Gulf Lloyds (India) Ltd IPO

Miscellaneous

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Price Band

₹100 – ₹100

Lot Size

1200

Minimum Bid Quantity

2400

Minimum Investment

₹240000

Issue Size

₹18.19Cr

Opens

2026-07-20

Closes

2026-07-22

Listing

27-07-2026

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

ISIN

INE1WDC01012

Pre-Apply Available

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Gulf Lloyds (India) Limited is a services company that provides third-party inspection, auditing, verification, certification, testing, and training services across industries. It serves public sector undertakings and private organisations by assessing whether products, projects, and processes comply with applicable quality, safety, technical, and regulatory standards. Its services cover sectors such as infrastructure, oil and gas, engineering, manufacturing, energy, irrigation, industrial equipment, mining, and power. The company also deploys qualified technical personnel to carry out inspection, verification, and audit assignments based on client requirements. Testing services are currently conducted through NABL-accredited third-party laboratories under contractual arrangements. Gulf Lloyds undertakes projects in India and overseas through contractual engagements and has executed assignments in countries including the USA, UAE, Germany, the UK, Singapore, China, Egypt, and Sudan. The company’s registered office is located in Ahmedabad, Gujarat. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Capital expenditure for office premises — Rs 3.71 crore Repayment of unsecured loans — Rs 3 crore Working capital requirement — Rs 7.15 crore General corporate purposes — Rs 2.33 crore

Pros

• The company claims to offer an integrated range of quality assurance services. Its service portfolio includes third-party inspection, verification, auditing, certification, testing, and training, allowing clients to source multiple compliance-related services from a single provider. The company serves industries such as infrastructure, oil and gas, engineering, manufacturing, energy, and industrial equipment.
• The company has an established project pipeline across government and private sector clients. As of May 31, 2026, it had 107 ongoing projects with an aggregate order value of Rs 66.79 crore, with orders worth approximately Rs 58.44 crore yet to be executed. It also states that it has completed 298 projects between FY2020-21 and May 31, 2026.
• The company is accredited and certified under multiple quality and compliance standards. It is ISO 9001:2015 certified for its Quality Management System, ISO 14001:2015 certified for its Environmental Management System, and ISO 45001:2018 certified for its Occupational Health and Safety Management System. It also holds ISO/IEC 17020:2012 Type A accreditation from the National Accreditation Board for Certification Bodies (NABCB) for third-party inspection activities and is empanelled with the Petroleum and Natural Gas Regulatory Board (PNGRB) for inspections and audits of oil and gas assets.

Cons

• The company’s third-party inspection and certification activities are subject to periodic inspections and ongoing compliance requirements prescribed by the National Accreditation Board for Certification Bodies (NABCB). Any adverse observations during future inspections, failure to implement corrective actions within the prescribed timelines, or changes in NABCB accreditation requirements could affect the company’s accreditation status, client confidence, business operations, financial performance, and reputation.
• The company relies on a limited number of suppliers for its service procurement. The top 10 suppliers accounted for Rs 5.94 crore (98.36%), Rs 2.04 crore (42.99%), and Rs 1.22 crore (31.47%) of its total service procurement in FY26, FY25, and FY24, respectively. Additionally, the single largest supplier contributed Rs 5.05 crore (83.61%) of total procurement in FY26. Any disruption in the relationship with these suppliers or failure to source alternative service providers on similar terms could adversely affect the company’s operations and financial performance.
• The company’s revenue is concentrated among a limited number of customers. The top 10 customers contributed Rs 26.38 crore (73.93%), Rs 21.54 crore (60.48%), and Rs 21.83 crore (93.85%) of revenue from operations in FY26, FY25, and FY24, respectively. Additionally, the top five customers accounted for Rs 18.50 crore (51.86%), Rs 16.99 crore (47.70%), and Rs 19.24 crore (82.72%) during the same period. Any failure to retain these key customers, renew existing contracts, or secure new assignments from them could adversely affect the company’s revenue, profitability, cash flows, and financial condition.

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