AbridgedLast filing 18 Sep 20261 medium

Madhur Iron & Steel India Limited

CIN

Detailed viewexpand everythingSource documents

Madhur Iron & Steel India Limited (CIN U35105CT2012PLC000189) has filed a SEBI filings 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 earlier look-up of its claims found 1 medium or high concern across 32 claims looked up.

Read from public SEBI filings; last updated 18 Sep 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthLooks fine
36.2% a yearSales FY24 to FY26; latest year +30.8%.p.86
ProfitabilityLook closer
5.4% net marginFY26; operating margin steady.p.86
DebtConcern
1.65x equity₹195 crore borrowed at the end of FY26.p.86
Profit into cashConcern
-132% of profitOperations brought in ₹-31.5 crore against ₹23.9 crore of profit in FY26.p.86
One-off incomeLook closer
3% of profitOther and one-off income is 3% of pre-tax profit; management describes 1 one-off item.p.460
Where the money goesLooks fine
All new money100% is new shares issued by the company. 8% of the new money repays debt.p.135
Red flagsLook closer
1 to review32 claims looked up earlier: 0 high, 1 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

Original draft not analysed yet. We have 2 filings for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What Madhur Iron & Steel India Limited is offering, at what price, and who owns it today. Read from the DLoF; anything the company hasn't fixed yet shows as pending.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue: 1.1 Cr shares
Offer for sale: Nil
Price band: To be announced
Shares today: 2.98 Cr
Face value: ₹10
Listing on: BSE & NSEEQ

Lead managers

Share India Capital Services

Registrar

Bigshare Services

Read from p.1 p.80 p.81 p.82+2

Where the money goes

Earmarked for specific objects

₹126 Cr

of a ₹126 Cr fresh issue (net proceeds)

Object	₹ crore	% of issue
Debt repayment Repayment/ prepayment, in full or in part, of an outstanding borrowing and accrued interest thereon availed by our Company	10	7.9%
Capex Financing the capital expenditure requirements for setting up our Proposed Unit, Berla, Chhattisgarh	82	65%
Working capital Funding for working capital requirements	34	27%
General corporate General Corporate Purposes	Not fixed yet	n/a

Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. Source: page 135

Who owns it

Promoters hold before the IPO

73.9%

As stated in the filing. The full shareholding table could not be cross-checked.

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Business model

Is Madhur Iron & Steel India Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.

Each domain is scored from -10 to +10 by a stated rule, with the evidence behind it. There is no overall score and no buy or sell verdict.

Read the business-model analysis

Financials

What Madhur Iron & Steel India Limited earned and how, read straight from its DLoF.

Sales FY26

₹444 Cr

+30.8% vs FY25

Net profit FY26

₹24 Cr

5.4% net margin

Net worth

₹118 Cr

Debt / equity 1.65x

Operating cash flow FY26

−₹31 Cr

Business consumed cash

₹ crore · Standalone · FY = year ended 31 MarchSource p.84 p.86 p.88

Metric	FY24	FY25	FY26
Profit & loss
Sales	239	340	444
Sales growth	–	41.9%	30.8%
Operating profit	25	38	52
Operating margin	10.4%	11.1%	11.7%
	0.56	1.1	0.95
Exceptional items	0.00	0.00	0.00
Interest	7.1	12	18
Depreciation	1.0	1.8	2.2
Profit before tax	17	25	32
Profit before tax excl. other & one-off income	17	24	31
Other & one-off income as % of PBT	3.2%	4.5%	2.9%
Tax rate	-0.0%	-0.0%	0.0%
Net profit	13	18	24
Net margin	5.3%	5.3%	5.4%
EPS (₹)	5.38	6.71	8.02
Balance sheet
Net worth	43	94	118
Borrowings	73	117	195
Total assets	128	236	334
Debt / equity	1.70x	1.25x	1.65x
Return on equity	29.4%	19.3%	20.3%
Cash flow
Cash from operations	-34	-59	-31
Cash from investing	-8.4	-5.9	-28
Cash from financing	42	66	59

Non-recurring items

One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.

Other
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

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue breakdown

₹ crore · Source p.29

Segment	FY24	FY25	FY26	Share of FY26
Chhattisgarh	159	227	335	75.4%
Odisha	39	20	68	15.2%
Maharashtra	7.9	20	15	3.4%
Gujarat	9.2	22	13	2.9%
Pradesh	16	27	7.2	1.6%
Tamil Nadu	0.00	0.01	4.9	1.1%
West Bengal	0.00	8.2	1.2	0.3%
Karnataka	0.91	0.84	0.85	0.2%
Delhi	4.5	0.81	0.00	0.0%
Haryana	1.8	0.00	0.00	0.0%
Kashmir	0.14	0.00	0.00	0.0%
Kerala	0.24	0.00	0.00	0.0%
Rajasthan	0.00	13	0.00	0.0%
Telangana	0.00	1.1	0.00	0.0%

Revenue by type

₹ crore · Source p.281

Segment	FY24	FY25	FY26	Share of FY26
Products	209	240	292	65.8%
Traded Products	30	99	152	34.2%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.86 p.87

Line item	FY24	FY25	FY26
Revenue from Operations	239	340	444
Other Income	0.56	1.1	0.95
Total Income (I)	240	341	445
Finance Costs	7.1	12	18
Depreciation and Amortisation Expense	1.0	1.8	2.2
	222	316	413
Cost of Materials Consumed	197	194	212
Purchases of Stock-in-Trade	21	136	182
Changes in inventories of finished goods and work-in-progress	-16	-44	-32
Employee Benefits Expense	1.7	2.9	6.7
Other Expenses	10	14	24
Profit Before Tax (I-II) Before Exceptional Item (III)	17	25	32
Exceptional Item (IV)	0.00	0.00	0.00
Profit Before Tax (III-IV)	17	25	32
Profit for the year	13	18	24
Income tax expense / (benefit) related to items	-0.00	-0.00	0.01
	-0.00	-0.00	0.03
Tax Expense
Current Tax	4.7	6.6	8.5
Deferred Tax	0.08	0.03	-0.03
Current taxes relating to earlier years	0.00	0.00	0.00
Other Comprehensive Income (OCI)
Remeasurement of defined benefit plans	-0.00	-0.00	0.04
- Fair value of Investments at fair value through
OCI
- Gain /(Loss) on Investments designated
through OCI
Total Comprehensive Income for the Year	13	18	24
Basic (in Rs)	5.4	6.7	8.0
Diluted (in Rs)	5.4	6.7	8.0

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.84 p.85

Line item	FY24	FY25	FY26
Property, Plant and Equipment	14	17	19
	18	25	55
ASSETS
Non-Current Assets
Capital work-in-progress	0.11	0.08	20
Right of Use Assets	0.69	0.69	4.2
Intangible Assets	0.04	0.04	0.13
Intangible Assets under Development	0.00	0.06	0.01
Financial Assets
Other Financial Assets	3.8	6.6	12
Other Non-Current Assets	0.19	0.30	0.21
Inventories	94	150	173
Trade Receivables	1.8	42	80
Cash and cash equivalents	0.00	0.70	0.22
Bank Balances other than Cash and cash equivalents	4.8	6.5	3.6
	109	211	279
Current Assets
Financial Assets
Other Financial Assets	2.5	0.38	1.2
Other Current Assets	5.8	12	21
Total Assets	128	236	334
Equity Share Capital	6.6	15	30
Other Equity	36	79	88
	43	94	118
EQUITY AND LIABILITIES
EQUITY
Borrowings	4.0	3.1	8.7
	4.7	3.7	9.4
LIABILITIES
Non-Current Liabilities
Financial Liabilities
Lease Liabilities	0.27	0.27	0.45
Provisions	0.10	0.00	0.00
Deferred Tax Liabilities (Net)	0.28	0.31	0.29
Borrowings	68	114	186
	0.00	18	3.2
Trade Payables
Total outstanding dues of creditors other than micro and small enterprises	6.7	2.0	6.9
	80	139	207
Lease Liabilities	0.00	0.00	0.00
Other Financial Liabilities	1.2	1.9	1.8
Other Current Liabilities	1.4	0.32	4.0
Provisions	0.00	0.00	0.03
Current Tax Liabilities (Net)	2.4	2.5	4.8
Total Liabilities	85	142	216
Total Equity and Liabilities	128	236	334

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.88 p.89

Line item	FY24	FY25	FY26
Profit on Sale of property, Plant and Equipment	0.00	-0.04	0.00
Operating profit before working capital changes	25	38	52
	-34	-59	-31
Cash flow from operating activities: Net profit before tax	17	25	32
Adjustment to reconcile profit before tax to
net cash flows
Depreciation and Amortisation Expense	1.0	1.8	2.2
Provision for Employee Benefits	0.03	0.06	0.09
Interest received	-0.56	-1.1	-0.95
Provision for Expected Credit Losses	0.14	0.27	0.13
Provision for Impairment on Advances to Suppliers	0.00	0.05	0.01
Interest expenses	7.1	12	18
Adjustment for Decrease/ (Increase) in other financial assets	-0.14	-0.31	-1.1
Decrease/ (Increase) in trade receivables	1.1	-40	-39
Decrease/ (Increase) in other current assets	-2.8	-6.4	-9.3
Decrease/ (Increase) in Inventories	-38	-56	-23
Decrease/ (Increase) in other Non Current Assets	0.02	-0.32	0.06
(Decrease)/ Increase in trade payables	-15	13	-9.8
(Decrease)/ Increase in Other financial liabilities	-0.02	0.39	0.26
(Decrease)/ Increase in other current liabilities	0.05	-1.1	3.7
(Decrease)/ Increase in provisions	0.00	0.11	-0.00
Cash generated from operations	-29	-52	-25
Direct taxes paid (net)	-4.7	-6.7	-6.3
	-8.4	-5.9	-28
Cash Used in investing activities
Acquisition of Property, Plant and
Equipment, Right-of-Use Assets, and Capital
Work-in-Progress including Capital Advance	-5.4	-5.0	-27
Proceeds from sale of property, plant and equipment	0.00	0.10	0.00
Net changes in Margin Money accounts	-3.5	-2.1	-1.7
Interest received	0.56	1.1	0.95
	42	66	59
Cash Used in financing activities Proceeds from non-current borrowings	0.24	4.0	10
Repayment of non-current borrowings	-0.95	-3.6	-3.0
Proceeds from working capital facilities (net)	39	44	71
Payment of Lease Liabilities	-0.03	-0.03	-0.03
Receipt from issue of Shares	11	33	0.00
Interest paid	-6.7	-12	-19
Net Increase in cash and cash equivalent ( A+B+C)	0.00	0.70	-0.48
	0.00	0.70	0.22
Cash and Cash equivalents (Refer Note 8
for components of Cash and Cash
Equivalent)
At the beginning of the year	0.00	0.00	0.70
Effect of exchange differences on restatement
of foreign currency cash and cash equivalents
At the end of the year	0.00	0.70	0.22
Components of Cash and cash equivalents
Balances with Banks in Current Accounts	0.00	0.50	0.11
Cash on hand	0.00	0.20	0.11

Discounted cash flow

What Madhur Iron & Steel India Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹376 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 net profit of ₹24 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

Forget the hype: our deep dive into the MADHUR IRON & STEEL IPO reveals critical financial red flags, including severe risks like geographic concentration in revenue and a crippling dependency on just a few key suppliers and customers.
AI-written summary of Madhur Iron & Steel India Limited's filings. Verify against the source documents.

Fund Allocation Under Scrutiny

The utilization of fresh issue proceeds is immediately flagged. The DRHP explicitly states that the net proceeds will be used for debt repayment or prepayment of outstanding borrowings and accrued interest.

Read more · 4 points, 4 supporting facts

Net Proceeds for debt repayment/interest

A significant portion of the funds is earmarked for expansion, specifically financing the capital expenditure required to set up a proposed unit in Berla, Chhattisgarh.

Funding for capital expenditure of Proposed Unit in Berla, Chhattisgarh

The investigation notes that working capital requirements are also a planned use for the raised funds, indicating immediate operational strain.

Funds allocated for working capital requirements

Crucially, the document reserves up to 25% of the gross proceeds for general corporate purposes, which is subject to final determination under SEBI ICDR Regulations.

Cap of 25% of Gross Proceeds for General Corporate Purposes

Bottom line

In summary, the IPO of Madhur Iron & Steel India Limited raised concerns regarding fund allocation. While the DRHP claimed proceeds were for debt repayment and expansion into a new unit, the plan also included working capital needs. Furthermore, the reservation of up to 25% of gross proceeds for general corporate purposes remains a point of scrutiny under SEBI regulations.

Red flags from earlier look-ups

For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.

MediumRegulatory
Share India Capital Services Private Limited
80% confidence
What the filing says
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.
p.510
What we found
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.
- moneycontrol.com
  The proceedings stemmed from the SME initial public offer (IPO) of Archit Nuwood Industries Limited. Moneycontrol News. February 12, 2026 / 16:20 IST.
- scanx.trade
  8 Sept 2026 ... The tribunal directed Share India Securities to comply with all observations from stock exchanges and statutory authorities. The Income Tax ...
- moneylife.in
  Share India Capital Services Pvt Ltd has settled adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI) by paying a ...
- moneycontrol.com
  Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, please find attached herewith notice to holders of Non-convertible Debentures (NCDs) of ...
- shareindia.com
  Latest News. Get real-time market updates, expert insights, and the latest ... Share India Capital Services Pvt Ltd. Merchant Banker: INM000012537. AMFI ...

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

18 Sep 2026DAPAbridged prospectus (DAP)· 15 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
18 Sep 2026DLoFDraft letter of offer· 584 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

Madhur Iron & Steel India Limited IPO: common questions

Short answers drawn from the filings above.

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 SEBI filings. The price band is not stated in that document.

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 DLoF, 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 filing?

Earlier, we looked up 32 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 1 medium and 4 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?

Forget the hype: our deep dive into the MADHUR IRON & STEEL IPO reveals critical financial red flags, including severe risks like geographic concentration in revenue and a crippling dependency on just a few key suppliers and customers.

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, DLoF) 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

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
DAPAbridged prospectus (DAP) Madhur Iron & Steel India Limited - DRHP · 18 Sep 2026	18 Sep 2026	15	See update	PDF
DLoFDraft letter of offer Madhur Iron & Steel India Limited - DRHP · 18 Sep 2026	18 Sep 2026	584	See update	PDF

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