Jivial Industries Ltd. IPO

Jivial Industries

• Jivial Industries is coming out with an initial public offering (IPO) of 16,32,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 196 per equity share.
• The issue will open on June 23, 2026 and will close on June 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 19.60 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance Officer for the issue is Ritu Garg.

Profile of the company

Jivial Industries manufactures finished aluminium railings and fixtures from unfinished extruded aluminium railings and unfinished aluminium castings, as per the specifications and requirements of its customers. It engineers the aluminium railings and fixtures at its factory to hold glass for partitions, balconies, viewing windows, façade of buildings etc. It manufactures majorly two types of railings; (i) Continous Profiles, used for holding the glass at the bottom and; (ii) Handrails for holding the glass at the top along with design for hand support. Further, it manufactures several aluminium fixtures used in supporting the railings to hold glass, such as, spigot, conceal, bend, bracket, jointer, lock and endcap.

The aluminium railings and fixtures are manufactured by cutting, drilling, anodizing, buff polishing and powder coating as per the requirements of its customers. Its customers are mainly small and medium level construction companies, architects, interior designers, glass providers and fabricators. It caters to customers all over India but its majority revenues are generated from Gujarat, Maharashtra and Chhattisgarh. It has initiated its expansion, backward integration and new products manufacturing plans in manufacturing facility unit-II wherein it is expanding its capacity of manufacturing customised finished aluminium railings and are planning to set up aluminium extrusion machines by which it will be able to manufacture unfinished extruded aluminium railings which is its raw material.

Proceed is being used for:

• Purchase of new machineries
• Capital expenditure for renovation of manufacturing facility
• Meeting out the general corporate purposes

Industry overview

The Indian market for architectural railings and partition systems is witnessing rapid growth, which is led by the country’s fast-paced urbanisation, large-scale construction activity, and government-led infrastructure programs. As India consolidates its position as one of the world’s most dynamic construction hubs, demand is shifting towards modern, durable, and aesthetically refined solutions. Residential real estate development, rising lifestyle aspirations, and a sharper focus on safety standards are all contributing to this momentum. Importantly, stricter compliance requirements and evolving consumer preferences are transforming railings and partitions from being purely functional elements to becoming integral design components of India’s built environment. Within the wider building materials sector, this segment is emerging as a clear growth driver.

The Architectural Railings and Partition Systems Industry in India forms a niche yet integral part of the broader building materials and construction ecosystem. It encompasses the design, manufacture, and installation of railing systems (balustrades, handrails, guardrails) and partition systems (glass, metal, modular) used in residential, commercial, institutional, and infrastructure projects

The Total Addressable Market (TAM) for the Indian Architectural Railings and Partition Systems Industry is estimated at Rs 16,617 crore for FY25. This valuation reflects the market potential across all segments, encompassing new construction, renovation, and maintenance in both residential and commercial spaces. The market is propelled by India's robust real estate and infrastructure development, which is further catalysed by rapid urbanisation, rising disposable incomes, and a growing consumer preference for modern, aesthetically pleasing, and durable building materials like glass and stainless steel. Looking ahead, the TAM is projected to expand to Rs 22,794 crore by FY30, representing a compounded annual growth rate (CAGR) of 6.5%.

Pros and strengths

Strong brand reputation: Jivial Industries has built a strong brand reputation in the aluminium railing manufacturing industry through its unwavering commitment to quality, innovation, and customer satisfaction. Known for producing durable, aesthetically appealing, and customizable aluminium railing solutions, the company has earned the trust of the clients. Its focus on using high-grade materials, combined with upgraded manufacturing processes, ensures long lasting products that meet the high industry standards. Jivial Industries is also recognized for its reliable customer service, timely delivery, and seamless installation support, which collectively contribute to its good position in the market. The company has built a reputable brand known for its quality products and services which can be reflected by the number of increases in customer from 291 to 327 in the last 3 years.

Strong financials: The company has maintained a strong financial position with a consistent track record of revenue growth and profitability since its incorporation. This performance is driven by its high customer retention, efficient cost management, and strategic expansion into key markets. its strict commitment to quality has enabled it to increase market share while sustaining healthy margins. Its ability to remain resilient amidst market fluctuations further underscores its competitive strength, positioning it as a reliable, scalable, and sustainable player in the logistics industry. The consistent revenue growth achieved over the years reflects the effectiveness of its strategy and its long-term value proposition.

Strong customer base: The company has established a good customer base in various parts of the country that ensures its high-quality aluminium railing products are accessible to customers across various regions. The company is working with a wide range of retailers and contractors, providing them with efficient supply chain solutions that ensure timely delivery and consistent product availability, allowing Jivial Industries to serve a diverse customer base, from small residential projects to large-scale commercial developments.

Risks and concerns

Fluctuations in aluminium prices may adversely impact profitability: The Company is dependent on external suppliers for procurement of extruded aluminium railings which is manufactured from aluminium as base metal. The price of aluminium can be volatile and is determined by market forces of supply and demand, influenced by global economic conditions, production costs, geopolitical events, trade policies and market speculation on exchanges such as London Metal Exchange (LME) and Commodity Exchange of New York. The fluctuation in aluminium prices could adversely impact its profitability if it is unable to recover the same from its customers. The company’s cost of material consumed was 55.73%, 60.14%, 64.95% and 68.60% of its revenues from operations for the Stub Period December 31, 2025, FY 2025, FY 2024 and FY 2023, respectively. If it is unable to maintain this cost or if there is increase in prices of its raw materials which cannot be passed on to its customers, then its margins, cash flows and its profitability may be adversely affected due to increase in cost of material consumed.

Dependence on top 10 customers: The company is dependent on its top 10 customers for a significant portion of its revenue from operations. Its top ten customers contributed 63.74%, 45.95%, 43.28% and 35.32% of its revenue from operations during the year ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, respectively. The top ten customers could change as there could be decrease and increase in their orders to the company. There could be increase in customers, decrease in customers or its inability to retain any or all of its customers due to decline in the quality of its products, price fluctuations of its products and demand for its products which could adversely affect its business.

High revenue dependence on Gujarat: The company derives a significant portion of its revenue from the State of Gujarat. Revenue from Gujarat contributed 57.60%, 46.64%, 49.28% and 44.43% of its revenue from operations during the year ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, respectively, respectively. Its revenue concentration in Gujarat state increases its risks arising out of change in buying pattern of people living in these regions, changes in economic condition of these regions, regulatory framework, culture, political, local taxes, regional unrests etc, these changes could adversely affect its revenues, financial condition and business prospects. It may not be able to distribute its revenue concentration to wider regions which could adversely affect its business prospects.

Outlook

Jivial Industries is engaged in the manufacturing and trading of aluminium and stainless-steel components used in railing systems. The company specialises in aluminium extrusion and casting processes to produce a wide range of railing-related products. These products are primarily supplied to wholesalers, interior designers, architects, builders, and contractors for use in residential and commercial infrastructure projects. On the concern side, its product finished Aluminium Railings contributes significantly to its revenues from operation. Any adverse development in this product such as decline in quality, unavailability of raw material, volatility in pricing, change in demand and competition may adversely affect its ability to retain customers of these products. It cannot assure that it will be able to generate the same quantum of revenues, or any revenues at all from this product and loss of revenues from this product may adversely affect its cash flows, revenues and profitability.

The company is coming out with an IPO of 16,32,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 196 per equity share to mobilize Rs 32 crore. On performance front, total income increased from Rs 1,105.73 lakh in year ended March 31, 2024 to Rs 1,206.79 lakh in year ended March 31, 2025 with a resultant increase of 9.14% in year ended March 31, 2025.  Net Profit after tax increased from Rs 241.31 lakh in year ended March 31, 2024 to Rs 297.15 lakh in year ended March 31, 2025 with a resultant increase of 23.14% in year ended March 31, 2025.

Meanwhile, the company intends to scale up its online presence by creating a budget to do selective and aggressive advertising on Instagram, Google etc. This will help it in generating direct leads as it is already listed on B2B portals such as Indiamart and Alibaba which will help in boosting its sales. Further, it is looking at appointing dealers in proposed smart cities and upcoming cities to increase its outreach all over India. It is also setting up a team of company’s sales representatives all over India to take the company closer to prospective customers.