Visaman Global Sales is a steel trading house that moves metal from factory gates to construction sites, factories and infrastructure projects - a high-volume, low-margin intermediary that earns by sourcing, customising and delivering structural steel faster than a buyer could do it alone. Founded in 2019 in Rajkot, Gujarat, and listed on the NSE SME platform in mid-2024, the company is now using the cash flows of its trading engine to build its first manufacturing facility, shifting from pure distribution into value-added processing. The recurring approach is simple: buy steel from mills, hold it in its own yards, cut or arrange cutting to the exact size a customer needs, and deliver it to the doorstep - earning a thin spread on every tonne but building repeat business through reliability rather than long-term contracts. # Business segments A single trading engine moving pipes, structural steel, coils and sheets - with a manufacturing plant under construction that will add cutting and slitting to the same customer relationships. ## 1. Steel trading: a high-volume intermediary between mills and the building site **The company buys steel from manufacturers, holds it in its own yards, customises it to order, and delivers it to customers across construction and industry - earning a thin margin on every tonne but winning repeat business through speed and reliability.** - **Four product families under one roof** - the company supplies pipes (round, square and rectangular ERW tubes in diameters from 21 mm to 355 mm), structural steel (angles, channels, beams, plates, flats, round and square bars, TMT rebar and rails), coils (hot-rolled, galvanised plain and bare galvalume) and sheets, covering the full bill of materials a construction or fabrication project needs. That breadth means a single purchase order can fill most of a site’s steel requirement, saving the buyer the work of dealing with multiple mills. - **Customisation is the service, not an extra** - customers ask for specific lengths, widths and thicknesses; the company either gets the mill to cut to size or outsources the job to third-party process houses when the mill cannot do it. This turns a commodity into a ready-to-use input, which is why the company describes itself as a “reinforcement partner” that understands technical requirements like tensile strength and bar-bending schedules. - **Three sales channels, one credit model** - it sells directly to consumers (B2C), to channel partners (B2CH) and to other businesses (B2B), and offers trusted repeat buyers a fixed credit limit with defined payment days. The credit facility locks in regular customers without the company needing long-term supply agreements; repeat business is built on trust and on-time delivery rather than contracts. - **Yards and godowns cut transport cost** - stock yards in Gujarat and godowns in Gujarat and Madhya Pradesh sit on well-connected roads, which substantially reduces the cost of moving steel to customers. The company also provides end-to-end third-party logistics, delivering to the customer’s doorstep, so the buyer does not need to arrange its own freight. - **Supplier relationships are personal, not contractual** - as a small and medium-sized organisation, the company relies on the promoters’ industry experience and personal relationships with mills to secure supply and pricing terms. That dependence cuts both ways: it gives flexibility but also concentrates risk, alongside a geographic concentration of revenue in Gujarat and a product concentration in pipes. # Manufacturing facility (under construction) **A first step beyond trading: a plant in Wankaner, Morbi, that will perform cutting and slitting, located next to a sister concern that supplies raw material - shrinking transport costs and adding processing margin to the same steel the company already sells.** - **From trader to processor** - the company is using a portion of its IPO proceeds to build a manufacturing facility, initially planned for Rajkot and later relocated to Wankaner, Morbi, Gujarat, where the land is owned by a sister concern, reducing cost overheads. - **Sited next to the raw material** - the sister concern that owns the adjacent land is a major raw material supplier with an existing manufacturing setup; the new location cuts raw-material transport distance by 22 kilometres. That proximity turns a logistics cost into a structural advantage before the plant even starts. - **Starting with cutting and slitting** - the company foresees manufacturing activities like cutting and slitting at the new facility, which are the same customisation services it currently outsources to third parties. Bringing them in-house should capture the processing margin and tighten control over delivery times. # Group structure and partners **A network of commonly controlled steel and infrastructure entities shares directors, transactions and a corporate guarantee - plus a newly incorporated IT subsidiary that sits outside the steel logic.** - **Three related steel and infrastructure entities** - the company buys from, sells to and pays commission to Visaman Infra Projects Private Limited, Visaman Steel Pipe Private Limited (formerly Visaman Sales Private Limited) and VSG Mart Limited, all of which share common directors with Visaman Global Sales. It has also given a corporate guarantee of Rs. 12 crore by mortgaging property to secure credit facilities for Visaman Steel Pipe Private Limited. - **A wholly owned IT subsidiary** - VRV TECHSOL LIMITED was incorporated on 30 September 2025 in Rajkot, with Visaman Global Sales subscribing to 100% of its initial share capital for Rs. 1 lakh. The subsidiary operates in IT and computer services, web hosting and retail sale of non-customised software - a business entirely separate from steel trading. - **No other subsidiaries** - as of the FY24 and FY25 reporting periods, the company had no subsidiaries, associates or joint ventures, and consolidation accounting standards were not applicable.