Jay Jagdamba IPO

SEBI has approved the IPO of Jay Jagdamba Ltd., which was filed through the confidential pre-filing route on January 23, 2026. The company can now move ahead with the IPO process, subject to market conditions and other required approvals. The SEBI approval will remain valid for 18 months.

Jay Jagdamba Ltd. plans to raise ₹600 crore through a fresh issue of shares. The IPO will also include an Offer for Sale (OFS) of up to 1.50 crore equity shares by existing shareholders.

The company plans to list its shares on both the NSE and BSE. Elara Capital (India) Pvt. Ltd. is the book running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. will act as the registrar.

Jay Jagdamba IPO Important Dates

Yet to be announced. 

About Jay Jagdamba

The company is an Indian manufacturer and exporter of stainless steel long products and engineering components. Established in 2004, the company operates integrated manufacturing facilities in Maharashtra, with in-house capabilities for melting, casting, rolling, heat treatment, and finishing.

The company offers products across three main categories:

• Ingots & Billets: Stainless steel continuous cast billets and forging-quality ingots.
• Rolled & Bright Products: Hot-rolled round cornered squares (RCS), hot-rolled bars, bright bars in round, hexagonal, square, flat, and angle shapes, as well as bright wires.
• Flanges & Seamless Pipes: Industrial flanges, specialised pipe fittings, and seamless pipes used in critical applications. 

Jay Jagdamba caters to industries such as automotive, aerospace, oil and gas, construction, and general engineering. Its products are sold across domestic markets and exported to customers in more than 50 countries.

Jay Jagdamba IPO Objectives

• ₹450 crore, or 75% of the fresh issue, will be used to prepay or repay debt, helping reduce total borrowings of around ₹1,433.20 crore and lower finance costs.
• ₹150 crore, or 25% of the fresh issue, will be used for general corporate needs, working capital, growth initiatives, and IPO-related expenses.
• The company plans to raise ₹600 crore through the fresh issue, primarily to strengthen its balance sheet and support business requirements.

Industry Outlook

• India’s steel market is expected to grow from 162.23 million tonnes in 2025 to over 273 million tonnes by 2031, registering a 9.1% CAGR. In value terms, the market could reach USD 207 billion by 2032.
• The domestic stainless steel market is projected to grow at a 9.1% CAGR to reach USD 15.78 billion by 2030, supported by increasing demand from engineering and industrial applications.
• Government capital expenditure, including ₹12.2 lakh crore allocated for FY26–27, is supporting 7.9%–8.1% annual growth in finished steel consumption, driven by infrastructure and construction activity.
• Demand from the automotive, defence, and engineering sectors has pushed alloy steel consumption up 22.1% year-on-year, reflecting greater demand for specialised and value-added steel grades.
• India’s crude steel capacity has reached around 220 MTPA, supporting the country’s progress toward the National Steel Policy target of 300 MTPA by 2030.
• The ₹6,322 crore PLI scheme for specialty steel is encouraging domestic production and reducing reliance on imports of high-strength alloys, seamless pipes, and bright bars.

Financial Performance of Jay Jagdamba 

Jay Jagdamba Peer Comparison

Strengths and Opportunities for Jay Jagdamba

1. It operates fully integrated facilities in Maharashtra with in-house melting, continuous casting, rolling, heat treatment, bright bar processing, and forging capabilities.
2. It has installed capacities of 84,000 MTPA for melting/AOD and 96,000 MTPA for bright bar production.
3. It serves customers across 53 countries, along with a strong domestic market, reducing dependence on any single geography.
4. It offers a broad range of products, including ingots, billets, RCS, bright bars, forged products, flanges, and seamless pipes.
5. Its revenue increased from ₹1,880.50 crore in FY24 to ₹3,162 crore in FY26, while PAT rose 62.67% YoY to ₹261.90 crore in FY26.
6. EBITDA margin increased from 11.40% in FY24 to 13.55% in FY26, while PAT margin improved to 8.28%.
7. Promoters Narayan Prasad Malpani and Ram Prakash Malpani have over two decades of experience in steel manufacturing, sourcing, and exports.
8. Caters to multiple industries, including aerospace, automotive, defence, infrastructure, medical equipment, petrochemicals, and data centres.
9. It holds certifications including ISO 9001:2015, AD 2000-Merkblatt W0, and European Directive 2014/68/EU, along with a Green Steel Certificate.

Risks and Threats for Jay Jagdamba

1. Consolidated borrowings stood at ₹1,433.20 crore as of June 2026, exposing the company to higher interest costs and liquidity pressure during periods of weak demand.
2. The business is working capital intensive, with high inventory levels and extended customer credit resulting in a cash conversion cycle of around 143–168 days.
3. Stainless steel scrap, nickel, ferro-chrome, and molybdenum account for around 75% of operating expenses, making margins vulnerable to global raw material price fluctuations.
4. The company’s manufacturing facilities are concentrated in Maharashtra, increasing its exposure to regional disruptions, power shortages, and labour issues.
5. With exports across 53 countries, the company is exposed to foreign exchange fluctuations that could affect revenue and profitability.
6. Its export operations are vulnerable to anti-dumping duties, CBAM regulations, tariffs, and other changes in international trade policies.
7. Dependence on cyclical industries such as construction, automotive, and oil & gas makes revenue sensitive to economic slowdowns and weaker capital spending.
8. Steel manufacturing requires compliance with evolving emission, waste management, and carbon reduction regulations, which could increase operating and compliance costs.

Jay Jagdamba IPO Reservation

Jay Jagdamba IPO Promoter Holding

Jay Jagdamba IPO Registrar and Lead Managers

Jay Jagdamba IPO Lead Managers

Elara Capital (India) Pvt.Ltd.

Registrar for Jay Jagdamba IPO 

Name: MUFG Intime India Pvt.Ltd.

Phone: 022-49186000

Email ID: jayjagdamba.ipo@in.mpms.mufg.com

How To Check the Allotment Status of the Jay Jagdamba IPO?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Apply for Jay Jagdamba IPO Online?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Jay Jagdamba IPO 

Address: Office No. 0405, The Landmark, Plot No. 26A, Sector 07, Kharghar, Panvel, Raigarh, Maharashtra, 410210

Phone: 022-65452200

Email: cs@jayjagdamba.com