Mittal Sections Limited IPO

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Mittal Sections Limited (MSL) is a leading manufacturer of mild steel structural and sectional products, originally founded as Mittal Steel Industries on November 1, 2006, Headquartered in Changodar, Ahmedabad, Gujarat, the Company has evolved from a small steel supplier into a recognized brand in India’s structural steel market.

Business Activities

MSL specializes in the manufacturing and marketing of mild steel sections, including:

i) MS Flat Bars
ii) MS Round Bars
iii) MS Angles
iv) MS Channels

All products are manufactured in compliance with BIS standards and marketed under the registered brand “MSL-MITTAL”. These products serve diverse sectors such as building and infrastructure, pipelines, automotive and machinery manufacturing, power transmission, gating and fencing, and general engineering

Sales & Distribution Network

Robust Dealer & Broker Network: Wide coverage across industrial and retail segments, reaching large corporations, SMEs, contractors, and fabricators.

Brand Strength: “MSL-MITTAL” is trusted among major industrial buyers and approved by key infrastructure players.

Geographic Reach: Supplies structural steel across India, leveraging cost-efficient logistics from Gujarat’s well-connected industrial hubs.

Competitive Strengths

i) Well-Established Manufacturing: ISO-certified, strategically located plants with planned capacity growth to 96,000 MTPA.
ii) Strong Brand & Customer Base: Approved supplier to major infrastructure and manufacturing players.
iii) Diverse Product Portfolio: ~55 SKUs covering varied structural steel needs.
iv) Strategic Location: Gujarat-based plants close to raw material sources and national transport networks, enabling cost efficiency
v) Experienced Leadership: Deep industry expertise and hands-on strategic direction from promoters.

Objects of the Mittal Sections Limited IPO:

Company intends to utilize the proceeds of the issue to meet the following objects: 1. Capital expenditure towards Acquisition of Land, Construction of Factory Building and Purchase of Plant & Machineries (₹ 20.81 cr) 2. Working Capital requirements (₹ 15 cr) 3. Full or part repayment and/or prepayment of certain outstanding secured borrowings (₹ 5 cr) 4. General Corporate Purpose
DRHP of Mittal Sections Limited IPO
RHP of Mittal Sections Limited IPO

Mittal Sections Limited IPO Details:

Open Date: Oct 07 2025
Close Date: Oct 09 2025
Total Shares: 37,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 52.91 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 136-143 Per Equity Share
Listing At: BSE SME
Listing Date: Oct 14 2025

Promoters And Management:

1. Mr. Ajaykumar Balwantrai Mittal – Chairman & Managing Director, Aged 51, Mr. Ajaykumar Mittal has been associated with the Company since inception and leads its strategy, innovation, market expansion, and operational excellence. With 15+ years of leadership experience, he has been reappointed multiple times as Chairman & Managing Director, most recently in January 2023. 2. Mr. Atul Balwantrai Mittal – Whole Time Director & CFO, Aged 48, Mr. Atul Mittal oversees the Company’s financial strategy, planning, budgeting, cost optimization, and business growth support. Associated since incorporation, he has held key leadership roles, transitioning to Whole Time Director & CFO in August 2024 for a three-year term. 3. Ms. Sushiladevi Balwantrai Mittal – Non-Executive Director, Aged 69, Ms. Sushiladevi Mittal has been with the Company since inception, serving as a Non-Executive Director and supporting day-to-day office operations to ensure smooth functionin.

Financials of Mittal Sections Limited IPO:

Particulars 2M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 28.15 136.86 161.48 167.17
EBITDA (Cr) 2.48 7.79 5.52 3.27
EBITDA Margins 8.82% 5.69% 3.42% 1.96%
PAT (Cr) 1.46 3.61 1.89 0.55
PAT Margins 5.21% 2.64% 1.17% 0.33%
ROCE 10.26% 31.27% 42.05% 18.43%
Debt to Equity Ratio(In Times) 1.75 2.03 2.22 4.21
Operating Cash Flows (Cr) 0.74 0.14 7.47 -4.33

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Mittal Sections Limited 136.86 5.69% 2.64% 31.27% 2.03 165.41 45.82
Rhetan TMT Limited 37.16 10.74% 8.34% 4.47% 0.24 1,729 353
Riddhi Steel and Tube Limited 391 6% 2.05% 11.60% 2.09 71 9.28
Surani Steel Tubes Limited 225 1% 0.00% 1.91% 0.28 133 113
NotE: Forward P/E is 18.88 According to FY2026 PAT

Lead Manager of Mittal Sections Limited IPO:

  1. Wealth Mine Networks Private Limited

Registrar of Mittal Sections Limited IPO:

  1. Bigshare Services Private Limited

Discussion on Mittal Sections Limited IPO:

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