Madhur Iron & Steel Files DRHP for IPO

Madhur Iron & Steel Files DRHP for IPO
Ansh Singla
Author

Ansh Singla

Financial Analyst Intern

Business Economics undergraduate at Shivaji College, University of Delhi, and a CFA Level III candidate.

Publish Date10 August 2026
Reading time3 Min

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Madhur Iron & Steel (India) Limited is preparing to enter the capital markets with its proposed Mainboard IPO. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on January 23, 2026, with the filing subsequently published by SEBI on February 6, 2026. The proposed IPO comprises a fresh issue of up to 1 crore equity shares, with no Offer for Sale component.

Business Model

Company is engaged in the manufacturing and trading of a wide range of structural steel products, including Angles, Channels, Mild Steel (MS) Sections, and Flats & Rods. The Company primarily operates under a business-to-business (B2B), order-based model, supplying products to institutional customers. The Company is engaged in the manufacture of re-rolled structural steel products, including Angles, Channels and other similar products. Upon manufacture, such structural steel products are either sold directly to customers or, depending on customer specifications, further processed through fabrication to convert them into finished, application ready products. Its products cater to diverse end-use industries, such as railway electrification, state electricity boards, power and energy infrastructure, telecom tower manufacturing, automotive and ancillary units, offshore structure fabrication, construction and real estate, general engineering, auto body manufacturing, and other related industries.

Product Portfolio

  1.  Structural Steel Products - Angles, channel, section flats and roads
  2. Engineered Products- Transmission Line Towers, 
  3. Trading of steel products like billets, blooms, and plates.

Object of the Issue

  1. Repayment/ prepayment, in full or in part, of certain borrowings and accrued interest thereon availed by the Company
  2.  Financing the capital expenditure requirements. 
  3. Funding for working capital requirements and General Corporate purposes.

Financial Performance

KPI

Units

September 30, 2025

March 31, 2025

March 31, 2024

March 31, 2023

Total Income

₹ lakhs

19,269

34,066

23,980

19,323

Revenue from Operations

₹ lakhs

19,224

33,956

23,925

19,284

Revenue from Operations Growth (YoY)

%

42%

42%

24%

57%

EBITDA

₹ lakhs

2,016

3,511

2,409

1,387

EBITDA Margin

%

10.5%

10%

10%

7%

Profit Before Tax (PBT)

₹ lakhs

1,329

2,480

1,733

928

PBT Margin

%

7%

7%

7%

5%

Profit After Tax (PAT)

₹ lakhs

979

1,812

1,256

652

PAT Margin

%

5%

5%

5%

3.4%

Interest Coverage Ratio (ICR)

%

312%

357%

375%

338%

Return on Equity (RoE)

%

10%

26%

40%

40%

Return on Capital Employed (RoCE)

%

8.5%

17.7%

21.6%

23.6%

Fixed Assets Turnover

Times

8.80

19.04

16.50

19.44

EPS

₹

3.28

6.71

5.38

2.80

Debt-Equity Ratio

Ratio

0.98

0.90

1.35

1.55


Key Performance Indicator

KPI

Units

September 30, 2025

March 31, 2025

March 31, 2024

March 31, 2023

Installed Capacity

Ton

28,350

56,700

44,100

44,100

Capacity Utilised

Ton

23,492

38,070

35,255

28,648

% Capacity Utilised

%

83%

67%

80%

65%

Tags

Unlisted SharesPre-IPOInvestmentStock MarketFinance

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