[SMM Stainless Steel Flash] India's Avtar Steel Files for INR 585 Crore IPO

Published: Aug 17, 2026 11:02

Save

Delhi-based stainless steel maker Avtar Steel filed its Draft Red Herring Prospectus (DRHP) on August 14, 2026, seeking an IPO comprising a fresh issue of up to INR 585 crore and an offer for sale of up to 50 million shares by promoter Sumit Jindal, who currently holds a 78% stake. IPO proceeds will be allocated to: INR 200 crore for a new Specialty Steel Melting Division and wire capacity expansion; INR 200 crore for debt repayment; and the remainder for general corporate purposes. Established in 1996, Avtar Steel operates three integrated facilities in Sonipat, Haryana, with 72,000 MTPA steel melting capacity and 120,000 MTPA wire rod and bar capacity, producing over 150 stainless steel grades for automotive, defense, aerospace, oil and gas, and food processing sectors. The company posted FY26 revenue of INR 1,263.3 crore and net profit of INR 59.1 crore — nearly tripling from FY24 — with EBITDA margins expanding from 4.65% to 8.94%. India's stainless steel market is projected to grow at an 8.2% CAGR through FY30, driven by infrastructure spending, green hydrogen, and renewable energy build-outs.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

Data: SHFE, DCE market movement (Aug 17)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 17 Aug , 2026

15 hours ago

16 hours ago

[SMM Nickel Flash] Vale: Mechanical Construction of the HPAL Pomalaa Nickel Smelter Has Been Completed

[Vale: Mechanical Construction of the HPAL Pomalaa Nickel Smelter Has Been Completed] Budiawansyah, Chief Sustainability and Corporate Affairs Officer of PT Vale Indonesia (INCO), said on August 13 that the physical and mechanical construction of the HPAL (high-pressure acid leach, hydrometallurgical) smelter located in the Pomalaa block, Pomalaa District, Kolaka Regency, Southeast Sulawesi Province, has been completed (one production line has reached 100% mechanical completion) and has entered the trial operation stage. The project is being developed by PT Kolaka Nickel Indonesia (KNI), with partners Zhejiang Huayou Cobalt (Huayou) and Ford Motor Company (Ford). PT Vale Indonesia Tbk plans to commence production of the project in Pomalaa in Q3 2026, with a target capacity of 120,000 mt Ni of MHP.

16 hours ago

Market Sentiment Weakens for High-Grade NPI, Downstream Purchases Sluggish Amid Cooling Interest

[SMM Nickel Flash] News on August 17: The current market sentiment for high-grade NPI is relatively weak. Many market participants, facing a downward market trend, have chosen to wait and see and have stopped offering quotes. Downstream steel mills’ purchase willingness remains sluggish, with some enterprises directly suspending related procurement activities, and market buying interest has clearly cooled.

16 hours ago