Madhur Iron and Steel (India)
- Unlisted share
- Chemicals & Materials
- ISIN INE0TO301014
At a glance
Sales
FY26
₹444 Cr
+30.8%on FY25What the company earned from its customers in the year.
Profit
FY26
₹23.88 Cr
+31.7%on FY25What was left after every cost and tax was paid.
Market valuecalculated
₹448 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹118 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Madhur Iron and Steel (India)
- ISIN
- INE0TO301014
- Sector
- Chemicals & Materials
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹150.48
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Madhur Iron and Steel (India)
Madhur Iron & Steel (India) Limited rolls steel billets and blooms into structural steel products such as angles, channels, sections, flats and rods at Bhilai in Chhattisgarh, and also trades in steel products. It is promoted and run by Jayant Agrawal, who held 73.89% of the shares when the company filed its draft prospectus in September 2026. The company has filed draft offer documents for an initial public offer but its shares are not yet listed.
Written from: sebi.gov.in, nsearchives.nseindia.com
Listing status. Draft red herring prospectus dated 14 September 2026 filed with SEBI (fresh issue of up to 1,10,00,000 equity shares, proposed listing on BSE and NSE); an earlier DRHP dated 23 January 2026 was for up to 1,00,00,000 shares. Not listed. Draft red herring prospectus dated 14 September 2026 (SEBI)
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Chemicals & Materials
- ISIN
- INE0TO301014
- Registered office
- Bhilai, Durg, Chhattisgarh
- Promoter
- Jayant Agrawal (73.89% before the issue); promoter group a further 4.43%
- Key people
- Managing Director: Jayant Agrawal; Whole-time Director: Rajesh Modha; Company Secretary and Compliance Officer: Ketan Kumar Gupta
- Permanent employees
- 240 people
- Face value per share
- ₹10
- Equity shares outstanding (before the issue)
- 2,97,84,546 shares
- CIN
- U35105CT2012PLC000189
- Website
- madhurironandsteel.com
Read from: Draft red herring prospectus dated 14 September 2026 (SEBI), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to earnings (P/E)calculated
18.8×
At this price you pay ₹18.8 for every ₹1 of profit the company made in the year.
Price to book (P/B)calculated
3.8×
At this price you pay ₹3.8 for every ₹1 of net worth on the company's books.
Profit margincalculated
5.4%
Out of every ₹100 of sales, ₹5.4 was left as profit.
Return on equitycalculated
20.3%
For every ₹100 of the owners' money, the company made ₹20.3 of profit in the year.
Debt to equitycalculated
1.65×
The company has borrowed ₹1.65 for every ₹1 of its owners' money.
- Indicative price
- ₹150.48
- Market valuecalculated
- ₹448 Cr
- price × shares
- No. of shares
- 2,97,84,546
- EPS
- ₹8.02
- Book value per share
- ₹39.58
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Madhur Iron & Steel (India) Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY23 to FY26: ₹193 Cr to ₹444 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY23 to FY26: ₹6.53 Cr to ₹23.88 Cr.
| Particulars | FY23 | FY24 | FY25 | FY26Latest |
|---|---|---|---|---|
| Revenue from operations | 192.85 | 239.25 | 339.56 | 444.02▲31% |
| Other income | 0.39 | 0.56 | 1.1 | 0.95▼14% |
| Total income | 193.24 | 239.81 | 340.67 | 444.97▲31% |
| EBITDA (as defined in the DRHP) | n/a | 24.87 | 37.71 | 52.12▲38% |
| Depreciation and amortisation | 1.08 | 1.01 | 1.79 | 2.21▲23% |
| Finance costs | 3.9 | 7.08 | 12.22 | 18.47▲51% |
| Profit before tax | 9.28 | 17.34 | 24.8 | 32.39▲31% |
| Profit after tax | 6.53 | 12.56 | 18.12 | 23.88▲32% |
| Earnings per share (basic) (₹) | 2.8 | 5.38 | 6.71 | 8.02▲20% |
Rupees crore unless marked, standalone (restated). The change shown is the latest year against the year before. Read from: Draft red herring prospectus dated 23 January 2026 (NSE archives), Draft red herring prospectus dated 14 September 2026 (SEBI).
Credit rating. Crisil BBB+/Stable (long term) and A2 (short term), 25 May 2026; Infomerics IVR BBB+/Stable and IVR A2, 11 September 2026 (ratings dated 25 May 2026 and 11 September 2026) Draft red herring prospectus dated 14 September 2026 (SEBI)
Ownership
Shareholding pattern
Who owns the company
As of 14 September 2026
73.9%Promoter (Jayant Agrawal)
- Largest holder
- 73.9%
- Top 3 together
- 85.7%
- Holders named
- 3
- Promoter (Jayant Agrawal)73.89%
- Ten largest other shareholders7.37%
- Promoter group4.43%
- Total85.69%
Read from: Draft red herring prospectus dated 14 September 2026 (SEBI)
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 5 Sept 20251,48,92,273 bonus shares, one for every share held, taking the share count to 2,97,84,546. | Bonus issue | Equity shares | Not stated | Not stated |
| 30 Jan 202516,55,073 shares of ₹10 placed at ₹200 each; the cash flow statement shows ₹3,310.15 lakh received from share issues in FY2024-25. | Private placement | Equity shares | ₹200 | ₹33 Cr |
| 16 May 202466,18,600 bonus shares, one for every share held. | Bonus issue | Equity shares | Not stated | Not stated |
| 28 Mar 20247,86,500 shares of ₹10 placed at ₹138 each with outside investors; the cash flow statement shows ₹1,085.37 lakh received from share issues in FY2023-24. | Private placement | Equity shares | ₹138 | ₹11 Cr |
Read from: Draft red herring prospectus dated 23 January 2026 (NSE archives)
Leadership
Management
Jayant Agrawal
Managing Director
Rajesh Modha
Whole-time Director
Shikha Jain
Non-Executive and Independent Director
Roopa Garg
Non-Executive and Independent Director
Prashant Samantrai
Non-Executive and Independent Director
Prateek Sethi
Chief Financial Officer
Ketan Kumar Gupta
Company Secretary and Compliance Officer
Read from: Draft red herring prospectus dated 14 September 2026 (SEBI), Draft red herring prospectus dated 23 January 2026 (NSE archives)
Corporate calendar
Events
- 14 Sept 2026DRHP filingFresh draft red herring prospectus for an IPO of up to 1.10 crore new sharesOpen
- 11 Sept 2026RatingInfomerics rates borrowings IVR BBB+/Stable and IVR A2 (as listed in the DRHP)Open
- 31 Aug 2026EGMShareholders approve the public issue by special resolution (board approval 7 August 2026)Open
- 25 May 2026RatingCrisil rating at BBB+/Stable and A2 (as listed in the DRHP)Open
- 23 Jan 2026DRHP filingEarlier draft red herring prospectus for an IPO of up to 1 crore new sharesOpen
- 5 Sept 2025Bonus issue1:1 bonus issue of 1,48,92,273 sharesOpen
- 24 Feb 2025RatingCrisil assigns BBB/Stable and A3+ to Rs 83.5 crore of bank facilitiesOpen
- 26 Jul 2024ConversionConverted from a private to a public limited companyOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- February 2025Crisil rating rationale, 24 February 2025
- FY2025-26 (six months to 30 September 2025)Draft Red Herring Prospectus dated 23 January 2026
- FY2025-26Annual Report 2025-26 (scanned PDF)
- FY2025-26Draft Red Herring Prospectus dated 14 September 2026
- FY2024-25Financial statements FY 2024-25 (signed)
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Madhur Iron and Steel (India) on WhatsAppIs the price shown for Madhur Iron and Steel (India) final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Madhur Iron and Steel (India) shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Madhur Iron and Steel (India) shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Madhur Iron and Steel (India). Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.