# M P Steel (India) Limited: IPO analysis > M P Steel (India) Limited (CIN U28999GJ1998PLC033954) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹95 Cr and an offer for sale of 23.07 lakh shares. In FY26 it reported revenue of ₹413 Cr (+27.0% on FY25) and a net profit of ₹16 Cr. Promoters hold 40.3% before the IPO. Our earlier look-up of its claims found 4 medium or high concerns across 39 claims looked up. - Page: https://ipo.innerkore.com/in/company/U28999GJ1998PLC033954/m-p-steel-india-limited/ - CIN: U28999GJ1998PLC033954 - Last updated: 25 Aug 2026 ## Key facts - **Company:** M P Steel (India) Limited - **CIN:** U28999GJ1998PLC033954 - **Filing stage:** DRHP - **Latest SEBI filing:** 25 Aug 2026 - **Fresh issue:** ₹95 Cr - **Offer for sale:** 23,07,290 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹413 Cr - **Revenue growth:** +27.0% - **Net profit FY26:** ₹16 Cr - **Revenue CAGR FY24 to FY26:** 7.2% - **Promoter holding (pre-IPO):** 40.3% - **Lead managers:** Monarch Networth Capital Limited - **Registrar:** KFin Technologies Limited - **Earlier look-up flags:** 0 high, 4 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (concern): 7.2% a year. Sales FY24 to FY26; latest year +27%. - **Profitability** (concern): 3.8% net margin. FY26; operating margin improving. - **Debt** (look closer): 0.82x equity. ₹85.8 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 62% of profit. Operations brought in ₹9.8 crore against ₹15.8 crore of profit in FY26. - **One-off income** (look closer): 0% of profit. Other and one-off income is 0% of pre-tax profit; management describes 10 one-off items. - **Red flags** (look closer): 4 to review. 39 claims looked up earlier: 0 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 360 | 325 | 413 | | Sales growth | – | -9.6% | 27.0% | | Operating profit | 15 | 18 | 34 | | Operating margin | 4.3% | 5.4% | 8.2% | | Net profit | 4.0 | 6.6 | 16 | | Net margin | 1.1% | 2.0% | 3.8% | | Net worth | 74 | 81 | 104 | | Borrowings | 84 | 78 | 86 | | Return on equity | 5.4% | 8.2% | 15.2% | ## Non-recurring items (as described by management) - Income or expenses that arise from events or transactions clearly distinct from the ordinary activities of the Company are classified as extraordinary items, and specific disclosure is made in the financial statements. (p.358) - Income or expense pertaining to ordinary activities of the Company, where the size, type, or incidence improves understanding of performance, is classified as an exceptional item and disclosed in the notes to accounts. (p.358) - Government grants whose primary condition is to purchase, construct, or acquire capital assets are presented by deducting them from the carrying value of the assets. (p.359) - Government grants not in the nature of a capital grant are treated as income and credited to the profit & loss account. (p.359) - Other Income comprises of interest income on bank deposits, unwinding of security deposits and others foreign exchange gain (net), profit on sale of property, plant and equipment, gain on derivative forwards measured through profit and loss, rent, sundry balances written back and miscellaneous income. (p.360) - Other expenses include export charges (freight & other export related charges), foreign exchange loss (net), consumption of stores & spare parts, director's salary power and fuel packaging expenses, sales commission, solar expense, bank charges consumable expenses, IPO expenses, legal and professional charges travelling and conveyance loss on derivative forwards measured through profit and loss, freight & forwarding expenses, insurance charges, corporate social responsibility, selling & distribution expense, rent, security charges, repairs and maintenance for factory and others, auditor's remuneration, donations, electricity charges, bad debts, allowance for expected credit loss, machinery hire charges, printing & stationery, loss on sale of PPE, miscellaneous expenses, other manufacturing expense, sundry balance written off, telephone, postage & telegram expenses. (p.360) - Bad debts were written off amounting to ₹6.80 Lakh in Fiscal 2024, affecting profit or loss. (p.367) - A sale of property, plant and equipment occurred in Fiscal 2024, resulting in a cash flow movement. (p.367) - A sale of property, plant and equipment occurred in Fiscal 2025, resulting in a cash flow movement. (p.367) - A sale of property, plant and equipment occurred in Fiscal 2026, resulting in a cash flow movement. (p.367) ## Use of proceeds (fresh issue) - Funding capital expenditure requirement for setting up of a manufacturing unit of Billets as part of planned backward integration: ₹27 crore - Funding the part incremental working capital requirements of our Company: ₹55 crore - General corporate purposes (1) (2): amount not fixed yet ## Claims looked up earlier - **MEDIUM** (SubsidiaryPerformance): The Company was incorporated as a private limited company under the name “Ratnesh Steel Private Limited” pursuant to a certificate of incorporation dated April 15, 1998.. The search results do not directly confirm or deny the incorporation details mentioned in the DRHP claim. Some results mention a company named Ratnesh Metal Industries Pvt. Ltd. and others refer to a separate entity, Ratnesh Ispat Services, which might be related but does not explicitly confirm the incorporation date or the exact name mentioned in the claim. - **MEDIUM** (LitigationStatus): There are no outstanding litigation involving group companies that have a material impact on the Company.. The search results indicate the existence of legal cases involving entities related to M P Steel, such as a case filed by M P Singh against M/O Steel, suggesting litigation is a relevant factor. However, the results do not explicitly confirm or deny the claim about outstanding litigation involving group companies with a material impact. - **MEDIUM** (LitigationStatus): There are no outstanding disciplinary actions imposed by SEBI or stock exchanges against the Promoter in the last five fiscal years, including any outstanding action.. The search results include a reference to a legal case involving M P Singh and Steel Authority of India Limited, which might relate to disciplinary actions. However, the results do not explicitly confirm or deny outstanding disciplinary actions imposed by SEBI or stock exchanges against the Promoter within the last five fiscal years. - **MEDIUM** (PromoterBackground): There is no pending litigation involving the Group Company which has or will have a material impact on the Company.. The search results indicate that there have been regulatory actions and controversies involving entities like Rajesh Exports and potential links to LIC, which suggests there might be past or ongoing litigation/scrutiny related to the group or related parties. However, the results do not explicitly confirm or deny a pending litigation involving the Group Company as stated in the DRHP claim. - **LOW** (SubsidiaryPerformance): The company operates in a highly competitive industry with peers including Mangalam Worldwide Limited, Mukand Limited, and Panchmahal Steel Limited.. Several search results confirm the existence and trading information for 'Mangalam Worldwide Limited', suggesting it is a peer mentioned in the DRHP. The results provide links to stock prices, news, and performance data for the company. - **LOW** (SubsidiaryPerformance): The name of the Company was changed to “Ratnesh Metal Industries Private Limited” pursuant to a resolution passed by the Board of Directors on June 12, 1999.. Search results suggest that M P Steel (India) Limited is related to a business formerly known as Ratnesh Metal Industries, as one result mentions the company formerly known as Ratnesh Metals Industries. Another result links to an entity named Ratnesh Metal Industries Pvt. Ltd. However, none of the provided snippets confirm the specific claim about a name change on June 12, 1999, by the Board of Directors. - **LOW** (PromoterBackground): The Board has the power to formulate and implement procedures to ensure no violation of securities laws, including the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003.. The search results mention actions taken by SEBI against entities like Rajesh Exports and financial penalties, which relates to securities market regulations. However, the results do not directly confirm or deny the Board's power to formulate and implement procedures to ensure no violation of specific securities laws. - **NONE** (PromoterBackground): Kushalkumar V Bhansali is the Managing Director and has been a Director since August 12, 2021.. The provided search results do not contain any information confirming or denying the claim that Kushalkumar V Bhansali is the Managing Director and has been a Director since August 12, 2021 for M P Steel (India) Limited. The search results focus on different entities and regulatory actions. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on May 06, 2019 to increase the authorized share capital from ₹9,90,00,000 to ₹16,00,00,000.. The provided search results do not contain information regarding an amendment to Clause V of the Memorandum of Association of M P Steel (India) Limited to increase the authorized share capital from ₹9,90,00,000 to ₹16,00,00,000. The search results primarily discuss the filing of the DRHP for an IPO and general company profile details. - **NONE** (SubsidiaryPerformance): A change in the registered address occurred on February 23, 2026, moving the office from Survey No 900 Nr Ashram Chowkdi, Village-Ranasan Ta-Vijapur, Dist- Mehsana – 000000, Gujarat, India to Survey No. 900, Nr. Ashram chokdi, village-Ranasan, Ranasan, Mahesana, Vijapur – 382870, Gujarat, India.. The search results confirm that a Draft Red Herring Prospectus (DRHP) was filed by M P Steel (India) Limited on August 21, 2026, in preparation for an IPO. However, none of the provided search snippets mention a specific change in the registered address on February 23, 2026, as described in the claim. - **NONE** (SubsidiaryPerformance): A change in the registered address occurred on April 6, 2002, moving the office from 34, JMC House, Nr. Parimal Garden, Ambawadi, Ahmedabad – 380006, Gujarat, India to Survey No 900 Nr Ashram Chowkdi, Village-Ranasan Ta-Vijapur, Dist- Mehsana–000000, Gujarat, India.. The search results do not contain any information that corroborates or contradicts the specific claim regarding a change of registered address on April 6, 2002, for M P Steel (India) Limited. The results primarily focus on the filing of the Draft Red Herring Prospectus (DRHP) for an IPO and general company profile details. - **NONE** (SubsidiaryPerformance): Per capita Gross National Disposable Income (GNDI) registered a CAGR of 8.4% between FY19 and FY25.. The provided search results confirm that a Draft Red Herring Prospectus (DRHP) was filed by M P Steel (India) Limited, but none of the snippets mention the specific claim regarding the CAGR of 8.4% for per capita Gross National Disposable Income (GNDI) between FY19 and FY25. ## Common questions ### How big is the M P Steel (India) Limited IPO? M P Steel (India) Limited's IPO comprises a fresh issue of ₹95 Cr and an offer for sale of 23.07 lakh 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 M P Steel (India) Limited's revenue and profit? M P Steel (India) Limited reported revenue from operations of ₹413 Cr in FY26, +27.0% versus FY25. Net profit was ₹16 Cr (FY25: ₹6.6 Cr). Revenue grew at a compound rate of 7.2% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in M P Steel (India) Limited? Promoters hold 40.3% of M P Steel (India) Limited before the IPO. Largest holders listed: Vansraj Rikhabchand Bhansali# (30.1%); Sumer Shantilal Sanghvi (11.0%); Kushalkumar Vansraj Bhansali# (9.6%). ### How will M P Steel (India) Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure requirement for setting up of a manufacturing unit of Billets as part of planned backward integration (₹27 Cr); Funding the part incremental working capital requirements of our Company (₹55 Cr); General corporate purposes (1) (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in M P Steel (India) Limited's DRHP? Earlier, we looked up 39 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 4 medium and 3 low. The most notable: The search results do not directly confirm or deny the incorporation details mentioned in the DRHP claim. Some results mention a company named Ratnesh Metal… The search results indicate the existence of legal cases involving entities related to M P Steel, such as a case filed by M P Singh against M/O Steel,… The search results include a reference to a legal case involving M P Singh and Steel Authority of India Limited, which might relate to disciplinary actions.… This is an automated screen, not a verdict; each finding links to its sources. ### What does M P Steel (India) Limited do? Here’s a detail about the M P Steel IPO that almost nobody is focusing on: the documentation for Ratnesh Steel Private Limited shows a significant disconnect, where search results point to entirely different companies, making the core entity unclear. ### Who manages the M P Steel (India) Limited IPO? Book running lead managers: Monarch Networth Capital Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original M P Steel (India) Limited IPO documents? All 2 filings for M P 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 - [M P STEEL (INDIA) LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/MPSteel-Draft%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 25 Aug 2026) - [M P STEEL (INDIA) LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787653298920.pdf) (Draft Red Herring Prospectus, filed 25 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.