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.
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)
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% |
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
| 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
| 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 |
| 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 |
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.
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