Madhur Iron and Steel (India)
vs. prev. close ₹138
52W High
₹145
52W Low
₹138
Market cap
₹432 Cr
IPO stage
No DRHP filed
CIN
U51101CT2012PTC000189
Price History
52W High
₹145
52W Low
₹138
About Madhur Iron and Steel (India)
A fast-scaling Bhilai steel manufacturer with standalone revenue up 30.6% and total assets nearly tripling over two years, funded by a mix of fresh equity, a bonus issue, and growing short-term debt, a growth story worth watching alongside its thinning cash cushion and rising working-capital borrowings.
Short Version :
Madhur Iron & Steel (India) Limited is a Bhilai (Chhattisgarh)-based manufacturer of hot-rolled structural steel and cold-rolled steel products, converted from a private to a public limited company in July 2024. On a standalone basis, Total Income grew 30.6% to Rs444.97 crore in FY26 (FY25: Rs340.67 crore), and Profit After Tax grew to approximately Rs23.87 crore (FY25: approximately Rs18.12 crore), with disclosed EPS of approximately Rs8.02 Basic / Rs7.91 Diluted (FY25: approximately Rs6.77 / Rs6.71) on face value Rs10. Closing equity grew to Rs117.90 crore (FY25: Rs93.99 crore), working out to BVPS of roughly Rs39.58 (FY25: Rs63.11, before a 1:1 bonus issue during the year) and ROE of 20.25% (FY25: 19.28%) on a closing-equity basis. Total assets nearly tripled over two years, growing to Rs334.23 crore (FY25: Rs236.25 crore, transition-date FY24: Rs127.59 crore).
Why It Trades Where It Does :
The Company has scaled rapidly, total assets have grown roughly 2.6x over two years as it builds out capacity, with a sharp jump in capital work-in-progress (Rs1,991.68 lakh at FY26-end, up from Rs8.12 lakh) pointing to an active expansion programme. Growth has been funded substantially through short-term working-capital borrowings, current borrowings grew to roughly Rs127.76 crore (FY25: roughly Rs91.15 crore), alongside the FY26 bonus issue and fresh equity infusion that nearly doubled the share capital base. Cash and bank balances remain thin (Rs22.18 lakh at FY26-end) relative to the scale of the balance sheet, consistent with a working-capital-intensive commodity steel business reinvesting continuously in inventory and receivables to support growth.
Top Risk :
Heavy reliance on short-term borrowings to fund growth: current borrowings grew to roughly Rs127.76 crore (FY25: roughly Rs91.15 crore), a steel manufacturer operating with thin cash balances (Rs22.18 lakh at FY26-end) is exposed to working-capital and refinancing risk if credit conditions tighten.
Rapid, debt-and-equity-funded balance sheet expansion: total assets nearly tripled in two years, a pace of growth that requires continued access to capital and carries execution risk around the capacity expansion reflected in the sharp rise in capital work-in-progress.
Liquidity cushion has thinned: the current ratio eased from roughly 1.53 (FY25) to roughly 1.35 (FY26), as current liabilities grew faster than current assets.
Commodity-price and cyclicality exposure inherent to steel manufacturing, with revenue and margins sensitive to raw material (iron ore/scrap) cost swings and broader steel-cycle demand, typical of the sector rather than company-specific.
Disclosed EPS figures in the source filing were only partially legible in the copy reviewed; figures used here are a best-effort reading and should be independently re-verified against a clean copy of the audited accounts before publishing.
Top Opportunities :
Strong, broad-based growth: standalone Total Income grew 30.6% and PAT grew roughly 32% in FY26, continuing a multi-year scale-up (total assets up roughly 85% in FY26 alone, after more than 85% growth the prior year too).
Active capacity expansion underway, evidenced by the sharp rise in capital work-in-progress, positioning the Company for further volume growth once new capacity comes online.
Return on equity improved to roughly 20.25% (FY25: roughly 19.28%) on a closing-equity basis, indicating growth has not come at the expense of capital efficiency.
Strengthening capital base: the Company doubled its equity share capital through a bonus issue during FY26 while also raising fresh capital, broadening its equity cushion ahead of further growth.
Clean, unqualified audit opinion from Sanjib Jain & Associates, with no pending litigation, no wilful defaults, and no fraud reported.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Metals & Mining
Founded
2012
Headquarters
Bhilai, Chhattisgarh, India
Min Lot Size
500
Face Value
₹10.00
Shares Outstanding
2,97,84,546
Regulatory Information
Corporate Identity Number (CIN)
U51101CT2012PTC000189
PAN Number
AAHCM7572R
ISIN
INE0TO301014
Key Valuation Ratios
Valuation
Market Cap
₹431.88 Cr
P/E Ratio
18.09×
P/S Ratio
0.97×
P/B Ratio
3.66×
EV / EBITDA
10.70×
Returns & Per Share
ROE
20.25%
EPS
₹8.01
Book Value / Share
₹39.58
Solvency
Debt / Equity
1.15×
Interest Coverage
2.75×
Company Fundamentals
As of FY2026 Annual · updated 28 Oct 2026Gross Profit
₹232.05 Cr
EBITDA
₹53.06 Cr
Revenue Growth
30.46%
Profit Margin
5.38%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
1.15×
EBITDA Margin
11.95%
Interest Coverage
2.75×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 192.96₹ Crore | 239.38₹ Crore | 340.36₹ Crore | 444.02₹ Crore |
| Other incomeDisclosed | 39₹ Lakh | 56₹ Lakh | 1.06₹ Crore | 95₹ Lakh |
| Total IncomeDerived | 193.35₹ Crore | 239.94₹ Crore | 341.42₹ Crore | 444.97₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 154.44₹ Crore | 196.4₹ Crore | 191.68₹ Crore | 211.97₹ Crore |
| Purchases of stock-in-tradeDisclosed | 36.83₹ Crore | 21.08₹ Crore | 135.58₹ Crore | 181.61₹ Crore |
| Changes in inventoriesDisclosed | -24.35₹ Crore | -15.67₹ Crore | -44.36₹ Crore | -31.98₹ Crore |
| Employee benefits expenseDisclosed | 1.65₹ Crore | 1.69₹ Crore | 3.06₹ Crore | 6.7₹ Crore |
| Finance costsDisclosed | 3.22₹ Crore | 5.6₹ Crore | 9.33₹ Crore | 18.47₹ Crore |
| Depreciation and amortization expenseDisclosed | 1.07₹ Crore | 99₹ Lakh | 1.78₹ Crore | 2.21₹ Crore |
| Manufacturing expensesDisclosed | 4.02₹ Crore | 5.24₹ Crore | 8.68₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Other expensesDisclosed | 7.16₹ Crore | 7.21₹ Crore | 10.23₹ Crore | 23.61₹ Crore |
| Total ExpensesDerived | 184.04₹ Crore | 222.54₹ Crore | 315.98₹ Crore | 412.59₹ Crore |
| Profit | ||||
| Exceptional itemsDisclosed | 44₹ Lakh | 25₹ Lakh | 34₹ Lakh | 0₹ Crore |
| Profit before taxDerived | 9.75₹ Crore | 17.65₹ Crore | 25.78₹ Crore | 32.38₹ Crore |
| Current tax expenseDisclosed | 2.6₹ Crore | 4.8₹ Crore | 6.64₹ Crore | 8.54₹ Crore |
| Deferred tax expenseDisclosed | 1₹ Lakh | 9₹ Lakh | 6₹ Lakh | -3₹ Lakh |
| Tax expenseDisclosed | 2.6₹ Crore | 4.89₹ Crore | 6.6₹ Crore | 8.51₹ Crore |
| Profit After TaxDerived | 7.15₹ Crore | 12.76₹ Crore | 19.18₹ Crore | 23.87₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Total Comprehensive IncomeDerived | 7.15₹ Crore | 12.76₹ Crore | 19.18₹ Crore | 23.87₹ Crore |
Documents Library
Access all financial reports and filings
Document
Madhur Iron & Steel Files DRHP others Madhur Iron & Steel has filed its DRHP with SEBI for a mainboard IPO to raise fresh capital.
Madhur Iron & Steel Files DRHP others Madhur Iron & Steel has filed its DRHP with SEBI for a mainboard IPO to raise fresh capital.
Madhur Iron & Steel Files DRHP others Madhur Iron & Steel has filed its DRHP with SEBI for a mainboard IPO to raise fresh capital.
Madhur Iron & Steel Files DRHP others Madhur Iron & Steel has filed its DRHP with SEBI for a mainboard IPO to raise fresh capital.
Madhur Iron's EGM Notice for Proposed IPO others Seek approval to raise capital via IPO by issuing equity shares, including discounts and reservations, and pre-IPO placements.
Madhur Iron's EGM Notice for Proposed IPO others Seek approval to raise capital via IPO by issuing equity shares, including discounts and reservations, and pre-IPO placements.
Madhur Iron's EGM Notice for Proposed IPO others Seek approval to raise capital via IPO by issuing equity shares, including discounts and reservations, and pre-IPO placements.
Madhur Iron's EGM Notice for Proposed IPO others Seek approval to raise capital via IPO by issuing equity shares, including discounts and reservations, and pre-IPO placements.
Bonus issue of Madhur Iron bonus Bonus 1:1
Bonus issue of Madhur Iron bonus Bonus 1:1
Bonus issue of Madhur Iron bonus Bonus 1:1
Bonus issue of Madhur Iron bonus Bonus 1:1
Bonus issue of Madhur Iron bonus Bonus 1:1
Bonus issue of Madhur Iron bonus Bonus 1:1
Madhur Iron and Steel Addendum on Bonus Shares Record Date others Comapny has approved a 1:1 bonus issue of equity shares with a revised record date of 5th September 2025.
Madhur Iron and Steel Addendum on Bonus Shares Record Date others Comapny has approved a 1:1 bonus issue of equity shares with a revised record date of 5th September 2025.
Madhur Iron and Steel Addendum on Bonus Shares Record Date others Comapny has approved a 1:1 bonus issue of equity shares with a revised record date of 5th September 2025.
Madhur Iron and Steel Addendum on Bonus Shares Record Date others Comapny has approved a 1:1 bonus issue of equity shares with a revised record date of 5th September 2025.
Issue of Bonus shares in 1:1 in Madhur Iron and Steel others Short Notice for Bonus shares
Issue of Bonus shares in 1:1 in Madhur Iron and Steel others Short Notice for Bonus shares
Issue of Bonus shares in 1:1 in Madhur Iron and Steel others Short Notice for Bonus shares
Issue of Bonus shares in 1:1 in Madhur Iron and Steel others Short Notice for Bonus shares
Business Update of Madhur Iron & Steel others Business Update of Madhur Iron & Steel's FY25 outlining its growth and financial performance.
Business Update of Madhur Iron & Steel others Business Update of Madhur Iron & Steel's FY25 outlining its growth and financial performance.
Business Update of Madhur Iron & Steel others Business Update of Madhur Iron & Steel's FY25 outlining its growth and financial performance.
Business Update of Madhur Iron & Steel others Business Update of Madhur Iron & Steel's FY25 outlining its growth and financial performance.
Private placement in Madhur Iron and Steel Ltd. others Company has raised ~36 Cr at ₹200 per share
Private placement in Madhur Iron and Steel Ltd. others Company has raised ~36 Cr at ₹200 per share
Private placement in Madhur Iron and Steel Ltd. others Company has raised ~36 Cr at ₹200 per share
Private placement in Madhur Iron and Steel Ltd. others Company has raised ~36 Cr at ₹200 per share
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Current Price
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About Madhur Iron and Steel (India) unlisted shares
Indicative · updated dailyMadhur Iron and Steel (India) unlisted share price today
Madhur Iron and Steel (India) unlisted share price today is ₹145 as of 12 November 2026.
Madhur Iron and Steel (India) — frequently asked questions
- What is the grey market price for Madhur Iron and Steel (India)?
No IPO is currently announced for Madhur Iron and Steel (India), so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Madhur Iron and Steel (India) filed for an IPO, and when might it list?
Madhur Iron and Steel (India) has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Madhur Iron and Steel (India) compare to its listed peers?
There is no closely comparable listed company for Madhur Iron and Steel (India) in India today.
- Is Madhur Iron and Steel (India) on the SME or Mainboard IPO track?
Madhur Iron and Steel (India) has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Madhur Iron and Steel (India)'s CIN and registered office?
Madhur Iron and Steel (India)'s Corporate Identity Number is U51101CT2012PTC000189, registered at Bhilai, Chhattisgarh, India.
- What is Madhur Iron and Steel (India)'s market capitalisation?
Madhur Iron and Steel (India)'s market capitalisation is approximately ₹432 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for Madhur Iron and Steel (India) through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Madhur Iron and Steel (India) shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. Madhur Iron and Steel (India)'s minimum is ₹72,500.
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