The market for Indian metal composites and building materials is growing quickly, especially for steel fibres, synthetic fibres, and concrete reinforcement solutions used in roads, tunnels, industrial flooring, and other infrastructure projects. We anticipate the market to reach $5–7 billion by 2030, with a compound annual growth rate (CAGR) of 12–15%. Urbanisation, a real estate boom, government spending on infrastructure (111 lakh Cr National Infrastructure Pipeline), and the need for long-lasting, crack-resistant building materials are all driving this growth. Tier-2 and Tier-3 city projects, metro expansions, airport upgrades, and annual capital expenditures of ₹25,000 crore or more favour segments like steel fibre reinforced concrete (SFRC), which is used 82% of the time in India.
Kasturi Metal Composite Private Limited, which was founded in 2005 in Amravati, Maharashtra, makes steel fibres (hook end, flat crimped), steel wool fibres, polypropylene fibres, and synthetic reinforcements for concrete flooring, shotcrete, tunnels, and industrial uses. These products are sold under the Duraflex brand. The ISO 9001:2015-certified facility makes glued steel fibres that meet ASTM A820M-04 standards. It serves hydropower projects, warehouses, roads, and exports (40–60% overseas) with government approval and the "Best Industry Award" from Maharashtra.
In this fast-paced industry, Kasturi Metal Composite is offering a BSE SME IPO of 27.52 lakh equity shares (FV ₹10) with a goal of raising ₹16.73–17.61 Cr (entirely new issue) at a price range of ₹61–64 (lot size 2,000 shares). The issue starts on January 27 and ends on January 29, 2026 (anchor bids are due on January 26). Allotment is on January 30, and the BSE SME listing is on February 3.
Kasturi Metal Composite IPO Details:
Kasturi Metal Composite Issue Management:
Hem Securities Ltd acts as the book-running lead manager for the Kasturi Metal Composite SME IPO, managing underwriting and compliance.
Kasturi Metal Composite IPO RTA (Registrar) Details:
Bigshare Services Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-22-6263 8200 or ipo@bigshareonline.com.
Kasturi Metal Composite IPO Allotment Status:
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Action Links:
To apply for Kasturi Metal Composite IPO, open a demat account here
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Kasturi Metal Composite IPO GMP Update: Check latest grey market premium here
Kasturi Metal Composite Limited, which was founded in 2005 in Amravati, Maharashtra, makes steel fibres (hook end, flat crimped), steel wool fibres, and polypropylene fibres under the Duraflex brand for use in industrial flooring, shotcreting, tunnels, roads, and hydropower projects. The ISO 9001:2015-certified facility makes glued steel fibres that meet ASTM standards. It serves both domestic infrastructure and exports (40–60% overseas) with government approval. Plans to use the ₹16.73 Cr from the IPO to build a new manufacturing facility (Unit IV: mechanical/electrical works, plant & machinery) in Amravati, as well as for working capital and other general purposes.
Kasturi Metal Composite Limited uses advanced fibre technology to make concrete stronger and more durable for industrial flooring, precast elements, tunnels, and infrastructure projects.
Before the BSE SME IPO, Kasturi Metal Composite Limited has strong finances. ₹16.73 Cr (27.52 lakh shares at ₹10 FV) in the ₹61–64 price range (lot size 2,000 shares ≈ ₹1,22,000–₹1,28,000). The store will be open from January 27 to 29, 2026, with allotment on January 30 and listing on February 3. Revenue for H1FY26 was ₹32.29 Cr, thanks to demand for infrastructure.
The Kasturi Metal Composite Limited IPO comprises a fresh issue of ₹16.73 Cr (27.52 lakh shares @ ₹10 FV), an entirely fresh issue (no OFS), aimed at new manufacturing facility establishment (Unit IV: ₹13.29 Cr for mechanical/electrical works, plant & machinery), working capital enhancement, and general corporate purposes.
Kasturi Metal Composite IPO proceeds will be deployed towards the following objectives:
Kasturi Metal Composite Ltd BSE SME IPO reserves 27.52 lakh shares across investor categories per standard SME norms:
Anchor bidding starts on Jan 26, 2026 (~28.42% of QIB: 7.82 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms, as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Bigshare Services Pvt Ltd.
Kasturi Metal Composite Limited has strong financial numbers for FY25, with a ROE of 42.8%, a ROCE of 58.3%, a PAT margin of 18.7%, and an EBITDA margin of 25.4%. This is because of the high demand for steel fibres from infrastructure projects, export growth (40–60% of revenue), and improvements in capacity utilisation per RHP disclosures.
At the upper price band (₹64), the company trades at about 2.8 times FY25 sales and about 12 times FY25 EPS (post-issue). This is a good deal for a construction materials company that is growing quickly in India's ₹111 lakh crore infrastructure pipeline (12-15% CAGR to 2030). Key factors that are helping the economy are metro expansions, a boom in industrial flooring, government spending (₹25,000+ Cr a year), and the use of SFRC in roads and tunnels. Export markets are also growing by more than 15% a year.
The Kasturi Metal Composite IPO presents significant risks and strengths.
Strengths:
Strong Manufacturing Capabilities: Several integrated units (for example, wire drawing and steel fibre production) make sure that the quality of the output is always high for industrial uses like flooring, tunnels, and shotcreting.
Diverse Products: A full range of steel fibres (hook end, flat crimped), steel wool fibres, and PP fibres under the Duraflex and Durabond brands for use in construction, mining, and automotive.
Highly stringent quality control: Standardised testing that meets ASTM A820M-04 standards, ISO 9001:2015 certification, and government approvals keep infrastructure projects safe.
Established Customer Relationships: The company has a presence in both domestic and international markets (40–60% of sales are exports). It gets repeat business from hydropower, roads, and warehouses, and it has customers in many different places.
Experienced Management: Promoter, led by Vijay R. Gedekar, who has more than 20 years of experience in the field, is backed by a technical team that makes sure everything runs smoothly.
Risks
Dependency on Raw Materials: Relying heavily on a small number of suppliers makes prices unstable and can cause supply problems if there are no long-term contracts.
Customer Concentration: Relying on a small number of big clients for a lot of money means that losing key contracts could be a problem.
Geographic Concentration: The single Amravati facility is at risk of regional disruptions even though it exports to many different places.
Moderate Margins: PAT margins of 3.64% to 7.71% and EBITDA of 9.99% show that prices are under pressure in the competitive construction materials market.
Debt Levels: The debt-to-equity ratio of 0.71 to 0.74 means that careful management of working capital is needed after the IPO expansion
According to the RHP filings, Kasturi Metal Composite Ltd has stable finances, with H1FY26 revenue of ₹32.29 Cr, FY25 PAT of ₹2.35 Cr (margin of 3.64%), ROE of 13.80%, ROCE of 13.76%, and an EBITDA margin of 9.99%. This is because of strong demand for steel fibre from infrastructure, 40-60% of which comes from exports, and full capacity.
Kasturi Metal Composite Ltd is strategically positioned within India's ₹111 lakh crore infrastructure pipeline, which is expected to grow at a 12–15% CAGR through 2030, driven by metro projects, an industrial flooring boom, Gati Shakti schemes, and the use of SFRC in roads, tunnels, and shotcreting; however, its margins are lower than those of high-growth peers.
The ₹16.73 Cr BSE SME IPO at ₹61–64 price band trades at a reasonable 2.8x FY25 sales and 12x EPS (post-issue) compared to other construction materials companies. However, the fact that it only has one plant, a small number of customers, and no GMP means that it should be applied with caution rather than listed as a gamble.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Kasturi Metal Composite IPO, open a demat account here
Kasturi Metal Composite IPO Subscription Status: Check live subscription here
Kasturi Metal Composite IPO GMP Update: Check latest grey market premium here
1. What are the key dates for the Kasturi Metal Composite IPO?
The Kasturi Metal Composite Limited BSE SME IPO opens January 27-29, 2026, with anchor bidding on Jan 26, share allotment on January 30, and listing on BSE SME on February 3, 2026.
Track Kasturi Metal Composite IPO subscription status live here from Finnpick.
2. What is the Kasturi Metal Composite IPO price band and lot size?
The IPO price band stands at ₹61-64 per share (₹10 face value), with a minimum lot size of 2,000 shares requiring ₹1,22,000-₹1,28,000 for retail investors.
3. What are Kasturi Metal Composite IPO FY25 Financials ROE PAT?
The financials of Kasturi Metal Composite stand at H1FY26 revenue of ₹32.29 Cr, FY25 PAT of ₹2.35 Cr (margin 3.64%), ROE of 13.80%, ROCE of 13.76%, and EBITDA margin of 9.99% amid infrastructure demand and exports.
4. How to apply for the Kasturi Metal Composite IPO?
Open a demat account here (Zerodha/Upstox/Angel One) or ASBA by Jan 29, 4 PM. Monitor Kasturi Metal Composite IPO subscription tracker here.
5. How to check Kasturi Metal Composite IPO allotment status?
The allotment date is on Jan 30th and can be checked on the Bigshare Services portal RTA portal using PAN/DP ID.
6. What is the Kasturi Metal Composite IPO GMP today and what is its subscription status?
Current Grey Market Premium (GMP) stands at ₹0-2 (flat to slight premium) as of Jan 20, indicating listing around ₹64-65 range—check daily updates of Kasturi Metal Composite IPO GMP trends here and live subscription status here from Jan 27th opening only on Finnpick.
7. What does Kasturi Metal Composite specialise in?
Kasturi Metal Composite, established in 2005, specialises in steel fibre manufacture in Amravati, Maharashtra, producing hook-end, flat-crimped steel fibres and PP fibres under the Duraflex brand for industrial flooring, tunnels, shotcreting, and exports (40–60% overseas).
8. When is the Kasturi Metal Composite IPO listing date?
The Kasturi Metal Composite Ltd IPO lists on 03rd February, 2026, on BSE SME (~T+2 post-allotment Jan 30).
9. How is the investor quota allocated in the Kasturi Metal Composite IPO?
The allocation in the Kasturi Metal Composite IPO is at Retail (RII) 33.28% (9.16 lakh shares), NII/HNI 14.32% (3.94 lakh), QIB (incl. anchors) 47.38% (13.04 lakh), and Market Maker 5.04% (1.39 lakh)—QIB heavy allocation.
10. What are the IPO proceeds utilisation details?
The Kasturi Metal Composite IPO proceeds fund the new manufacturing facility (Unit IV) (₹13.29 Cr for mechanical/electrical works, plant & machinery), working capital, and general corporate purposes.
