Jay Jagdamba IPO

Strengths · 7

• 01Revenue from operations grew 44.11% in FY2026 and 48.39% in FY2025, reaching Rs 3,162.09 crore.
• 02EBITDA margin rose from 10.72% in FY2024 to 15.64% in FY2025 and 18.47% in FY2026.
• 03Profit after tax rose from Rs 51.51 crore in FY2024 to Rs 261.92 crore in FY2026.
• 04Net debt to EBITDA fell from 4.42 in FY2024 to 2.08 in FY2026, and interest coverage rose from 1.90 to 3.12.
• 05Rolled and bright products, the higher value line, grew from 47.65% of revenue in FY2024 to 60.15% in FY2026.
• 06Both plants sit at Wada, Maharashtra, and the company receives a state subsidy under the Package Scheme of Incentives, 2013.
• 07Weld-free pipes, started in November 2024, sold 3,260.83 tonnes in FY2026 against 484.32 tonnes in FY2025.

Risks · 10

• 01Two promoters, Narayan Prasad Malpani and Ram Prakash Malpani, and some promoter group members face a criminal proceeding and investigations by the Economic Offences Wing and the Enforcement Directorate.
• 02Litigation against the company includes 5 tax and 4 statutory or regulatory matters, with Rs 870.09 million involved. Litigation against the promoters involves Rs 290.10 million.
• 03The whole OFS part of the offer, 1,50,00,000 shares, goes to Floral Life Pte. Limited and the company gets none of it.
• 04The use of fresh issue money is only debt repayment and general corporate purposes, and no amount is fixed for either yet.
• 05Government grant of Rs 173.64 crore made up most of the Rs 176.33 crore other operating income in FY2026, so a change in the subsidy would hit profit.
• 06Net cash from operations was Rs 72.22 crore in FY2026 against profit of Rs 261.92 crore, and working capital days rose to 106 from 91 in FY2025.
• 07Total borrowings rose to Rs 1,338.62 crore at 31 March 2026 from Rs 855.75 crore a year earlier.
• 08Top 5 customers gave 33.99% of revenue in FY2026, and not all have long-term contracts. Most suppliers have no long-term supply agreements.
• 09The land for Manufacturing Facility II and parts of Facility I is not owned by the company.
• 10Auditor's reports for FY2026, FY2025 and FY2024 contain certain observations, and a promoter group member, Narbada Devi, is listed as a defaulter on Watchout Investors.

Jay Jagdamba Limited makes and exports stainless steel long and engineering products. It sells on a B2B basis in four broad product groups: ingots and billets, rolled and bright products, flanges and pipes. The company was incorporated in 2004 and describes itself as one of India's leading manufacturers and exporters of these products by revenue as of 31 March 2026, citing a CRISIL report.

Rolled and bright products are the largest line. They gave Rs 1,902.10 crore, or 60.15% of revenue from operations, in FY2026, up from 47.65% in FY2024. Billets and ingots gave Rs 806.12 crore (25.49%). Flanges gave Rs 99.21 crore (3.14%). Pipes made without weld joints began in November 2024 and gave Rs 146.40 crore (4.63%) in FY2026. Other operating income of Rs 176.33 crore (5.58%) is mostly a Government of Maharashtra subsidy under the Package Scheme of Incentives, 2013. That subsidy was Rs 173.64 crore in FY2026.

The company has two manufacturing facilities at Wada, Palghar, Maharashtra. Facility I has the melting division, a 16 inch rolling mill, the bright bars division and the flanges division. Facility II has a 12 inch rolling mill. The raw materials are stainless steel scrap and ferro alloys such as nickel, chromium, molybdenum and titanium. Scrap comes from local scrap yards, industrial waste generators, intermediaries and international suppliers.

Products go to consumer goods, oil and gas, automotive, infrastructure, medical equipment, machine components and petrochemicals industries. Customers named in the document include Norca Industrial LLC, Damstahl GmbH, Pradeep Metals Limited, SKM Stainless and Mishra Dhatu Nigam Limited. The company sells through distributors and stockists, in India and in exports to countries including UAE, Turkey, USA and Egypt. Total sales volume was 62,926.37 tonnes in FY2026 against 49,502.17 tonnes in FY2025.

The promoters are Narayan Prasad Malpani, Ram Prakash Malpani, Hari Prakash Malpani, Floral Life Pte. Limited of Singapore and NPM Family Trust. Narayan Prasad Malpani is Chairman and Whole-Time Director. Ram Prakash Malpani is Managing Director. This is an updated draft (UDRHP-I) dated 24 August 2026.

The industry

CRISIL's report says global demand for stainless steel rose to 52.0 million tonne in 2024 from 43.8 million tonne in 2020, a 4.4% CAGR. Global demand is expected to grow at 3-4% CAGR between 2025 and 2030 to 62-65 million tonne. The Indian Stainless Steel Development Association expects per capita consumption in India to rise to 4.5-5.5 kg by fiscal 2030, driven by industrialisation, infrastructure and manufacturing.

Customer concentration: Top 5 customers gave 33.99% of revenue from operations in FY2026, 33.28% in FY2025 and 40.05% in FY2024.