Super Iron Foundry, a major player in the iron and steel foundry segment, is all set to list on 11 March 2025. The company is into casting and manufacturing access covers, gully grates, and other industrial components and has shown good financials and growth prospects. In this article, Super Iron Foundry IPO review will cover its business model, financials, industry outlook, risks, and competitive positioning.
Table of Contents
#1 Company Overview: Strategic Positioning in the Steel Industry
Super Iron Foundry was incorporated in 1988 but started commercial production in 2013. The company has a 72,000 MT per annum production capacity at Durgapur, West Bengal, a strategic location in India’s mineral-rich eastern corridor. It manufactures municipal castings, ductile iron pipe fittings, automotive castings, agricultural castings, railway castings, and counterweights.
#2 Super Iron Foundry IPO Review: Industry Overview & Outlook
Indian foundry industry is valued at around USD 20 billion with exports contributing around USD 3.54 billion. The industry has grown rapidly due to industrialization, urban infrastructure development and increasing demand for iron and steel products in various sectors.
Indian foundry sector is expected to reach USD 25 billion by 2025 driven by government initiatives like “Make in India” and increasing demand from sectors like construction, automotive and railways. With over 4,500 casting units in India, the industry is fragmented but Super Iron Foundry’s focus on automation and exports gives it an edge.
#3 Super Iron Foundry IPO: Offer Details & Offer Structure
📌 IPO Price: INR 108 per share
📌 IPO Opening Date: 11 March 2025
📌 IPO Closing Date: 13 March 2025
📌 Issue Size: INR 68.05 crore
📌 Total Shares Offered: 63,01,200 equity shares
📌 Market Maker Reservation: 3,15,600 shares
📌 Net Offer to Public: 59,85,600 shares
📌 Listing Exchange: BSE SME
📌 Listing Date: 19 March 2025
📌 Retail Individual Investors (RIBs): 50% (29,92,800 shares)
📌 Non-Retail Investors: 50% (29,92,800 shares)
📌 Market Maker: 3,15,600 shares (5.01% of total issue)
#4 Financial Performance: Strong Growth with Improving Margins
Super Iron Foundry has demonstrated steady revenue growth and profitability over the years, achieving an impressive 24% revenue growth from FY22 to FY24, reflecting its strong market demand and operational efficiency. Its debt-to-equity ratio has been improving, indicating financial stability.
| FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 | |
| Revenue | 132.16 | 124.80 | 154.83 | 87.20 |
| EBITDA | 10.73 | 13.44 | 18.34 | 23.75 |
| Net Profit | 0.88 | 1.28 | 3.94 | 9.53 |
| Net Worth | 51.33 | 52.62 | 56.56 | 70.59 |
| Debt/Equity | 2.45 | 2.29 | 2.10 | 1.57 |
Key Ratios
- EBITDA Margin: Improved from 8.12% in FY22 to 11.84% in FY24.
- Net Profit Margin: Rose from 0.67% in FY22 to 2.55% in FY24.
- ROE (Return on Equity): Increased to 6.98% in FY24 from 1.74% in FY22.
- ROCE (Return on Capital Employed): Improved from 3.53% in FY22 to 8.47% in FY24.
- Debt-to-EBITDA Ratio: Reduced from 11.36x in FY22 to 6.23x in FY24.
#5 Super Iron Foundry IPO Analysis: Major Clients and Export Market
Super Iron Foundry has a worldwide presence, with exports to UAE, Qatar, Romania, Italy, Oman, Saudi Arabia, Greece, the USA, Germany, France, Switzerland, the UK, Croatia, and Belgium. One of its main clients is Mario Cirino Pomicino SPA, one of the biggest importers in Italy, which gives 70% of the company’s income.
The company has supplied materials for the New Hamad Port Project (Qatar), the New Turkish Air Base (Qatar), the Dubai South Development Project, the Lusail FIFA Stadium Project, Al Barwah Project (Doha). With the ability to meet EN124 international standards, Super Iron Foundry is a trusted supplier in infrastructure and industrial projects worldwide.
#6 Super Iron Foundry IPO Review: Shareholding Pattern & Objects of the Issue
- Pre-IPO Shareholding: 1,70,92,473 equity shares
- Post-IPO Shareholding: 2,33,93,673 equity shares
- Promoter Holding (Post-IPO): 73.06%
- Public Holding (Post-IPO): 26.94%
- Expansion of manufacturing facilities to enhance production capacity.
- Working capital requirements for meeting rising demand.
- Debt repayment to strengthen financial stability.
- General corporate purposes to support business operations.
#7 Industry Analysis: Growth Drivers and Challenges
The Indian steel casting industry is poised for significant growth, driven by:
- Government initiatives like Smart Cities Mission and increased infrastructure spending.
- Rising demand for ductile iron castings in railway and pipeline projects.
- Exports to the Middle East and European markets.
However raw material price volatility, competition from organized and unorganized players, and environmental regulations are challenges.
#8 Super Iron Foundry IPO Analysis: Comparison with Listed Peers
| Revenue (INR Cr) | P/E Ratio (x) | PAT Margin (%) | ROE (%) | |
| Super Iron Foundry | 154.8 | 45.19 | 10.92 | 14.98 |
| Universal Auto Foundry | 202.5 | 79.10 | 2.41 | 6.70 |
| Bhagwati Autocast | 134.2 | 20.40 | 5.22 | 18.41 |
Compared to its listed peers, Super Iron Foundry has higher profitability margins but a steep valuation (P/E ratio of 45.19). Investors should weigh growth potential vs. valuation concerns.
#9 Super Iron Foundry IPO Review: Key Strengths
✅ Diverse Product Portfolio – 500+ products across infrastructure, railways and telecom.
✅ Global Market Presence – Exports to Europe, the Middle East, and the USA, reduce dependence on domestic demand.
✅ Automated Manufacturing Facility – Robotic painting, grinding, and molding lines for efficiency and cost control.
✅ Long-term Client Relationships – Supplier to blue chip companies across multiple industries.
✅ Strong Financials – Improving margins, reducing debt, and strong revenue growth.
#10 Super Iron Foundry IPO Analysis: Risks Factors
- High Customer Concentration – The top 5 customers account for 91.41% of revenue, and the top 10 customers contribute 95.78% of the company’s revenue
- Geopolitical Risks – Export exposure to the Middle East and Europe could be affected by wars or trade policies.
- Revenue Concentration Risk: Over 70% of revenue comes from a single client (Mario Cirino Pomicino SPA, Italy), which could be risky if the client reduces orders
Super Iron Foundry IPO Review: Conclusion
Super Iron Foundry IPO has a strong growth story with 24% revenue growth (FY22-FY24), improving margins and automated manufacturing setup. International presence, EN124 compliance, and diversified product portfolio give the company a strong position in the market.
From investment perspective, the IPO valuation is rich compared to peers but the higher margins and growth justifies the premium. Long term investors looking for infrastructure driven growth may like it. Short term investors should consider market conditions, grey market trends and industry cyclicality before investing.
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