Madhur Iron and Steel- FY26 Performance Review
11 August 2026
Madhur Iron and Steel is in the business of 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.
1. Revenue, EBITDA, Net Profit & EPS Summary (₹in Cr)
Particulars | FY26 | FY25 | YoY Change |
Revenue | 445 | 341 | 30.6% |
EBITDA | 53 | 39 | 36.7% |
EBITDA Margin | 11.9% | 11.4% | - |
Net Profit (NP) | 24 | 18 | 31.7% |
NP Margin (NPM) | 5.4% | 5.3% | - |
EPS (Basic & Diluted, Rs) | 8 | 7 | 19.5% |
Revenue grew 301% YoY, and EBITDA grew faster, pointing to modest operating leverage. Net profit rose 32%, slightly ahead of revenue growth, while EPS grew a slower 19% because the equity share capital base itself nearly doubled during the year. Company has issued 1,48,92,273 bonus shares in FY26.
2. Common-Size Statement
Particulars | FY25 (Rs Cr) | FY25 (% of Rev) | FY26 (Rs Cr) | FY26 (% of Rev) |
Revenue (Total Income) | 341 | 100.0% | 445 | 100.0% |
Cost of Materials Consumed | 194 | 56.8% | 212 | 47.6% |
Purchases of Stock-in-Trade | 136 | 39.8% | 182 | 40.8% |
Changes in Inventories (FG & WIP) | (44) | -13.0% | (32) | -7.2% |
Total Cost of Goods Sold | 285 | 83.6% | 362 | 81.3% |
Employee Benefit Expense | 3 | 0.9% | 7 | 1.5% |
Finance Costs | 12 | 3.6% | 18 | 4.2% |
Depreciation & Amortisation | 2 | 0.5% | 2 | 0.5% |
Other Expenses | 14 | 4.1% | 24 | 5.3% |
Total Expenses | 316 | 92.7% | 413 | 92.7% |
3. Key Balance Sheet Items
Particulars | FY26 (₹ Cr) | FY25 (₹ Cr) |
Property, Plant and Equipment | 19 | 17 |
Inventories | 173 | 150 |
Trade Receivables | 80 | 42 |
Cash and Cash Equivalents | 0.22 | 0.70 |
Current Borrowings | 127 | 81 |
Non-Current Borrowings | 9 | 3 |
Trade Payables (Total) | 69 | 53 |
Total Equity | 117.90 | 93.99 |
4. Key Ratio Analysis
Ratio | FY26 | FY25 | YoY Change |
Net Profit Margin | 5.4% | 5.3% | - |
Return on Equity (ROE) | 20.3% | 19.3% | - |
Fixed Asset Turnover Ratio | 24x | 20x | +4x |
Debt-to-Equity Ratio | 1.15x | 0.90x | +0.26x |
ROE improved as profit growth (32%) outpaced the 26% growth in the equity base from retained earnings and bonus issue. The Debt-to-Equity ratio rose as borrowings were drawn up faster than equity to fund working capital requirements. Fixed asset turnover improved, consistent with revenue growing faster than the property, plant and equipment base.
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