Matangi Rubber IPO
Matangi Rubber IPO — date, issue size, SEBI status & DRHP details 2026
Matangi Rubber filed its draft red herring prospectus (DRHP) with SEBI on 2 Jun 2026 for an IPO of a fresh issue of up to 57,61,831 shares and an offer for sale of up to 15,15,150 shares. SEBI has issued its observations on 28 Sep 2026, which clears the IPO for launch within 12 months. The price band, lot size and IPO dates are not announced yet.
Matangi Rubber makes tyre flaps, tubes and rubber compound at five plants in Uttarakhand, Madhya Pradesh and Tamil Nadu. Revenue from operations was Rs 101.32 crore in FY2025 and profit after tax was Rs 20.03 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Matangi Rubber IPO stands
From draft to listing. Today is 23 October 2026.
- DRHP filed 02 Jun 2026
- SEBI observations 28 Sep 2026
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 2 Jun 2026 |
|---|---|
| SEBI status | SEBI approved · 28 Sep 2026 |
| Approval valid until | 28 Sep 2027 |
| RHP, price band & dates | Not announced |
Matangi Rubber IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 57,61,831 shares |
| Offer for sale | Up to 15,15,150 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Sarthi Capital Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Vandana Rubber and Chemicals Private Limited | Promoter | Up to 13,63,000 shares | Rs 26.67 |
| Radhika Gupta | Promoter | Up to 2,150 shares | Rs 1.47 |
| Anju Khanna | Other | Up to 60,000 shares | Rs 83.33 |
| Priyanka Khanna | Other | Up to 60,000 shares | Rs 83.33 |
| Pratyush Handa | Other | Up to 30,000 shares | Rs 83.33 |
The weighted average cost of acquisition on a fully diluted basis is Rs 26.67 for Vandana Rubber and Chemicals, Rs 1.47 for Radhika Gupta and Rs 83.33 each for the other three sellers. The document also shows Nil acquisition cost for promoter shares acquired in the last one and three years.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Profit after tax rose from Rs 2.74 crore in FY2023 to Rs 20.03 crore in FY2025, while revenue from operations moved from Rs 86.25 crore to Rs 101.32 crore.
- 02EBITDA margin was 30.49% in FY2025, against 11.52% in FY2024 and 9.06% in FY2023, as the mix moved beyond plain contract flap work.
- 03Return on equity was 23.52% and return on capital employed was 18.22% in FY2025.
- 04Five plants in three states (two at Selaqui, two at Bhind, one at Gummidipoondi) place the company near tyre and auto-component customers in north, central and south India.
- 05Net worth grew from Rs 26.96 crore at 31 March 2023 to Rs 101.64 crore at 31 December 2025.
- 06Promoters and promoter group hold 81.11% before the issue.
- 07Rs 27.49 crore of the fresh issue is planned for two new plants, a rubber recycling unit and a solid tyre unit, which widen the product range.
Risks · 10
- 01The top five customers gave 85.37% of revenue from operations in the nine months to 31 December 2025. Losing one of them would hit sales.
- 02Total borrowings were Rs 114.22 crore at 31 December 2025, against net worth of Rs 101.64 crore. Debt to equity was 1.10 in FY2025.
- 03The company has 11 tax proceedings and one material civil case against it, with Rs 6.18 crore involved. A promoter faces one tax case of Rs 3.32 lakh.
- 04The company disclosed delays in paying statutory dues, which can bring penalties.
- 05A significant part of revenue comes from Uttarakhand, so a local disruption would hurt results.
- 06The company reports negative cash flows from investing and financing activities in the past and says they may continue.
- 07Rubber prices swing with demand and supply, and the company says price rises or supply delays can hurt its margins and cash flow.
- 08Revenue from operations was Rs 86.64 crore in the nine months to 31 December 2025, so a full-year figure for FY2026 is not yet shown.
- 09Of the 72,76,981 shares offered, 15,15,150 are an offer for sale. That money goes to the sellers and not to the company.
- 10General corporate purposes is not yet fixed and can be up to 25% of the gross proceeds.
Matangi Rubber financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Dec 2025 (9 months) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 86.64 | 101.32 | 90.11 | 86.25 |
| Total Income | 89.39 | 106.30 | 91.26 | 87.46 |
| EBITDA | 23.77 | 30.89 | 10.38 | 7.81 |
| Profit After Tax | 16.80 | 20.03 | 4.81 | 2.74 |
| Net Worth | 101.64 | 85.16 | 40.20 | 26.96 |
| Total Borrowing | 114.22 | 93.68 | 61.86 | 29.48 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹72.5 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Matangi Rubber
The company has five manufacturing plants. Two are at Selaqui (Dehradun, Uttarakhand), two are at Bhind (Gwalior, Madhya Pradesh) and one is at Gummidipoondi (Chennai, Tamil Nadu). It sells in 15 states. The main ones are Uttarakhand, Rajasthan, Madhya Pradesh, Delhi, Tamil Nadu and Punjab.
It earns in three ways. In contract manufacturing it makes tyre flaps with the client's logo from raw material it buys itself. This gave 75.31% of revenue from operations in the nine months to 31 December 2025, against 86.23% in FY2025 and 96.57% in FY2023. In job work, the principal company supplies the raw material and Matangi only converts it into flaps or tubes for a conversion charge. Job work gave 20.92% of revenue in the nine months to 31 December 2025, up from 2.81% in FY2023. In manufacturing and selling, it sells rubber compound, tubes and 2 and 3 wheeler tyres under its own brand. This was 1.12% of revenue in the nine months.
The business depends on a few buyers. The top five customers gave Rs 73.97 crore, or 85.37% of revenue from operations, in the nine months to 31 December 2025. The company names large tyre makers such as JK Tyre & Industries Limited among its customers.
The company plans to move into tyre manufacturing, set up a new tube plant and enter recycled rubber. Part of the fresh issue money will fund a rubber recycling plant and a solid tyre plant, both at Bhind. The company reports as one segment, tyre and rubber products. Figures for FY2025 and the nine months are consolidated, while FY2024 and FY2023 are standalone.
The industry
The Indian tyre market is estimated at USD 12.17 billion in 2025 and is projected at USD 13.05 billion in 2026E. The industry report expects it to reach about USD 24.55 billion by 2035P, a CAGR of 7.27%. Demand comes from OEM supply and from replacement of worn tyres, and replacement is the larger and steadier part. The report links growth to more vehicles, more freight movement and better roads.
Customer concentration: Top 5 customers gave Rs 73.97 crore, or 85.37% of revenue from operations, in the nine months to 31 December 2025.
Promoters & management
Promoters hold 1,85,37,474 shares, or 81.11%, before the issue: Radhika Gupta 43.15%, Mohit Gupta 14.02%, Manju Gupta 12.01% and Vandana Rubber and Chemicals 11.93%.
| Name | Role |
|---|---|
| Mohit Gupta | Chairman and Managing Director |
| Radhika Gupta | Joint Managing Director |
| Manju Gupta | Executive Director |
| Sunil Kumar Gupta | Chief Financial Officer |
| Vijay Kumar Sharma | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Sarthi Capital Advisors Pvt.Ltd.
3 issues handledBest listing: Jindal Supreme (India) (+29.0%). Weakest: BMW Ventures (-21.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Matangi Rubber IPO: frequently asked
When will the Matangi Rubber IPO open?
The Matangi Rubber IPO dates are not announced yet. SEBI has issued its observations on 28 Sep 2026, which clears the IPO for launch within 12 months. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Matangi Rubber IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Matangi Rubber IPO?
Matangi Rubber filed its draft red herring prospectus (DRHP) with SEBI on 2 Jun 2026 for an IPO of a fresh issue of up to 57,61,831 shares and an offer for sale of up to 15,15,150 shares. The final size in rupees depends on the price band.
Has SEBI approved the Matangi Rubber IPO?
SEBI has issued its observations on 28 Sep 2026, which clears the IPO for launch within 12 months. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Matangi Rubber IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Matangi Rubber IPO GMP once the RHP and price band are out.
What will Matangi Rubber do with the IPO money?
As per the DRHP: Repay or pre-pay part of the company's outstanding borrowings (₹45 crore); Set up a greenfield rubber recycling products plant at Bhind, Madhya Pradesh (₹19.06 crore); Set up a greenfield solid tyre plant at Bhind, Madhya Pradesh (₹8.44 crore); General corporate purposes.
Who are the lead managers of the Matangi Rubber IPO?
The book running lead managers are Sarthi Capital Advisors Private Limited. Bigshare Services Private Limited is the registrar.
Is Matangi Rubber profitable?
Yes. Profit after tax was Rs 20.03 crore in FY2025, Rs 4.81 crore in FY2024 and Rs 2.74 crore in FY2023. For the nine months to 31 December 2025 it was Rs 16.80 crore.
What does Matangi Rubber make?
It makes tyre flaps, tyre tubes and rubber compound at five plants in Uttarakhand, Madhya Pradesh and Tamil Nadu. Tyre flaps made under contract gave 75.31% of revenue in the nine months to 31 December 2025.
Who owns Matangi Rubber?
Promoters and promoter group hold 81.11% before the issue. Radhika Gupta holds 43.15%, Mohit Gupta 14.02%, Manju Gupta 12.01% and Vandana Rubber and Chemicals 11.93%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Matangi Rubber files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
