Kasturi Metal Composite Limited is engaged in the manufacturing of composite metal products, primarily bimetal and trimetal strips used in electrical, electronics and industrial applications. The company generates revenue through the sale of engineered metal solutions supplied to OEMs. Its products are used in circuit breakers, switches and industrial equipment where conductivity, durability and heat resistance are critical.

Key Clients and Manufacturing Facilities
The company supplies its products to electrical equipment manufacturers, switchgear companies and industrial component manufacturers across India. Kasturi Metal operates its manufacturing facility in Maharashtra, equipped with rolling mills, bonding furnaces and quality-testing infrastructure, enabling in-house production, consistency in quality and timely execution of customer orders.

Product Portfolio, Lifecycle Impact and Order Book
Kasturi Metal’s portfolio includes copper-based bimetal and trimetal strips positioned in the mid-to-high value segment of electrical components. These products enhance the performance and lifespan of end-user equipment by improving conductivity and thermal stability. Orders are generally customer-specific, executed on a rolling basis with efficient production planning ensuring steady order book execution.

Merger, Capex and Expansion Plans
The company has undertaken internal restructuring and capacity optimisation initiatives to streamline operations. Future plans include capital expenditure towards machinery upgrades, process automation and working capital strengthening. The objective is to improve operational efficiency, expand product range and cater to rising demand from electrical and industrial sectors.

Employees and Banker
As ofOctober 31, 2025, the company had 98 full time employees. The Banker to the Company is ICICI Bank Limited.

Management and Growth Vision

The management team brings decades of experience in metal processing and manufacturing. Their vision focuses on sustainable growth, margin improvement and long-term customer relationships. In the near term, the company aims to improve capacity utilisation, while long-term targets include product diversification and entry into higher-value applications. Expansion will be funded through IPO proceeds, internal accruals and improved cash flows, ensuring a balanced capital structure.

Industry Overview

Kasturi Metal operates in the electrical components and composite metal industry, which is closely linked to power infrastructure, industrial manufacturing and consumer durables.

• The Indian electrical equipment market is valued at over ₹3.5 lakh crore and is growing at 8–10% CAGR.
• The global electrical components market exceeds USD 1 trillion, growing at 6–7% annually.
• Demand is driven by urbanisation, electrification, renewable energy and industrial automation.
• Major global players operate at scale, while Indian manufacturers benefit from Make in India and import substitution trends.

Key Risk Factors

1. Raw Material Price Volatility
   The company depends on copper and other metals, whose prices fluctuate significantly. Sudden increases may impact margins if cost escalation cannot be passed on to customers in a timely manner.
2. Customer Concentration Risk
   A portion of revenue is derived from a limited number of customers. Loss of a major client or reduction in orders could adversely affect revenue and cash flows.
3. Industry Cyclicality
   Demand for electrical and industrial components is linked to economic cycles. Slowdown in infrastructure or industrial spending may reduce order inflows.
4. Operational and Manufacturing Risk
   Manufacturing involves complex processes. Equipment breakdowns, quality failures or labour disruptions could impact production schedules and profitability.
5. Competition Risk
   The company faces competition from larger domestic and international players with higher capacities, stronger bargaining power and broader product portfolios.

Key Strengths, Moat and Opportunities

1. Specialised Product Expertise
   Kasturi Metal has strong technical know-how in bimetal and trimetal bonding, creating entry barriers for new players.
2. Established Customer Relationships
   Long-standing relationships with OEMs provide repeat business and visibility in order flows.
3. Integrated Manufacturing Facility
   In-house production capabilities ensure quality control, cost efficiency and faster delivery timelines.
4. Growing End-Use Industries
   Expansion in power distribution, renewables and industrial automation offers sustained demand growth.
5. Scalable Business Model
   With planned capex and process improvements, the company can scale volumes without proportionate cost increases.
6. Government Policy Support
   Policies like Make in India and infrastructure investments create opportunities for domestic component manufacturers.