Super Iron Foundry
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Mar 2025 – 13 Mar 2025
- Listing date
- 19 Mar 2025
- Face value
- ₹1 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹68.05 Cr
- Market cap at offer price
- ₹253 Cr
- Promoter holding
- 96.53% → 70.53% pre-issue → post-issue
- ISIN
- INE16IQ01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Aspiration Vintage, 12, Pretoria Street, 1 st Floor, Suite 1B, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 3,15,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.31 | 5.43 |
| P/E (×) | 46.75 | 19.89 |
| Price to book (×) | 3.15 | — |
| Market cap | — | ₹253 Cr |
Key performance indicators
- Return on net worth
- 6.97%
- ROCE
- 7.22%
- Debt / equity
- 6.26
- PAT margin
- 394.07%
- NAV per share
- ₹34.28
- Price to book
- 3.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Super Iron Foundry
Super Iron Foundry Limited is an iron and steel foundry company incorporated in 1988 in Kolkata, West Bengal. The company manufactures and exports municipal castings (access covers and gully grates), ductile iron pipe fittings, ductile iron automotive castings, ductile iron agricultural castings, railway castings, and cast-iron counterweights. Its manufacturing facility is located in Durgapur, District Burdwan, West Bengal, and is equipped with modern robotic equipment to ensure quality standards and sustainable practices. Approximately 95% of the company's revenue is derived from exports to international markets. The company serves customers across multiple continents and holds certifications to international standards including EN124, making it a preferred choice for customers seeking comprehensive casting solutions.
Company Analysis
from RHPSuper Iron Foundry Limited manufactures and exports iron and steel foundry products, specifically access covers and gully grates for roadway construction, along with ductile iron castings for automotive, agricultural, and railway applications.
Super Iron Foundry Limited is an iron and steel foundry company incorporated in 1988 in Kolkata, West Bengal. The company manufactures and exports municipal castings (access covers and gully grates), ductile iron pipe fittings, ductile iron automotive castings, ductile iron agricultural castings, railway castings, and cast-iron counterweights. Its manufacturing facility is located in Durgapur, District Burdwan, West Bengal, and is equipped with modern robotic equipment to ensure quality standards and sustainable practices. Approximately 95% of the company's revenue is derived from exports to international markets. The company serves customers across multiple continents and holds certifications to international standards including EN124, making it a preferred choice for customers seeking comprehensive casting solutions.
Objects of the Issue
- Funding of the working capital requirements of our Company ₹2,900.00 lakhs p.17
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company ₹1,600.00 lakhs p.17
- General corporate purposes ₹1,524.39 lakhs p.17
- Funding of working capital requirements of our Company ₹2,900.00 lakhs p.67
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company ₹1,600.00 lakhs p.70
- General corporate purposes ₹1,524.39 lakhs p.70
- Not specified in this section of the document p.116
- General corporate purposes
Issue Structure
- Total Issue
- 63,01,200 Equity Shares of ₹10 each, aggregating to ₹6,805.30 lakhs
- Fresh Issue
- 63,01,200 Equity Shares of ₹10 each aggregating to ₹6,805.30 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹108 per Equity Share (Fixed Price)
- Face Value
- ₹10 per Equity Share
Business Model
Revenue is generated through the manufacture and export of iron and steel foundry products including municipal castings (access covers and gully grates for roadway construction), ductile iron pipe fittings, ductile iron automotive and agricultural castings, railway castings, and cast-iron counterweights. The company derives approximately 95% of its revenue from exports and operates on a made-to-order basis with customers, generating revenue through purchase orders rather than long-term purchase agreements (except with Mario Cirino Pomicino SPA).
Business Segments
SWOT Analysis
- • Global reach and international standards compliance(p.17)
- • Modern manufacturing facility with robotic equipment(p.17)
- • Diverse product portfolio across multiple applications(p.17)
- • Established long-term customer relationships(p.24)
- • Diversified product portfolio with 500+ customised products(p.105)
- • Leading manufacturer of manhole grates and access covers with established global brand recognition(p.105)
- • Strong global geographical presence across Europe and Middle East markets(p.105)
- • Stringent design, quality assurance and quality control processes across manufacturing(p.105)
- • ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 certified and BSI Kitemark certified manufacturing facility(p.106)
- • Large marquee global customers across multiple countries demonstrating strong partnerships(p.107)
- • State-of-the-art manufacturing facility with automated equipment and robotics(p.90)
- • Experienced management team with over 19 years in manufacturing and export sectors(p.73)
- • Fully automated manufacturing with robotic systems(p.116)
- • Extensive owned manufacturing equipment across all production stages(p.117)
- • Strong brand recognition in international markets(p.120)
- • Export house status from Directorate General of Foreign Trade(p.131)
- • Experienced promoter management with 19-24 years in foundry sector(p.135)
- • Modern manufacturing facility with advanced automation and robotic equipment(p.188)
- • Strategic location in mineral-rich eastern India steel hub(p.188)
- • Internationally compliant products meeting global standards(p.188)
- • Multiple certifications and quality standards(p.188)
- • Significant revenue growth momentum(p.193)
- • Strong profit growth with improving margins(p.194)
- • Heavy dependence on a single customer (70% of revenue)(p.24)
- • Limited working capital and negative operating cash flow(p.26)
- • High financial leverage with significant debt burden(p.26)
- • Rented registered office with renewal risk(p.25)
- • Unsecured loans repayable on demand(p.28)
- • Multiple regulatory and statutory compliance delays(p.29)
- • Pending litigation involving promoters and company(p.27)
- • Heavy dependence on top customers - top 5 customers represent 91.41% of revenue(p.106)
- • Significant concentration on a single product - Municipal Castings represent 97.22% of revenue(p.105)
- • High debt-to-equity ratio of 4.48 as of December 31, 2024(p.92)
- • Limited domestic market presence with only 44.69% of revenue from India as of December 31, 2024(p.92)
- • Dependence on top 10 suppliers for 32.63% of procurement costs(p.109)
- • High dependency on top five customers(p.120)
- • Dependence on small pool of key personnel(p.120)
- • Limited marketing resources for domestic Indian market competition(p.121)
- • Significant unused manufacturing capacity(p.121)
- • Substantial short-term borrowings requiring refinancing(p.161)
- • Single manufacturing facility concentration risk(p.189)
- • Significant customer concentration(p.189)
- • High financial leverage(p.198)
- • Pending litigation involving promoters(p.202)
- • Outstanding dues to creditors with pending disputes(p.204)
- • Material outstanding trade receivables with collections uncertainty(p.170)
- • Expanding Indian foundry industry and export demand(p.17)
- • Growth in global infrastructure and construction projects(p.17)
- • Use of working capital to fund operational growth(p.18)
- • Debt reduction to improve financial flexibility(p.18)
- • Market penetration and geographic expansion into Saudi Arabia mega projects(p.107)
- • Significant domestic Indian market opportunities in infrastructure and railways sectors(p.107)
- • Diversification into new variants of casting products for different infrastructure needs(p.107)
- • Embracing digitalization and advanced technologies including simulation software and digital twin technology(p.107)
- • Indian foundry industry projected to reach USD 25 billion by 2025(p.88)
- • Manufacturing share in GDP expected to increase from 15% to 25% creating 100 million jobs(p.89)
- • Indian government focus on railway and smart city infrastructure(p.121)
- • Growing demand for castings in international residential projects(p.121)
- • Middle East infrastructure development especially in Saudi Arabia(p.121)
- • High infrastructure needs aligned with government initiatives(p.121)
- • Strategic international expansion through partnerships or acquisitions(p.122)
- • Export market growth in Europe and Middle-East post-geopolitical stabilization(p.193)
- • Diversification into multiple product segments(p.188)
- • Infrastructure development projects using company products(p.188)
- • Capacity expansion potential(p.188)
- • 95% export revenue exposed to forex fluctuations and trade policy changes(p.28)
- • Dependence on single manufacturing facility in West Bengal(p.23)
- • Raw material price volatility and supply chain disruptions(p.12)
- • Macroeconomic risks and global economic slowdown(p.40)
- • Natural disasters and pandemic risks(p.41)
- • Regulatory and environmental compliance stringency(p.35)
- • Technology obsolescence and competition(p.37)
- • Customer concentration risk with potential business loss(p.25)
- • Raw material price volatility impacts profitability significantly(p.108)
- • Seasonality in European business during snowfall period July-September(p.90)
- • Geopolitical uncertainties and regional conflicts affecting global growth(p.82)
- • Intense competition from approximately 4500 casting units in India(p.88)
- • Export dependency with 55.31% of revenue from exports as of December 31, 2024(p.92)
- • Intense competition from domestic foundry players(p.121)
- • Rapidly evolving technology requiring continuous investment(p.121)
- • Regulatory changes and legal challenges affecting market access(p.121)
- • Geopolitical instability in Middle East markets(p.121)
- • Foreign exchange rate fluctuation impacting export competitiveness(p.121)
- • Raw material cost and availability volatility(p.189)
- • High dependence on export markets(p.189)
- • Fragmented and competitive industry with low entry barriers(p.196)
- • Geopolitical and trade disruptions impacting revenues(p.193)
- • Tax disputes and regulatory proceedings(p.204)
- • Commercial disputes and litigation risks(p.201)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| ABI Trading Private Limited | Corporate Promoter | 94.80% | 69.26% |
| Akhilesh Saklecha | Individual Promoter | 0.60% | 0.44% |
| Abhishek Saklecha | Individual Promoter | 0.60% | 0.44% |
| Neha Saklecha | Individual Promoter | 0.26% | 0.19% |
| Priyanka Saklecha | Individual Promoter | 0.26% | 0.19% |
| ABI Trading Private Limited | Promoter | 94.80% | 69.26% |
| Abhishek Saklecha | Promoter | 0.60% | 0.44% |
| Akhilesh Saklecha | Promoter | 0.60% | 0.44% |
| Neha Saklecha | Promoter | 0.26% | 0.19% |
| Priyanka Saklecha | Promoter | 0.26% | 0.19% |
| Akhilesh Saklecha | Promoter | 0.60% | — |
| Abhishek Saklecha | Promoter | 0.60% | — |
| Neha Saklecha | Promoter | 0.26% | — |
| Priyanka Saklecha | Promoter | 0.26% | — |
| ABI Trading Private Limited | Promoter Group | 94.80% | — |
| Akhilesh Saklecha | Promoter | — | — |
| Abhishek Saklecha | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.