Madhur Iron & Steel India IPO
Madhur Iron & Steel India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, SEBI is waiting for in-principle approval from the stock exchanges. The draft proposes a fresh issue only of up to 1,10,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹23.88 crore on revenue of ₹444.02 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Waiting for exchange approvalSEBI report, 30 Oct 2026
- SEBI received draft
- 17 Sep 2026
- Type of issue
- Fresh issue only
- Lead manager
- Share India Capital Services Private Limited
- Last SEBI contact
- 14 Oct 2026
- Price band and dates
- Not announced
Where it stands
Madhur Iron & Steel India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI17 Sep 2026
- SEBI reviewWaiting for exchange approval
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is waiting for in-principle approval from the stock exchanges before it issues observations.
SEBI received the draft on 17 September 2026, 50 days ago, and its last communication on the draft was on 14 October 2026 (day count is our calculation).
DRHP at a glance
Madhur Iron & Steel India DRHP at a glance
Draft red herring prospectus, 14 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 249 to 251) and Key Performance Indicators (p. 256)Madhur Iron & Steel (India) manufactures, fabricates, galvanises and trades re-rolled structural steel products: angles, channels, mild steel sections, flats and rods, sold under the registered brand SARAL. It works business to business on an order basis, supplying customers in railway electrification and power and energy infrastructure, and is an approved vendor for some public sector undertakings and government entities in those sectors. The company was incorporated in February 2012, traded and fabricated ferrous, non-ferrous and alloy materials until 2018, and started its rolling mill in 2019.
Operations are at Bhilai, Durg, in Chhattisgarh. Manufacturing Unit I had rolling mill capacity of 57,600 MT a year in FY26, after an expansion in 2025, plus fabrication capacity of 7,800 MT a year; rolling mill utilisation was 85.18% in FY26. Manufacturing Unit II, acquired recently, started fabrication and galvanisation of steel products in September 2026 with installed capacity of 18,000 MT, and is meant for ready to install engineered steel products such as transmission line towers and windmill lattice towers.
Revenue by type of sale, FY26
- Manufacturing sales: 65.81%
- Trading sales: 34.19%
The offer
DRHP cover pages, The Issue (p. 75) and Capital Structure (p. 98)| Fresh issue | Up to 1,10,00,000 sharesFace value ₹10 each. Money goes to the company |
| Shares before the IPO | 2,97,84,546The fresh issue is about 36.9% of them (ours) |
| Pre-IPO placement | Up to 22,00,000 sharesOptional; would reduce the issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Share India Capital Services Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoter | Jayant Agrawal |
What the company plans to do with the money
DRHP, Object of the Issue (p. 129 to 130)| Object | ₹ crore |
|---|---|
| Repayment or prepayment of an outstanding borrowing and accrued interest | 10.00 |
| Capital expenditure for the proposed unit at Berla, Chhattisgarh | 81.95 |
| Working capital | 34.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the issue price, so no total is shown. Issue expenses are deducted before these amounts.
Financials
DRHP, Summary of Financial Information (p. 79 to 83) and Basis for the Issue Price, KPIs (p. 162 to 164), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 239.25 | 339.56 | 444.02 |
| EBITDA | 24.87 | 37.71 | 52.12 |
| EBITDA margin | 10.40% | 11.11% | 11.74% |
| Profit after tax | 12.56 | 18.12 | 23.88 |
| Profit after tax margin | 5.25% | 5.34% | 5.38% |
| Diluted EPS (₹) | 5.38 | 6.71 | 8.02 |
| Net worth | 42.77 | 93.99 | 117.90 |
| Cash from operations | -33.75 | -59.06 | -31.49 |
| Return on equity | 40.43% | 26.50% | 22.54% |
| Return on capital employed | 21.08% | 17.49% | 16.22% |
| Net debt | 67.94 | 110.24 | 191.54 |
| Debt to equity | 1.70 | 1.25 | 1.66 |
| Debt service coverage ratio | 2.58 | 2.05 | 2.08 |
Restated standalone figures. Cash from operations was negative in all three years, which the draft lists as a risk factor. Net worth is equity share capital plus other equity. Earnings per share are after the bonus issue made in FY26. Net asset value a share was ₹18.31, ₹34.79 and ₹39.58 at the end of FY24, FY25 and FY26.
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 162 to 163). Peer prices from the BSE website as of 10 September 2026, and peer figures for the year ended 31 March 2026.The document puts the peer group P/E high at 208 times, the low at 8.19 times and the average at 108.10 times. The P/E for Madhur Iron & Steel is not given until the issue price is set. Peer figures are on a standalone basis.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Madhur Iron & Steel (India) (FY26) | 8.02 | Set with the issue price | 20.25% |
| Mahamaya Steel Industries | 5.32 | 208x | 5.90% |
| M.P.K. Steels (I) | 7.08 | 16x | 11.63% |
| Skipper | 18.36 | 27.50x | 14.05% |
| Mittal Sections | 3.61 | 8.19x | 5.95% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 33)- One stateThe plants and registered office are in Bhilai, Chhattisgarh, and 75.39% of FY26 revenue from operations came from Chhattisgarh. (Risk factor 1, p. 24)
- Customer concentrationThe top ten customers gave 62.04% of FY26 revenue from operations. (Risk factor 2, p. 25)
- Supplier concentrationThe top ten suppliers accounted for 79.55% of raw material procurement in FY26. (Risk factor 3, p. 27)
- Negative cash flowsThe company has had negative cash flows in the past, and the draft says sustained negative cash flows could affect the business. (Risk factor 4, p. 28)
- Billets and bloomsManufacturing depends on the availability and price of billets and blooms as the key raw material, and on the working capital needed to buy and store them. (Risk factor 5, p. 29)
- AnglesAngles gave 60% of FY26 revenue from operations, so a fall in demand for that product would affect results. (Risk factor 7, p. 31)
Documents
Madhur Iron & Steel India DRHP and documents
SEBI filings- Draft red herring prospectus, dated 14 Sep 2026, on SEBI since 6 Feb 2026
- Draft red herring prospectus, dated 14 Sep 2026, on SEBI since 18 Sep 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Madhur Iron & Steel India IPO FAQs
When will the Madhur Iron & Steel India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 50 days ago (our calculation).
Has SEBI approved the Madhur Iron & Steel India IPO?
SEBI is waiting for in-principle approval from the stock exchanges before it issues observations. Source: SEBI processing status as on 30 October 2026.
What is the Madhur Iron & Steel India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Madhur Iron & Steel India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Madhur Iron & Steel India IPO?
Share India Capital Services Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Madhur Iron & Steel India do with the IPO money?
According to the DRHP, the fresh issue money goes to repayment or prepayment of an outstanding borrowing and accrued interest (₹10.00 crore), capital expenditure for the proposed unit at Berla, Chhattisgarh (₹81.95 crore), working capital (₹34.00 crore), and the rest to general corporate purposes.
What does Madhur Iron & Steel India do?
Madhur Iron & Steel (India) manufactures, fabricates, galvanises and trades re-rolled structural steel products: angles, channels, mild steel sections, flats and rods, sold under the registered brand SARAL. It works business to business on an order basis, supplying customers in railway electrification and power and energy infrastructure, and is an approved vendor for some public sector undertakings and government entities in those sectors. The company was incorporated in February 2012, traded and fabricated ferrous, non-ferrous and alloy materials until 2018, and started its rolling mill in 2019.
Where can I read the Madhur Iron & Steel India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 February 2026. The draft is dated 14 September 2026 and runs to 584 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 14 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.