In a move signaling its ambitions to scale operations and strengthen its manufacturing capabilities, Jyoti Global Plast, a Navi Mumbai-based manufacturer of polymer-based packaging solutions, has filed its IPO papers with the National Stock Exchange (NSE).
Unistone Capital is the book-running lead manager while MUFG Intime is the registrar of the issue. The company is set to tap the primary markets through a fresh issue and offer for sale (OFS), targeting expansion, debt repayment, and infrastructural augmentation.
Jyoti Global IPO Details
Jyoti Global IPO consists of a fresh issue of 48,00,000 equity shares and an Offer for Sale (OFS) of 11,75,000 equity shares, aggregating to a total of 59,75,000 equity shares. The pricing band and total issue size in rupee terms are yet to be disclosed.
The OFS will see partial offloading by the promoters:
- Bhawanji Khimji Shah – divesting 3,00,000 shares
- Hiren Bhawanji Shah – divesting 4,37,500 shares
- Deven Bhawanji Shah – divesting 4,37,500 shares
Promoter Background
The company’s journey dates back to 1990, when founding promoter Bhawanji Shah initiated operations under the partnership firm “Jyoti Industries.” In 2004, the business was incorporated as Jyoti Polycontainers, subsequently rebranded in 2022 as Jyoti Global Plast, and finally converted into a public limited company in January 2025.
Today, the company is helmed by a tightly-knit promoter family:
- Bhawanji Shah – Founder and patriarch
- Hiren Shah – Managing Director, overseeing financial operations
- Deven Shah – Whole Time Director and CEO, leading business development
- Karan Deven Shah – CFO since 2020
- Sainyum Hiren Shah – Head of Sales and Marketing
The promoters collectively held 99.92% of the pre-offer equity.
Business Snapshot
Operating out of two facilities in Rabale, Navi Mumbai, Jyoti Global Plast specializes in custom-designed blow-moulded plastic containers used across pharmaceutical, chemical, lubricants, agrochemicals, food & beverage, and childcare industries.
The company’s product line includes:
- HDPE barrels (200–250L)
- Blow-moulded carboys (20–120L)
- Jerrycans and bottles (up to 10L)
- Pail buckets (job-work basis)
- Toys and plastic accessories
As of FY24, the company’s combined installed capacity stood at 7,416 MT per annum, and it now plans to commission a third manufacturing unit at Mahad, Raigad, Maharashtra.
Utilization of Fresh Issue Proceeds
The company has earmarked the net proceeds from the fresh issue primarily for capex and infrastructure development:
- INR 11.35 crore – Establishment of the new Mahad facility
- INR 8.99 crore – Solar power plant setup to reduce energy dependence
- INR 1.20 crore – Partial debt repayment
- The remaining fund will be used for general corporate purposes
This capital expenditure aligns with Jyoti’s growth trajectory and an ongoing push toward operational efficiency and sustainability.
Financial Performance
A look at the company’s restated financials reveals a consistent upward trend in profitability, operating leverage, and capital returns:
| Metric | FY22 | FY23 | FY24 | H1 FY25 |
|---|---|---|---|---|
| Revenue (INR crore) | 70.16 | 89.19 | 87.25 | 45.73 |
| EBITDA Margin | 6.47% | 6.53% | 8.88% | 12.48% |
| PAT (INR crore) | 1.80 | 2.32 | 3.62 | 2.90 |
| ROE | 21.33% | 22.16% | 26.87% | 17.37%* |
| D/E Ratio | 2.05 | 2.05 | 1.90 | 1.57 |
Final Word
The IPO filing signals Jyoti Global Plast’s intent to enter a new chapter of growth, leveraging capital markets to expand manufacturing, integrate backward with renewable energy, and lighten its debt burden. For investors, Jyoti Global IPO may offer exposure to a niche but scalable segment of industrial packaging with a track record of profitability and a promoter family that has built value over decades.
Over the past three months, the SME IPO landscape has witnessed the listing of 51 IPOs in the primary market, collectively raising INR 2,358.49 crore. Out of these, 22 IPOs debuted in the red. Despite this, the average listing return across all SME IPOs stood at a healthy 12.54%. Capital Numbers Infotech emerged as the largest IPO during this period, with an issue size of INR 169.37 crore. In contrast, Avax Apparels was the smallest offering, raising just INR 1.92 crore.
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