Yogiji Digi IPO

Strengths · 8

• 01Revenue from operations grew from Rs 396.53 crore in FY2024 to Rs 479.68 crore in FY2025 and Rs 626.11 crore in FY2026.
• 02EBITDA margin moved from 7.69% in FY2024 to 10.53% in FY2025 and 10.81% in FY2026.
• 03Profit after tax rose from Rs 19.93 crore in FY2024 to Rs 40.42 crore in FY2026, and PAT margin improved from 5.03% to 6.46%.
• 04The order book was Rs 1,141.17 crore on 31 March 2026, against Rs 393.22 crore on 31 March 2025.
• 05Return on capital employed was 17.70% in FY2026 and return on equity was 21.31%.
• 06Manufacturing area increased from 9,135 square metres to 14,170 square metres in FY2026, and installed capacity is 6,764.55 metric tonnes per annum.
• 07Inventory days fell from 120 in FY2024 to 74 in FY2026, and the cash conversion cycle shortened from 109 days to 81 days.
• 08The company has executed projects in 10 countries and has no auditor qualifications or adverse remarks in the restated financials.

Risks · 10

• 01The top ten customers gave 82.10% of FY2026 revenue from operations (79.35% in FY2025 and 96.89% in FY2024), and there are no long-term contracts with major customers.
• 02All three manufacturing units are at Palwal in Haryana, so one location carries the whole production base of 6,764.55 metric tonnes per annum.
• 03Customers in northern and eastern India gave 76.27% of domestic revenue in FY2026 (84.33% in FY2025 and 91.34% in FY2024).
• 04Operating cash flow was negative at Rs 47.32 crore in FY2025, even though profit after tax was Rs 28.04 crore.
• 05Total borrowings rose from Rs 58.70 crore in FY2024 to Rs 190.09 crore in FY2026, and debt to equity rose from 0.74 to 0.91 times.
• 06Trade receivable days rose from 36 in FY2024 to 77 in FY2026, which ties up more cash in unpaid bills.
• 07Cost of materials and inventory changes were 69.46% of revenue in FY2026, and suppliers work on a purchase-order basis.
• 08The order book of Rs 1,313.04 crore on 31 May 2026 can be adjusted, suspended or cancelled by customers.
• 09Outstanding performance and other guarantees were Rs 18.57 crore in FY2026, and failure to meet delivery terms can lead to liquidated damages.
• 10The offer includes 71,71,290 shares sold by promoters and other holders, whose proceeds go to the sellers and not the company, and general corporate purposes amount is not yet fixed.

Yogiji Digi Limited, formerly Yogiji Digi Private Limited, designs and makes machinery for flat steel processing. Its range covers Cold Rolling Mills, Annealing and Pickling Lines, Pickling Lines, Acid Regeneration Plants, Metal Coating Lines (GI/GL/ZM), Color Coating Lines, Skin Pass Mills and ancillary slitting, trimming and rewinding lines. It also sells electrical and automation solutions.

The company also sells spares and components such as roll chocks, mandrel shafts, coaters, payoff reels, recoilers and uncoilers. It offers revamp and retrofitting work to upgrade existing lines. The document says it has no separate reportable segments.

Customers are independent flat steel makers and integrated steel producers. In FY2026, APL Apollo Building Products Limited was the largest customer with Rs 107.16 crore, or 17.12% of revenue from operations. The company has executed projects across 10 countries in South Asia, Africa, the Middle East and North America.

It runs three manufacturing units at Palwal in Haryana. The cumulative installed capacity was 6,764.55 metric tonnes per annum as of 31 March 2026. Manufacturing area rose from 9,135 square metres in FY2025 to 14,170 square metres in FY2026.

The order book stood at Rs 1,141.17 crore on 31 March 2026, against Rs 393.22 crore a year earlier. It was Rs 1,313.04 crore on 31 May 2026. The company was incorporated in 1993 and is led by promoters Navneet Singh, Sameer Bansal and Satish Kumar Tripathi. A former subsidiary was merged into the company with an appointed date of 31 March 2025.

The industry

According to the CRISIL report cited in the document, India's domestic flat steel demand grew at a CAGR of 7.88% between Fiscal 2020 and Fiscal 2026, from 48.50 million tonnes per annum to 76.46 million tonnes per annum. Flat steel production grew at a CAGR of 6.97% over the same period, from 49.87 million tonnes to 74.72 million tonnes. It is expected to grow at a CAGR of 6.5% to 7.5% between Fiscal 2026 and Fiscal 2031, reaching 100.00 to 105.00 million tonnes per annum. Global finished steel demand is expected to grow at a CAGR of 2.80% to 3.30% between CY2025 and CY2030.

Customer concentration: Top 5 customers gave 55.74% of FY2026 revenue from operations, led by APL Apollo Building Products Limited at 17.12%. The top ten customers gave 82.10%.