The subscription window for Kasturi Metal Composite Limited opened this morning on the BSE SME platform and will remain active until Thursday, January 29, 2026. The issue is a 100% fresh offering of 27.52 lakh equity shares with a price band fixed at ₹61 to ₹64 per share.
The company produces high-strength steel fibers used in tunneling, mining, and industrial flooring under its "Duraflex" brand, as well as steel wool fibers for automotive brake pads under "Durabond." Approximately ₹13.29 crore of the IPO proceeds are earmarked for setting up "Unit IV" in Amravati, Maharashtra, which will nearly double its existing manufacturing footprint.
Financially, the company has demonstrated a massive growth spurt recently. While it earned a profit of ₹2.07 crore for the full fiscal year 2025, it has already reported a Profit After Tax (PAT) of ₹2.47 crore in the first half of FY26 (H1 FY26). As of today, January 27, the Grey Market Premium (GMP) is holding at ₹0, indicating a neutral "at-par" listing expectation as investors monitor the first day's subscription momentum.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹61 – ₹64 per share |
| Lot Size | 2,000 Shares (Min. Investment ₹2,56,000 for 2 Lots*) |
| Total Issue Size | ₹17.61 Crore (Fresh Issue) |
| Listing Platform | BSE SME |
| Open Date | January 27, 2026 (Today) |
| Close Date | January 29, 2026 |
| Basis of Allotment | January 30, 2026 |
| Tentative Listing | February 3, 2026 |
*Note: Retail investors are required to apply for a minimum of 2 lots (4,000 shares) for this issue.
Important Note for Investors
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Exceptional H1 Performance: The company's profit in just the first six months of the current fiscal year (FY26) has already surpassed the total profit of the previous full year. This makes the Post-IPO P/E ratio of 13.47x look relatively attractive if the earnings run rate continues.
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Growth-Centric Funding: Unlike many IPOs that include an "Offer for Sale," this is a 100% Fresh Issue, meaning all money raised will be used for company expansion rather than going to promoters.
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Customer Concentration: A significant risk factor remains the company's reliance on a few large clients, with the top 10 customers contributing nearly 65–70% of revenue.
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Regional Hub: Operations are heavily concentrated in Amravati, Maharashtra. While this provides localized efficiency, any regional economic or regulatory disruption could impact the company's entire production chain.
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Anchor Participation: The company successfully raised ₹5 crore from anchor investors on January 23, providing a vote of confidence from institutional players before the public launch.
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