Gabion Technologies India Limited is engaged in the manufacturing, designing, trading and installation of services of Gabions, Rockfall Protection Nettings, and Geosynthetic Materials, tailored to meet the diverse requirements of civil engineering, infrastructure development, and environmental protection projects. There are three verticals to the business as follows: 1. Manufacturing and supply of mechanically woven Double Twisted Hexagonal Steel Wire Mesh Gabions, Defence Gabions, PP Rope Gabions, Hi-tensile Rockfall Protection Nettings, Rockfall Fence/Barrier Reinforced Geomat, and High Strength Flexible Geogrid. 2. Service of Design and Constructing Gabion Structures, Slope Stabilization by Anchor-Mesh system and other types of structures in the fields of Geosynthetics, Geotechnical Engineering, and Ground Improvement Techniques. 3. Trading of auxiliary products not manufactured by them but required by the target customers, the product portfolio is listed in detail later in the chapter. Company provides products, services and technology to Government entities, contractors, private customers, consultants, and authorities in the fields of Geosynthetics, Geotechnical Engineering, and Ground Improvement Techniques. They have the capability to engineer and design structures in the field. So, they are a technology provider in the field and have the capability of turnkey execution of projects. They undertake construction projects for both government and private sector clients. Company is currently operating a manufacturing unit situated at Paonta Sahib, District Sirmaur, Himachal Pradesh. The manufacturing unit covers an area of 9273 square meters. They have marketing offices across Guwahati, Mumbai and Bangalore. Further, apart from this currently they have 6 project offices. These offices contribute significantly to extending the geographical market reach and provide essential customer service, ensuring sale and delivery of the products all-round the year. As per financial performance, Gabion Technologies India Limited has posted total income / net profits of Rs 78.87 / 3.41 Cr (FY23), Rs 104.97 / Rs 5.81 Cr (FY24), Rs 101.17 Cr / 6.63 Cr (FY25) and Rs 60.66 Cr / 4.30 Cr (upto 30.11.25 FY26). So as per previous financials data, company has shown almost static results, but high borrowings is a concern. Order book as on RHP date is around Rs 172/- Cr. Company has an average EPS of Rs 5.82 and average RoNW of 33.39% for last three fiscals. Issue is priced at a P/BV of 3.07 as per NAV of Rs 26.39/- as on 30.11.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 18.90, 16.58 and 17.04 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, GYR Capital Advisors Private Limited is associated with this IPOs, and has handled 54 IPOs in last two fiscal years. From last 10 IPOs, one opened below issue price remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, three are trading below issue price and remaining all are trading above issue price or at par. (as on 31.12.25 ) As per financials, Gabion Technologies India Limited has shown static results, RoNW is 30.05% and P/E is 18.90, 16.58 and 17.04 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but higher borrowings is a concern. Order book as on RHP date is around Rs 172/- Cr. Company is engaged in the manufacturing, designing, trading and installation of services of Gabions, Rockfall Protection Nettings, and Geosynthetic Materials, tailored to meet the diverse requirements of civil engineering, infrastructure development, and environmental protection projects, which is competitive business segment. Performance of BRLM is good post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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