Updated on 03.02.2026|5:11 PM
Kasturi Metal Composite Limited (KMCL) is set to open its Initial Public Offering (IPO) on Tuesday, January 27, 2026 and close on January 29 2026. It is a Maharashtra-based manufacturer specialising in steel fibre products for the construction and infrastructure sectors.
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Established in 2005, the company produces concrete reinforcement solutions, including hooked-end and flat crimped steel fibres, under brands such as Duraflex and Durabond.
The company aims to raise approximately ₹17.61 Crores through a 100% fresh issue of 27.52 lakh equity shares. With a price band fixed at ₹61 to ₹64 per share, the proceeds will primarily fund the setup of a new manufacturing facility in Amravati to meet growing demand.
In this article, you will find Kasturi Metal Composite IPO GMP todayprice band, and a detailed review. For subscription status check our dedicated IPO subscription hub page and for allotment status of all the IPOs track our regularly updated IPO allotment status hub page.
Briefs of Kasturi Metal Composite IPO Details
- Price Band: ₹61 – ₹64 per equity share
- IPO Open / Close Dates: January 27, 2026 – January 29, 2026
- Lot Size: 2,000 Shares (Minimum Investment: ₹1,28,000 at Upper Band)
- Issue Size: 27,52,000 Equity Shares / ~₹17.61 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
Because Bigshare Services is registrar of this IPO, investors may need to check the allotment status at bigshare, so here is the step by step guide to check allotment status at Bigshare.
WHAT IS THE Kasturi Metal Composite IPO GMP Today?
You can check the GMP of this and other issues at our GMP today hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 64.00 | 64.00 | 0.00 |
What Are The Important Kasturi Metal Composite IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, January 27, 2026
- IPO Close Date: Thursday, January 29, 2026
- Basis of Allotment Date: Friday, January 30, 2026
- Refund Initiation Date: Monday, February 2, 2026
- Credit of Shares: Monday, February 2, 2026
- Listing Date: Tuesday, February 3, 2026
What Are The Objectives of Kasturi Metal Composite IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure: A significant portion (₹13.29 Crores) is allocated for setting up a new manufacturing facility (Unit IV) in Amravati, Maharashtra, which will house a capacity of 6,000 MT for steel fibers.
- General Corporate Purposes: To meet ongoing operational contingencies and strengthen the corporate structure.
How is The Financial Performance of Kasturi Metal Composite?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 32.29 | 57.22 | 50.20 | 37.37 |
Profit After Tax (PAT) | 2.47 | 2.07 | 2.35 | 1.49 |
EBITDA | 4.80 | 5.69 | 5.40 | 3.97 |
Total Borrowing | 14.28 | 13.15 | 11.83 | 9.78 |
Assets | 44.43 | 35.57 | 33.45 | 21.71 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹57.22 Crores in FY25, showing steady growth from ₹37.37 Crores in FY23. This upward trajectory is driven by the consolidation of its subsidiary and increased demand from the infrastructure sector for steel fiber reinforcement.
Profit After Tax (PAT):
While revenue grew, PAT saw a dip in FY25 to ₹2.07 Crores from ₹2.35 Crores in FY24 due to higher depreciation and finance costs. However, the company bounced back in the first half of FY26 with a PAT of ₹2.47 Crores, indicating improved efficiency.
EBITDA:
Operational performance has remained stable, with EBITDA reaching ₹5.69 Crores in FY25. The margins have hovered around 10%, reflecting the company's ability to maintain core profitability despite raw material price fluctuations.
Total Borrowing:
Borrowings have gradually increased to ₹14.28 Crores as of September 2025 to fund working capital and expansion. Despite the rise, the Debt-to-Equity ratio remains at a manageable 0.71, leaving room for future leverage if required.
Assets:
The asset base expanded significantly to ₹44.43 Crores by September 2025. This increase is largely attributed to Capital Work-in-Progress for the new manufacturing sheds, signaling active investment in capacity expansion.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹2.86, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 22.38x at the upper end of the price band (₹64).
P/E Ratio = ₹64(Price) / ₹2.86(Earnings Per Share)
P/E Ratio ≈ 22.38x
Peer Comparison:
According to the Red Herring Prospectus (RHP), there are no listed companies in India whose business portfolio is comparable to that of Kasturi Metal Composite Limited. Consequently, a strict industry peer comparison table cannot be provided.
Analysis:
In the absence of direct peers, investors must rely on the company's internal metrics. At the upper price band of ₹64, investors should evaluate the valuation against the company's Return on Equity (RoE) of roughly 13% (stub period) and its growth prospects in the infrastructure domain. The pricing will be judged based on the company's standalone ability to scale its new Unit IV profitably.
What is The Industry Outlook Kasturi Metal Composite Limited ?
Growth Potential:
The Indian infrastructure sector is undergoing a massive overhaul with government projects in tunnels, roads, and bridges. Steel fibers are increasingly replacing traditional mesh in concrete reinforcement due to better durability and crack resistance.
Market Trends:
There is a growing demand for specialized industrial flooring and tunneling solutions. KMCL's subsidiary, Durafloor Concrete Solutions, positions the company to capture value in the specialized flooring market, complementing its manufacturing capabilities.
What Are The Strengths and Risks of Kasturi Metal Composite IPO?
Strengths:
- Diversified Portfolio: The company manufactures both steel fibers for construction and steel wool for automotive brake pads, reducing reliance on a single sector.
- Strategic Location: Based in Amravati, Maharashtra, the company has access to key markets in Western India, a hub for infrastructure and automotive industries.
- Expansion Ready: The IPO proceeds are clearly earmarked for a new facility that will significantly ramp up installed capacity to 6,000 MT.
Risks:
- Customer & Supplier Concentration: The top 10 customers contribute nearly 66% of revenue, and the top 10 suppliers account for roughly 85% of purchases. This high dependence poses a risk to bargaining power and stability.
- Subsidiary Dependence: A significant portion (approx. 45%) of the stub period revenue came from its subsidiary. Any operational issues there could impact the consolidated bottom line.
- Cash Flow Issues: The company has reported negative cash flows in the past due to working capital requirements, which is common in manufacturing but requires careful monitoring.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
- Valuation: Without listed peers, the valuation assessment is subjective. Investors should look at the consistency of EBITDA margins and the order book pipeline.
- Execution Risk: The future growth hinges on the successful completion and utilization of the new Unit IV. Any delay in capex deployment could affect projected revenues.
- Market Position: As a niche player in steel fibers, the company benefits from the infrastructure boom, but competition from unorganized players remains a factor.
Key Takeaways
- IPO Price: ₹64 per share (Upper Band).
- Min Investment: ₹1,28,000 (2,000 Shares).
- Allotment Date: January 30, 2026
- Listing: BSE SME platform on February 3, 2026.
FAQs on Kasturi Metal Composite IPO
What is Kasturi Metal Composite IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check gmp at our gmp today hub page which is updated regularly.
What is Kasturi Metal Composite IPO price band?
The price band is fixed at ₹61 to ₹64 per equity share.
What is Kasturi Metal Composite IPO allotment date?
The allotment status is expected to be finalized on Friday, January 30, 2026.
How to check Kasturi Metal Composite IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Kasturi Metal Composite IPO listing date?
The shares are tentatively scheduled to list on Tuesday, February 3, 2026.
Investment Perspective on Kasturi Metal Composite IPO
Kasturi Metal Composite offers a niche play in the construction materials space. While the financials show stability and the expansion plan is clear, the high customer concentration and lack of comparable peers make it a bet suited for investors who understand the specific dynamics of the steel fiber industry.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
