In 2025, India’s IPO market continues to attract investor interest with several niche companies tapping the capital markets. Among these, Mittal Sections Limited stands out as a manufacturer of mild steel sections and structural steel products. The company is set to open its IPO on October 7, 2025, giving investors an opportunity to participate in the growth of a firm with strong operational capabilities and expansion plans.
About Mittal Sections Ltd.
Incorporated in 2009, Mittal Sections Limited manufactures MS flat bars, round bars, angles, and channels under the brand name “MSL-MITTAL”, known for quality and durability. The company serves sectors such as construction, automotive, and engineering, ensuring products meet strict client specifications.
It operates two manufacturing plants in Changodar, Ahmedabad, Gujarat, with a current installed capacity of 36,000 MTPA, and has plans to expand to 96,000 MTPA.
Products:
- MS Angle: L-shaped steel components for load-bearing applications
- MS Flats: Rectangular steel for construction and engineering
- MS Round Bar: Cylindrical steel for structural and manufacturing purposes
- MS Channel: C-shaped steel for load distribution and structural stability
Employees: As of February 28, 2025, the company has 63 permanent employees.
Competitive Strengths:
- Established and strategically located manufacturing facilities
- Wide range of product SKUs catering to diverse industrial needs
- Strong customer base with in-depth understanding of requirements
- Experienced promoters and professional management team
Mittal Sections Ltd. IPO Details
The Mittal Sections IPO is a book building issue of ₹52.91 crore, entirely a fresh issue of 0.37 crore shares, and will be listed on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Oct 7, 2025 |
| IPO Close Date | Oct 9, 2025 |
| Tentative Allotment | Oct 10, 2025 |
| Initiation of Refunds | Oct 13, 2025 |
| Credit of Shares to Demat | Oct 13, 2025 |
| Tentative Listing Date | Oct 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 9, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹136 – ₹143 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 37,00,000 shares (₹52.91 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 78,67,500 shares |
| Shareholding Post-Issue | 1,15,67,500 shares |
Investor Category Reservation:
- QIB: Not more than 50% of net issue
- Retail: Not less than 35% of net issue
- NII: Not less than 15% of net issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,86,000 |
| Retail (Max) | 2 | 2,000 | ₹2,86,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,29,000 |
| S-HNI (Max) | 6 | 6,000 | ₹8,58,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,01,000 |
Promoter Holding:
Promoters: Mr. Ajaykumar Balwantrai Mittal, Mr. Atul Balwantrai Mittal, and Well Plan Tradelink Pvt. Ltd.
- Pre-IPO: 99.92%
- Post-IPO: [To be calculated based on equity dilution]
Book Running Lead Manager: Wealth Mine Networks Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Mittal Sections Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 35.11 | 29.04 | 33.37 | 32.3 |
| Total Income | 68.97 | 161.65 | 167.53 | 149.35 |
| Profit After Tax | 2.41 | 1.89 | 0.56 | 0.60 |
| Net Worth | 9.14 | 6.73 | 4.84 | 4.28 |
| Reserves & Surplus | 6.52 | 4.11 | 2.21 | 1.66 |
| Total Borrowing | 12.99 | 15.00 | 20.39 | 13.54 |
Key Performance Indicators (KPI):
- Market Cap: ₹165.42 Cr
- ROE: 28.13%
- ROCE: 42.05%
- Debt/Equity: 2.23
- RoNW: 28.13%
- PAT Margin: 1.17%
- Price to Book Value: 16.71
- EPS Pre-IPO: ₹2.41 | Post-IPO: ₹4.17
- P/E Pre-IPO: 59.42x | Post-IPO: 34.27x
Objects of the Issue
| S.No | Objects | Expected Amount (₹ Million) |
| 1 | Capital expenditure for land acquisition, factory construction & purchase of plant & machinery | 208.88 |
| 2 | Working capital requirements | 150 |
| 3 | Full or partial repayment/prepayment of certain secured borrowings | 50 |
| 4 | General corporate purposes | Balance |
Mittal Sections IPO: Peer Comparison
Mittal Sections IPO can be compared with peers like Shree Ram Proteins Ltd, Mukand Ltd, Jindal Saw Ltd, Tata Metaliks Ltd, and Electrosteel Steels Ltd. Reviewing these companies helps investors gauge Mittal Sections’ position in the steel and structural products sector and make informed decisions.
Conclusion
Mittal Sections Ltd. provides investors a focused opportunity in structural and mild steel products. With strong manufacturing capabilities, strategic plant locations, and an experienced management team, the company is positioned to capitalize on increasing demand for steel products. However, potential investors should weigh risks such as raw material price volatility, dependency on key clients, and competition in the steel sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
