Madhur Iron & Steel India Ltd (MISIL) has marked FY25 as a transformative year, demonstrating robust growth, strategic advancements, and a commitment to sustainability. Under the leadership of Promoter & Director Jayant Aggarwal, the company has achieved significant milestones that position it for continued success in the coming years.
Operational Milestones
1. Launch of Heavy Structure Mill – A Leap in Capacity and Product Range
In March 2024, MISIL inaugurated its new Heavy Structure Mill, expanding its production capabilities to include larger structural steel sections. This addition enhances the company’s ability to offer a diverse range of products, including angles, channels, flats, and rounds, with sizes ranging from 100 mm to 200 mm. The mill’s 4-acre facility, with Unit 2 operational since March 2024, complements the existing Unit 1, which has been operational since 2018.
2. Captive Power Plant – Advancing Sustainability and Cost Efficiency
MISIL is in the process of establishing a 3 MW solar-powered Captive Power Plant, with groundwork commenced in April 2025. The project, estimated at ₹13 crore, aims for completion by September 2025. This initiative will not only reduce energy costs but also align with the company’s Environmental, Social, and Governance (ESG) goals, enhancing energy reliability and supporting sustainable operations.
3. CRISIL Rating Upgrade – Reflecting Enhanced Financial Strength
The company’s financial stability has been recognized with an upgrade in its CRISIL rating from BBB- to BBB, accompanied by a ‘Stable’ outlook. This improvement underscores MISIL’s robust financial risk profile, established market position, and healthy operating efficiency. The upgrade enhances the company’s financing flexibility and access to capital at more favorable terms.
Financial Performance – FY25 (Year-to-Date)
- Structural Steel Unit Revenue: ₹340+ crore (over 40% YoY growth)
- Engineering Unit Revenue: ₹90+ crore
- Consolidated Revenue: ₹430+ crore
- EBITDA Margin: ~11%
These figures reflect the company’s strong operational performance and market demand for its products.
Strategic Outlook
1. Order Book and Revenue Visibility
MISIL’s order book stands at ₹200+ crore, providing strong revenue visibility for FY26 and beyond. This backlog reflects the company’s solid market position and customer trust.
2. Integration of Engineering Unit
Plans are underway to merge the engineering unit with the core structural steel business. This integration aims to unlock operational synergies, enhance efficiency, and streamline operations. Additionally, the company plans to rename itself to better reflect the expanded scope and value it offers.
3. Galvanizing Unit Expansion
As part of its post-integration strategy, MISIL is preparing to launch a Galvanizing Unit. This expansion will enable the company to offer end-to-end structural steel solutions, supporting margin improvement and catering to a broader customer base.
4. Captive Power Plant Commissioning
The commissioning of the Captive Power Plant is expected to drive cost efficiency, enhance energy reliability, and support ESG compliance, reinforcing MISIL’s commitment to sustainable growth.
Capital Infusion and Market Confidence
In April 2024, MISIL successfully concluded a pre-IPO funding round, raising ₹10.85 crore. The round saw participation from notable investors, including Ankit Mittal, Planify Capital, VPK Global Ventures Fund, and Persistent Growth Fund. This strategic infusion of capital will fuel the company’s expansion initiatives, enhance manufacturing capabilities, and strengthen its market presence, with plans to launch an IPO later in the year .
Clientele and Market Position
MISIL serves a prestigious clientele, including PowerGrid, Kalpataru Power Transmission, Zetwork, and Indian Railways. The company’s dedication to quality and excellence has established it as a leader in the structural steel industry, catering to the diverse needs of its esteemed clients.
Investment Perspective
With a strong order book, strategic expansions, and a commitment to sustainability, MISIL is well-positioned for continued growth. The company’s recent CRISIL rating upgrade and successful pre-IPO funding round underscore investor confidence in its business model and growth prospects. As MISIL continues to execute its strategic initiatives, it offers promising opportunities for investors seeking exposure to the growing Indian infrastructure and manufacturing sectors.
