Madhur Iron and Steel India is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Madhur Iron and Steel India Unlisted Shares
Madhur Iron & Steel (India) Limited, based in Bhilai, Chhattisgarh, makes, fabricates, galvanizes and trades re-rolled structural steel such as angles and channels. Its revenue from operations was ₹44401.61 lakhs in Fiscal 2026.
Read the full company profileMadhur Iron and Steel India share details
- Lot size
- 1,000 shares
- Min. investment
- ₹152,000
- Face value
- ₹10
- Implied market cap
- ₹453 Cr
- Shares outstanding
- 29,784,546
- Founded
- 2012
- Headquarters
- Bhilai, Chhattisgarh
- Website
- madhurironandsteel.com
- ISIN
- INE0TO301014
- CIN
- U51101CT2012PTC000189
- Lock-in after IPO
- 6 months
Madhur Iron and Steel India share price chart
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
Madhur Iron and Steel India IPO status: SEBI review completed
Madhur Iron and Steel India has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.
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6 Feb 2026DRHP filed with SEBI
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18 Sep 2026DRHP filed with SEBI
About Madhur Iron and Steel India
Strengths
- Revenue from operations grew from ₹23925.12 lakhs in Fiscal 2024 to ₹44401.61 lakhs in Fiscal 2026 on a restated basis.
- Profit after tax rose from ₹1256.03 lakhs in Fiscal 2024 to ₹2387.57 lakhs in Fiscal 2026, with PAT margin steady near 5.38% in Fiscal 2026.
- EBITDA margin improved from 10.40% in Fiscal 2024 to 11.74% in Fiscal 2026.
- Net worth increased from ₹4277.12 lakhs in Fiscal 2024 to ₹11789.73 lakhs in Fiscal 2026.
- Return on equity was 22.54% and return on capital employed 16.22% in Fiscal 2026.
- The company is an approved vendor of a few public sector undertakings and government entities in the power and railway sectors.
- Unit I re-rolling capacity utilisation was 85.18% in Fiscal 2026 against installed capacity of 57600 MT, and a new rolling mill is planned at Berla.
Risks
- Operating cash flow was negative in all three years: ₹(3,149.16) lakhs in Fiscal 2026, ₹(5,905.86) lakhs in Fiscal 2025 and ₹(3,375.19) lakhs in Fiscal 2024, despite reported profits.
- Total borrowings rose to ₹19,492.55 lakhs in Fiscal 2026 from ₹7,250.35 lakhs in Fiscal 2024, and debt to equity was 1.66 times.
- The top ten customers gave 62.04% of Fiscal 2026 revenue and the top customer alone gave 21.90%.
- Chhattisgarh gave 75.39% of Fiscal 2026 revenue and both plants are in Bhilai, so the business is concentrated in one region.
- Angles made up 59.90% of Fiscal 2026 revenue, so demand for one product matters a lot.
- Top ten suppliers accounted for 79.55% of Fiscal 2026 procurement, and billets and blooms are key raw materials with price swings.
- Trading of steel products rose to 34.19% of revenue in Fiscal 2026 from 12.46% in Fiscal 2024, and trading usually earns thinner margins.
- Engineered steel and galvanization is a new segment: Unit II began operations in September 2026 and fabricated goods utilisation was only 2.33% in Fiscal 2026.
- The auditor's Fiscal 2025 report carries an observation on the audit trail feature of the accounting software, and the company has filed for adjudication with the RoC.
- The company needs large working capital, and IPO proceeds of ₹3,400.00 lakhs are earmarked for it.
Madhur Iron and Steel India financial performance
Revenue, profit and balance-sheet figures by fiscal year.
| Metric | FY26Latest | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 444 | 340 | 239 | 193 |
| EBITDA (₹ Cr) | 52.12 | 37.71 | 24.87 | 13.87 |
| PAT (₹ Cr) | 23.88 | 18.12 | 12.56 | 6.53 |
| EBITDA Margin (%) | 11.74 | 11.11 | 10.39 | 7.19 |
| PAT Margin (%) | 5.38 | 5.34 | 5.25 | 3.39 |
| RoNW (%) | 20.25 | 19.28 | 29.37 | — |
| EPS (₹) | 8.02 | 6.71 | 5.38 | — |
| Book Value (₹) | 39.58 | 34.79 | 18.31 | — |
| Debt / Equity | 1.65 | 1.25 | 1.70 | 1.55 |
| Total Assets (₹ Cr) | — | — | — | 80.11 |
| Net Worth (₹ Cr) | 118 | 94 | 43 | 19 |
Swipe the table sideways for earlier years →
Management team
Events & announcements
Madhur Iron and Steel India filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
Madhur Iron and Steel India filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
Buy or sell Madhur Iron and Steel India unlisted shares
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Madhur Iron and Steel India unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
