An aluminium architectural products manufacturer plans to raise Rs 30.39 crore via the BSE SME platform.
Jivial Industries Ltd., a manufacturer of aluminium architectural hardware including hand railings, spigots, conceal fittings, and bends, opens for subscription on June 23 with the issue closing on June 25. The company is listing on the BSE SME platform through a fixed-price issue at Rs 196 per share.
What the Company Does
Jivial Industries manufactures a range of aluminium architectural and hardware components — hand railings, aluminium railing systems, spigots, conceal fittings, and aluminium bends — used in residential and commercial construction for balconies, staircases, and glass railing systems. The company operates in the B2B segment, supplying architects, interior designers, and construction contractors. Its product portfolio serves the premium end of the architectural hardware segment, where aluminium is increasingly preferred over steel for its lightness, corrosion resistance, and aesthetic finish.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 23, 2026 |
| Issue Closes | June 25, 2026 |
| Listing | BSE SME (July 1, 2026) |
| Issue Price | Rs 196 per share (Fixed Price) |
| Face Value | Rs 10 |
| Issue Size | Rs 30.39 crore |
| Fresh Issue | Rs 25.05 crore |
| OFS | Rs 5.34 crore |
| BRLM | Corporate Makers Capital Ltd. |
| Registrar | KFin Technologies Ltd. |
Note: QIB quota is 0%; the issue is split 50:50 between NII and retail.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | 9M FY26 |
|---|---|---|---|
| Revenue | 11.06 | 12.07 | — |
| PAT Margin | 21.82% | 24.75% | 24.33% |
Revenue at Rs 11–12 crore is very small for an issue of this size. The extraordinary PAT margins of 22–25% are unusual for a hardware manufacturing business — these are typically seen in software, pharma, or high-value branded businesses, not commodity aluminium fabrication. Average EPS over three years is Rs 5.17 and average RoNW is 50.66%. At Rs 196 fixed price, the P/E is 23.28x on annualised FY26 earnings and 30.82x on FY25 earnings — high multiples for such a small-revenue business with unusual margins. The company has no listed domestic peers.
BRLM Track Record: Corporate Makers Capital has a poor track record — the majority of its prior mandates have closed at a discount or par on listing.
Risks to Consider
The scale of operations is very small — Rs 12 crore annual revenue — making the Rs 30 crore issue size and the implied post-IPO valuation difficult to justify on business fundamentals alone. PAT margins of nearly 25% in aluminium fabrication are difficult to sustain and raise questions about pricing power, cost structure, or the quality of reported earnings. The tiny post-IPO equity capital indicates a very long gestation period before mainboard migration. A pending legal case should also be reviewed in the RHP before applying.
Analyst View
Analysts note the issue appears aggressively priced based on recent financial data. The tiny equity base post-IPO indicates a longer gestation period for migration. The merchant banker has a poor track record on prior mandates. Analysts note that the issue is pricey.