Kasturi Metal Composite Limited started in 2005, is engaged in the manufacturing supply and export of steel fiber products for industrial applications. The product portfolio includes Loose Hook-End Steel Fiber, Glued Hook-End Steel Fiber and Flat Crimped Steel Fiber, available in various sizes and configurations for fiber-reinforced concrete applications. Additionally, they manufacture Steel Wool Fiber, which is widely utilized in the production of friction linings for brake pads and clutches. Furthermore, they trade Macro Synthetic PP Fibers under the "Durocrete" brand and operate a subsidiary, Durafloor Concrete Solution LLP, which specializes in providing tailored concrete flooring solutions. Company markets the products under the 'Duraflex' and 'Durabond' brands, serving a diverse range of industries, including construction, engineering, warehousing, logistics, mining, infrastructure, and automotive. These products are utilized in various applications such as tunnel shotcrete, precast concrete, industrial and warehouse flooring, roads, pavements, tunnel mining, and automotive friction linings. Additionally, they are used in hydroelectric plants, road and rail tunnels, underground caverns, bridges, and highways, ensuring structural integrity. Company operates three manufacturing units in the MIDC industrial area of Amravati, Maharashtra. Each of the manufacturing facilities is equipped with machinery, including wire drawing machines, wet and dry wire systems, and specialized equipment for steel fiber and steel wool fiber production. They have been awarded ISO9001:2015 certification for the Quality Management System (QMS) and have received ZED (Zero Effect, Zero Defect) Silver and Bronze Certifications for manufacturing steel fiber and steel wool fiber products. Company generates revenue through both domestic sales and exports, catering to clients in six countries. The revenue distribution from export sales stood at 1.88%, 16.56%, 4.56% and 11.76%, while domestic sales accounted for 98.12%, 98.34%, 95.44%, 88.24% of the total revenue for the period ending September 30, 2025, and the fiscal years 2025, 2024 and 2023 respectively. As at December 31, 2025, the consolidated order book stood at Rs 3,752.48 lakhs, comprising orders to be executed by them and the subsidiary company. As per financial performance, Kasturi Metal Composite Limited has posted total income / net profits of Rs 37.37 / 1.49 Cr (FY23), Rs 50.20 / Rs 2.35 Cr (FY24), Rs 57.21 Cr / 2.07 Cr (FY25) and Rs 32.28 Cr / 2.46 Cr (upto Q2 FY26). So as per previous financials data, company has shown steady growth. As at December 31, 2025, the consolidated order book of company stood at Rs 3,752.48 lakhs. Company has an average EPS of Rs 2.93 and average RoNW of 15.64% for last three fiscals. Issue is priced at a P/BV of 2.42 as per NAV of Rs 26.42/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 28.29, 32.08 and 13.47 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Hem Securities Limited is associated with this IPOs, and has handled 62 IPOs in last three fiscal years. From last 10 IPOs, two opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 20.01.26 ) As per financials, Kasturi Metal Composite Limited has shown steady growth, RoNW is 11.54% and P/E is 28.29, 32.08 and 13.47 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is engaged in the manufacturing supply and export of steel fiber products for industrial applications, which is very competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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