JSW One Platforms IPO

Strengths · 7

• 01Revenue from operations rose 183.48% in FY2025 and a further 44.93% in FY2026 to reach Rs 5,743.39 crore.
• 02The group turned profitable in the three months ended 30 June 2026, with EBITDA of Rs 22.89 crore and profit of Rs 14.21 crore, against a loss of Rs 106.49 crore in FY2026.
• 03Contribution margin of the commerce business improved to 1.57% of net merchandise value in FY2026 from 1.23% in FY2024.
• 04Net working capital was 3.75 days in FY2026 against 17.28 days in FY2024, so growth has needed little extra working capital.
• 05Promoter group supply covered 85.70% of net merchandise value in FY2026, which gives the platform assured material from JSW Steel and JSW Cement.
• 06The lending arm closed FY2026 with assets under management of Rs 215.46 crore, no gross non-performing assets and a capital ratio of 49.92%.
• 07Platform scale reached 6,280 transacting customers, 57,457 orders and gross merchandise value of Rs 18,596.91 crore in FY2026.

Risks · 10

• 01The business leans on the JSW Group: group supply was 85.70% of net merchandise value in FY2026 and purchases of stock-in-trade from related parties were 63.51% of purchases.
• 02Seller and supplier concentration is high. The top 10 entities accounted for 90.52% of net merchandise value in FY2026 and 85.02% in the June 2026 quarter.
• 03The company has a short record of profit. It lost Rs 106.49 crore in FY2026, Rs 217.02 crore in FY2025 and Rs 227.02 crore in FY2024.
• 04Operating cash flow is negative. Rs 244.69 crore was used in operating activities in FY2026 and Rs 115.17 crore in the three months ended 30 June 2026.
• 05The offer uses Regulation 6(2) of the SEBI ICDR Regulations because the company did not have an operating profit in each of the three preceding years.
• 06Steel and steel products were 98.79% of net merchandise value in FY2026, so steel price swings feed straight into the platform's volumes and costs.
• 07Rs 500.00 crore of the fresh issue goes into JSW One Finance, which has a limited operating history and an adjusted loss before tax of Rs 13.10 crore in FY2026.
• 08Credit on the platform depends on outside partners: third-party finance partners and letters of credit covered 84.22% of the gross merchandise value financed through One Helix Fintech in FY2026.
• 09The auditors reported cash losses in FY2026, FY2025 and FY2024, and that the audit trail feature was not enabled for certain database changes in FY2025 and FY2024.
• 10Of the offer, Rs 1,754.01 crore is an offer for sale that goes to the selling shareholders and not to the company.

JSW One Platforms Limited runs a technology platform that connects small and medium manufacturing and construction businesses with sellers of steel, cement and other construction materials. The platform carries product discovery, comparison and ordering on JSW One Marketplace, value-added processing through 12 contract service centres as of 30 June 2026, last-mile delivery with shipment tracking, private brands sold as JSW One TMT and One Helix Pipes and Tubes made by 9 contract manufacturers, and credit built into the buying workflow. The registered and corporate office is at Grande Palladium, Santacruz (East), Mumbai.

The company reports two segments under Ind AS 108. The Commerce Business gave Rs 5,729.17 crore, or 99.75% of revenue from operations, in FY2026. Financial Services, run through JSW One Finance Limited, an RBI-registered non-banking finance company, gave Rs 14.22 crore, or 0.25%. One Helix Fintech brings credit from 11 financing partners into the platform, and JSW One Finance also lends directly to MSMEs. JSW One Homes is a separate full-stack offering for people building homes.

Platform volumes have grown quickly. Gross merchandise value was Rs 18,596.91 crore in FY2026 against Rs 5,241.54 crore in FY2024, and net merchandise value was Rs 15,754.99 crore in FY2026. The company served 6,280 transacting customers across 57,457 orders in FY2026, and sold 27,05,241.18 MT of steel products and 2,56,799.91 MT of cement products in that year. The retention ratio was 38.03% in FY2026. All operations are in India.

The lending arm started in FY2025. Disbursements were Rs 1,020.45 crore in FY2026 against Rs 100.40 crore in FY2025, and assets under management stood at Rs 215.46 crore at the end of FY2026, with no gross non-performing assets and a capital to risk-weighted assets ratio of 49.92%.

The promoters are JSW Steel Limited and JSW Cement Limited, which held 62.13% and 11.69% of the pre-Offer capital on a fully diluted basis. Mitsui and Co., Ltd. of Japan held 7.01%. The JSW Group is also the main source of supply: group supply accounted for 85.70% of net merchandise value in FY2026. Parth Jindal is Chairman and Non-Executive Director and Gaurav Sachdeva is Joint Managing Director and Chief Executive Officer.

The industry

The 1Lattice report in the document puts India's nominal GDP at US$3.9 trillion in Fiscal 2026, growing to US$6.2 trillion by Fiscal 2031 at a 9.5% CAGR, with manufacturing and construction expanding at about 9.1% and 12.6% CAGR between Fiscal 2020 and Fiscal 2031. India has about 76 million registered and formalised MSMEs, which contributed 31.1% of GDP in Fiscal 2026. Finished steel consumption is projected to rise from 158.1 Mn MT in Fiscal 2026 to 224.1 Mn MT by Fiscal 2031, and the cement market from Rs 3,896.1 billion to Rs 6,989.8 billion over the same period. Digital penetration of B2B commerce in these two sectors was about 3% in Fiscal 2026 against about 25% in China, which is the gap the company is built around.

Customer concentration: The document reports top-5 customer concentration as not applicable, but supply is concentrated: the top 10 sellers and suppliers accounted for 90.52% of net merchandise value in FY2026 and 87.44% in FY2025.