Madhur Iron & Steel Unlisted Share Price & Financials (2026)
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
An in-depth analysis of Madhur Iron and Steel (India) Limited, examining its structural steel operations in Bhilai, multi-year financial growth, unlisted share price movements, and strategic expansion plans.
Direct answer: Madhur Iron and Steel (India) Limited is a Bhilai-based structural steel manufacturer supplying angles, channels, and towers for Indian infrastructure projects. Tracked via Madhur Iron and Steel (India) on BuyUnlistedShares, its equity remains unlisted following its 2026 DRHP withdrawal. Data and unlisted trading trends are monitored by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Overview and Production Footprint
Incorporated in 2012, Madhur Iron and Steel (India) Limited operates as a business-to-business (B2B) structural steel producer headquartered in Bhilai, Chhattisgarh. Bhilai serves as one of central India's primary metallurgical hubs, giving the issuer operational proximity to raw material ecosystems including iron ore, billets, ingots, and industrial coal. The company's manufacturing activities focus on hot re-rolled structural steel sections, including angles, channels, mild steel (MS) sections, flats, and rods.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹146 | 16 Oct 2026 |
| Lot size | 175 shares | 16 Oct 2026 |
| Minimum investment | ₹25,550 | 16 Oct 2026 |
| Market cap | ₹351 Cr | 16 Oct 2026 |
| Face value | ₹10 | 16 Oct 2026 |
| Book value | ₹35.22 | 16 Oct 2026 |
| P/E | 19 | 16 Oct 2026 |
| ISIN | INE0TO301014 | 16 Oct 2026 |
| Sector | Materials | 16 Oct 2026 |
| Listing status | UNLISTED | 16 Oct 2026 |
Beyond standard rolling operations, the issuer manufactures engineered steel products such as transmission-line towers. Its customer base primarily consists of industrial buyers, engineering, procurement, and construction (EPC) contractors in power transmission, urban infrastructure, and railway sector projects. Reported manufacturing capacity expanded from approximately 28,500 metric tonnes per annum (MTPA) in FY23 to roughly 35,000 MTPA in FY24, operating under an order-driven supply model across central, northern, and western India.
Financial Growth and Balance Sheet Metrics
Per reported financial statements, revenue from operations grew consistently from ₹193 Cr in FY23 to ₹239 Cr in FY24, reaching ₹340 Cr in FY25, while net profit expanded from ₹6 Cr in FY23 to ₹18.5 Cr in FY25.
Operating profitability has tracked rising capacity utilization. In FY25, earnings before interest, tax, depreciation, and amortization (EBITDA) stood at ₹35 Cr, translating to an operating margin (OPM) of 10.0%. Net profit margin (NPM) reached 7.36% in FY25, supported by an annualized return on equity (ROE) of 19.5% and return on capital employed (ROCE) of 18%.
However, operational expansion has required substantial working capital commitment. Cash flow from operations (CFO) was recorded at ₹(20.91) Cr in FY24 and dropped further to ₹(44) Cr in FY25. This cash absorption stems from working capital cycles exceeding 130 days in early FY26, alongside trade receivables rising to ₹41.93 Cr and trade payables standing at ₹52.73 Cr as of FY25. Total borrowings stood at ₹135 Cr against a net worth of ₹117.89 Cr at the close of FY25, resulting in a debt-to-equity ratio of 0.90 (with total debt metrics reaching 1.53 as of late 2026).
Unlisted Valuation, Shareholding and Price Movement
In the unlisted market between July 2026 and October 2026, indicative share prices for Madhur Iron and Steel moved from a low of ₹118.0 on 18 Jul 2026 to a high of ₹152.0 in late September 2026, settling at ₹146.0 as of 15 Oct 2026.
The issuer maintains a total share base of 2,97,84,546 (2.98 crore) equity shares with a face value of ₹10 per share. Per book value disclosures of ₹35.22 per share, the indicative price of ₹146.0 translates to a price-to-book (P/B) multiple of 3.35x and a trailing price-to-earnings (P/E) multiple of 19.0x based on FY25 earnings per share (EPS). Promoters, led by Managing Director Jayant Agrawal, held a 73.89% equity stake in FY25, down from 83.13% in FY24.
Investors comparing manufacturing entities via our Unlisted shares screener can review private valuations through BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Strategic Infrastructure Drivers vs Operational Risks
Demand for structural steel products is directly linked to domestic capital expenditure in power transmission, transportation, and civil construction. India's annual per-capita steel consumption stands at 102.6 kg, compared to a global average of 214.7 kg. Domestic policy targets aim to reach 160 kg per capita and a total national production capacity of 300 MT by 2030, presenting long-term structural tailwinds for rolling mills and fabricators.
Balanced against these macro opportunities are notable operational vulnerabilities:
- Geographic Concentration: More than 65% of operational revenue originates from Chhattisgarh, exposing earnings to regional policy, logistics, or economic disruptions.
- Working Capital Requirements: Negative operating cash flows reflect heavy credit terms extended to infrastructure clients and capital tied up in inventory.
- Input Price Volatility: Fluctuations in key inputs such as iron ore, billets, ingots, and coal directly impact operating margins if cost escalation cannot be passed on immediately.
To examine how macro cycles affect other unlisted industry verticals, investors can also read our review on Berar Finance Unlisted Shares: 2026 Financials & Price Trend.
Public Listing Timeline and Future Expansion Plans
Madhur Iron and Steel filed a Draft Red Herring Prospectus (DRHP) with SEBI on 23 Jan 2026 toward a proposed initial public offering (IPO) seeking to issue up to 1 crore fresh equity shares to raise approximately ₹150 Cr. Planned proceed utilization focused on setting up a new Unit II manufacturing expansion, augmenting long-term working capital, and paying down existing debt. However, the company formally withdrew its draft offer document in March 2026, retaining its equity entirely within the unlisted segment.
While the DRHP withdrawal defers near-term mainboard listing timelines, the issuer's strategic focus remains on expanding fabrication capacity for transmission towers and high-margin engineered steel products. For updates on upcoming mainboard and SME public issues, readers can check the IPO calendar or review company breakdowns like the Madhur Knit IPO 2026: Price Band, Dates, Lot Size & Key Details.
To evaluate unlisted opportunities, review corporate financials, or submit trade enquiries for private equity securities, contact the desk directly through our enquiry portal. Service and order matching are facilitated by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
What business does Madhur Iron and Steel (India) operate?
Madhur Iron and Steel (India) Limited manufactures hot re-rolled structural steel sections—including angles, channels, MS sections, flats, and rods—and engineered steel products such as transmission-line towers from its unit in Bhilai, Chhattisgarh, serving infrastructure and engineering clients.
Is Madhur Iron and Steel listed on the NSE or BSE?
No. Madhur Iron and Steel is an unlisted public company. It filed a DRHP with SEBI in January 2026 toward a planned public offering but withdrew the document in March 2026, leaving its equity trading off-market in the unlisted segment.
What key financial numbers were reported by Madhur Iron and Steel in FY25?
Per company disclosures for FY25, revenue from operations reached ₹340 Cr, EBITDA was ₹35 Cr (10% OPM), and Net Profit was ₹18.5 Cr (7.36% NPM), with an ROE of 19.5% and a debt-to-equity ratio of 0.90.
What determines the unlisted share price of Madhur Iron and Steel?
Indicative unlisted share prices are determined by private counterparty negotiations, demand-supply balance, financial disclosure updates, liquidity conditions, and general market sentiment surrounding the steel and infrastructure sectors.
Is Madhur Iron and Steel unlisted share a suitable investment for retail investors?
We do not make investment recommendations or issue suitability verdicts. Unlisted equities carry risks including lower liquidity, wider bid-ask spreads, absence of continuous exchange price discovery, and timing uncertainty regarding potential future listings. Investors should conduct independent research and consult professional advisors before making capital allocations.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
