amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Madhur Iron and Steel (India) Unlisted Shares
DRHP Status : Not Filed
136
Fundamentals About Madhur Iron and Steel (India)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Madhur Iron and Steel (India)
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 193 | 239 | 340 |
| Cost of Material Consumed | 191 | 217 | 327 |
| Change in Inventory | -24 | -16 | -44 |
| Gross Margins | 13.47 | 15.9 | 16.76 |
| Employee Benefit Expenses | 2 | 2 | 3 |
| Other Expenses | 11 | 12 | 19 |
| EBITDA | 13 | 24 | 35 |
| OPM | 6.74 | 10.04 | 10.29 |
| Other Income | 1 | 0.3 | 2 |
| Finance Cost | 3 | 5.6 | 9.32 |
| D&A | 1 | 0.99 | 1.77 |
| EBIT | 12 | 23.01 | 33.23 |
| EBIT Margins | 6.22 | 9.63 | 9.77 |
| PBT | 9 | 17 | 25 |
| PBT Margins | 4.66 | 7.11 | 7.35 |
| Tax | 3 | 5 | 6.5 |
| PAT | 6 | 12 | 18.5 |
| NPM | 3.11 | 5.02 | 5.44 |
| EPS | 10.29 | 18.15 | 12.42 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 6.74 | 10.04 | 10.29 |
| Net Profit Margin | 3.11 | 5.02 | 5.44 |
| Earning Per Share (Diluted) | 10.29 | 18.15 | 12.42 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 8 | 14 | 17.6 |
| CWIP | 2 | 0.1 | 0.14 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 3 | 2 | 42 |
| Inventory | 56 | 94 | 150 |
| Other Assets | 11 | 19.9 | 31.26 |
| Total Assets | 80 | 130 | 241 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 5.83 | 6.61 | 14.89 |
| FV | 10 | 10 | 10 |
| Reserves | 14 | 26 | 80 |
| Borrowings | 30 | 58 | 84 |
| Trade Payables | 26 | 21 | 53 |
| Other Liabilities | 4.17 | 18.39 | 9.11 |
| Total Liabilities | 80 | 130 | 241 |
About Company
Madhur Iron & Steel (India) Limited is a Bhilai-based, ISO-certified B2B company established in 2012, specializing in manufacturing and trading structural steel (angles, channels, flats) marketed under the brand "SARAL". It is currently in the pre-IPO phase, having filed a DRHP on January 23, 2026, with strong growth, high-capacity expansion, and, as of late 2025, a proposed 1:1 bonus share issuance.
The following table shows a 10-point analysis of Madhur Iron & Steel (India) Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 2012 | A B2B steel manufacturing and trading company focused on structural steel products. |
| Industry & Market Position | Infra-linked steel player | Operates in the structural steel segment catering to infrastructure, EPC, and industrial demand. |
| Core Products | Angles · channels · flats · sections | Manufactures and trades structural steel under its brand portfolio. |
| Manufacturing Capacity | Expanding capacity | Ongoing expansion to increase production and meet rising infrastructure demand. |
| Revenue Scale | ₹340 Cr (FY25) | Strong growth driven by increased production and trading activities. |
| Profitability | ₹18.5 Cr PAT (FY25) | Improved margins with operational efficiency and scale benefits. |
| EBITDA | ₹35 Cr (FY25) | Healthy operating performance with improving margins. |
| Order Book | ₹200+ Cr | Strong order visibility ensures future revenue pipeline. |
| Business Model | Manufacturing + trading | Combines production with trading of steel products for flexibility and scale. |
| Future Outlook | Infra growth tailwinds | Beneficiary of India’s infrastructure and construction demand growth. |
Company Overview
(i) Madhur Iron & Steel (India) Limited is a Bhilai-based steel company engaged in manufacturing and trading structural steel products for infrastructure and industrial applications.
(ii) The company manufactures products such as angles, channels, flats, and MS sections, catering primarily to EPC contractors and infrastructure projects.
(iii) It operates a hybrid business model combining manufacturing and trading, allowing flexibility in meeting customer demand and managing raw material supply.
(iv) The company has been expanding capacity and product offerings, including new product categories and infrastructure enhancements.
(v) With strong exposure to infrastructure growth, the company is positioned to benefit from rising demand for structural steel in India.
Challenges in Madhur Iron & Steel (India) Limited’s Business
- Cyclical nature of steel industry: Demand and pricing are highly dependent on economic cycles and infrastructure spending.
- Raw material price volatility: Fluctuations in steel and iron input costs can impact margins.
- Working capital intensive operations: Manufacturing and trading operations require significant working capital.
Financial Review of Madhur Iron & Steel (India) Limited
Here are some highlights of the financial performance of Madhur Iron & Steel (India) Limited over the past few years.
FY25 Performance
• Revenue from operations stood at ₹340 crore
• EBITDA reported at ₹35 crore
• Profit before tax stood at ₹25 crore
• Profit after tax reported at ₹18.5 crore
FY24 Performance
• Revenue from operations stood at ₹239 crore
• EBITDA reported at ₹24 crore
• Profit before tax stood at ₹17 crore
• Profit after tax reported at ₹12 crore
FY23 Performance
• Revenue from operations stood at ₹193 crore
• EBITDA reported at ₹13 crore
• Profit before tax stood at ₹9 crore
• Profit after tax reported at ₹6 crore
Summary
Madhur Iron & Steel (India) Limited is a growing structural steel player benefiting from India’s infrastructure expansion. The company has shown consistent revenue and profit growth over the last three years, supported by capacity expansion and improving margins. Its hybrid manufacturing and trading model provides operational flexibility, though it remains exposed to cyclical and raw material risks.
Promoters of Madhur Iron & Steel (India) Limited
The following are the active promoters/leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Jayant Agrawal | MD & CFO | View Profile |
| Rajesh Modh | Director | - |
| Virendra Kumar Agrawal | Director | - |
Shareholding Pattern of Madhur Iron and Steel (India)
| Name | Holding |
|---|---|
| SoftBank | 45% |
| Ritesh Agarwal (Promoter) | 31% |
| Other Investors | 17% |
| Lightspeed | 3% |
| Sequoia | 3% |
| Airbnb | 1% |
Promoters of Madhur Iron and Steel (India)
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Jayant Agrawal | MD & CFO | 10+ |  |
| Rajesh Modh | Director | 25+ | |
| Virendra Kumar Agrawal | Director | 30+ | |
Latest News
Latest Post
Frequently Asked Questions
Madhur Iron & Steel (India) Limited unlisted shares are equity shares of the company that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy Madhur Iron & Steel (India) Limited unlisted shares through private market platforms.
Yes, a demat account is required to hold these shares.
Yes, they can be traded in the unlisted market depending on liquidity.
Yes, typically a six-month lock-in period applies post listing as per SEBI regulations.
If held for more than two years, gains are taxed at 20% with indexation; otherwise taxed as per income slab.
+91-9599071664
amit@unlistedkraft.in