In 2025, India’s IPO market continues to provide opportunities for investors seeking niche industrial companies. Among these, KVS Castings Limited stands out for its specialization in cast iron, SG iron, and alloy steel components for automobiles, locomotives, and other engineering applications. The company is set to open its IPO on September 26, 2025, giving investors an opportunity to participate in the growth of a company with a diversified product portfolio and industrial presence.
About KVS Castings Ltd.
Incorporated in 2005, KVS Castings Limited is engaged in the manufacturing of cast iron, SG iron, alloy steel, and stainless steel castings. The company offers a complete casting solution with over 150 products, including:
- Gear Shifter: Transmission part for two-wheelers
- Compressor Front Housing: Cover housing for passenger car AC systems
- Leaver Shift: Gear shifting lever for passenger cars
- Oil Filter: Assembly part for passenger car oil filtration
- Ace Brake Drum: Rear brake drum for light commercial vehicles
The company operates from strategically located facilities with in-house tool and pattern making capabilities. As of March 31, 2025, it employed 121 permanent employees.
Competitive Strengths:
- Diversified customer base and product portfolio
- Strategic location for industrial operations
- In-house tool and pattern making facilities
- Dedicated and experienced workforce
KVS Castings IPO Details
The KVS Castings IPO is a book building issue of ₹27.83 crore, entirely a fresh issue comprising 0.50 crore shares. The IPO will list on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 26, 2025 |
| IPO Close Date | Sep 30, 2025 |
| Tentative Allotment | Oct 1, 2025 |
| Initiation of Refunds | Oct 3, 2025 |
| Credit of Shares to Demat | Oct 3, 2025 |
| Tentative Listing Date | Oct 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 30, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹53 – ₹56 per share |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 49,70,000 shares (aggregating up to ₹27.83 Cr) |
| Reserved for Market Maker | 2,54,000 shares (aggregating up to ₹1.42 Cr)Prabhat Financial Services Ltd. |
| Net Offered to Public | 47,16,000 shares (aggregating up to ₹26.41 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,37,83,324 shares |
| Shareholding Post-Issue | 1,87,53,324 shares |
Investor Category Reservation:
| Category | Shares Offered |
| Market Maker | 2,54,000 (5.11%) |
| QIB | 23,52,000 |
| NII (HNI) | 7,08,000 (14.25%) |
| Retail | 16,56,000 (33.32%) |
| Total | 49,70,000 (100%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,24,000 |
| Retail (Max) | 2 | 4,000 | ₹2,24,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,36,000 |
| S-HNI (Max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,08,000 |
Promoter Holding:
The promoters include Mr. Arpan Jindal, Mr. Devendra Kumar Agarwal, Ms. Rekha Agarwal, Ms. Venu Jindal, and M/s Kumaun Garhwal Infrastructural Industrial Corporation Pvt. Ltd.
- Pre-IPO: 96.55%
- Post-IPO: 70.96%
Book Running Lead Manager: Narnolia Financial Services Ltd.
Registrar: Skyline Financial Services Pvt. Ltd.
Market Maker: Prabhat Financial Services Ltd.
KVS Castings Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 47.75 | 31.35 | 32.01 |
| Total Income | 50.43 | 54.70 | 57.61 |
| Profit After Tax | 6.63 | 5.95 | -1.60 |
| EBITDA | 9.84 | 9.00 | 7.51 |
| Net Worth | 34.45 | 25.79 | 19.83 |
| Reserves & Surplus | 20.67 | 19.02 | 13.07 |
| Total Borrowing | 3.72 | 0.58 | 4.98 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹105.02 Cr |
| ROE | 22% |
| ROCE | 23.78% |
| Debt/Equity | 0.11 |
| RoNW | 22% |
| PAT Margin | 13.22% |
| EBITDA Margin | 19.65% |
| Price to Book Value | 2.89 |
| EPS Pre-IPO | ₹4.81 |
| EPS Post-IPO | ₹3.53 |
| P/E Pre-IPO | 11.65x |
| P/E Post-IPO | 15.85x |
Objects of the Issue
| Object | Expected Amount (₹ Cr) |
| Capital Expenditures | 21.50 |
| General Corporate Purposes | Balance |
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Industry Outlook
The casting and metallurgical components sector in India is driven by:
- Growing demand from automobile and locomotive sector
- Expansion in engineering and construction industries
- Increasing preference for high-quality, durable components in industrial applications
KVS Castings’ strategic location, diversified product offerings, and in-house manufacturing capabilities position it well to capture growth in these industrial segments.
Peer Comparison
When evaluating KVS Castings Ltd., investors may also consider its peers in the Indian casting and metallurgical sector, such as Universal Autofoundry Ltd. and Thaai Casting Ltd. While KVS Castings focuses on cast iron, SG iron, and alloy steel components for automobile and engineering applications, Universal Autofoundry Ltd. and Thaai Casting Ltd. operate in similar industrial segments with overlapping product offerings. Comparing financial performance, market capitalization, and growth potential across these companies can provide investors with a broader perspective and help identify relative strengths and opportunities within the casting industry.
Conclusion
KVS Castings Ltd. presents an interesting investment opportunity in the castings and engineering sector. Its established client base, diversified portfolio, and consistent financial performance make it an attractive option. However, potential investors should consider risks, including market fluctuations in raw material prices, dependency on industrial clients, and sector-specific demand cycles.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
