Gulf Lloyds
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.73×
- Retail individualRII · up to ₹2 lakh
- 18.25×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 27 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 26 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 25 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 24 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 23 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 22 Jul 2026 | ₹1 | — | ₹900 | — | ₹1,200 |
| 21 Jul 2026 | ₹3 | — | ₹2,700 | — | ₹3,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 20 Jul 2026 – 22 Jul 2026
- Listing date
- 27 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹100
- Issue price
- ₹100 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹18.19 Cr
- Fresh issue
- ₹17.28 Cr 17,28,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹67.29 Cr
- Promoter holding
- 99.94% → 72.92% pre-issue → post-issue
- ISIN
- INE1WDC01012
- CIN
- U74900GJ2014PLC080922
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- 910, Gala Empire, Opp. TV Tower, Drive in Road, Thaltej Road, Ahmedabad, Gujarat 380054, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 8,64,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 8,64,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 8,64,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 91,200 | — | 5.01% |
| Total issue | 18,19,200 | — | 100.00% |
Net offer to the public of 17,28,000 shares, out of a total issue of 18,19,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.76 | 6.39 |
| P/E (×) | 11.42 | 15.65 |
| Price to book (×) | 3.64 | — |
| Market cap | — | ₹67.29 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 31.92%
- ROCE
- 49.00%
- Debt / equity
- 1.15
- EBITDA margin
- 21.97%
- NAV per share
- ₹27.46
- Price to book
- 3.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 3,596.97 | 3,587.64 | 2,350.81 |
| Revenue from operations | 3,567.94 | 3,560.82 | 2,325.99 |
| Other income | 29.03 | 26.82 | 24.82 |
| Total expenses | 3,032.71 | 2,960.54 | 2,118.88 |
| Operating profit | 564.26 | 627.1 | 231.93 |
| Operating margin | 15.69% | 17.48% | 9.87% |
| Profit before tax | 564.26 | 627.1 | 231.94 |
| Profit after tax | 430.29 | 466.8 | 167.75 |
| PAT margin | 11.96% | 13.01% | 7.14% |
| Balance sheet | |||
| Total assets | 3,528.85 | 2,350.92 | 1,588.38 |
| Current assets | 2,486.89 | 1,485.49 | 863.77 |
| Current liabilities | 1,587.98 | 962.07 | 839.2 |
| Total liabilities | 2,165.01 | 1,418.38 | 1,122.64 |
| Net worth | 1,362.84 | 932.54 | 465.74 |
| Current ratio | 1.57× | 1.54× | 1.03× |
| Return on equity | 31.57% | 50.06% | 36.02% |
| Cash flow | |||
| Operating cash flow | -137.48 | 94.23 | -502.16 |
| Investing cash flow | -134.08 | -174.11 | -38.36 |
| Financing cash flow | 513.93 | 101.76 | 586.4 |
| Net cash flow | 242.38 | 21.88 | 45.88 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure for office premises ₹3.71 Cr
The company proposes to utilize proceeds for acquisition and development of office premises to consolidate existing operations, improve administrative efficiency, and eliminate recurring rental expenses.
2 Repayment of unsecured loan ₹3 Cr
The company proposes to utilize proceeds towards full or partial repayment of unsecured loans from banks and NBFCs to reduce outstanding indebtedness and debt servicing costs.
3 Working Capital Requirement ₹7.15 Cr
The company proposes to utilize proceeds to meet working capital requirements including trade receivables, retention money deposits, and other operational expenses to support business growth.
4 General Corporate Purpose ₹2.33 Cr
The company proposes to deploy proceeds towards general corporate purposes including financing working capital requirements, capital expenditure, acquiring business premises, and meeting exigencies.
About Gulf Lloyds
Gulf Lloyds (India) Limited, incorporated in 2014 and converted to a public limited company in 2025, is a services provider offering comprehensive third-party inspection, verification, auditing, certification, testing, and training services. Founded as a partnership firm in 2011 by promoters Bhagirath, Anitaben, and Jaykumar Bhavsar, the company transitioned to corporate form to participate directly in tenders and execute projects independently. The company serves government bodies, public sector undertakings, and private organizations across diverse sectors including infrastructure, oil & gas, manufacturing, utilities, and industrial projects. It generates revenue primarily from inspection services (90.86% in FY2026), followed by verification, certification, and auditing. The company is accredited as a Type-A Inspection Body under ISO/IEC 17020:2012 by the National Accreditation Board for Certification Bodies and holds certifications for City Gas Distribution and Natural Gas Pipeline inspections from the Petroleum and Natural Gas Regulatory Board. In FY2026, the company achieved revenue of ₹3,567.94 lakhs with a profit after tax of ₹430.29 lakhs and maintains an order book of ₹6,679.43 lakhs across 107 ongoing projects.
Management
Jaykumar Bhavsar
MD
Bhagirath Bhavsar
CEO
Anitaben Bhavsar
COO
Shivam Shah
Director
Shikha Agarwal
Director
Om Prakash Verma
Director
Suchi Jain
Director of HR
Shivaniben Bhavsar
CFO
Nirav Dhobi
Director of Operations
Akash Dhobi
CTO
Strengths
As stated in the offer document
Comprehensive Range of Services
The company offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors, allowing clients to obtain complete quality assurance and compliance solutions through a single, coordinated source.
Large Assignment Pipeline and Broad Client Base Across Sectors
As on May 31, 2026, the company had 107 ongoing projects with an aggregate order value of ₹6,679.43 Lakhs, with orders aggregating to ₹5,843.69 Lakhs remaining outstanding and yet to be completed.
Accredited and Recognized Operations
The company provides its core services like Third Party Inspection and Certification services under ISO/IEC 17020:2012 (Type-A Accreditation) since 21-Feb-2018 by NABCB and is empanelled by PNGRB for Oil and Gas Assets & Infrastructures inspection and audits.
Strengthening Technical Expertise through an Experienced and Qualified Team
The company continues strengthening its technical capabilities by building and retaining a team of qualified engineers, auditors and inspectors possessing professional experience in mechanical, civil, electrical and metallurgical engineering across diverse industry sectors.
Focus on Continuous Employee Training and Skill Development
The company places emphasis on continuous learning and capability building of its workforce through implementation of both internal and external training programs designed to enhance employees' technical skills, professional knowledge, safety awareness and overall job performance.
Nationwide and Regional Reach
The company manages its operations across several regions in India with its head office based in Ahmedabad, taking up assignments in different states and union territories including remote project sites, allowing it to remain accessible and responsive to varied operational needs.
Quality and Compliance-Driven Processes
The company maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards, with every inspection, test, and audit following a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability.
Risk factors
As stated in the offer document
Dependence on Limited Number of Customers
The company derives significant revenue from a limited customer base, with the top customer accounting for 73.93%, 15.58%, and 26.58% of revenue in Fiscal 2026, 2025, and 2024 respectively. Loss of key customers or reduction in business volume could materially impact revenue and profitability.
Dependence on Third-Party NABL Accredited Laboratory
The company lacks NABL accreditation and depends on Industrial Testing Center Private Limited for NABL-accredited laboratory testing through a 3-year agreement. Termination or non-renewal of this arrangement could disrupt service delivery and affect business operations.
Concentration of Suppliers and Procurement Dependencies
The company's top 10 suppliers contributed 31.47%, 42.99%, and 43.74% of total service procurement for Fiscal 2024, 2025, and 2026 respectively. Loss of key suppliers may affect business operations and service delivery capabilities.
Negative Cash Flows from Operating Activities
The company experienced negative operating cash flows of ₹137.48 lakhs in Fiscal 2026 and ₹502.16 lakhs in Fiscal 2024. Continued negative cash flows could restrict working capital funding and business growth investments.
Accuracy and Reliability of Inspection Results
The company's business depends on accurate inspection and testing results. Any errors, omissions, or deficiencies in inspection reports could lead to client disputes, reputational damage, and potential legal liabilities affecting business operations.
NABCB Compliance and Accreditation Requirements
The company is subject to periodic NABCB inspections and ongoing compliance requirements. Any adverse observations, changes in accreditation standards, or failure to implement corrective actions could impact accreditation status and client confidence.
Geographic Revenue Concentration in Gujarat
A significant portion of revenue is generated from Gujarat (39.57%, 31.64%, and 32.09% for Fiscal 2026, 2025, and 2024 respectively). Adverse developments in this region could materially impact business performance and financial condition.
Declining Profitability Margins
The company's PAT decreased from ₹466.80 lakhs to ₹430.29 lakhs, with PAT margin declining from 13.01% to 11.96%. Increased finance costs and operating expenses due to business expansion are pressuring profitability.
Bank Guarantee Requirements and Financial Constraints
The company must furnish bank guarantees for contracts with public sector undertakings, which blocks financial resources and limits working capital availability. Invocation of guarantees or inability to provide them could affect contract execution capabilities.
Dependence on Skilled Technical Personnel
The company's operations depend on qualified engineers, inspectors, and auditors with specialized expertise. The competitive market for skilled professionals and potential high turnover could disrupt operations and affect service quality.
Company Analysis
from RHPGulf Lloyds is an Indian third-party inspection, verification, auditing, certification, and testing services company operating across infrastructure, oil & gas, manufacturing, and energy sectors.
Gulf Lloyds (India) Limited, incorporated in 2014 and converted to a public limited company in 2025, is a services provider offering comprehensive third-party inspection, verification, auditing, certification, testing, and training services. Founded as a partnership firm in 2011 by promoters Bhagirath, Anitaben, and Jaykumar Bhavsar, the company transitioned to corporate form to participate directly in tenders and execute projects independently. The company serves government bodies, public sector undertakings, and private organizations across diverse sectors including infrastructure, oil & gas, manufacturing, utilities, and industrial projects. It generates revenue primarily from inspection services (90.86% in FY2026), followed by verification, certification, and auditing. The company is accredited as a Type-A Inspection Body under ISO/IEC 17020:2012 by the National Accreditation Board for Certification Bodies and holds certifications for City Gas Distribution and Natural Gas Pipeline inspections from the Petroleum and Natural Gas Regulatory Board. In FY2026, the company achieved revenue of ₹3,567.94 lakhs with a profit after tax of ₹430.29 lakhs and maintains an order book of ₹6,679.43 lakhs across 107 ongoing projects.
Objects of the Issue
- Capital Expenditure for office premises ₹371.05 lakhs p.72
- Repayment of unsecured loan ₹300.00 lakhs p.79
- Working Capital Requirement ₹715.00 lakhs p.90
- General corporate purposes ₹233.15 lakhs p.92
Issue Structure
- Total Issue
- ₹1,819.20 lakhs
- Fresh Issue
- 18,19,200 Equity Shares of face value ₹10 each at ₹100 per share aggregating to ₹1,819.20 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹100 per Equity Share
- Lot Size
- 1,200 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company operates as a service provider earning revenue through fixed-price contracts for third-party inspection, verification, auditing, certification, and testing assignments. Revenue is primarily generated from stage-wise inspection services for material procurement and construction works, audit services to assess regulatory compliance, testing services (conducted through third-party NABL-accredited laboratories), and certification activities validating products and processes. The company also conducts training programs on an independent, non-accredited basis. Clients are charged based on the scope of work, duration, and specific requirements of each assignment, with a significant portion coming from competitive tender processes from government and public sector undertakings. The company deploys trained technical personnel to perform site-based inspection and verification services per client requirements and applicable standards.
Business Segments
SWOT Analysis
- • ISO/IEC 17020 Type-A Accreditation from NABCB(p.123)
- • PNGRB Authorization for Oil & Gas Infrastructure Audits(p.123)
- • Multiple ISO Certifications for Quality Management(p.118)
- • Comprehensive Multi-disciplinary Service Portfolio(p.123)
- • Experienced Promoter Leadership with 10+ Years Industry Experience(p.150)
- • Significant Order Book of ₹6,679 Crores as of May 31, 2026(p.120)
- • Nationwide Geographic Presence Across Multiple States(p.125)
- • Revenue Growth of 53.09% in FY 2025(p.87)
- • Heavy Dependence on Top 10 Customers for 73.93% of Revenue(p.22)
- • Dependence on Single Largest Supplier (83.61% of Purchases)(p.21)
- • Reliance on Third-Party NABL Accredited Laboratory(p.20)
- • Registered Office on Short-Term Lease (11 months 29 days)(p.24)
- • Negative Cash Flows from Operating Activities in Prior Years(p.24)
- • Significant Promotion Debt Concentration Risk (72.88% Post-IPO)(p.35)
- • Declining Profitability - PAT Margin Reduced from 13.01% to 11.96%(p.26)
- • Unsecured Loans from Promoters Repayable on Demand (₹28.39 Crores)(p.39)
- • Expansion into Direct NABL Testing Services(p.126)
- • Growth in India's Infrastructure and Industrial Development(p.104)
- • Expansion of Services Across Multiple Sectors and Regions(p.125)
- • Strengthening Government and Public Sector Client Relationships(p.126)
- • Rising Demand for Quality Assurance in Manufacturing(p.105)
- • Large Assignment Pipeline with ₹5,843.69 Crores Outstanding Value(p.120)
- • Risk of Observations/Non-conformities from NABCB Inspections(p.19)
- • Changes in Industry Standards and Regulatory Requirements(p.24)
- • High Competition in Third-Party Inspection Services Sector(p.127)
- • Pricing Pressure from Competitive Bidding Processes(p.127)
- • Regulatory Changes May Require Additional Certifications(p.24)
- • Potential Delay/Failure in Real Estate Acquisition Could Impact Expansion(p.20)
- • International Revenue Volatility and Geographic Dependence(p.29)
- • Delays/Disruptions at Project Sites May Delay Assignments(p.28)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jaykumar Bhavsar | Promoter | 33.00% | 24.08% |
| Bhagirath Bhavsar | Promoter | 34.00% | 24.81% |
| Anitaben Bhavsar | Promoter | 32.83% | 23.95% |
| Shivaniben Bhavsar | Promoter | 0.05% | 0.04% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.