About Madhur Iron & Steel IPO
Madhur Iron & Steel (India) IPO Details
Madhur Iron & Steel (India) IPO is a 100% book-built issue of 1 crore equity shares, entirely a fresh issue of shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on January 23, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager of this issue is Share India Capital Services Pvt. Ltd., while the registrar to the issue is Bigshare Services Pvt. Ltd.
Madhur Iron & Steel (India) IPO Date & Timeline
Madhur Iron & Steel (India) Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on January 23, 2026. However, the specific Madhur Iron & Steel (India) IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Madhur Iron & Steel IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Madhur Iron & Steel IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | 1,00,00,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,97,84,546 shares |
| Share Holding Post Issue | 3,97,84,546 shares |
Madhur Iron & Steel (India) IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Madhur Iron & Steel (India) IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Madhur Iron & Steel (India) Ltd. was incorporated on February 24, 2012, in Bhilai, Chhattisgarh. The company began as a trading enterprise focused on steel products and later transitioned into manufacturing in 2018. In 2019, it commissioned a rolling mill, becoming an integrated player in the structural steel segment.
Currently, it operates as a B2B enterprise supplying critical steel components for heavy industries and infrastructure projects. With over 13 years of experience, is engaged in the manufacturing and trading of a wide range of structural steel products, including mild steel (MS) sections and flats & rods.
Operations & Product Range
Madhur Iron & Steel (India) Ltd. focuses on manufacturing and trading structural steel products. Its portfolio includes angles, channels, mild steel (MS) sections, flats and rods. Operating on an order-based B2B model, it supplies directly to institutional clients. Its products serve industries such as railway electrification, power and energy infrastructure, telecom tower manufacturing, offshore fabrication and real estate construction. The company is also expanding into engineered steel products like transmission towers and windmill lattice structures.
Facilities & Capacity
Madhur Iron & Steel (India) Ltd. operates manufacturing units in Bhilai, Chhattisgarh, benefiting from proximity to key raw material sources like the Bhilai Steel Plant. This location advantage helps reduce logistics and procurement costs. As of FY2025, its installed capacity stood at 56,700 MT per annum for rolling mills and 7,800 MT per annum for fabrication. The company plans to expand capacity significantly by establishing a new facility (Proposed Unit II), adding 1,20,000 MTPA.
Brands & Market Presence
Madhur Iron & Steel (India) Ltd. markets its products under the brand name “SARAL.” The company has established a solid base in the domestic market through the supply of material to large infrastructure projects and institutional buyers in the country. They have received important certifications from the industry and have been recognized as a preferred supplier to several public sector companies, including PowerGrid Corporation.
Revenue Streams & Business Model
Madhur Iron & Steel (India) Ltd. operates through two primary revenue segments: manufacturing and trading of steel products. This dual model allows it to address varied customer requirements while managing market fluctuations. The manufacturing offers higher margins due to value addition, while trading supports volume growth and customer retention. The company focuses entirely on domestic B2B sales, benefiting from India’s infrastructure development.
Management & Shareholding
Madhur Iron & Steel (India) Ltd. is promoted by Jayant Agrawal, who has led its transition from trading to manufacturing. Before the IPO, the promoter held the 73.89% stake and the promoter group held the 4.43% stake of the company. But after the IPO, the promoters' shareholding will be diluted, not by ownership, but by the shareholding, as the offering includes a fresh issue that invites the public to join the company.
Board & Key Management
The leadership of Madhur Iron & Steel (India) Ltd. is led by a team of experts with many years of experience. Jayant Agrawal serves as the Managing Director and gives strategic direction to the firm and the daily operations, along with whole-time director Rajesh Modha. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Madhur Iron & Steel IPO Financial Information
Latest Revenue
192.70
₹ Crore
Profit After Tax
9.80
₹ Crore
Net Worth
103.78
₹ Crore
Total Borrowing
101.3
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 270.44 | 192.70 | 9.80 | 103.78 | — | 101.3 | |||
| 31 Mar 2025 | 101.3 | 340.67 | 18.12 | 93.99 | — | 84.27 | |||
| 31 Mar 2024 | 127.59 | 239.81 | 12.56 | 42.77 | — | 57.76 | |||
| 31 Mar 2023 | 80.11 | 193.24 | 6.53 | 19.36 | — | 30.00 | |||
| Amount in ₹ Crore | |||||||||
Madhur Iron & Steel Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 26.50% |
| ROCE | 17.76% |
| Debt/Equity | 0.90x |
| RoNW | 19.28% |
| PAT Margin | 5.34% |
| EBITDA Margin | 10.34% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.08 | 4.92 |
| P/E (x) | - | - |
Madhur Iron & Steel (India) IPO Objectives
The company intends to use Madhur Iron & Steel (India) IPO proceeds for strategic purposes:
- • Capital expenditure for a new manufacturing facility
- • Funding working capital requirements
- • Repayment or prepayment of debt (in part or in full)
- • General corporate purposes
Madhur Iron & Steel (India) IPO Review
Madhur Iron & Steel (India) Ltd. operates in a sector closely linked to infrastructure and industrial growth. Its transition from trading to manufacturing and continuous capacity expansion highlights a focus on integration and margin improvement. The planned addition of 1,20,000 MTPA reflects an aggressive growth strategy.
Financially, the company has shown steady growth in numbers; as for FY25, the revenue from operations was reported at ₹339.56 crore and total income was reported at ₹18.12 crore. Still, the company’s 50%+ revenue was being generated via its top 10 customers.
However, investors must be aware of the associated risks, including the cyclicality of the industry, price fluctuation in the raw materials market, and risks involved with expanding operations. Overall, the IPO represents an opportunity for investors, but the future performance will depend on operational efficiency and successful capacity addition.
Conclusion
Madhur Iron & Steel (India) IPO is an opportunity for investors to invest in a growing company that has been a key player in the infrastructure supply chain with a strong domestic presence and an established brand, “SARAL.” Its strategic location, expansion plans and integrated business model position it for growth. With this issue, the company aims to support large-scale capacity expansion and financial strengthening.
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Competitive Strengths
Consistent financial performance with steady revenue and profit growth
Strategic plant location reduces logistics and raw material costs
Diversified product portfolio serving resilient infrastructure sectors
Strong B2B relationships supporter
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Offer document withdrawn | 09/03/2026 | - |
| 2 | Filed with SEBI/Exchange | 23/01/2026 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |