Kasturi Metal Composite IPO overview

• Kasturi Metal Composite Ltd, incorporated in 2005, manufactures and exports steel fibre products used in fibre‑reinforced concrete, including Loose Hook‑End Steel Fibre, Glued Hook‑End Steel Fibre and Flat Crimped Steel Fibre in multiple sizes.​

• The company also manufactures Steel Wool Fibre for brake pads and clutches and trades macro synthetic PP fibres under the Durocrete brand.​
• Products are promoted under Duraflex and Durabond brands and supplied to construction, engineering, warehousing, logistics, mining, infrastructure and automotive industries.​
• Manufacturing units use high‑tech machinery like wire drawing machines, wet and dry wire systems and specialised equipment dedicated to steel fibre production.​

Key IPO dates, lot size and structure

• IPO schedule:

  • Open date: 27 January 2026.
  • Close date: 29 January 2026.
  • Basis of allotment: 30 January 2026.
  • Refunds and Demat credit: 2 February 2026.
  • Listing date: 3 February 2026 (cut‑off 5 PM on closing day).​

• IPO Details:

  • Face Value :- Rs 10 per share

  • Price band :- Rs. 61 to Rs 64
  • Sale Type :- Fresh Capital
  • Total issue size :-Rs. 18 Cr
• Market lot and minimum investment:
  • Minimum market lot: 4,000 shares.
  • Retail minimum / maximum: 4,000 shares with application amount ₹2,56,000, categorising it as a high‑ticket SME IPO.​
• Investor reservation:
  • Anchor: 7,82,000 shares (28.42%).
  • QIB (ex‑anchor): 5,22,000 shares (18.97%).
  • NII: 3,94,000 shares (14.32%).
  • Retail: 9,16,000 shares (33.28%).​
• Anchor investors:
  • Anchor bidding date: 23 January 2026.
  • Anchor shares: 7,82,000; anchor size: ₹5.00 crore.
  • Lock‑in: 50% till 1 March 2026 (30 days), balance 50% till 30 April 2026 (90 days).​
• Promoters and shareholding:
  • Promoters: Samit Surendra Singhai, Akash Surendra Singhai, Surendra Fatechand Singhai and Lata Surendra Singhai.​
  • Promoter holding pre‑issue: 76,43,212 shares (92.35%).
  • Promoter holding post‑issue: 1,03,95,212 shares (67.90%), indicating continued majority control.​
• Objective of the issue:
  • Capex of ₹13.29 crore for mechanical/electrical works, interiors and plant & machinery for a new manufacturing facility at Amravati, Maharashtra (Proposed Unit IV).
  • General corporate purposes – balance funds.​

Financials and valuation snapshot

• FY2025 key metrics:
  • ROE: 13.80%.
  • ROCE: 13.76%.
  • EBITDA margin: 9.99%.
  • PAT margin: 3.64%.
  • Debt‑equity ratio: not specified in the extract.
  • EPS (basic): ₹2.86.
  • RoNW: 11.54%.
  • NAV per share: ₹24.79.
  • P/E: N/A (price band not shown in the shared content).​
• Peer group: No directly listed peers in India for steel fibre‑focused companies, making relative valuation less straightforward.​

Strengths :-

• Niche positioning as a steel fibre and steel‑wool fibre manufacturer serving fibre‑reinforced concrete, brake pads and clutches, giving exposure to specialised construction and automotive inputs.​
• Multi‑product portfolio across Loose Hook‑End, Glued Hook‑End and Flat Crimped Steel Fibres plus macro synthetic PP fibres (Durocrete) broadens addressable market.​
• Brands Duraflex and Durabond create product identity in construction, engineering, warehousing, logistics, mining, infrastructure and automotive sectors.​
• Revenue growth from ₹37.37 crore in FY2023 to ₹57.22 crore in FY2025 shows steady scale‑up despite moderate margins.​
• Positive PAT across FY2023–FY2025, with improving PAT contribution in Sep 2025 (₹2.47 crore on ₹32.29 crore revenue).​

Risks

• SME‑style IPO with high minimum lot size (4,000 shares, ₹2,56,000) limits participation to investors comfortable with large tickets and SME risks.​
• Modest PAT margins (3.64%) in FY2025, providing limited cushion against raw‑material price spikes, competition or demand slowdown.​
• Revenue base remains relatively small (~₹57 crore FY2025); any order loss, delay or disruption can materially affect financials.​
• Sector exposure to cyclical industries like construction, mining, infrastructure and automotive; capex slowdowns can reduce fibre demand.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email