A One Steels India Limited IPO: Southern India's Backward-Integrated Steel Giant is Gearing Up for Public Listing

A One Steels India Limited (ASIPL), founded in 2012, is a Southern India-based steel manufacturer with 6 plants (5 in Karnataka, 1 in Andhra Pradesh). Its fully integrated operations—from iron ore to finished products—give it a cost and quality edge. The company makes TMT bars, coils, pipes, and sponge iron, and is expanding into stainless steel. With 84-87% green energy use, 1,200+ retail outlets, and top-5 rank in South India, ASIPL is now preparing for a ₹650 crore IPO (₹600cr fresh issue + ₹50cr OFS) to grow further. A strong, efficient player in India's steel sector. A) Market Position (FY24) & Sustainability Initiatives Top 5 crude steel producers in Southern India Market Share: 0.27% of India's total crude steel output ~1% share in the domestic pipe segment (CRISIL Report) USP: Only player in the region offering diversified steel and industrial products under one brand Renewable Energy Use: 84–87% from solar, wind, and Wi-RBs Certifications: CII Green Product Certification for Fe550 D CRS TMT bars Upcoming Projects: 10 MW Wi-RB Power Plant  & 300,000 MTPA Iron Ore Beneficiation Plant (by FY26) B) Product Portfolio A One Steels India Limited (ASIPL) manufactures a diverse range of steel products across four key categories. The company produces high-grade TMT bars (Fe 550D CRS, Fe 500D CRS, Fe 550 CRS) under its long steel segment. Its flat steel portfolio includes HR/CR coils, HR/CR pipes and galvanized pipes. For industrial applications, ASIPL offers MS billets, sponge iron, met coke, ferro silicon and silicon manganese. The company is currently developing stainless steel wire rods at its Koppal facility, marking its entry into premium steel products. This vertically integrated product range enables ASIPL to serve construction, infrastructure and industrial sectors with comprehensive steel solutions while maintaining strict quality control across all manufacturing stages. Product-Wise Revenue Split Product 3M FY25 FY24 FY23 FY22 Pipes & Tubes 21.77% 18.92% 16.54% 19.83% TMT Bars 32.12% 29.18% 30.30% 26.94% Sponge Iron 12.96% 12.74% 14.23% 18.54% C) Manufacturing & Logistics Plants: Gauribidanur, Bellary (2 units), Koppal, Chikkantapur (Karnataka), and Hindupur (Andhra Pradesh) Geographical Revenue Split State 3M FY25 FY24 FY23 FY22 Karnataka 55.15% 50.31% 55.08% 50.86% Andhra Pradesh 10.34% 12.81% 10.06% 8.35% Tamil Nadu 4.84% 7.24% 10.02% 9.97% Maharashtra 7.61% 6.50% 4.71% 6.85% Telangana 6.65% 6.13% 9.16% 10.24% Others 15.41% 17.01% 10.98% 13.73% Backward Integration: Iron ore → Sponge Iron → MS Billets → TMT Bars, Coils, Pipes Subsidiary: Vanya Steels Private Limited (Sponge iron production at Koppal) Logistics: Access to ports (Emore, Mangalore, Mormugao) and railway siding under development at Koppal D) Distribution Network Growth Particulars 3M FY25 FY24 FY23 FY22 Distributors 82 87 68 36 Direct Retail Channels 748 1,222 907 886 Institutional Customers 36 45 36 34 Retail Network: 1,222+ direct sales points (as of June 2024) Distributors: 82 Institutional Clients: 35+ (Notables: Sobha Ltd., NCC, Amara Raja Infra, Zetwerk, Casa Grande) Key Markets: Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra E) Financial Performance Highlights  Particulars ( in cr ) 3M FY25 FY24 FY23 FY22 Revenue (from ops) 954 3,834 3,163 2,756 EBITDA 63 198 238 184 EBITDA Margin (%) 6.69% 5.18% 7.53% 6.68% PAT 16 38 97 100 PAT Margin (%) 1.70% 1.01% 3.09% 3.65% Operating Cash Flow -96.56 325.40 -319.50 -51.93 Net Debt 1,026 992 1,054 418 Debt Equity Ratio 1.76 2.34 2.96 1.62 ROCE (%) 2.97 10.45 13.64 22.23 ROE (%) 3.03 9.42 29.42 47.89 F) Peer Comparison Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E A-One Steels India Limited(FY24) 3,834.21 5.18% 1.01% 10.45 2.34 2636 67.75 Jai Balaji Industries Ltd.(FY25) 6351 ~13.6% 8.78% 36.10% 0.26 10,336 18.6 Shyam Metallics and Energy Ltd(FY25) 15945 12.30% 6% 12% 0.07 27342 29.7 MSP Steel and Power Limited(FY25) 2844 4.61% -0.98% 6.23% 0.27 1974 in loss G) IPO Details DRHP Filed: December 30, 2024 IPO Size: ₹650 crore (Fresh Issue: ₹600 crore + OFS: ₹50 crore) Proposed Listing: BSE & NSE Objects of the Offer Particulars Amount (₹ Cr) Expansion of Koppal facility via Vanya Steels Private Limited 344.37 Investment in solar power via Group Captive Companies 40 Pre-payment / repayment of borrowings 100 General Corporate Purposes - Conclusion With its deep-rooted backward integration, expanding distribution network, and strong regional market presence, A One Steels India Limited is positioning itself as a rising force in India's steel sector. The upcoming IPO provides an opportunity for investors to tap into the growing infrastructure and steel demand in Southern India. Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk.