Jyoti Global Plast
Book Building issueSME₹35.44 Cr issue
-0.15%
Listing gain over issue price
Issue size
₹35.44 Cr
1 lot at cut-off
₹1,32,000
Lot size
2,000shares
Open
04 Aug 2025
Close
06 Aug 2025
Allotment
07 Aug 2025
Listing
11 Aug 2025
Listing performance
Issue price
₹66
Listed at
₹65.90
Listing-day close
₹65.80
Latest price
₹38.35
Close on 23 Oct 2026
Listing gain
-0.15%
Return since issue
-41.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2025 – 06 Aug 2025
- Listing date
- 11 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹66 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹35.44 Cr
- Market cap at offer price
- ₹131 Cr
- Promoter holding
- 100.00% → 72.91% pre-issue → post-issue
- ISIN
- INE1M3T01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- R-554/555, TTC MIDC Area Rabale, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,24,000 | — | — |
| Market maker | 2,70,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,24,000
Anchor portion
₹10.06 Cr
at ₹66 per share
Valuation and performance
Valuation at offer price
₹66 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.92 | 3.07 |
| P/E (×) | 16.84 | 21.50 |
| Price to book (×) | 4.79 | — |
| Market cap | — | ₹131 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 28.49%
- ROCE
- 22.35%
- Debt / equity
- 1.19
- PAT margin
- 6.50%
- EBITDA margin
- 12.47%
- NAV per share
- ₹13.77
- Price to book
- 4.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jyoti Global Plast
Jyoti Global Plast Limited, incorporated on January 06, 2004, is engaged in plastic & FRP (Fiber-Reinforced Polymer) moulding, providing custom solutions for polymer-based products such as drums, carboys, jerrycans, barrels, pail buckets, toys, and automobile parts. The company operates two strategically located manufacturing units in Rabale, Navi Mumbai, and is proposing a third unit in Mahad, Raigad. The company started commercial production in 2005 and currently has a combined production capacity of 7,416 MT per annum. Revenue from operations for FY 2025 was ₹9,348.49 lakhs.
Company Analysis
from RHPJyoti Global Plast Limited manufactures plastic and FRP molded products for pharmaceutical, chemical, food & beverage, automotive, and aerospace industries.
Jyoti Global Plast Limited, incorporated on January 06, 2004, is engaged in plastic & FRP (Fiber-Reinforced Polymer) moulding, providing custom solutions for polymer-based products such as drums, carboys, jerrycans, barrels, pail buckets, toys, and automobile parts. The company operates two strategically located manufacturing units in Rabale, Navi Mumbai, and is proposing a third unit in Mahad, Raigad. The company started commercial production in 2005 and currently has a combined production capacity of 7,416 MT per annum. Revenue from operations for FY 2025 was ₹9,348.49 lakhs.
plastic moldingFRP (Fiber-Reinforced Polymer) moldingpharmaceutical packagingchemical packagingfood & beverage packagingautomotive componentsaerospace components
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility to expand our production capabilities at Plot No. D-61/2, MIDC, Mahad, District Raigad-402309, Maharashtra, India (Proposed new facility) 1,116.88 lakhs p.24
- Funding capital expenditure requirements of our Company towards set up of Solar Power Plant 899.53 lakhs p.24
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company 120.00 lakhs p.24
- General corporate purposes p.24
- Part finance the cost of establishing new manufacturing facility to expand production capabilities at Plot No. D-61/2, MIDC, Mahad, District Raigad-402309, Maharashtra ₹1,116.88 lakhs p.104
- Funding capital expenditure requirements towards set up of Solar Power Plant ₹899.53 lakhs p.104
- Repayment and/or pre-payment of certain borrowings availed by our Company ₹120.00 lakhs p.104
- General corporate purposes p.104
- Part finance the cost of establishing new manufacturing facility to expand production capabilities at Plot No. D-61/2, MIDC, Mahad, District Raigad, Maharashtra, India with an initial installed capacity of 3,000 MT per annum ₹1,116.88 lakhs p.105
- Funding capital expenditure requirements towards set up of Solar Power Plant with capacity of 2.4 MW (DC) / 1.9 MW (AC) at Kombhalne, Nashik, Maharashtra ₹899.53 lakhs p.112
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company ₹120.00 lakhs p.114
- General corporate purposes including business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties, and similar other expenses incurred in the ordinary course of business p.115
- Civil work for the proposed new manufacturing unit at Mahad, Raigad ₹567.59 lakhs p.176
- Plant and machinery installation for the proposed new manufacturing unit at Mahad, Raigad ₹487.50 lakhs p.176
- General corporate purposes p.176
- Finance the cost of establishing new manufacturing facility to expand production capabilities at Plot No. D-61/2, MIDC, Mahad, District Raigad p.106
- General corporate purposes
Issue Structure
- Total Issue
- Upto 53,70,000 Equity Shares of face value of ₹ 10 each aggregating Up to ₹ [●] lakhs
- Fresh Issue
- Upto 43,20,000 Equity Shares of face value of ₹ 10 each aggregating Up to ₹ [●] lakhs
- Offer for Sale
- Upto 10,50,000 Equity Shares of face value of ₹ 10 each aggregating Up to ₹ [●] lakhs
- Face Value
- ₹ 10 each
Business Model
The company manufactures blow-molded and injection-molded polymer-based products and FRP components for various industries including pharmaceutical, chemical, food & beverage, lube and industrial oil, adhesives, childcare, automotive, defence and aerospace. Products include HDPE drums, barrels, jerrycans, bottles, toys, automobile components, and drone components and connectors for defence & aerospace applications. The company works closely with clients on custom solutions.
Business Segments
Manufactures HDPE drums, barrels, jerrycans, bottles, and pail buckets using blow molding and injection molding technologies
Manufactures FRP-based drone components and connectors for defence and aerospace applications
Manufacture of polymer-based plastic containers for packaging applications
Manufacturing of HDPE blow molded products including carboys (20L-120L), barrels (200L-250L), jerrycans, bottles, drums (narrow mouth, full open top, wide mouth), and small packaging containers
Job-work basis injection molding for creating durable HDPP-based products such as pail buckets, automobile components, and other specialized products
Manufacturing of precision connectors and FRP-based drone components including top shrouds, GNSS enclosures, camera mounts, radar plates, battery casings, antenna holders, and landing gear accessories for UAVs and defense applications
Revenue from operations related to in-house logistics services using company-owned fleet
Revenue from operations related to third-party logistics services
Manufacturing and sale of blow moulded plastic carboys for various industrial applications
Manufacturing and sale of HDPE barrels for storage and transport
Manufacturing and sale of plastic jerrycans and bottles for packaging
Manufacturing and sale of pail buckets - a new product line introduced in March 2024
SWOT Analysis
Strengths
- • Operating across multiple manufacturing units with strategic locations(p.23)
- • Established commercial production track record since 2005(p.23)
- • Production capacity expansion planned(p.23)
- • Diversified product portfolio across industries(p.23)
- • Advanced manufacturing technology deployment(p.23)
- • Revenue growth and improved profitability(p.26)
- • Extensive client network with 1,000+ customers across pharmaceuticals, chemicals, food, and other sectors(p.170)
- • High repeat customer base with 89.71% of revenue from repeat customers in FY2025(p.170)
- • Diverse product portfolio spanning HDPE/HDPP packaging across multiple industries and capacities (250ml to 250 litres)(p.170)
- • In-house capabilities for logistics, testing, and stickering with fleet of 6 company-owned trucks(p.171)
- • UN-approved products and ISO 9001:2015 certification with low product rejection rate of 0.39% in FY2025(p.171)
- • Experienced promoters with 35+ years of industry experience and established entrepreneurial legacy(p.172)
- • High capacity utilization at 83.62% combined across both units in FY2025(p.173)
- • 20+ years of operational experience in plastic moulding(p.259)
- • Diversified product portfolio across multiple industries(p.259)
- • Advanced manufacturing technology and in-house capabilities(p.259)
- • In-house logistics and quality testing infrastructure(p.259)
- • Large and diverse customer base(p.259)
- • Improved profitability and operating margins(p.260)
Weaknesses
- • Significant geographic revenue concentration in two states(p.31)
- • Heavy dependence on top 10 customers(p.34)
- • Lack of long-term raw material supply agreements(p.32)
- • High concentration of raw material purchases from top suppliers(p.32)
- • Dependence on adequate power and water supply(p.33)
- • Directors lack contemporary experience at listed companies(p.51)
- • History of statutory compliance delays and filing errors(p.42)
- • Exposure to high working capital requirements and collection risks(p.52)
- • Exposure to counterparty credit risk and delayed/non-receipt of payments(p.53)
- • Promoter personal guarantees on debt facilities(p.54)
- • Outstanding litigation against the company(p.54)
- • Unsecured loans subject to recall at any time(p.60)
- • Lack of product liability insurance(p.54)
- • High dependence on job work suppliers without formal agreements(p.61)
- • Significant indebtedness with total secured loans of ₹2,230.24 lakhs(p.57)
- • Dependence on raw materials sourced primarily from Maharashtra (75.6% of domestic purchases in FY2025)(p.174)
- • Concentration among top suppliers with top 10 suppliers accounting for 71.63% of raw material purchases in FY2025(p.174)
- • Shift to 100% domestic raw material sourcing from 93.42% in FY2024, eliminating import diversification(p.173)
- • Decline in repeat customer percentage from 96.45% in FY2023 to 89.71% in FY2025 with increase in customer churn(p.170)
- • Decrease in combined capacity utilization from 89.07% in FY2024 to 83.62% in FY2025(p.173)
- • Substantial increase in raw material cost to 74.49% of revenue in FY2023, 71.10% in FY2024, improved to 67.13% in FY2025(p.173)
- • High debt-to-equity ratio indicating leverage(p.260)
- • Dependence on a few major suppliers(p.271)
- • Significant working capital requirements(p.261)
- • Low current ratio indicating liquidity constraints(p.260)
- • Significant finance costs affecting profitability(p.265)
Opportunities
- • Expanding into higher-capacity manufacturing with proposed Mahad facility(p.41)
- • Growing market demand for blow-molded plastics(p.23)
- • India's growing plastic molding market(p.23)
- • Market shift from glass and metal to blow-molded plastics(p.23)
- • Increasing demand across multiple end-use industries(p.23)
- • Solar power plant investment to reduce operational costs(p.24)
- • Debt reduction improving financial efficiency(p.24)
- • Capacity expansion at Mahad manufacturing facility(p.55)
- • Solar power plant installation for cost reduction(p.55)
- • Listing benefits and brand enhancement(p.104)
- • Expansion of manufacturing capacity through new Unit III at Mahad, Raigad with 15,812 sq metres land area(p.176)
- • Entry into new product segments: auto parts, connectors, and drone components with received POs(p.172)
- • Solar power investment to reduce operational costs and improve energy efficiency(p.172)
- • Opportunity to improve operational efficiencies through economies of scale, technology adoption, and cycle time reduction(p.172)
- • Growth through strategic positioning in Maharashtra with new facility to access key industrial hubs(p.172)
- • Expansion into small packaging formats with higher margins(p.265)
- • New manufacturing facility at Mahad to expand capacity(p.259)
- • Growing demand for specialized packaging in chemicals and pharmaceuticals(p.259)
- • Expansion into new product categories like pail buckets(p.266)
- • Rising consumption in aerospace and defence sectors(p.259)
Threats
- • Regulatory restrictions on plastic products(p.33)
- • Commodity price volatility affecting raw material costs(p.32)
- • Electricity and utility cost inflation(p.33)
- • Disruption from natural disasters and external events(p.37)
- • Localized disruptions in Maharashtra concentrated operations(p.37)
- • Credit rating downgrade risk affecting borrowing costs(p.34)
- • Customer payment defaults and economic downturn(p.52)
- • Product quality and compliance risks(p.37)
- • Risk of product obsolescence due to evolving consumer preferences and technology(p.53)
- • Pricing pressure from automotive OEMs(p.60)
- • Regulatory changes and compliance burden from new labour codes(p.66)
- • Dependence on prevailing economic conditions in India(p.66)
- • Risk of natural calamities and disasters(p.67)
- • Under-utilization of manufacturing capacity and over-supply in industry(p.57)
- • Raw material price volatility from imported sources and domestic supply fluctuations(p.173)
- • Regulatory compliance requirements across environmental, occupational health, and safety laws(p.188)
- • Plastic Waste Management Rules 2018 and Extended Producer Responsibility (EPR) compliance obligations(p.171)
- • Competition from organized and unorganized plastic packaging manufacturers(p.170)
- • Potential disruption from cost overruns or delays in proposed expansion at Unit III Mahad facility(p.177)
- • Volatility in raw material prices affecting margins(p.267)
- • General economic conditions and policy changes(p.263)
- • Increased competition in the plastic packaging industry(p.263)
- • Technology and infrastructure risks(p.263)
- • Dependence on a few major customers(p.271)
- • Outstanding tax demands and GST compliance issues(p.278)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bhawanji Khimji Shah | Promoter | 33.32% | — |
| Hiren Bhawanji Shah | Promoter | 33.30% | — |
| Deven Bhawanji Shah | Promoter | 33.30% | — |
| Karan Deven Shah | Promoter | 0.02% | — |
| Sainyum Hiren Shah | Promoter | 0.02% | — |
| Bhawanji Khimji Shah | Promoter/Promoter Selling Shareholder | 33.32% | — |
| Hiren Bhawanji Shah | Promoter/Promoter Selling Shareholder | 33.30% | — |
| Deven Bhawanji Shah | Promoter/Promoter Selling Shareholder | 33.30% | — |
| Bhawanji Khimji Shah | Promoter | — | — |
| Deven Bhawanji Shah | Promoter | — | — |
| Hiren Bhawanji Shah | Promoter | — | — |
| Bhawanji Khimji Shah | Promoter/Chairman and Executive Director | 33.32% | — |
| Hiren Bhawanji Shah | Promoter/Managing Director | 33.30% | — |
| Deven Bhawanji Shah | Promoter/Whole-time Director and Chief Executive Officer | 33.30% | — |
| Karan Deven Shah | Promoter/Chief Financial Officer | 0.02% | — |
| Sainyum Hiren Shah | Promoter/Chief Marketing Officer | 0.02% | — |
| Bhawanji Khimji Shah | Promoter | 33.32% | — |
| Hiren Bhawanji Shah | Promoter | 33.30% | — |
| Deven Bhawanji Shah | Promoter | 33.30% | — |
| Bhawanji Khimji Shah | Promoter | 33.32% | — |
| Hiren Bhawanji Shah | Promoter | 33.30% | — |
| Deven Bhawanji Shah | Promoter | 33.30% | — |
| Bhawanji Khimji Shah | Promoter Selling Shareholder | — | — |
| Hiren Bhawanji Shah | Promoter Selling Shareholder | — | — |
| Deven Bhawanji Shah | Promoter Selling Shareholder | — | — |
Leadership
Bhawanji Khimji Shah · Chairman
Hiren Bhawanji Shah · Managing Director (MD)
Deven Bhawanji Shah · Whole-time Director
Karan Deven Shah · Chief Financial Officer (CFO)
Shrutika Lalan Mandal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Jyoti Global Plast IPO FAQs
What is the lot size of Jyoti Global Plast IPO?
The minimum lot size of Jyoti Global Plast IPO is 2,000 shares. One lot costs ₹1,32,000 at the cut-off price.
When does Jyoti Global Plast IPO open and close?
Jyoti Global Plast IPO opened for subscription on 04 Aug 2025 and closed on 06 Aug 2025.
What is the listing date of Jyoti Global Plast IPO?
Jyoti Global Plast IPO listed on 11 Aug 2025.