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Mittal Sections Limited is a manufacturer of Mild Steel (MS) sections and structural steel products, including MS Flat Bars, MS Round Bars, MS Angles, and Channels. The company operates two manufacturing facilities in Changodar, Ahmedabad, Gujarat, with a combined installed capacity of 36,000 metric tonnes per annum (MTPA). Adhering to IS 2062:2011 standards and holding an ISO 9001:2015 certification, Mittal Sections markets its products under the registered brand name 'MSL-MITTAL'. The company serves a diverse client base across industries such as construction, infrastructure, and general engineering, and is planning to expand its total capacity to 96,000 MTPA.
Opening Date
Oct 07, 2025
Closing Date
Oct 09, 2025
Listing Date
Oct 14, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
52.91 Cr
Fresh Issue
52.91 Cr
Offer for Sale
—
Price Band
₹136 - ₹143
Lot Size
1000
The main objectives of the issue are to utilize the net proceeds for the following purposes:
To fund capital expenditure towards the acquisition of land, construction of a factory building, and purchase of plant and machinery for a new manufacturing facility.
To meet the company's growing working capital requirements to support increased operational scale.
For full or partial repayment and/or prepayment of certain outstanding secured borrowings availed by the company to reduce debt service obligations.
To fund general corporate purposes, subject to applicable laws.
P/E Ratio
54.5
EPS
2.62
ROE
34.92%
ROCE
31.27%
RONW
34.92%
Debt to Equity Ratio
2.04
PAT Margin
2.64%
EBITDA Margin
5.69%
P/B
10.87
Well-established manufacturing setup with two operational plants and significant control over production processes.
Strategically located manufacturing facilities in Gujarat, offering proximity to raw material suppliers and customers, leading to cost efficiencies.
A strong and loyal customer base, resulting in a high volume of repeat business.
An experienced and knowledgeable team of promoters and management with deep-rooted expertise in the steel industry.
High geographical concentration, with revenues heavily dependent on the state of Gujarat.
A history of negative cash flows from investing and financing activities, indicating potential liquidity challenges.
Significant revenue dependence on a limited number of top customers, posing a concentration risk.
The company's registered office operates from a property owned by the promoters, not by the company itself.
Planned expansion of manufacturing capacity from 36,000 MTPA to 96,000 MTPA to capitalize on growing market demand.
Strong growth projections for India's steel demand, estimated to increase by 9-10% in FY25, driven by infrastructure and manufacturing sectors.
Government initiatives like 'Make in India' and the Production Linked Incentive (PLI) scheme are expected to boost the domestic steel industry.
Opportunity to diversify customer base geographically beyond Gujarat and reduce regional dependency.
The steel industry is highly cyclical, and downturns in steel prices can adversely affect profitability and operations.
Intense competition from both organized and unorganized players in the domestic steel market.
Volatility in raw material prices, as the company does not have long-term supply agreements.
Potential adverse impacts from changes in government policies, taxation, and economic conditions in India.