Jivial IndustriesIPO Review — Financials, Valuation & Peers
A data-only look at the Jivial Industries IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 8.4 | 1.17 | 1.42 | 1.53 | 2.16 | 0.18 | — |
| FY 2024 | 11.06 | 2.41 | 3.08 | 5.75 | 6.94 | 0.44 | — |
| FY 2025 | 12.07 | 2.97 | 3.75 | 8.72 | 10.25 | 0.38 | 8.98 |
| Dec 2025 (interim) | 12.2 | 2.95 | 3.76 | 11.66 | 14.11 | 1.23 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 21.83x
- P/E (post-issue)
- 23.29x
- RoNW
- 28.93%
- RoE
- 28.93%
- RoCE
- 33.14%
- Debt / Equity
- 0.04
- EPS (pre-issue)
- ₹8.98
- EPS (post-issue)
- ₹8.42
- EBITDA Margin
- 31.08%
- PAT Margin
- 24.33%
- P/BV
- 7.44x
- NAV / share
- ₹35.24
- Market Cap
- ₹91.52 Cr
As of 19 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Jivial Industries | 8.98 | 26.33 | 21.83x | 41.09% | 7.54x | Restated |
| Anb Metal Cast Limited | 20.15 | 83.09 | 24.86x | 32.44% | 6.04x | Standalone |
| Euro Panel Products Ltd | 11.1 | 65.61 | 16.05x | 18.5% | 2.74x | Standalone |
| Sudal Industries Ltd | -1.08 | 28.48 | — | 2.39% | 1.39x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Anand Jitendrabhai Chovatiya and Sheetalben Anand Chovatiya
- Holding (pre-issue)
- 94.53%
- Holding (post-issue)
- 61.16%
- Dilution
- 33.37%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Jivial Industries operates at an EBITDA margin of 31.08% and a net (PAT) margin of 24.33% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 33.14% and a return on equity (RoE) of 28.93%. At the upper band, the post-issue market capitalisation works out to about ₹91.52 crore. These are offer-document figures for the latest reported period (as of 19 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward purchase of new machineries (₹14.4 crore), alongside issue expenses (₹4.25 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Jivial Industries reported revenue of ₹12.2 crore and a net profit of ₹2.95 crore. Revenue grew from ₹8.4 crore in FY2023 to ₹12.2 crore in FY2025 (+45.0%). Net worth stood at ₹11.66 crore at the end of FY2025.
Valuation
At the upper band, the issue is priced at 23.29× post-issue earnings and 7.44× book value, against a return on net worth of 28.93% and a debt-to-equity ratio of 0.04. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Anb Metal Cast Limited and Euro Panel Products Ltd, with a median peer P/E of about 20.5×. The issue's own post-issue P/E works out to 23.29×.
Promoters
The promoters of the company are Anand Jitendrabhai Chovatiya and Sheetalben Anand Chovatiya. Promoter holding stands at 94.53% before the issue and comes down to 61.16% after listing.
Frequently asked questions
- What is the reservation split in the Jivial Industries IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Jivial Industries and what is their holding?
- The promoters are Anand Jitendrabhai Chovatiya and Sheetalben Anand Chovatiya. Promoter holding is 94.53% before the issue and 61.16% after listing.
- What is the P/E ratio of the Jivial Industries IPO?
- At the upper price band, the Jivial Industries IPO is valued at 21.83× pre-issue earnings and 23.29× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Jivial Industries IPO?
- The net proceeds go primarily toward purchase of new machineries, among 4 disclosed objects.