Sai Infinium IPO

Sai Infinium Limited has refiled a Draft Red Herring Prospectus with the Securities and Exchange Board of India on September 30, 2026, to raise funds through an Initial Public Offering.

Sai Infinium Limited's Initial Public Offering is a Book Built Issue consisting of a fresh issue of ₹280.00 crores and an offer for sale of up to 1.20 crore equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Limited. Fedex Securities Private Limited is the Book Running Lead Manager, and Kfin Technologies Limited is the Registrar to the Issue. Key details such as the Initial Public Offering dates, price band, and lot size are yet to be announced.

About Sai Infinium Limited

Sai Infinium Limited was originally incorporated as Sai Inductomelt Private Limited on August 16, 2004. The company was renamed Sai Bandhan Infinium Private Limited in 2019, converted into a public limited company in October 2024, and subsequently renamed Sai Infinium Limited in November 2024. The company is primarily engaged in the manufacturing and sale of Thermo Mechanically Treated (TMT/TMX) bars and Structural Steel Products under the “Bandhan” brand. It also manufactures MS Billets, which are largely used for captive consumption and are also sold to rolling mills and traders.

The company’s product portfolio comprises TMT bars in grades Fe 500, Fe 500D, Fe 550, and Fe 550D, available in sizes ranging from 8 mm to 32 mm, along with structural steel products such as angles, beams, channels, girders, flat bars, and rods. Its MS Billets are manufactured in sizes including 100 × 100 mm, 130 × 130 mm, 160 × 160 mm, and 200 × 200 mm. In February 2026, the company commenced manufacturing value-added Structural Steel Products, expanding its product offering beyond TMT bars and MS Billets.

Sai Infinium operates its manufacturing plant at Chamardi Village, Vallabhipur, Bhavnagar, Gujarat, comprising a Melting Shop, Rolling Mill 1 for TMT bars, and Rolling Mill 2 for Structural Steel Products. The company owns approximately 300,378 sq. metres of factory land, with around 65,070 sq. metres of constructed area. As of March 31, 2026, installed capacity stood at 108,000 MTPA each for MS Billets, TMT bars, and Structural Steel Products. The company is also constructing Rolling Mill 3 over 11,776 sq. metres, which is expected to increase Structural Steel Products capacity from 108,000 MTPA to 216,000 MTPA, with production expected to commence by December 31, 2026.

The company sells its Long Steel Products primarily across Gujarat, Rajasthan, and Punjab through a network of non-exclusive dealers and distributors. As of March 31, 2026, its network comprised 226 dealers, including 222 in Gujarat and four in Punjab, along with five distributors across Gujarat, Rajasthan, and Punjab. In addition to its core steel manufacturing operations, Sai Infinium is engaged in trading ferrous and non-ferrous scrap, ship recycling, and real estate activities. However, steel manufacturing and trading constitute the principal business activity, while ship recycling and real estate are incidental activities.

In Fiscal 2026, Sai Infinium reported revenue from operations of ₹6,891.62 million, compared with ₹5,286.74 million in Fiscal 2025 and ₹4,682.07 million in Fiscal 2024. TMT bars contributed ₹3,827.63 million, MS Billets ₹391.50 million, and Structural Steel Products ₹359.63 million to Fiscal 2026 revenue, while ferrous and non-ferrous scrap contributed ₹1,520.64 million. Total income increased to ₹6,964.33 million in Fiscal 2026 from ₹5,499.24 million in Fiscal 2025, while EBITDA increased to ₹1,281.88 million and restated PAT to ₹823.79 million.

Industry Outlook

• India’s steel demand outlook remains strong, with finished steel consumption rising at a CAGR of 8.5%, from 100 MT in FY20 to 164 MT in FY26; FY26 consumption grew 11.6% YoY, supported by infrastructure, construction, railways, and manufacturing.
• India’s crude steel production increased at a 7.5% CAGR from 109 MT in FY20 to 168 MT in FY26, while the government targets 300 MT of crude steel capacity by FY31, indicating significant scope for capacity expansion.
• The mild steel products industry is expected to benefit from sustained investments in roads, railways, metro projects, ports, housing, and urban infrastructure, creating long-term demand for TMT bars, beams, and other structural steel products.
• India’s expanding manufacturing base across automotive, engineering, capital goods, heavy machinery, defence, and renewable energy is expected to support demand for mild steel products, as these sectors increasingly require fabricated steel components.
• Rising urbanization and real estate development are expected to remain key demand drivers, with growth in residential, commercial, and institutional construction supporting consumption of reinforcement bars and structural steel across both major and Tier II/III cities.
• Government policy remains supportive, with the National Steel Policy 2017 targeting 300 MT of crude steel capacity and 230 MT of finished steel demand/production by FY31, while PLI schemes are encouraging domestic manufacturing and value addition.
• India’s steel demand growth is more domestically anchored than global demand, providing resilience against international demand fluctuations; however, global overcapacity, weaker overseas markets, and cheaper imports could continue to pressure domestic prices and margins.
• The medium-term outlook remains positive, but profitability could be affected by volatility in iron ore, coal, scrap, and freight costs, geopolitical disruptions, and stricter environmental requirements, making cost efficiency and technology adoption increasingly important.

Sai Infinium IPO Objectives

The company proposes to utilize the net proceeds from the IPO for the following objectives:

• Funding the capital expenditure requirements of our Company towards expansion of manufacturing capacity.
• Towards general corporate purposes.

Financial Performance of Sai Infinium Limited

Sai Infinium Limited Peer Details Comparison