Jivial Industries IPO opens Jun 23 to fund capacity expansion
Jivial Industries Limited, a Gujarat-based manufacturer of aluminium railings and fixtures, will open its initial public offering (IPO) on June 23, 2026, to raise ₹26.64 crore. The proceeds will fund capacity expansion, a new Glass Fibre Reinforced Polymers (GFRP) product line, and general corporate purposes. The company has reported strong revenue growth, with PAT rising to ₹2.97 crore in FY2025, but faces risks including raw material dependency and geographic concentration.
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Jivial Industries Limited, a Gujarat-based manufacturer of aluminium railings and fixtures, will open its initial public offering (IPO) on June 23, 2026. The company aims to raise ₹26.64 crore through a fresh issue to finance capacity expansion, a new Glass Fibre Reinforced Polymers (GFRP) product line, and general corporate purposes. Proceeds from the issue will support backward integration and the renovation of a second manufacturing facility in Rajkot.
The IPO opens on June 23, 2026, and closes on June 25, 2026. The allotment date is June 29, 2026, and the listing is scheduled for July 1, 2026. The total issue size comprises a fresh issue of ₹26.64 crore. The price band, face value, and lot size were not disclosed in the draft red herring prospectus (DRHP).
Financial Performance
Jivial Industries has demonstrated significant revenue growth and margin expansion over the past three years. Revenue from operations increased from ₹8.40 crore in FY2023 to ₹12.01 crore in FY2025. Profit After Tax (PAT) rose from ₹1.17 crore in FY2023 to ₹2.97 crore in FY2025.
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 8.40 | 11.06 | 12.01 |
| Total Revenue (₹ Cr) | 8.40 | 11.06 | 12.07 |
| Total Expenses (₹ Cr) | 6.98 | 8.12 | 8.48 |
| Profit Before Tax (₹ Cr) | 1.42 | 2.94 | 3.58 |
| Profit After Tax (₹ Cr) | 1.17 | 2.41 | 2.97 |
| PAT Margin (%) | 13.93% | 21.79% | 24.77% |
The EBITDA margin improved from 16.96% in FY2023 to 31.08% in the nine months ending December 31, 2025. However, the company reported negative cash flow from operations of ₹0.09 crore for the nine months ending December 31, 2025.
Objects of the Issue
The company plans to utilise the net proceeds from the IPO for specific capital expenditures and general corporate needs.
| Object | Amount (₹ Crore) |
|---|---|
| Purchase of New Machineries | 14.40 |
| Renovation of Manufacturing Facility | 4.00 |
| General Corporate Purposes | 3.99 |
| Issue Expenses | 4.25 |
| Total | 26.64 |
The allocation of ₹14.40 crore for new machinery will be used to increase installed capacity, set up manufacturing capabilities for GFRP, and achieve backward integration. The renovation of Manufacturing Facility Unit No. II in Rajkot, costing ₹4.00 crore, aims to mitigate the risk associated with operating a single facility.
Business Overview and Risks
Incorporated in 2021, Jivial Industries manufactures finished aluminium railings and fixtures, including continuous profiles, handrails, and spigots. The company holds three patents for unique spigot product designs and operates at 66.75% of its manufacturing capacity as of December 31, 2025. Its customer base has grown from 291 to 327 over the last three years.
The company faces several risks, including dependency on external suppliers for raw materials, which constitute 55.73% to 68.60% of revenue from operations. It operates without written contracts with customers, and the top 10 customers contribute 35.32% to 63.74% of revenues. Additionally, the company is geographically concentrated in Gujarat, Maharashtra, and Chhattisgarh, and all manufacturing facilities are on leased premises.
How will the introduction of the new Glass Fibre Reinforced Polymers (GFRP) product line impact Jivial Industries' competitive positioning in the construction fixtures market?
Can the company successfully convert its improved EBITDA margins into positive operating cash flows once the new capacity expansion is fully operational?
What strategies will management employ to reduce the current dependency on external suppliers for raw materials, which account for nearly 69% of revenue?
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