# Madhur Iron & Steel India Limited: IPO analysis

> Madhur Iron & Steel India Limited (CIN U35105CT2012PLC000189) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,10,00,000 shares. In FY26 it reported revenue of ₹444 Cr (+30.8% on FY25) and a net profit of ₹24 Cr. Promoters hold 73.9% before the IPO. Our fact-check of its claims found 1 medium or high concern across 40 claims checked.

- Page: https://ipo.innerkore.com/company/U35105CT2012PLC000189/madhur-iron-and-steel-india-limited/
- CIN: U35105CT2012PLC000189
- Last updated: 18 Sep 2026

## Key facts

- **Company:** Madhur Iron & Steel India Limited
- **CIN:** U35105CT2012PLC000189
- **Filing stage:** DRHP
- **Latest SEBI filing:** 18 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹444 Cr
- **Revenue growth:** +30.8%
- **Net profit FY26:** ₹24 Cr
- **Revenue CAGR FY24 to FY26:** 36.2%
- **Promoter holding (pre-IPO):** 73.9%
- **Lead managers:** Share India Capital Services Private Limited
- **Registrar:** Bigshare Services Private Limited
- **Fact-check flags:** 0 high, 1 medium, 5 low

## Key signals (read from the filing; not investment advice)

- **Growth** (looks fine): 36.2% a year. Sales FY24 to FY26; latest year +30.8%.
- **Profitability** (look closer): 5.4% net margin. FY26; operating margin steady.
- **Debt** (concern): 1.65x equity. ₹195 crore borrowed at the end of FY26.
- **Profit into cash** (concern): -132% of profit. Operations brought in ₹-31.5 crore against ₹23.9 crore of profit in FY26.
- **One-off income** (look closer): 3% of profit. Other and one-off income is 3% of pre-tax profit; management describes 1 one-off item.
- **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 8% of the new money repays debt.
- **Red flags** (look closer): 1 to review. 40 claims checked: 0 high, 1 medium concern.

## Financial snapshot (₹ crore unless stated; standalone)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 239 | 340 | 444 |
| Sales growth | – | 41.9% | 30.8% |
| Operating profit | 25 | 38 | 52 |
| Operating margin | 10.4% | 11.1% | 11.7% |
| Net profit | 13 | 18 | 24 |
| Net margin | 5.3% | 5.3% | 5.4% |
| Net worth | 43 | 94 | 118 |
| Borrowings | 73 | 117 | 195 |
| Return on equity | 29.4% | 19.3% | 20.3% |

## Non-recurring items (as described by management)

- Foreign exchange gains/losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognised in the Statement of Profit and Loss. (p.460)

## Use of proceeds (fresh issue)

- Repayment/ prepayment, in full or in part, of an outstanding borrowing and accrued interest thereon availed by our Company: ₹10 crore
- Financing the capital expenditure requirements for setting up our Proposed Unit, Berla, Chhattisgarh: ₹82 crore
- Funding for working capital requirements: ₹34 crore
- General Corporate Purposes(1): amount not fixed yet

## Fact-checked claims

- **MEDIUM** (RegulatoryAction): Share India Capital Services Private Limited has been issued a certificate of registration by SEBI as a Merchant Banker Category I with registration no INM000012537.. Search results suggest that Share India Capital Services has been involved in proceedings with SEBI, including settling a case for ₹36.07 lakh related to IPO disclosure lapses. One result mentions a Merchant Banker registration number (INM000012537) in connection with Share India Capital Services.
- **LOW** (SubsidiaryPerformance): Peers for the company include Mahamaya Steel Industries Limited, Skipper Limited, Mittal Sections Limited, and MPK Steels (I) Limited, as reported by the CareEdge Report.. The search results confirm the existence and trading information for Mahamaya Steel Industries Limited, which is one of the peers mentioned. However, the search results do not explicitly mention the specific peer companies listed (Skipper Limited, Mittal Sections Limited, and MPK Steels (I) Limited) or any direct reference to the CareEdge Report.
- **LOW** (RegulatoryAction): The Equity Shares being offered are subject to provisions of the Companies Act, 2013, SEBI ICDR Regulations, SCRA, SCRR, and other relevant laws.. The search results indicate that Madhur Iron & Steel (India) has been involved in various market activities, including potential IPOs and discussions, which aligns with the context of a DRHP filing. Some results mention the company in relation to IPOs and market news.
- **LOW** (PromoterBackground): The Board of Directors is responsible for identifying and ensuring compliance with the Companies Act, SEBI ICDR Regulations, and the Guidance Note.. The search results mention various SEBI-related issues, including consent orders and market manipulation schemes, but do not directly confirm or deny the Board's responsibility as stated in the DRHP claim. Some results reference adherence to regulations, while others discuss past investigations and market manipulation cases.
- **LOW** (LitigationStatus): A writ petition has been filed by Khyati Infracon Private Limited and Sampurn Impex Private Limited challenging an order passed by the National Company Law Tribunal regarding waiver of shareholding.. The search results show information related to legal proceedings and company profiles, including a mention of a company named KHYATI ISPAT PRIVATE LIMITED, but they do not directly confirm the specific writ petition filed by Khyati Infracon Private Limited and Sampurn Impex Private Limited challenging a waiver order by the National Company Law Tribunal.
- **LOW** (SubsidiaryPerformance): The Company is in the process of acquiring certain land and building in proximity to Manufacturing Unit II from its Group Company, M/s. Shri Ashutosh Structures Private Limited.. The search results confirm the existence and involvement of entities related to 'Ashutosh Structures' and related entities like 'Ashutosh Engineers' and 'ANANYA ASHUTOSH INFRASTRUCTURE PRIVATE LIMITED'. However, the results do not explicitly confirm the specific claim about Madhur Iron & Steel India Limited acquiring land and building in proximity to Manufacturing Unit II from M/s. Shri Ashutosh Structures Private Limited.
- **NONE** (SubsidiaryPerformance): The authorized share capital was increased on January 20, 2024, from ₹700.00 lakhs to ₹1,000.00 lakhs.. The provided search results do not contain any information regarding an increase in the authorized share capital for Madhur Iron & Steel India Limited on January 20, 2024, as stated in the DRHP claim. The search results focus on share prices, financial performance, and business overview.
- **NONE** (SubsidiaryPerformance): The business objects were further amended on June 24, 2023, by adding new objects related to power generation business.. The provided search results do not contain any information confirming or denying the claim that the business objects of Madhur Iron & Steel India Limited were amended on June 24, 2023, to include a power generation business. The search results focus on share prices, financial performance, and the company's core business in structural steel production.
- **NONE** (SubsidiaryPerformance): The authorized share capital was increased on December 01, 2018, from ₹500.00 lakhs to ₹700.00 lakhs.. The provided search results do not contain any information regarding the authorized share capital of Madhur Iron & Steel India Limited being increased on December 01, 2018, from ₹500.00 lakhs to ₹700.00 lakhs. Therefore, the claim cannot be corroborated or contradicted by the available data.
- **NONE** (SubsidiaryPerformance): The business objects were amended on April 16, 2018, replacing clauses III(A) (l) & (2) with new clauses.. The provided search results do not contain specific information regarding the amendment date of the business objects in the Draft Red Herring Prospectus (DRHP) for Madhur Iron & Steel India Limited. Therefore, the search results do not corroborate, contradict, or update the claim.
- **NONE** (SubsidiaryPerformance): The registered office of the company was changed from House No 77, Kohka Shanti Nagar, Supela, Bhilai – 490023, Chattisgarh, India to 21/A, Light Industrial Area, Durg, Bhilai – 490026, Chattisgarh, India on July 05, 2013. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the change of the registered office address for Madhur Iron & Steel India Limited. The search results focus on share prices, industry position, and financial performance, rather than corporate registration details.
- **NONE** (SubsidiaryPerformance): The Company has acquired the operating fabrication unit of B.S.L. Railtrack Private Limited (“BSL”), which is now called Manufacturing Unit II.. The provided search results do not contain any direct information corroborating or contradicting the claim that Madhur Iron & Steel India Limited acquired the operating fabrication unit of B.S.L. Railtrack Private Limited. The results focus on Tata Steel and Larsen and Toubro, and historical manufacturing data for BSL, but do not confirm the specific acquisition mentioned.

## Common questions

### How big is the Madhur Iron & Steel India Limited IPO?

Madhur Iron & Steel India Limited's IPO comprises a fresh issue of 1,10,00,000 shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus.

### What are Madhur Iron & Steel India Limited's revenue and profit?

Madhur Iron & Steel India Limited reported revenue from operations of ₹444 Cr in FY26, +30.8% versus FY25. Net profit was ₹24 Cr (FY25: ₹18 Cr). Revenue grew at a compound rate of 36.2% a year from FY24 to FY26. Figures are read from the DRHP, as printed there.

### How much do promoters own in Madhur Iron & Steel India Limited?

Promoters hold 73.9% of Madhur Iron & Steel India Limited before the IPO.

### How will Madhur Iron & Steel India Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Repayment/ prepayment, in full or in part, of an outstanding borrowing and accrued interest thereon availed by our Company (₹10 Cr); Financing the capital expenditure requirements for setting up our Proposed Unit, Berla, Chhattisgarh (₹82 Cr); Funding for working capital requirements (₹34 Cr); General Corporate Purposes (amount not fixed yet).

### What are the red flags in Madhur Iron & Steel India Limited's DRHP?

We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 1 medium and 5 low. The most notable: Search results suggest that Share India Capital Services has been involved in proceedings with SEBI, including settling a case for ₹36.07 lakh related to IPO… This is an automated screen, not a verdict; each finding links to its sources.

### What does Madhur Iron & Steel India Limited do?

तो ध्यान दीजिए, Madhur Iron & Steel India Limited के IPO की DRHP में एक detail है; Share India Capital Services Private Limited के साथ SEBI की proceedings में, ₹36.07 lakh का settlement हुआ है, जो IPO disclosure lapses से जुड़ा है।

### Who manages the Madhur Iron & Steel India Limited IPO?

Book running lead managers: Share India Capital Services Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Madhur Iron & Steel India Limited IPO documents?

All 2 filings for Madhur Iron & Steel India Limited (DAP, DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Madhur Iron & Steel India Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Madhur%20Iron%20And%20Steel%20India%20Limited%20-%20Draft%20AP_p.pdf) (Abridged prospectus (DAP), filed 18 Sep 2026)
- [Madhur Iron & Steel India Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789720399852.pdf) (Draft Red Herring Prospectus, filed 18 Sep 2026)

---
Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.