Jyoti Global Plast began its journey as a manufacturer of plastic packaging solutions, catering to industries such as FMCG, pharmaceuticals, and food & beverages. The company built its reputation on quality, precision, and innovation, providing durable and cost-effective packaging solutions. As demand grew, so did Jyoti’s expertise in advanced plastic molding techniques, enabling it to expand its capabilities beyond traditional packaging.
Jyoti Global Plast, an Book Built Issue, amounting to ₹ 35.44 Crores, consistingan Fresh Issue of 43.20 Lakh Shares worth ₹ 28.51 Crores and an Offer for Sale of 10.50 Lakh Shares totaling to ₹ 6.93 Crores. The subscription period for the Jyoti Global Plast IPO opens on August 04, 2025, and closes on August 06, 2025. The allotment is expected to be finalized on or about Thursday, August 07, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, August 11, 2025.
The Share Price Band of Jyoti Global Plast IPO is set at ₹ 62 to ₹ 66per equity share. The Market Capitalisation of the Jyoti Global Plast at IPO price of ₹ 66 per equity share will be ₹ 130.81 Crores. The lot size of the IPO is 2,000 shares. Individual investors are required to invest a minimum of 2 lots (4,000 shares), amounting to ₹ 2,64,000.
Unistone Capital Private Limited is the book running lead manager of the Jyoti Global Plast, while MUFG Intime India Private Limitedis the registrar for the issue. L. F. C. Securities Private Limitedis the Market Maker for Jyoti Global Plast IPO.
Jyoti Global Plast LimitedIPO GMP Today
The Grey Market Premium of Jyoti Global Plast IPO is expected to be ₹ 6 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Jyoti Global Plast LimitedIPO Live Subscription Status Today: Real-Time Update
Jyoti Global Plast IPO will be open for its subscription on 04 August, 2025.
Jyoti Global Plast IPO Anchor Investors Report
Jyoti Global Plast has raised ₹ 10.06 Crores from Anchor Investors at a price of ₹ 66 per shares in consultation of the Book Running Lead Managers. The company allocated 15,24,000 equity shares to the Anchor Investors. Check Full List of Jyoti Global Plast Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Jyoti Global Plast LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
29 July 2025
₹ 66
₹ 72
₹ 6 (9.09%)
06:00 PM; 29 July 2025
Jyoti Global Plast Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Jyoti Global Plast IPO allotment date is 07 August, 2025, Thursday. Jyoti Global Plast IPO Allotment will be out on 7th August, 2025 and will be live on Registrar Website from the allotment date. Check Jyoti Global Plast IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Jyoti Global Plast Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Jyoti Global Plast LimitedIPO
Jyoti Global Plast to utilise the Net Proceeds towards the following objects: 1. ₹ 1,116.88 Lakh is required for Part finance the cost of establishing new manufacturing facility to expand our production capabilities at Plot No. D61/2, MIDC, Mahad, District Raigad -402309, Maharashtra, India (“Proposed new facility”); 2. ₹ 899.53 Lakh is required for Funding of capital expenditure requirements of the Company towards set up of Solar Power Plant; 3. ₹ 120.00 Lakh is required for Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company 4. General corporate purposes.
53,70,000 Equity Shares (aggregating to ₹ 35.44 Cr)
Fresh Issue
43,20,000 Equity Shares (aggregating to ₹ 28.51 Cr)
Offer for Sale
10,50,000 Equity Shares (aggregating to ₹ 6.93 Cr)
Issue Type
Book Built Issue
Listing At
NSE SME
Share holding pre issue
1,55,00,000
Share holding post issue
1,98,20,000
Jyoti Global Plast IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
2
4,000
₹2,64,000
Retail (Max)
2
4,000
₹2,64,000
S-HNI (Min)
3
6,000
₹3,96,000
S-HNI (Max)
7
14,000
₹9,24,000
B-HNI (Min)
8
16,000
₹10,56,000
Jyoti Global Plast IPO Timeline (Tentative Schedule)
IPO Open Date
Monday, August 04, 2025
IPO Close Date
Wednesday, August 06, 2025
Basis of Allotment
Thursday, August 07, 2025
Initiation of Refunds
Friday, August 08, 2025
Credit of Shares to Demat
Friday, August 08, 2025
Listing Date
Monday, August 11, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 06, 2025
Jyoti Global Plast IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
10,20,000
Not More than 50% of the Issue
Non-Institutional Investor Portion
7,68,000
Not Less than 15% of the Issue
Retail Shares Offered
17,88,000
Not Less than 35% of the Issue
Market Maker Portion
2,70,000
5.03% of the Issue
Anchor Investor Portion
15,24,000
Allotted from QIB Portion
Jyoti Global Plast IPO Promoter Holding
Share Holding Pre Issue
100.00 %
Share Holding Post Issue
72.91 %
Jyoti Global Plast IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
10,20,000
-
0.00
Non Institutional Investors(NIIS)
10,38,000
-
0.00
Retail Individual Investors (RIIs)
17,88,000
-
0.00
Total
38,46,000
-
0.00
About Jyoti Global Plast Limited
BUSINESS OVERVIEW
Jyoti Global Plast Limited is engaged in the plastic and FRP (Fiber-Reinforced Polymer) moulding business, offering custom polymer-based solutions such as HDPE-PP grade drums, carboys, jerrycans, barrels, pail buckets, toys, automobile parts, and FRP-based products like drone components and connectors. Products serve a wide array of industries including pharmaceutical, chemical, food & beverage, lube and industrial oil, adhesives, childcare, automotive, defence, and aerospace.
The company uses advanced blow moulding and injection moulding technologies to manufacture high-quality, cost-effective packaging and non-packaging products, with injection moulding also offered on a job-work basis for durable HDPP-based pail buckets.
Established as a partnership firm, Jyoti Industries, in 1990 by promoter Bhawanji Shah, the company evolved into Jyoti Polycontainers Private Limited in 2004, and was later renamed Jyoti Global Plast Private Limited in 2022. In January 2025, it became a public limited company. Commercial production began in 2005.
Operations are carried out from two state-of-the-art manufacturing units in Rabale, Navi Mumbai, with a proposed third facility in Mahad, Raigad. The combined production capacity stands at 7,416 MT p.a., supported by a team of over 45 skilled and unskilled personnel, serving more than 1,000 clients.
Facilities are equipped with latest automation, integrated conveyor systems, and in-house capabilities for extrusion, moulding, cooling, quality inspection, and packaging. A dedicated in-house logistics network ensures efficient and cost-effective supply chain operations. The company also employs specialised quality testing equipment for both raw materials and finished goods, maintaining compliance with Indian and international standards.
As of June 30, 2025, the company had 62 contract labours and total 47 employees. The Banker to the company is IndusInd Bank Limited.
INDUSTRY ANALYSIS
Summary Report: India's Domestic Economy and Plastic Manufacturing Industry
1. Domestic Economy Outlook: FY25 and FY26
🔹 GDP & Growth Trends
Real GDP growth for FY25 is estimated at 6.4%, according to the First Advance Estimates by MoSPI.
Private Final Consumption Expenditure (PFCE) is forecasted to grow 7.3%, driven by a strong rebound in rural demand.
Gross Fixed Capital Formation (GFCF) to grow at 6.4%, with a temporary dip due to general elections and global uncertainties.
🔹 Sectoral Performance
Agriculture: Estimated growth of 3.8% in FY25; consistent performance above pre-pandemic levels.
Industry: Expected to grow 6.2%, with construction and utilities driving performance.
Services: Continues strong at 7.2%, led by finance, real estate, and public services.
🔹 H1 FY25 Highlights
Real GVA grew by 6.2%; real GDP grew 6.0% in H1.
Rural demand surged, evidenced by higher 2- and 3-wheeler sales and increased consumption in NABARD surveys.
Urban demand showed mixed signals with slowing passenger vehicle sales but a 7.7% YoY growth in air traffic.
🔹 Inflation Trends
Headline inflation (CPI) moderated to 4.9% in April–Dec FY25 from 5.4% in FY24.
Core inflation dropped by 0.9 percentage points, driven largely by services.
Food inflation remains volatile (CFPI at 8.4%), driven by vegetables and pulses.
🔹 Investment Activity
GFCF softened in H1 FY25 due to election-related pause in capex and global demand weakness.
Union government capex rose by 8.2% (Jul–Nov 2024).
Private sector investments also show promise with ₹2.45 lakh crore worth of intentions for FY25.
🔹 External Sector & Inflation Outlook
Net exports positively contributed to GDP in Q2 FY25 due to subdued import growth.
Risks to inflation remain due to weather volatility, geo-political tensions, and energy prices.
Foster collaboration, inclusivity, and innovation.
Monitor KPIs and encourage continuous improvement.
🔹 Challenges & Solutions
Talent retention: Use training and culture-building.
Diversity management: Promote inclusion and communication.
Regulatory compliance: Regular audits and safety training.
5. Environmental and Market Dynamics
🔹 Energy & Emissions Management
Shift towards solar, wind, hydro to cut carbon footprint.
Equipment upgrades, recycling, and lean practices reduce energy use and waste.
🔹 Recyclability & Market Growth
Government bans and environmental concerns are boosting demand for bioplastics.
Innovations for reusable and repairable plastics have surged.
Rigid Plastic Packaging demand is rising with circular economy focus.
6. Indian Market Scenario
🔹 End-use Industry Growth
Paint Industry: CAGR of 9.38% (2023–2028); decorative paints lead the demand.
FMCG Sector: Q4 FY24 value growth of 6% driven by 6.4% volume growth.
Demand in FMCG and Paints spurs growth for plastic packaging and containers.
Conclusion & Outlook
India's economic fundamentals remain strong, with resilient rural demand, stabilizing inflation, and positive investment signals. The plastic manufacturing industry, bolstered by innovation, sustainability trends, and policy support, stands at the cusp of transformation. Strategic reforms, green transitions, and workforce investments will define the sector’s trajectory in FY26 and beyond.
BUSINESS STRENGTHS
Extensive Client Network
Serves a wide spectrum of industries including pharmaceutical, chemical, food & beverages, lubricants, adhesives, and agro, supplying polymer-based products such as drums, jerrycans, carboys, and barrels. Maintains long-standing relationships with over 1,000 customers, meeting strict quality and qualification standards to ensure consistent supply.
Diverse Product Portfolio
Offers a broad range of HDPE and HDPP packaging solutions, from 250ml to 250 litres, for applications in chemical, pharmaceutical, food, agrochemical, and lubricant sectors. Also manufactures toys, automobile parts, connectors, and drone components, addressing both packaging and non-packaging requirements through advanced plastic moulding technologies.
In-House Logistics & Testing Capabilities
Operates a fleet of 6 company-owned trucks, ensuring efficient delivery schedules, route optimization, and on-time supply. Supplemented by third-party logistics during high-demand periods or long-distance deliveries. Maintains in-house testing and stickering facilities to ensure quality and traceability.
Quality Certifications & Environmental Compliance
Holds UN approvals for safe transport across all modes—road, rail, sea, and air. Manufacturing units are ISO 9001:2015 certified, complying with global quality, environmental, health, and safety standards. Fully EPR-compliant, adhering to environmental regulations for sustainable operations.
Experienced Promoters and Leadership
Led by seasoned promoters Bhawanji Shah, Deven Shah, and Hiren Shah. The business was established in 1990 with a focus on blow moulded plastic containers and has since evolved into a structured organization with a proven legacy in the polymer moulding industry.
BUSINESS STRATEGIES
1. Expansion of Manufacturing Capacity
A third manufacturing unit is being set up at Mahad, Raigad to enhance production capabilities in plastic and FRP products. This strategic addition complements the Navi Mumbai operations, strengthening market reach across Maharashtra and improving proximity to key industrial hubs.
2. Diversification into High-Value Components
Production of auto parts, connectors, and drone components commenced in April 2025, targeting the automobile, aerospace, and defence sectors. Approved trial products have led to confirmed orders. Lightweight, high-strength FRP components are designed to reduce weight and aerodynamic resistance, improving cost-efficiency and performance.
3. Investment in Renewable Energy for Sustainable Growth
Plans are in place to integrate solar power infrastructure to reduce operational costs, enhance energy efficiency, and meet sustainability goals. The initiative is expected to yield long-term savings, improve environmental credentials, and offer protection against energy price volatility.
4. Operational Efficiency through Technology and Scale
Operational processes are being optimized by eliminating inefficiencies, reducing cycle times, and incorporating advanced technologies. Digital tools are enabling machine monitoring and production planning, improving throughput and capacity to fulfill larger order volumes with higher margins.
5. Deepening Client Engagement and Market Penetration
Existing client relationships are being leveraged to offer expanded product ranges, especially in electrical component manufacturing. The focus is on securing higher-value contracts, increasing share of business with current clients, and acquiring new customers through targeted marketing and upgraded production capabilities.
BUSINESS RISK FACTORS & CONCERNS
1. Geographical Revenue Concentration
Sales are heavily concentrated in Maharashtra and Gujarat, contributing 98.50%, 98.70%, and 97.39% of revenue from operations in Fiscal 2025, 2024, and 2023, respectively. Any adverse developments in these regions could significantly affect business operations, financial condition, and cash flows.
2. Regulatory Risk Related to Plastic Usage
Growing global and domestic restrictions on plastic due to environmental concerns may affect demand. Potential bans or stricter regulations on plastic packaging products in India or export markets could materially impact business operations and profitability.
3. Customer Concentration Risk
A significant portion of revenue depends on a few key customers, with the top 10 clients accounting for 21.61%, 23.19%, and 26.10% of invoices in Fiscal 2025, 2024, and 2023. Absence of long-term contracts with major clients exposes the company to risks from order reductions, customer losses, or underperformance of customer-end products.
4. Manufacturing Site Concentration in Maharashtra
All current and proposed manufacturing facilities are located in Maharashtra. Any natural disasters, socio-political unrest, or operational disruptions in the region could lead to production halts and adversely impact business continuity, financials, and recovery timelines.
5. Operational Disruption and Equipment Failure
Operations are vulnerable to force majeure events, equipment malfunctions, and service interruptions. Any major plant shutdowns could lead to loss of revenue, increased capital expenditure, and a material impact on financial performance.
Summary:
Jyoti Global Plast faces key risks from its geographic and customer concentration, potential regulatory action against plastics, and vulnerability to localized disruptions in Maharashtra. Strategic diversification in geography, client base, and compliance readiness will be critical to mitigate these risks.
Jyoti Global Plast Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
584.48
1,476.42
1,114.89
Total Assets
5,681.42
5,184.44
4,353.85
Total Borrowings
2,531.22
2,894.96
2,384.14
Fixed Assets
1,755.78
1,645.03
1,361.37
Cash
205.07
489.24
190.27
Net Borrowing
2,326.15
2,405.72
2,193.87
Revenue
9,379.79
8,796.41
8,935.45
EBITDA
1,212.35
862.30
626.52
PAT
608.06
361.53
232.36
EPS
3.92
2.33
1.5
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in FINANCIAL EXPRESS.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 3.92
EPS Post IPO (Rs.)
₹ 3.07
P/E Pre IPO
16.83
P/E Post IPO
21.51
ROE
33.22 %
ROCE
22.35 %
P/BV
2.62
Debt/Equity
1.19
RoNW
28.49 %
Jyoti Global Plast Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Jyoti Global Plast Limited
₹ 3.07
22.35 %
33.22 %
21.51
2.62
1.19
28.49 %
TPL Plastech Ltd.
₹ 3.03
19.8 %
17.0 %
26.0
4.14
0.31
17.0 %
Pyramid Technoplast Ltd.
₹ 7.25
14.2 %
11.3 %
22.1
2.38
0.22
11.3 %
Mitsu Chem Plast Ltd.
₹ 5.34
10.4 %
8.22 %
21.9
1.64
0.71
8.22 %
Jyoti Global Plast Limited Contact Details
JYOTI GLOBAL PLAST LIMITED
R-554/555, TTC MIDC Area Rabale, Navi Mumbai – 400 701, Maharashtra, India Contact Person : Shrutika Lalan Manda Telephone : +91 91521 53987 Email : info@jyotiglobalplast.com Website : https://jyotiglobalplast.com/
Jyoti Global Plast IPO Registrar and Lead Manager(s)
Lead Manager : Unistone Capital Private Limited Contact Person : Brijesh Parekh Telephone : +91 224 604 6494 Email : mb@unistonecapital.com Website : https://unistonecapital.com/
Jyoti Global Plast IPO Review
Jyoti Global Plast began its journey as a manufacturer of plastic packaging solutions, catering to industries such as FMCG, pharmaceuticals, and food & beverages. The company built its reputation on quality, precision, and innovation, providing durable and cost-effective packaging solutions. As demand grew, so did Jyoti’s expertise in advanced plastic molding techniques, enabling it to expand its capabilities beyond traditional packaging.
The company is promoted by Bhawanji Shah, Deven Shah, and Hiren Shah. Bhawanji Shah, a veteran in the plastic moulding industry, began his entrepreneurial journey in 1990 with Jyoti Industries and later founded Jyoti Polycontainers Private Limited in 2004, joined by Deven and Hiren Shah. Deven Shah, the Whole Time Director and CEO, leads Business Development, while Hiren Shah, the Managing Director, oversees finance, accounting, and reporting. Other promoters include Karan Deven Shah, CFO since 2020, heading Finance and Accounts, and Sainyum Hiren Shah, who leads Sales and Marketing.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 9,379.79 Lakh, ₹ 8,796.41 Lakh and ₹ 8,935.45 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,212.35 Lakh, ₹ 862.30 Lakh and ₹ 626.52 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 608.06 Lakh, ₹ 361.53 Lakh and ₹ 232.36 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹3.92and post-issue EPS of ₹ 3.07 for FY24.The pre-issue P/E ratio is 16.83x, while the post-issue P/E ratio is 21.51x against the Industry P/E ratio is 24x. The company's ROCE for FY24 is 22.35%, ROE for FY24 is 33.22% and RoNW is 28.49%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Jyoti Global Plast showing listing gains of 9.09 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Jyoti Global Plast Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
