Metalbook’s gross revenue crosses Rs 1,300 Cr in FY25

Following a 76% year-on-year growth in FY24, metal supply-chain platform Metalbook maintained its momentum in FY25, crossing the Rs 1,300 crore revenue mark, a 66.7% jump from Rs 796 crore in FY24.

According to its internal financial documents reviewed by Entrackr, the company’s revenue from operations stood at Rs 1,327 crore during FY25, while total income reached Rs 1,332 crore.

The sale of ferrous commodities accounted for 71% of the total operating revenue, growing 33% to Rs 938 crore in FY25. Meanwhile, income from non-ferrous commodities and other operating activities jumped 4X to Rs 389 crore during the last fiscal year.

For the metal supply-chain platform, the cost of procurement of metals formed 95.6% of the total costs. In line with its scale, this cost grew by 64% to Rs 1,303 crore in FY25. Meanwhile, its total expenses rose in proportion, up 66.9% to Rs 1,362 crore. Despite the scale-up, Metalbook managed to retain cost discipline, maintaining its expense-to-revenue ratio at 1.03X, the same as last year.

Metalbook’s operating losses modestly remained at Rs 9.8 crore from Rs 9.7 crore, with the firm’s EBITDA margin remained steady at -0.7%, indicating that operational efficiency has largely held up amid strong topline growth.

On the balance sheet, Metalbook’s total assets surged 26% to Rs 245 crore, backed by improved liquidity as cash and bank balances rose 24% to Rs 77.5 crore. The Gurugram-based company continues to invest in expanding its technology stack and strengthening its supplier-buyer network across metals, energy, minerals such as steel, copper, bitumen and aluminium.

Founded in 2021, Metalbook operates a full-stack digital marketplace for metal procurement, logistics, and financing. Following its $18 million Series A round led by Rigel Capital and Foundamental, the company has been expanding across niche categories in the metal, energy and sustainability supply chains.

Metalbook is well placed to benefit from the massive push for Make in India and infrastructure development in India, with demand for most metal and minerals in its portfolio expected to stay steady, if not higher. The firm has been meeting projected revenues by doing the basics right, and the B2B player should be able to deliver profits soon. The high share of procurement costs at over 95% of total costs shows just how tight margins can be in the business, but this is also where every year of legacy added means a lot more in terms of reputation and customer loyalty. 

As Metalbook adds the years, the firm will surely do better on this front as well. The rising share of non-ferrous metals and value added businesses is another positive, as just copper could deliver much better margins with sourcing efficiencies.