 and 2022-23 respectively, as per its Restated Financial Statements. Brass valves are sold under its brand. The company’s diversified product range has resulted in a diversified product mix, which has reduced its dependency on a particular product and de-risked its revenue streams.
Risks and concerns
High dependence on a limited number of customers: The company’s top customers may vary from period to period depending on the demand and thus the composition and revenue generated from these customers might change as it continues to add new customers in normal course of business. The company has garnered 84.59%, 87.59%, 80.52% and 81.20% of its total revenue from top ten customers for the period ended September 30, 2025 and financial year 2024-25, 2023-24, 2022-23 respectively. Since its business is dependent among few significant customers, it could experience a reduction in its results of operations, cash flows and liquidity if it loses one or more of these customers or the amount of business it obtains from them is reduced for any reason.
Customer concentration and revenue volatility risk: Majority of revenue contribution comes from the Gujarat, Maharashtra and Delhi which contributed 91.85% 73.06%, 94.29%, 95.89% of its revenue from products in for the period ended September 30, 2025 and financial year 2024-25, 2023-24, 2022-23 respectively. Further, the company has not entered into any agreement with its customers for long term sales. The company has also generated export income in the above periods but it cannot assure that it will be able to generate income through this channel in the future. Any change in governmental policies or occurrence of natural disasters in any of this states/ union territory may impact its business, results of operations and cash flows.
Limited operating history may impact assessment of future growth and profitability: The company has limited operating history from which one can evaluate its business, future prospects and viability. The future revenues and profitability of the company is difficult to estimate and could fluctuate significantly and as a result the price of the Equity Shares the company may remain volatile. Further the business prospects of the company must be considered in light of the risks and uncertainties in respect of Brass industry. Although the partnership firm has retained the growth path in past years, and the company will continue to undertake all possible steps towards the growth path, but there is no assurance that this growth will be met successfully in future.
Outlook
Narmadesh Brass Industries is a modern brass manufacturing company based in Jamnagar, Gujarat. Their in-house processes ensure tight control over quality, from production to dispatch. The company is a well-equipped, ISO-certified manufacturing facility located in the brass-rich hub of Jamnagar ensures efficiency and supply chain advantages. On the concern side, the company derive a significant portion of its revenue from the sale of brass rods and brass billets and any reduction in demand or in the manufacturing of such products could have an adverse effect on its business, results of operations and financial condition. Moreover, it is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect its business, results of operations and financial condition.
The company is coming out with an IPO of 8,71,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 515 per equity share to mobilize Rs 44.87 crore. On performance front, the company’s revenue from operations has increased by 11.20% to Rs 8,772.09 lakh in FY25 from Rs 7,888.45 lakh in FY24. Moreover, the profit after tax has decreased by 19.35% from Rs 709.61 lakh for FY24 to Rs 572.30 lakh for FY25.
The company currently operates through one brass products manufacturing facility at Gujarat. It intends to add machines for manufacturing of brass components that will enable it to manufacture precision components which are used in products with stringent safety requirements. Currently, it manufactures normal components, with addition of such precision components it will be able to cater to demand and requirements of products that need to undergo higher safety and quality requirements. This would benefit it in the form of technological advancements, enhance precision and accuracy, reduced production times, increase productivity along with giving it competitive edge. Revenue contribution from components will enable to overall increase its profit and operating margin and also, it intends to focus on sales growth in its brass components products. To meet the growing demand for its products, the company plans to augment its manufacturing capabilities by adding new machinery at its manufacturing facility. This strategic investment will enable it to increase its production capacity, improve operational efficiency, reduce costs, and drive business growth.
