Mandeep Auto Industries Ltd. (MAIL) makes sheet metal components, auto parts, and specialized gears used in various industries like automobiles, tractors, and defense. Its RoCE margins have been steady ranging from 24.61% in FY21 to 27.94% for Q2 & Q3-FY24. Despite no dividends, MAIL's sales and profits are growing steadily. It's expanding to meet demand. Based on FY24 earnings, the IPO price seems fair. Investors could think about investing for medium to long-term gains.