Matangi Rubber IPO
IPO Details
Bidding Dates
To be announced
Minimum Investment
N.A.
Price Range
N.A.
Maximum Investment
N.A.
Retail Discount
N.A.
Issue Size
72.77 Lakh Equity Shares
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)About Matangi Rubber IPO
Established in June 2004, Matangi Rubber Limited manufactures tyres, tyre flaps, tyre tubes, and rubber compounds for automotive and industrial use. Its products cater mainly to the two-wheeler, three-wheeler, and commercial vehicle segments. The company also provides contract manufacturing and job work services.
Matangi Rubber operates seven manufacturing facilities across Uttarakhand, Madhya Pradesh, and Tamil Nadu, including units managed through its subsidiary, MG Industries Limited. These facilities produce tyres, tubes, flaps, and rubber compounds for various vehicle applications.
Its operations span direct manufacturing and sales, contract manufacturing, and conversion-based job work for tyre manufacturers. The company also engages in limited rubber material trading and provides support services to major customers, including JK Tyre & Industries Limited.
Matangi Rubber IPO Objectives
- ₹4,500 lakh will be used for full or partial repayment/prepayment of outstanding loans to reduce indebtedness and debt-servicing costs.
- ₹1,905.88 lakh will be invested in a greenfield rubber recycling and devulcanisation plant at Bhind, Madhya Pradesh, with an estimated annual capacity of 3,910 MTPA. The facility aims to reuse rubber waste, reduce dependence on virgin raw materials, and improve cost efficiency.
- ₹843.50 lakh will be allocated towards setting up a greenfield plant for solid tyre production at Bhind, Madhya Pradesh.
- A portion of the net proceeds will be allocated towards general corporate requirements.
Industry Outlook
- Expansion of the vehicle parc and recurring tyre wear-and-tear are expected to support sustained demand for tyres, tubes, flaps, and other rubber components.
- Rising road freight, e-commerce logistics, and commercial vehicle utilisation are likely to drive demand for durable tyres, retreading materials, and allied rubber products.
- OEM demand across passenger vehicles, commercial vehicles, two-wheelers, and agricultural vehicles is expected to support industry volumes and supplier relationships.
- Increasing focus on extending tyre life and reducing fleet operating costs is likely to support demand for retreading materials and related rubber products.
- Greater emphasis on sustainability, waste-tyre management, and circular-economy practices may create opportunities for companies in reclaimed rubber and other recycled rubber applications.
- Highway expansion, logistics corridors, and improved rural connectivity are expected to support vehicle movement and tyre consumption.
Financial Performance of Matangi Rubber Limited
| Particulars | Period Ended December 31, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| EBITDA Margin | 27.43% | 30.49% | 11.52% | 9.06% |
| EBIT Margin | 29.58% | 30.84% | 10.82% | 9.50% |
| EBT Margin | 25.24% | 26.53% | 6.89% | 6.16% |
| PAT Margin | 18.80% | 18.84% | 5.27% | 3.13% |
| Return on Equity (ROE) | 16.53% | 23.52% | 11.97% | 10.16% |
Note: The figures for the period ended December 31, 2025 and Fiscal 2025 are presented on a Consolidated basis, whereas the figures for Fiscal 2024 and Fiscal 2023 are presented on a Standalone basis.
Matangi Rubber Peer Comparison
| Metric (%) | Matangi Rubbers Ltd | Ceat Ltd | TVS Srichakra Ltd | Tolins Tyre Ltd |
| EBITDA Margin | 30.49% | 11.15% | 6.90% | 19.07% |
| EBIT Margin | 30.84% | 7.02% | 3.13% | 18.70% |
| EBT Margin | 26.53% | 4.86% | 1.47% | 16.73% |
| PAT Margin | 18.84% | 3.56% | 0.63% | 13.11% |
| Return on Equity (RoE) | 23.52% | 10.79% | 1.73% | 11.92% |
Strengths and Opportunities for Matangi Rubber
Promoters and senior management bring over 20 years of industry experience, supported by expertise in finance, legal, compliance and business development.
Revenue from operations grew at a CAGR of 7.58% between FY23 and FY25, while consolidated PAT increased from ₹274.07 lakh in FY23 to ₹2,002.76 lakh in FY25.
Long-standing business ties with JK Tyre, a key customer for tyre flaps and tubes, support repeat business and potential collaboration opportunities.
Experience in contract manufacturing and job work, along with a focus on quality control and timely deliveries, supports its manufacturing operations.
Consolidated EBITDA increased from ₹781.13 lakh in FY23 to ₹3,088.68 lakh in FY25, reflecting improved operating earnings over the period.
The company operates in tyre flaps and tubes and has expanded into two- and three-wheeler tyre manufacturing, with commercial production commencing in December 2025.
Risks and Threats for Matangi Rubber
The top 10 customers contributed 87.33% of revenue for the period ended December 31, 2025, increasing dependence on a limited customer base.
Uttarakhand contributed 41.30% of revenue during the period ended December 31, 2025, exposing the company to regional disruptions.
The top 10 suppliers accounted for 69.97% of total purchases during the period ended December 31, 2025, with no long-term supply agreements in place.
The company has reported negative cash flows from investing and financing activities in the past, which may continue to affect its financial flexibility.
Business operations rely on manufacturing units and machinery, making production dependent on uninterrupted operations and effective capacity utilisation.
Past delays in payment of statutory dues indicate potential compliance-related risks and exposure to financial penalties.
Fluctuations in natural rubber, synthetic rubber, carbon black, chemicals and other input costs could increase production expenses and pressure profit margins.
Matangi Rubber IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 75% of the Net Offer |
| Retail | Not less than 10% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Matangi Rubber IPO Promoter Holding
| Category | Pre-IPO | Post-IPO |
| Promoter and Promoter Group | 81.11% | 60.01% |
Matangi Rubber IPO Registrar and Lead Managers
Matangi Rubber IPO Lead Managers
Sarthi Capital Advisors Pvt.Ltd.
Registrar for Matangi Rubber IPO
Name: Bigshare Services Pvt.Ltd.
Phone: 8657578989
Email ID: ipo@bigshareonline.com
How To Check the Allotment Status of the Matangi Rubber IPO?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Apply for Matangi Rubber IPO Online?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Matangi Rubber IPO
Address: Unit No. 401, 4th Floor, Southern Park, Saket District Center, Saket (South Delhi), New Delhi, 110017
Phone: 011 42709020
Email: cs@matangirubber.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
Matangi Rubber IPO FAQs
What is the Matangi Rubber IPO?
The Matangi Rubber IPO is a book-built public issue of 72.77 lakh equity shares, comprising a fresh issue of up to 57.62 lakh shares and an offer for sale of up to 15.15 lakh shares. SEBI approved the IPO on September 28, 2026.
What are the bidding dates of the Matangi Rubber IPO?
The bidding dates are yet to be announced.
What would be the listing gains on the Matangi Rubber IPO?
Listing gains cannot be predicted in advance. They depend on market demand, subscription levels, and overall investor sentiment on the listing day.
How to increase your chances of getting a Matangi Rubber IPO allotment?
1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
How to read the financial statements of the company?
You can access the company’s financials by downloading the DRHP document here.
Who is the registrar for the Matangi Rubber IPO?
The registrar is Bigshare Services Pvt Ltd. They are responsible for allotment and investor grievance handling.
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