J PAN Tubular Components IPO
J PAN Tubular Components IPO — date, issue size, SEBI status & DRHP details 2026
J PAN Tubular Components filed its draft red herring prospectus (DRHP) with SEBI on 12 Aug 2026 for an IPO of a fresh issue of up to 49,20,000 shares and an offer for sale of up to 2,60,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
J PAN Tubular Components makes HVAC, VRV, refrigerator and brass tubular components for appliance makers such as LG, Haier, Bosch and Daikin. Revenue from operations grew from Rs 301.70 crore in FY2024 to Rs 468.09 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the J PAN Tubular Components IPO stands
From draft to listing. Today is 20 October 2026.
- DRHP filed 12 Aug 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 12 Aug 2026 |
|---|---|
| SEBI status | Under SEBI review · 16 Oct 2026 |
| Last SEBI communication | 16 Oct 2026 |
| Coordinating lead manager | Hem Securities Limited |
| RHP, price band & dates | Not announced |
Latest news
Our news coverage of J PAN Tubular Components, newest first.
J PAN Tubular Components IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 49,20,000 shares |
| Offer for sale | Up to 2,60,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Hem Securities Limited |
| Registrar | Bigshare Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Jignesh Panchal | Promoter | Up to 2,60,000 shares | Rs 0.69 |
The only seller is promoter Jignesh Panchal, whose weighted average cost of acquisition is Rs 0.69 per share, against a face value of Rs 10.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations rose from Rs 301.70 crore in FY2024 to Rs 389.08 crore in FY2025 and Rs 468.09 crore in FY2026.
- 02EBITDA grew from Rs 20.56 crore in FY2024 to Rs 39.79 crore in FY2026, and the EBITDA margin was 8.50% in FY2026 against 6.82% in FY2024.
- 03Manufacturing capacity rose from 3,83,43,000 units in FY2024 to 6,91,20,000 units in FY2026 across five sites.
- 04Supplies to well known appliance makers including LG Electronics (India), Haier, Bosch Home Comfort and Daikin, with 61 customers served in FY2026.
- 05Return on net worth was 18.61% and return on capital employed was 16.13% in FY2026.
- 06Net worth grew from Rs 54.84 crore at 31 March 2024 to Rs 94.34 crore at 31 March 2026.
- 07Promoters hold 99.99% before the issue, and the auditor has no qualification in the restated financials.
Risks · 10
- 01Top 5 customers gave 84.09% of FY2026 revenue and top 10 gave 96.60%, up from 75.45% and 92.01% in FY2024.
- 02HVAC components gave 77.84% of FY2026 revenue, and white goods as a whole gave 93.09%.
- 03There are no long-term agreements with customers, as the document states.
- 04Top 10 suppliers gave 71.75% of raw material purchases in FY2026, and cost of goods sold was 82.84% of total expenses.
- 05Maharashtra, Rajasthan and Uttar Pradesh each year together gave more than 70% of domestic sales, as the document states.
- 06Profit after tax fell from Rs 20.48 crore in FY2025 to Rs 17.56 crore in FY2026, and the PAT margin fell from 5.26% to 3.75%.
- 07Cash flow from operations was Rs 11.57 crore in FY2026 against profit of Rs 17.56 crore, while investing outflow was Rs 27.17 crore.
- 08Total borrowings rose from Rs 50.15 crore at 31 March 2024 to Rs 96.55 crore at 31 March 2026.
- 09General corporate purposes has no amount fixed yet and can be up to 25% of gross proceeds.
- 10The company uses contract labour for manufacturing, and labour shortage or unrest could hit operations.
J PAN Tubular Components financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 468.09 | 389.08 | 301.70 |
| EBITDA | 39.79 | 39.23 | 20.56 |
| Profit After Tax | 17.56 | 20.48 | 8.57 |
| Net Worth | 94.34 | 77.72 | 54.84 |
| Total Borrowing | 96.55 | 70.34 | 50.15 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹98.19 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About J PAN Tubular Components
The product range has four parts: HVAC components, VRV (Variable Refrigerant Volume) components, refrigerator components and brass components. HVAC components gave Rs 364.14 crore, or 77.84% of revenue from operations, in FY2026. VRV components gave 13.94%, refrigerator components 5.54% and brass components 2.68%. The company reports a single business segment.
White goods (HVAC and refrigerator) is the main end industry, with 93.09% of FY2026 revenue. Electrical equipment manufacturing gave 5.36%. The customers named in the document are LG Electronics (India), Haier Appliances (India), Bosch Home Comfort India, Daikin Airconditioning India and Ecofrost Technologies. The company served 61 customers in FY2026.
It runs manufacturing sites at Noida, Neemrana, Pune, Bengaluru and Sanand, covering 32,351.84 square metres in total. Manufacturing capacity was 6,91,20,000 units in FY2026, against 5,39,40,000 in FY2025 and 3,83,43,000 in FY2024. Equipment includes CNC bending machines, automatic brazing machines, forging machines and a brass melting furnace.
By geography, Maharashtra gave 40.49% of FY2026 sales, Rajasthan 29.33% and Uttar Pradesh 14.43%. In FY2025 the company owned Sai Ganesh Exports Private Limited as a wholly owned subsidiary, so FY2025 numbers are consolidated. That subsidiary was merged into the company in FY2026, so FY2026 and FY2024 numbers are standalone.
The industry
The document cites the D&B report. The Indian tubing components and fittings market grew from INR 144.9 billion in FY2021 to INR 202.2 billion in FY2026, a CAGR of 6.9%. The report links this growth to wider use of tubing in cooling, heating and fluid-distribution systems and a shift to value-added products such as pre-insulated tubes and precision-drawn pipes.
Customer concentration: Top 5 customers gave 84.09% of FY2026 revenue (79.15% in FY2025) and top 10 gave 96.60% (96.02% in FY2025).
Promoters & management
The four promoters hold 1,57,87,255 shares, or 99.99% of the company before the issue, and there is no separate promoter group.
| Name | Role |
|---|---|
| Jignesh Panchal | Chairman and Managing Director |
| Navneet Bhardwaj | Whole-time Director and Chief Financial Officer |
| Dina Panchal | Whole-time Director |
| Jugal Jignesh Panchal | Whole-time Director |
| Ishan Yadav | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Hem Securities Ltd.
16 issues handledBest listing: Credent Connect N Care (+90.0%). Weakest: E to E Transportation Infrastructure (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
J PAN Tubular Components IPO: frequently asked
When will the J PAN Tubular Components IPO open?
The J PAN Tubular Components IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the J PAN Tubular Components IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the J PAN Tubular Components IPO?
J PAN Tubular Components filed its draft red herring prospectus (DRHP) with SEBI on 12 Aug 2026 for an IPO of a fresh issue of up to 49,20,000 shares and an offer for sale of up to 2,60,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the J PAN Tubular Components IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the J PAN Tubular Components IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the J PAN Tubular Components IPO GMP once the RHP and price band are out.
What will J PAN Tubular Components do with the IPO money?
As per the DRHP: Capital expenditure to expand the Sanand facility in Gujarat (₹42.69 crore); Capital expenditure to set up a new manufacturing facility at Sri City, Andhra Pradesh (₹20.5 crore); Repay or prepay part of the company's borrowings (₹35 crore); General corporate purposes.
Who are the lead managers of the J PAN Tubular Components IPO?
The book running lead managers are Hem Securities Limited. Bigshare Services Private Limited is the registrar.
Who are the customers of J PAN Tubular Components?
The document names LG Electronics (India), Haier Appliances (India), Bosch Home Comfort India, Daikin Airconditioning India and Ecofrost Technologies. The top 5 customers gave 84.09% of FY2026 revenue.
Who owns J PAN Tubular Components?
The four promoters, Jignesh Panchal, Dina Panchal, Jugal Jignesh Panchal and Jubin Jignesh Panchal, hold 99.99% before the issue. Jignesh Panchal alone holds 95.62%.
Is J PAN Tubular Components profitable?
Yes. It made a restated profit of Rs 17.56 crore in FY2026, Rs 20.48 crore in FY2025 and Rs 8.57 crore in FY2024.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When J PAN Tubular Components files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
