Anand Seamless Limited

Anand Seamless Limited is an established Indian manufacturer and exporter of specialized seamless tubes, pipes, and finned tubes, backed by nearly two decades of operational experience. The company’s core value proposition lies in its fully integrated manufacturing capabilities, providing end-to-end backward and forward integration—from cold drawing, heat treatment, auto cutting, and straightening to advanced in-house laser welding and high-frequency fin tube fabrication. This integrated setup ensures full material traceability, stringent quality control, and reduced operational cycle times, enabling the company to function as a one-stop solutions provider for high-safety, critical-duty applications in energy and process industries. Its underlying business model operates on a business-to-business (B2B) framework, focused on manufacturing custom-engineered tubing solutions for process equipment manufacturers, EPC contractors, and public/private sector utilities.

The company's product portfolio is broadly divided into two primary categories: Seamless Tubes and Pipes (which contributed 66.74% of FY26 revenue) and Finned Tubes (31.30% of FY26 revenue). Its target client base spans high-precision industrial sectors, including oil and gas refineries, thermal and nuclear power plants, chemical and petrochemical plants, boilers and pressure vessels, fertilizer and pharmaceutical units, automotive, and defense. Geographically, Anand Seamless caters to both domestic and international markets. In FY26, domestic sales accounted for 94.85% of operating revenue (₹53.12 Cr), while international exports to countries including the United States, the United Arab Emirates, Saudi Arabia, the Sultanate of Oman, and Germany contributed 5.15% (₹2.88 Cr).

The company consolidates its manufacturing operations at a single primary facility located in Kadi, Mehsana District, Gujarat. (The company previously operated a second unit in Changodar, Sanand, but vacated the premises and relocated all machinery to the Kadi facility by July 2026 to optimize operational efficiency and eliminate lease costs). The manufacturing campus occupies a total land area of 10,403 square meters, featuring a built-up operational area of approximately 4,418 square meters alongside surplus land for proposed PEB shed expansion. As of FY26, the plant’s installed manufacturing capacity stands at 3,000 metric tonnes per annum for seamless pipes and tubes (achieving an operational capacity utilization of ~88%) and 3,60,000 meters per annum for finned tubes (achieving an operational capacity utilization of ~78%).

Operationally, Anand Seamless maintains robust quality control infrastructure and international accreditations essential for high-barrier global supply chains. Its plant is equipped with ammonia cracker bright annealing furnaces, multi-ton draw benches, tube straightening machines, spectro-analyzers, and non-destructive eddy current testing rigs. The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 management certifications. Furthermore, it holds Central Boilers Board Indian Boiler Regulations (IBR) approvals as a "Well Known Pipe Maker" and "Well Known Tube Maker," alongside European PED 97/23/EC and AD 2000 MERKBLATT W0 certifications from TÜV Nord for European export compliance.

Based on its historical financial data, Anand Seamless Limited posted total income and net profits of ₹37.00 Cr / ₹3.36 Cr in FY24, ₹33.64 Cr / ₹2.65 Cr in FY25, and ₹56.17 Cr / ₹5.48 Cr in FY26. The company has shown a strong top-line and bottom-line rebound in FY26 following a moderation in FY25, while total borrowings expanded from ₹15.50 Cr in FY24 to ₹28.02 Cr in FY26. It boasts an average EPS of ₹4.96 and an average RoNW of 25.24% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.11 against a NAV of ₹23.17 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.91. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 25.62x (FY24), 32.51x (FY25), and 15.73x (FY26). According to the RHP, a comparison between listed peers shows that Anand Seamless Limited (at a Post-Issue P/E of 15.73x based on FY26 earnings) trades at a discount to Venus Pipes & Tubes Limited (34.16x P/E) and in line with Gandhi Special Tubes Limited (16.50x P/E), backed by a strong Return on Net Worth of 28.05%.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Aftertrade Broking Private Limited, which has handled 1 public issue to date. This single IPO initially listed below its issue price. However, as of September 19, 2026, this past issue is currently trading above its issue price.

• 1 Kedar Mayank Choksi
• 2 Heta Kedar Choksi