Kasturi Metal Composite IPO Details, GMP, Review & Subscription Status

Kasturi Metal Composite IPO opens on 27 January 2026. Check IPO price band, GMP, lot size, subscription status, review, risks, and whether you should apply or not.

Kasturi Metal Composite IPO GMP today : ₹0 | Updated on 28 01 2026

Quick Summary : Kasturi Metal Composite IPO at a Glance

Handy snapshot of the key IPO details :

Parameter	Details
IPO Open	January 27, 2026 (Tuesday)
IPO Close	January 29, 2026 (Thursday)
Listing Date	February 3, 2026 (Tuesday, BSE SME)
Price Band	₹61 to ₹64 per share
Face Value	₹10 per share
Lot Size	2,000 shares (min. 4,000 shares for retail)
Minimum Investment	₹2,56,000 (retail, 4,000 shares at upper band)
Issue Size	₹17.61 crore (entirely fresh issue)
Shares Offered	27,52,000 equity shares
Lead Manager	Hem Securities Ltd.
Registrar	Bigshare Services Pvt. Ltd.
Market Maker	Hem Finlease Pvt. Ltd.
GMP (as of Jan 27, 2026)	₹0 (flat, no premium)

About the Company:Kasturi Metal Composite

Kasturi Metal Composite Limited, incorporated in 2005 and based in Amravati, Maharashtra, is a manufacturer, supplier and exporter of steel fiber products for a wide range of industrial applications. The company’s core business revolves around producing high strength steel fibers and steel wool fibers, which are used in:

Fibre reinforced concrete for construction, infrastructure and mining
Friction linings in automotive brake pads and clutches
Industrial flooring solutions via its subsidiary, Durafloor Concrete Solution LLP

Product Portfolio

Kasturi Metal Composite’s product suite includes:

Duraflex Steel Fibers : Used for tunnels, mines and rock stabilization, enhancing ductility and load capacity.
Industrial Flooring Fibers : Strengthen concrete in warehouses, factories, roads and precast walls, improving crack resistance.
Durabond Steel Wool Fiber : High thermal stability fibers for reinforcing structures, available in various grades for diverse applications.
Macro Synthetic Polypropylene (PP) Fibers : Traded under the Durocrete brand for concrete reinforcement.

Market Presence and Clientele

Kasturi Metal Composite has established customer relationships across more than 10 Indian states and exports to countries such as the US, Bhutan, New Zealand and Nepal. The company’s clientele includes major infrastructure and construction firms, as well as automotive component manufacturers.

Competitive Strengths

Strong manufacturing capabilities with integrated facilities
Diverse product portfolio catering to multiple industries
Stringent quality control and ISO 9001:2015 certification
Established customer relationships across geographies
Experienced promoters and professional management team

These strengths position Kasturi Metal Composite as a niche player in the steel fiber and industrial reinforcement segment with a focus on quality and innovation.

Promoters and Management Team

The company is led by a team of experienced promoters and professionals:

Samit Surendra Singhai : Chairman & Managing Director, with an M.Sc. in Industrial Engineering (University of Wisconsin Madison) and nearly 20 years of experience in steel fiber manufacturing.
Akash Surendra Singhai : Whole Time Director, with an MBA from La Trobe University, Melbourne and expertise in marketing and business development.
Surendra Fatechand Singhai and Lata Surendra Singhai : Promoters
Mayur Ashok Zamvar : Non-Executive Director, Chartered Accountant with over 16 years of experience in audits and governance.
Other Key Management : Includes CFO Pravin Radheshyam Kesharwani and Company Secretary Madhu Awasthi.

The management’s technical background and industry experience are seen as key assets for the company’s growth and operational stability.

Kasturi Metal Composite IPO Details: Issue Size, Price Band, Lot Size, and Timetable

Let’s break down the nuts and bolts of the Kasturi Metal Composite IPO:

Issue Structure

Total Issue Size: 27,52,000 equity shares, aggregating up to ₹17.61 crore (entirely fresh issue; no offer for sale)
Face Value: ₹10 per share
Price Band: ₹61 to ₹64 per share
Lot Size: 2,000 shares per lot
Minimum Application (Retail): 4,000 shares (2 lots) = ₹2,56,000 at the upper price band
Minimum Application (HNI): 6,000 shares (3 lots) = ₹3,84,000
Maximum Application (Retail): 4,000 shares (2 lots) = ₹2,56,000

Reservation and Allocation

Category	Shares Offered	% of Net Issue
Anchor Investors	7,82,000	28.42%
Qualified Institutional Buyers (QIB)	5,22,000	18.97%
Non-Institutional Investors (NII)	3,94,000	14.32%
Retail Individual Investors (RII)	9,16,000	33.28%
Market Maker	1,38,000	5.01%

Kasturi Metal Composite IPO Timetable

Event	Date
IPO Opens	January 27, 2026
IPO Closes	January 29, 2026
Basis of Allotment	January 30, 2026
Refunds Initiated	February 2, 2026
Credit of Shares to Demat	February 2, 2026
Listing Date (BSE SME)	February 3, 2026

Kasturi Metal Composite ipo : Lead Manager, Registrar, and Market Maker

Book Running Lead Manager: Hem Securities Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Hem Finlease Pvt. Ltd.

Anchor Investors and Allocation

Kasturi Metal Composite raised ₹5 crore from anchor investors on January 23, 2026, ahead of the IPO opening. The anchor allocation was done at the upper end of the price band (₹64 per share), signaling some institutional confidence in the company.

Anchor Investors and Allocation:

Anchor Investor	Shares Allotted	Amount (₹ crore)	% of Anchor Portion
LRSD Securities Pvt. Ltd.	1,96,000	1.25	25.06%
Rajasthan Global Securities Pvt. Ltd.	1,96,000	1.25	25.06%
Tiger Strategies Fund-I	1,96,000	1.25	25.07%
Innovative Vision Fund	1,94,000	1.24	24.81%
Total	7,82,000	5.00	100%

Anchor lock-in period: 50% of shares locked for 30 days (till March 1, 2026), remaining 50% for 90 days (till April 30, 2026).

This anchor participation is a positive sign, as it brings in institutional capital and can help stabilize the IPO process.

Objectives of the Issue :

The net proceeds from the IPO are earmarked for the following purposes:

Funding capital expenditure (₹13.29 crore) for mechanical and electrical works, interior work, and procurement of plant and machinery for setting up a new manufacturing facility at Amravati, Maharashtra (Proposed Unit IV).
General corporate purposes (balance funds) which may include working capital, branding and other growth initiatives.

This focus on capacity expansion and modernization is aimed at supporting the company’s growth ambitions and diversifying its product lines.

Kasturi Metal Composite IPO: Financial Performance

All figures are consolidated and in ₹ crore unless otherwise stated.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Income	32.29	57.22	50.20	37.37
Profit After Tax	2.47	2.07	2.35	1.49
EBITDA	4.80	5.69	5.40	3.97
Net Worth	20.19	17.76	12.29	7.03
Total Assets	44.43	35.57	33.45	21.71
Reserves & Surplus	12.55	10.12	11.28	6.24
Total Borrowing	14.28	13.15	11.83	9.78

Key Ratios (FY2025) :

Return on Equity (ROE) : 13.80%
Return on Capital Employed (ROCE) : 13.76%
EBITDA Margin : 9.99%
PAT Margin : 3.64%
Debt/Equity Ratio : 0.74
Earnings Per Share (EPS) : ₹2.86 (Basic)
Price/Earnings (P/E) Ratio : 23.59 (Pre-IPO), 13.47 (Post-IPO)
Return on Net Worth (RoNW) : 11.54%
Net Asset Value (NAV) per share : ₹24.79

Shareholding Pattern :

Particulars	Pre-Issue	Post-Issue
Promoter Holding	92.35%	67.90%
Public Holding	7.65%	32.10%
Shares Outstanding	76,43,212	1,03,95,212

Financial Analysis :

The company has shown steady revenue growth, from ₹37.37 crore in FY23 to ₹57.22 crore in FY25.
Profit after tax has remained positive, though margins are modest (PAT margin at 3.64% in FY25).
Net worth and total assets have increased, reflecting expansion and reinvestment.
Debt levels are moderate, with a debt/equity ratio below 1, indicating manageable leverage.
ROE and ROCE are in the low teens, which is reasonable for an SME in a capital-intensive sector.
Post-IPO P/E is expected to be around 13.47, which is in line with or slightly above the SME sector average.

Overall, the financials suggest a company that is growing but still operates on thin margins, typical for manufacturing SMEs.

Kasturi Metal Composite IPO Subscription and Reservation Details

Subscription Status

As of Day 1 (January 27, 2026), the IPO saw a muted response:

Overall Subscription: 0.35x
QIB Portion: 1.0x
Retail Portion: 0.14x
NII (HNI) Portion:

Reservation Breakdown

QIBs: 47.38%
Retail: 33.28%
NII: 14.32%
Anchor Investors: 28.42% (part of QIB allocation)
Market Maker: 5.01%

Grey Market Premium (GMP) and Market Sentiment

GMP as of January 27, 2026: ₹0 (flat, no premium)

A flat GMP suggests that the stock is expected to list at or near the IPO price, with no strong “listing pop” anticipated. This can be interpreted in two ways:

Cautious optimism: No speculative frenzy, possibly leading to more stable post-listing price action.
Muted sentiment: Investors are waiting for more clarity on subscription numbers or broader market cues before jumping in.

GMP is an unofficial, sentiment-driven indicator and can change quickly, especially if subscription picks up in the final hours.

Risks and Red Flags for Investors

No investment is without risks, and SME IPOs come with their own set of challenges. Here are some key risks to consider:

1. High Minimum Investment

The minimum application size for retail investors is ₹2,56,000 (4,000 shares), which is significantly higher than most mainboard IPOs. This restricts participation to investors comfortable with larger ticket sizes and SME risks.

2. Modest Profit Margins

The company’s PAT margin is 3.64% (FY25), which leaves limited cushion against raw material price volatility, competition, or demand slowdowns.

3. Cyclical Industry Exposure

Kasturi’s end markets—construction, mining, infrastructure, and automotive—are cyclical and sensitive to economic slowdowns or capex cuts.

4. Concentration Risks

A substantial portion of revenue comes from a few key customers. Loss of any major client could materially impact financials.

5. Supply Chain Dependence

The company relies on a limited number of suppliers for raw materials. Any disruption could affect operations and margins.

6. SME IPO Liquidity

SME IPOs typically have lower post-listing liquidity, which can lead to higher volatility and wider bid-ask spreads.

7. Execution Risks

The company is yet to place orders for machinery for the new manufacturing unit. Delays or cost overruns could impact expansion plans.

8. No Direct Listed Peers

The lack of direct listed comparables makes it harder to benchmark valuation and performance.

In summary: While Kasturi Metal Composite has growth potential and a niche market, investors should weigh these risks carefully, especially given the high minimum investment and modest margins.

How to Apply: Step-by-Step Guide

Applying for the Kasturi Metal Composite IPO is straightforward if you have a demat account and UPI-enabled payment method. Here’s how you can do it:

Through Your Broker (e.g., Zerodha, Upstox, JM Financial, etc.)

Log in to your broker’s trading platform or mobile app.
Navigate to the IPO section (often under “Invest” or “IPO” tab).
Select Kasturi Metal Composite IPO from the list of open issues.
Enter the number of lots you wish to apply for (minimum 2 lots for retail).
Enter your UPI ID and submit the application.
Approve the UPI mandate on your UPI app to block the funds.
Wait for allotment status (check on the registrar’s website or via your broker).

Through ASBA (Application Supported by Blocked Amount)

Log in to your net banking account (ASBA-enabled).
Go to the IPO section and select Kasturi Metal Composite IPO.
Fill in the details (number of shares, price, etc.).
Submit the application; funds will be blocked in your account until allotment.

Allotment and Listing

Allotment Date: January 30, 2026
Refunds/Credit to Demat: February 2, 2026
Listing Date: February 3, 2026 (BSE SME)

Post Listing Considerations and Trading Tips

If you’re allotted shares, here are a few things to keep in mind post listing :

SME IPOs can be volatile : Price swings are common due to lower liquidity.
Monitor volumes : Thin trading can lead to wider bid ask spreads.
Set realistic expectations : With a flat GMP and modest subscription, don’t expect a huge listing
Track company updates : Expansion progress, order book growth and quarterly results will be key drivers of post listing performance.
Consider your exit strategy : If you’re a short term trader, watch for price action in the first few days. Long term investors should focus on fundamentals and business execution.

Balanced Review: Should You Apply for Kasturi Metal Composite IPO?

The Positives

Niche positioning in steel fiber and industrial reinforcement, with exposure to construction, mining and automotive sectors.
Steady revenue growth and positive profits over the last three years.
Anchor investor participation at the upper price band, indicating some institutional confidence.
Use of proceeds focused on capacity expansion, which could drive future growth.
Reasonable post-IPO valuation compared to SME sector averages.

The Cautions

High minimum investment (₹2.56 lakh for retail), limiting accessibility.
Modest profit margins and exposure to cyclical industries.
Muted GMP and initial subscription, suggesting cautious market sentiment.
SME IPO liquidity risks and potential post listing volatility.
Execution risks around new manufacturing unit and customer concentration.

The Bottom Line

Kasturi Metal Composite IPO offers exposure to a specialized segment within the steel and infrastructure materials space. The company’s growth story, anchor investor backing, and expansion plans are positives. However, the high entry barrier for retail investors, modest margins, and flat GMP mean this IPO is best suited for those comfortable with SME risks and a long-term horizon.

Final Thoughts

The Kasturi Metal Composite IPO is a classic example of a growth-focused SME looking to tap public markets for expansion. While the fundamentals are decent and the sector outlook is positive, the risks are real,especially for those new to SME IPOs. As always, read the RHP carefully, consult your financial advisor, and invest only what you can afford to lock in for the medium to long term.

Disclaimer :

This article is intended for informational and educational purposes only and should not be considered as investment advice or a recommendation to subscribe to any IPO. Readers are strongly encouraged to conduct their own research, consult with a qualified financial advisor, and review the TechDefence Labs company’s official Red Herring Prospectus (RHP) before making any investment decisions.

Investing in IPOs involves risks and past performance is not indicative of future results. Please invest wisely.

All the best to all the learners.

Keep learning, keep growing.

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