In recent months, India’s IPO market has continued to witness steady participation, particularly from manufacturing and industrial focused companies aligned with infrastructure, construction, and automotive sectors. Rising infrastructure spending and increased use of advanced construction materials are driving interest in specialised steel and composite manufacturers.
Against this backdrop, Kasturi Metal Composite Ltd. is set to open its IPO on January 27, 2026. Below is a detailed overview of the company, its IPO details, financial performance, peer comparison, and industry outlook.
About Kasturi Metal Composite Ltd.
Incorporated in 2005, Kasturi Metal Composite Limited is engaged in the manufacturing, supply, and export of steel fibre products for industrial applications. The company manufactures steel wool fibre for brake pads and clutches, trades Durocrete PP Fibers, and offers concrete flooring solutions through Durafloor Concrete Solution LLP.
The company markets its Duraflex and Durabond product ranges for industries such as construction, mining, and automotive. These products are used in tunnels, roads, bridges, warehouses, and industrial flooring applications, enhancing structural strength and durability.
Kasturi Metal Composite operates three manufacturing units in MIDC Amravati. Unit 1 focuses on fine wire drawing, while Units 2 and 3 manufacture steel fibres and mild steel wires, ensuring operational efficiency and quality consistency. As of October 31, 2025, the company employed 98 permanent full-time employees.
Products Portfolio
• Duraflex Steel Fibers for tunnels, mines, and rock stabilisation
• Industrial flooring fibres for warehouses, factories, and precast walls
• Durabond steel wool fibre with high thermal stability for reinforcement
Kasturi Metal Composite Ltd. IPO Details
Kasturi Metal Composite Ltd. proposes to raise ₹17.61 crore through a fresh issue of equity shares. The net proceeds from the IPO will be utilised towards setting up a new manufacturing facility at Amravati and meeting general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | January 27, 2026 |
| IPO Close Date | January 29, 2026 |
| Allotment Date | January 30, 2026 |
| Initiation of Refunds | February 2, 2026 |
| Credit of Shares to Demat | February 2, 2026 |
| Listing Date | February 3, 2026 |
| Cut off time for UPI mandate | 5 PM on January 29, 2026 |
Key IPO Details
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹61 to ₹64 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 27,52,000 shares aggregating to ₹17.61 Cr |
| Fresh Issue | 27,52,000 shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre Issue | 76,43,212 shares |
| Shareholding Post Issue | 1,03,95,212 shares |
Lot Size of Kasturi Metal Composite Ltd. IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,56,000 |
| Retail (Max) | 2 | 4,000 | ₹2,56,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,84,000 |
| S-HNI (Max) | 7 | 14,000 | ₹8,96,000 |
| B-HNI (Min) | 8 | 16,000 | ₹10,24,000 |
Kasturi Metal Composite Ltd. Financials
The Kasturi Metal Composite IPO is valued at a pre-issue market capitalisation of ₹66.53 crore. As of September 30, 2025, the company reported stable margins with improving profitability, supported by steady demand for steel fibre products.
Key Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr) | 44.43 | 35.57 | 33.45 | 21.71 |
| Total Income (₹ Cr) | 32.29 | 57.22 | 50.20 | 37.37 |
| Profit After Tax (₹ Cr) | 2.47 | 2.07 | 2.35 | 1.49 |
| EBITDA (₹ Cr) | 4.80 | 5.69 | 5.40 | 3.97 |
| Net Worth (₹ Cr) | 20.19 | 17.76 | 12.29 | 7.03 |
| Total Borrowing (₹ Cr) | 14.28 | 13.15 | 11.83 | 9.78 |
Kasturi Metal Composite Ltd. IPO: Peer Comparison
Kasturi Metal Composite Ltd. operates in the steel fibre and industrial reinforcement materials segment, serving construction, mining, and automotive applications. Many comparable players operate within the SME and unlisted space, making a benchmark-based comparison relevant for evaluation.
Peer Comparison Table
| Parameters | Kasturi Metal Composite Ltd. | Industry Benchmark (Steel Fibre SMEs) |
|---|---|---|
| Business Focus | Steel fibres and reinforcement solutions | Industrial steel and composite materials |
| Revenue Scale | Small to mid-sized | SME scale |
| EBITDA Margin | Around 10 percent | High single digit to low teens |
| RoNW | Around 12 percent | Low to mid teens |
| Debt Equity Ratio | Below 1 | Moderate leverage |
| End Use Industries | Construction, mining, automotive | Infrastructure and industrial |
This comparison highlights Kasturi Metal Composite’s stable margin profile and diversified application base, while also reflecting competitive pricing pressures typical of SME manufacturing companies.
Competitive Strengths
• Strong manufacturing capabilities across multiple production units
• Diversified portfolio of steel fibre products catering to various industries
• Stringent quality control mechanisms ensuring standardised product quality
• Established relationships with customers across domestic and export markets
• Experienced promoter group with sector knowledge and execution capability
Kasturi Metal Composite Ltd.: Industry Outlook
• Rising infrastructure development driving demand for reinforced concrete solutions
• Increased adoption of steel fibre reinforcement in tunnels, roads, and flooring
• Growing focus on durable and crack resistant construction materials
• Expanding applications of steel fibres in automotive and industrial segments
Conclusion
Kasturi Metal Composite Ltd. presents an industrial materials focused investment opportunity aligned with infrastructure and construction growth themes. The company benefits from an established product portfolio, stable operating margins, and expansion plans through a new manufacturing facility. However, investors should consider risks related to margin volatility, competitive pricing, and cyclical demand before investing.
