A-One Steels India is a southern India-based, backwards-integrated steel manufacturer. Its operations span sponge iron, MS billets and downstream finished products, including TMT bars, HR and CR coils, HR/MS pipes, CR pipes and galvanised pipes. The company also manufactures met coke and ferroalloys such as silicon manganese and ferro silicon. Intermediate products are primarily consumed within the group's downstream operations, while surplus production is sold in the open market. The company operates six manufacturing facilities: five in Karnataka and one in Andhra Pradesh. These comprise Bellary Facilities I and II, Gauribidanur, Chikkantapur, Koppal and Hindupur, spread over an aggregate land area of 401.75 acres, excluding 23.03 acres acquired for a proposed railway siding. Aggregate installed capacity for intermediate, finished steel and industrial products was 17,33,100 MTPA as of March 31, 2026; this includes intermediate capacities that are partly captively consumed. The utilisation ratio differs from one plant to another and from one product line to another in FY26, as follows: MS billets in Gauribidanur were 99.8% utilised, sponge iron in Bellary Facility I 98.2%, met coke in Chikkantapur 94.5%, and sponge iron in Koppal Facility 102.9%; TMT bar 83.7% (Gauribidanur) and 60.3% (Hindupur); whereas the HR Coil utilisation Rate at Bellary Facility-I was 85.1%. The product portfolio addresses construction, infrastructure, power plants, dams, airports, bridges, highways, industrial structures and high-rise residential construction. In FY26, TMT bars contributed 29% of revenue from operations, pipes and tubes contributed 21.7%, and sponge iron contributed 10.9%. Together, these three categories represented 61.6% of revenue from operations. The company sells through direct retail channels, authorised distributors, institutional customers, intermediaries and trading channels. As of March 31, 2026, its network comprised 1,246 direct retail channels, 32 authorised distributors and 57 institutional customers. The company served 1,335 customers in FY26, of whom 724 were repeat customers; the top ten customers contributed 27.9% of revenue from operations, and the largest customer contributed 5.33%. The Indian steel industry encompasses primary and secondary production of crude steel and its conversion into flat and non-flat products. India produced approximately 169.2 million tonnes of crude steel in FY26, representing YoY growth of 11.2%; production expanded at a CAGR of 10.4% between FY21 and FY26. Crude-steel production is projected to grow at a CAGR of 7-8% between FY27 and FY31, supported by domestic demand and policy-led capacity additions. Flat products include HR and CR coils, sheets and plates, while non-flat or long products include rebars, wire rods and structural steel. India produced approximately 75 million tonnes of flat products and 87 million tonnes of long products in FY26. The domestic steel-pipe market is expected to grow by 7 to 9% in FY27 and sustain a CAGR of 6 to 8% through FY31, driven by construction, water infrastructure, oil and gas, logistics and warehousing demand. Mix of long products, flat products, pipes and steelmaking inputs provides exposure to several parts of this demand base. Its six-plant manufacturing footprint, integrated intermediate-product chain and multi-channel distribution network position it to address varied customer specifications and end-use segments. However, this positioning remains subject to steel-price cyclicality, input-cost movements, regional concentration and execution of planned infrastructure projects. Now, A-One Steels India is launching its initial public offering (IPO), which consists of a fresh issue of ₹355 crore and an Offer for sale of ₹50 crore. The total issue size of the IPO is ₹405 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for A-One Steels India IPO?** If you are interested in this investment opportunity but unsure how to apply for an A-One Steels India IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the A-One Steels India IPO on Upstox: - Log in to your Upstox account using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘A-One Steels India IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app