Jivial Industries Limited operates in the manufacturing and trading of aluminium and stainless-steel components used in railing systems. They specialize in aluminium extrusion and casting processes to produce a wide range of railing-related products, including profiles, handrails, spigots, conceals, bends, brackets, and jointers. The company functions on a Business-to-Business (B2B) model, offering products that are highly customizable based on client requirements for accessories, fasteners, rubber gaskets, and powder coatings. Notably, the company has secured 3 patents from the Government of India for the unique and innovative design of its spigots. The company supplies its architectural products primarily to wholesalers, interior designers, architects, builders, and contractors for use in residential and commercial infrastructure projects. While catering to customers nationwide, Jivial is heavily reliant on three key states—Gujarat, Maharashtra, and Chhattisgarh—which cumulatively contributed 72.87%, 67.82%, and 62.55% of their total revenues in FY 2025, FY 2024, and FY 2023 respectively. Jivial operates from its ISO 9001:2015 and ISO 14001:2015 certified Registered Office cum Manufacturing Facility Unit-I located in Aji GIDC, Rajkot, Gujarat, spanning 6,500 sq. ft. The plant utilizes cutting, drilling, threading, buff polishing, and powder coating machinery. The company is actively pursuing expansion and backward integration by setting up a proposed Unit-II in Samadhiya, Rajkot, where they intend to manufacture Glass Fibre Reinforced Polymers (GFRP) rebars and their own unfinished extruded aluminium railings to reduce raw material dependency. For the nine months ended December 31, 2025, the company had an installed capacity of 1,93,000 running feet for Finished Aluminium Railings, operating at a 66.75% capacity utilization rate. The installed capacity for Finished Aluminium Fixtures stood at 2,42,000 pieces with a 58.50% utilization rate. The newly introduced GFRP Rebars reported an installed capacity of 420 MT, currently being utilized at 14.70%. As per financial performance, Jivial Industries Limited has posted total income / net profits of Rs 8.40 / 1.17 Cr (FY23), Rs 11.06 / Rs 2.41 Cr (FY24), Rs 12.07 Cr / 2.97 Cr (FY25) and Rs 12.20 Cr / 2.95 Cr (Upto Q3 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 9.17 and average RoNW of 63.14% for last three fiscals. Issue is priced at a P/BV of 5.56 as per NAV of Rs 35.24/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 37.93, 30.80 and 23.29 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corporate Makers Capital Limited is associated with this IPOs, and has handled 9 IPOs in last three fiscal years. From last 9 IPOs, five opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from last 9 IPOs, eight are trading below issue price and remaining all are trading above issue price or at par. (as on 20.06.26) As per financials, Jivial Industries Limited shown good growth, RoNW is 41.09% and P/E is 37.93, 30.80 and 23.29 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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