Jivial Industries Limited

Jivial Industries Limited was incorporated in 2021 and specialises in producing over 50 variants of aluminium railings, stainless steel glass railings and partition systems from its manufacturing unit in Rajkot, Gujarat.

The company manufactures two main railing types: Continuous Profiles for holding glass at the bottom and Handrails for holding glass at the top with hand support, alongside related products like aluminium spigots, conceal systems and bends. It serves key Indian real estate hubs including Rajasthan, Mumbai and Gujarat, and exports to the UAE, Saudi Arabia, UK, USA and Australia. As of May 31, 2026, the company has 19 full-time permanent employees. Promoters Mr. Anand Jitendrabhai Chovatiya and Mrs. Sheetalben Anand Chovatiya hold 94.53% pre-IPO stake.

The issue comprises a fresh issue of ₹26.65 Cr and OFS of ₹5.34 Cr at a fixed price of ₹196 per share, implying a post-issue market cap of ₹91.52 Cr, listing on BSE SME on July 1, 2026.

Proceeds will fund purchase of new machineries (₹14.40 Cr), capital expenditure for facility renovation (₹4.00 Cr), general corporate purposes (₹3.99 Cr) and issue expenses (₹4.25 Cr). At the issue price, the IPO is valued at a post-issue P/E of 23.29x FY25 earnings, which the reviewer flags as aggressively priced given the company's small revenue base of just ₹12.07 Cr. Key strengths include strong margins (PAT margin 24.75%, EBITDA margin 31.23%) and a 20+ country export footprint; key risks include unsustainable margins in a highly competitive fragmented segment, a tiny post-IPO equity base limiting migration prospects, and notable investor skepticism on message boards flagging that the issue was originally filed at ₹12 Cr before being relaunched at nearly 3x size.