Jaytee Alloys & Components Limited IPO

01At a glance

What the company does: makes pressure cooker components (weight valves, safety valves and vent tubes) for pressure cooker manufacturers, and melts, casts and rolls non-ferrous alloys such as fusible alloys, lens-blocking alloys, solder preforms, indium foil and lead and cadmium sheets for automotive, optical, electronics, nuclear and defence buyers (DRHP p.152, DRHP p.153).

Who pays it: business customers only. The largest customer brought 31.45% of FY26 revenue, the top five 60.40% and the top ten 71.68% (DRHP p.153, DRHP p.41). No customer is named. Government and institutional customers were 7.54% of FY26 revenue (DRHP p.156).

Why it is raising money: ₹23.7 crore of the fresh issue goes to new machining lines for weight valves and a copper recycling plant at Gagret, Himachal Pradesh, and ₹15.0 crore to repaying borrowings; ₹2.1 crore goes to working capital and the general corporate purposes amount is blank (DRHP p.90). There is no offer for sale (DRHP p.3).

How fast it has grown: revenue from ₹15.9 crore in FY24 to ₹66.6 crore in FY26, about 104.4% a year, and profit after tax from ₹0.03 crore to ₹7.0 crore (our arithmetic, DRHP p.31). The FY24 profit base is so small that a profit growth rate means little.

The one thing to understand: much of the growth came from a business the promoter already owned. The non-ferrous alloys half of revenue started only in FY25, when the company took over Shree Manufacturing Co., the proprietorship of the promoter Ashok Kumar Jain, from August 1, 2024 for 4,75,540 shares at ₹120 (DRHP p.261, DRHP p.247). Before that, the same proprietorship was the company's largest buyer: sales to related parties were ₹10.5 crore, about 65.9% of FY24 revenue (our arithmetic, DRHP p.37, DRHP p.31).

02The business, in plain words

What Jaytee Alloys & Components does

Jaytee Alloys & Components makes two quite different things in the same two factories. The first is the small steel parts on the lid of a pressure cooker: the weight that whistles, the vent tube it sits on and the safety valve that melts or springs open if pressure runs too high (DRHP p.165, DRHP p.169, DRHP p.170). The second is speciality metal: it weighs out lead, tin, bismuth, indium, gallium and cadmium, melts them in a gas-fired furnace and casts or rolls them into alloys, foils, sheets and shielding products made to a customer's composition (DRHP p.162, DRHP p.163).

A pressure cooker maker needs certified lid components, or an industrial buyer needs an alloy of a set melting point or a lead sheet → the company buys stainless steel rod, child parts and non-ferrous metals → it saws, turns, drills, assembles and tests the valves, or melts, casts and rolls the alloy → it invoices the customer against a purchase order (DRHP p.152, DRHP p.161, DRHP p.163).

The business began in 2005 as the partnership firm Jaytee Manufacturing Co. of Ashok Kumar Jain and Naman Jain, became a private company on May 14, 2024 and a public company on December 17, 2024 (DRHP p.3, DRHP p.257). The company says it has over 17 years in pressure cooker components (DRHP p.152). The alloy business came with the takeover of Shree Manufacturing Co. from August 1, 2024 (DRHP p.247).

It plans to add copper recycling with the issue money (DRHP p.93). It sells almost only within India: exports were under ₹0.01 crore in FY26 (DRHP p.154). Plants are at A33/11, Site 4, Sahibabad, Ghaziabad (about 634 sq. mtr. built up) and Plot 21 to 22, Gagret Industrial Area, Una (about 2,000 sq. mtr.) (DRHP p.170, DRHP p.171). It had 213 employees at March 31, 2026, 176 of them in production (DRHP p.172, DRHP p.173).

Earnings equation: Revenue = pieces sold × price per piece for valves and vent tubes, plus tonnes sold × price per tonne for alloys. The document gives pieces and tonnes produced (90,00,000 weight valves and 160 tonnes of alloy in FY26) but not prices, so the equation cannot be filled in from the filing (DRHP p.170).

03Where the money comes from

By segment (₹ crore):

Source: DRHP p.246, converted from ₹ lakh. Pressure cooker components were 93.05% of FY24 revenue and 51.83% of FY26; alloys 45.19% of FY26 (DRHP p.152). The document gives no split of either segment by product, and no segment profit (DRHP p.246).

By state, Haryana brought 39.42% of FY26 revenue and Karnataka 12.75%, while Uttar Pradesh fell from 66.03% in FY24 to 3.71% in FY26 (DRHP p.153). Government and institutional customers rose from nil in FY24 to 7.54% of FY26 revenue (DRHP p.156).

Jaytee Alloys & Components customers: how concentrated the revenue is

Source: DRHP p.41, DRHP p.153. Revenue does depend on a few customers: one customer brought ₹21.0 crore of FY26 revenue of ₹66.6 crore (DRHP p.153). The top ten table follows FY26's ten customers back through the earlier years, which is why it shows 73.29% for FY24 although the top five that year were 93.28%; the largest customer in FY24 and FY25 is taken here from the same table (DRHP p.153, DRHP p.41). No customer is named. The company does not have long-term binding agreements with some of these customers (DRHP p.41).

Read from the filing: the amounts against "Customer 10" (₹7.9 crore in FY24, ₹10.2 crore in FY25, ₹1.2 crore in FY26) match the sales to Shree Manufacturing Co., the promoter Ashok Kumar Jain's proprietorship, in the related-party note (DRHP p.153, DRHP p.243).

On the supply side, the top five suppliers were 67.06% of raw material purchases in FY24 and 33.74% in FY26, the top ten 90.03% and 54.12% (DRHP p.41). There are no long-term supply contracts (DRHP p.42).

04The growth record

Jaytee Alloys & Components financials: revenue, profit and margins

Source: DRHP p.30, DRHP p.31, DRHP p.32, DRHP p.103, converted from ₹ lakh. Revenue went from ₹15.9 crore in FY24 to ₹66.6 crore in FY26 and profit after tax from ₹0.03 crore to ₹7.0 crore (DRHP p.31). Gross margin went from 22.81% to 30.17% (DRHP p.103).

Our arithmetic over FY24 to FY26: revenue grew about 104.4% a year (our arithmetic, DRHP p.31), EBITDA about 312.9% a year (our arithmetic, DRHP p.103) and profit after tax about 1,479.9% a year from a base of under ₹0.03 crore (our arithmetic, DRHP p.31). EBITDA margin moved from 4.23% to 17.27%, up 1,304 basis points, so from 4.2% to 17.3% rounded (DRHP p.103).

The year ends on March 31 throughout. FY24 is the partnership firm, whose accounts were re-audited by a peer-reviewed auditor because the earlier auditors were not peer reviewed (DRHP p.42). The restatement changed profit materially: FY24 profit was ₹0.57 crore as audited and ₹0.03 crore as restated, FY25 ₹2.6 crore audited and ₹2.2 crore restated, and FY26 ₹6.6 crore audited and ₹7.0 crore restated (DRHP p.251). The FY24 cut came largely from a first-time gratuity charge of ₹0.25 crore and tax adjustments; FY25 was lowered partly by IPO expenses that had been capitalised and are now expensed (DRHP p.251, DRHP p.262). The FY26 audit opinion was unmodified (DRHP p.216).

What sits around the record:

• Cash: operating cash flow was −₹4.5 crore in FY26, −₹7.4 crore in FY25 and ₹0.18 crore in FY24 (DRHP p.32). In FY26 inventory absorbed ₹10.4 crore and loans and advances ₹2.8 crore (DRHP p.32).
• Other income was ₹0.01 crore, about 0.1% of FY26 profit before tax of ₹9.4 crore (our arithmetic, DRHP p.31).
• Debt: borrowings were ₹25.4 crore at March 31, 2026 (DRHP p.30), debt to equity 1.38 times, about 1.4× (DRHP p.103), and net debt of ₹25.0 crore about 2.2× FY26 EBITDA (our arithmetic, DRHP p.30, DRHP p.103). Return on capital employed was 24.64%, so 24.6% rounded (DRHP p.103). Finance cost was ₹1.6 crore in FY26 against ₹0.79 crore in FY25 (DRHP p.31).
• Customers and suppliers: the largest customer was 31.45% of FY26 revenue, so 31.5% rounded (DRHP p.153), the top five 60.40%, so 60.4% (DRHP p.41), and the top ten 71.68%, so 71.7% (DRHP p.153); the top ten suppliers were 54.12% of FY26 purchases, so 54.1% (DRHP p.41).
• Related-party sales: sales to related parties were ₹10.5 crore in FY24, ₹10.2 crore in FY25 and ₹1.2 crore in FY26 (DRHP p.37).
• Property: in February 2026 the company bought a plot at C-225, Block C, Nirman Vihar, Delhi, listed as a guest house, for ₹9.75 crore (DRHP p.175), funded by an HDFC Bank term loan of ₹8.85 crore for "Purchase of Property" (DRHP p.95).
• Capacity: the pressure cooker component lines ran at 84.95% of installed capacity in FY26, so 85.0% rounded (DRHP p.170).
• Employees: attrition was 59.90% in FY26, so 59.9% rounded, with 143 joiners and 121 leavers (DRHP p.173).
• Contingent liabilities: income tax demands of ₹0.10 crore, and no capital commitments (DRHP p.34, DRHP p.245).
• Use of the issue: ₹15.0 crore of the fresh issue is for debt repayment and ₹23.7 crore for capital expenditure (DRHP p.90).
• Industry: the company places itself in non-ferrous metals and alloys and pressure cooker components, under a report titled "Industrial Metal Consumables" (DRHP p.152, DRHP p.112).

05What the growth is made of

Revenue rose ₹50.7 crore from FY24 to FY26 (our arithmetic, DRHP p.31).

Acquisition: the non-ferrous alloys and metals segment, ₹20.6 crore in FY25 and ₹30.1 crore in FY26, did not exist in FY24 and came with the business of Shree Manufacturing Co., included from August 1, 2024 (DRHP p.261, DRHP p.259). FY26 is its first full year (DRHP p.259). That accounts for ₹30.1 crore of the ₹50.7 crore increase (our arithmetic, DRHP p.246).

Pressure cooker components: up from ₹14.8 crore to ₹34.5 crore, which the company puts down to demand from repeat customers and a wider customer base (DRHP p.246, DRHP p.259). Pieces produced rose from 1,58,00,000 in FY24 to 2,30,00,000 in FY26, on installed capacity that rose from 1,89,90,000 to 2,70,75,000 pieces (DRHP p.170).

Related-party revenue running down: sales to the promoter's proprietorship and a relative's proprietorship were ₹10.5 crore in FY24, about 65.9% of revenue, and ₹1.2 crore in FY26 (our arithmetic, DRHP p.37, DRHP p.31). The FY24 revenue base therefore leans heavily on related parties.

Volume: alloy output was 60 tonnes in FY25 and 160 tonnes in FY26 on 360 tonnes of capacity (DRHP p.170).

The document gives volumes produced but no prices and no split of revenue by product, so the increase cannot be split into volume and price. That is the finding.

06Earnings quality

The item that needs explaining is inventory. It went from ₹3.1 crore at March 2024 to ₹10.1 crore at March 2025, ₹6.1 crore of which came in with the Shree Manufacturing business, and to ₹20.5 crore at March 2026, ₹16.3 crore of it raw materials and components (DRHP p.30, DRHP p.247, DRHP p.236). The ratio note puts the rise down to a larger order book and more capacity, but the document discloses no order book (DRHP p.249). The company also records that its inventory is "substantially" managed through manual systems, with an ERP system being put in (DRHP p.157).

Receivables are mostly recent: ₹11.5 crore of the ₹12.6 crore was under six months old, and ₹0.64 crore was one to two years old (DRHP p.235). Of the March 2026 receivables, ₹2.1 crore was due from Shree Manufacturing Co., ₹0.94 crore from Arihant Manufacturing Co. and ₹0.73 crore from NJN Industries, all related parties (DRHP p.265).

07The balance sheet

At March 31, 2026 total assets were ₹52.8 crore: inventories ₹20.5 crore, property, plant and equipment ₹15.4 crore (₹9.6 crore of it land), trade receivables ₹12.6 crore, short-term loans and advances ₹2.9 crore (mostly advances to suppliers), other non-current assets ₹0.39 crore and cash and bank balances ₹0.45 crore (DRHP p.30, DRHP p.231, DRHP p.236). Against them: short-term borrowings ₹14.1 crore, long-term borrowings ₹11.3 crore, trade payables ₹4.9 crore, other current liabilities ₹2.3 crore (including ₹1.0 crore of capital advances received), provisions ₹1.4 crore and net worth ₹18.5 crore (DRHP p.30, DRHP p.229).

Borrowings at March 31, 2026: an HDFC Bank cash credit of ₹12.2 crore at 7.80%; an HDFC Bank property term loan of ₹8.85 crore at 8.00% over 180 months; a Bajaj Finance term loan of ₹2.5 crore at 9.75% for general corporate purposes; vehicle loans and ORIX finance leases; ₹0.94 crore of bill discounting from Vayana Finserv at 16.00%; and ₹0.11 crore of loans from Naman Jain at 12.00% (DRHP p.255, DRHP p.256). The secured loans carry personal guarantees of Naman Jain and Ashok Kumar Jain, and the cash credit also of Renu Jain and Swati Jain (DRHP p.255). Unsecured borrowings were about ₹1.04 crore (DRHP p.50).

The property bought for ₹9.75 crore at C-225, Block C, Nirman Vihar, Delhi is shown as owned and described as a guest house; the company has also agreed to transfer the entire top floor of the residential building under construction on that plot to Radha Raman Gupta for ₹2.6 crore, with possession by July 30, 2027 (DRHP p.175). The registered addresses of both promoters are also in Nirman Vihar, East Delhi (DRHP p.62).

Source: DRHP p.30, DRHP p.90, DRHP p.268. The capitalisation statement leaves the post-issue column blank (DRHP p.268). ₹15.0 crore is about 59% of March 2026 borrowings (our arithmetic, DRHP p.94, DRHP p.30). The working capital plan still has short-term borrowings and internal accruals funding ₹35.7 crore of a ₹37.8 crore gap in FY27 (DRHP p.97).

08What the money is for

Jaytee Alloys & Components IPO objects: what the money is for

Source: DRHP p.90. The rupee size of the fresh issue depends on a price not yet set, so the share of each object cannot be worked out (DRHP p.3).

Machinery and the copper plant, ₹23.7 crore: ₹18.0 crore of machinery and ₹5.8 crore of construction, renovation and electrical works at the Himachal Pradesh facility (DRHP p.94).

The machinery is 32 CNC lathes from Guangdong Taihao CNC Machine Tool Co., Ltd for ₹4.9 crore, 32 CNC lathes for ₹3.0 crore, a cooker whistle assembly automation line for ₹2.1 crore, a Mahindra drilling and facing package for ₹2.0 crore and five sawing machines for ₹0.94 crore, plus a copper radiator recycling line for ₹3.1 crore and a copper wire recycling line for ₹1.8 crore, both from Shandong Huichuan Heavy Industry Technology Co., Ltd (DRHP p.91, DRHP p.92).

The machining lines are to add about 30,000 weight valves a day, about 90,00,000 a year on 300 days, taking weight valve capacity from about 90,00,000 to about 1,80,00,000 a year (DRHP p.93). The copper plant is to process about 2,640 tonnes of radiator and wire scrap a year (DRHP p.94). The construction quotation is from Baldev Raj Gupta, dated September 23, 2026 and valid three months (DRHP p.94).

No orders have been placed (DRHP p.91). The deployment table puts all of it in FY27, while the text says FY27 and FY28 (DRHP p.90, DRHP p.91).

The capex is planned on land at Kaloh, Gagret for which only an agreement for sale at ₹0.50 crore exists, with ₹0.10 crore paid; the land is agricultural and needs conversion permission under Section 118 of the Himachal Pradesh Tenancy and Land Reforms Act, 1972 (DRHP p.44, DRHP p.48).

Debt repayment, ₹15.0 crore: from the HDFC Bank property and vehicle loans, the HDFC Bank cash credit, the Bajaj Finance loan, the ORIX leases and the Vayana bill discounting, not from loans of promoters or related parties (DRHP p.95, DRHP p.96).

Working capital, ₹2.1 crore: in FY27, against a projected gap of ₹37.8 crore that assumes receivable days of 65 and inventory days of 108 (DRHP p.97).

The objects have not been appraised by any bank or financial institution (DRHP p.89). A monitoring agency is to be appointed, if applicable (DRHP p.65).

Into the business the fresh issue of up to 70,00,000 shares, at a price not yet set (DRHP p.3). To selling shareholders nothing: there is no offer for sale (DRHP p.3).

09Who is selling

Jaytee Alloys & Components IPO offer for sale: who is selling

Nobody. The whole issue is a fresh issue of up to 70,00,000 shares of ₹5, and the document marks the offer for sale details "not applicable" (DRHP p.3, AP p.1). The promoters and promoter group will not take part in the issue (DRHP p.87).

10Promoters

The promoters are Naman Jain and Ashok Kumar Jain, who hold 97.20% of the company before the issue (DRHP p.208). The document states that Naman Jain is the son of Ashok Kumar Jain and the husband of Swati Jain, a director (DRHP p.197).

Ashok Kumar Jain, 72, is a Whole Time Director with a B.Tech in chemical engineering and over 30 years in making and selling pressure cookers and allied products (DRHP p.194, DRHP p.196). Naman Jain, 43, is Chief Executive Officer and Whole Time Director, with a B.E. in polymer engineering and over 15 years in pressure cookers, bright bars, weights, vent tubes and recycling of triply scrap (DRHP p.193, DRHP p.196). Both were re-designated Whole Time Directors for five years from August 5, 2026 (DRHP p.193).

Pay: remuneration to the two promoters was nil in FY24, ₹0.31 crore in FY25 and ₹0.36 crore in FY26; Swati Jain was paid ₹0.12 crore in FY26 (DRHP p.35). The company also paid the premium on a personal insurance policy of Naman Jain as a perquisite (DRHP p.174). The company paid Ashok Kumar Jain rent of ₹0.12 crore in FY26 (DRHP p.36).

Other businesses: the promoters hold shares in Mangalam Non-Ferrous Alloys Private Limited and Jugal-Tara Manufacturing Co Private Limited, and Naman Jain has Arihant Manufacturing Company and NJN Industries, all in a similar line of business (DRHP p.212). There is no non-compete arrangement with the promoters (DRHP p.48). The company bought ₹2.5 crore of goods from Arihant Manufacturing Co. and ₹1.5 crore from NJN Industries in FY26 (DRHP p.37). Read from the filing: the amounts against "Supplier 7" (₹2.5 crore in FY26, ₹2.1 crore in FY25) match the purchases from Arihant Manufacturing Co. (DRHP p.163, DRHP p.37). The document says the company has no group companies (DRHP p.213).

Property and guarantees: the Sahibabad factory and registered office is leased by Ashok Kumar Jain from UPSIDA and sub-leased to the company for 11 months from September 24, 2026 at ₹0.01 crore a month; UPSIDA's approval for the sub-lease is pending (DRHP p.44, DRHP p.174). The promoters guarantee the bank loans (DRHP p.255). Naman Jain filed a patent application for a pressure regulator assembly in October 2024 and has agreed to transfer it to the company on grant (DRHP p.164). No promoter shares are pledged (DRHP p.81).

Cases: no criminal or regulatory cases against the promoters (DRHP p.272). Six tax matters against promoters, directors and the former partnership firm total ₹0.43 crore as stated (DRHP p.274). The company named Naman Jain as the officer in default in its two pending applications to the Registrar of Companies over share allotments (DRHP p.270).

Promoter economics: the promoters received 23,89,342 shares at par for their partnership capital on September 18, 2024; Ashok Kumar Jain received 4,75,540 shares at ₹120 for the Shree Manufacturing business on September 30, 2024; a 2:1 bonus followed on September 30, 2024 and a split from ₹10 to ₹5 in August 2026 (DRHP p.76, DRHP p.77). On September 22, 2026 Ashok Kumar Jain gifted 20,00,000 shares to Naman Jain (DRHP p.82, DRHP p.83). The document does not state a weighted average cost for the promoters' shares. The last five primary allotments had a weighted average price of ₹122.57 on ₹10 shares (DRHP p.105).

11Who already owns it

Jaytee Alloys & Components promoter holding before and after the IPO

Source: DRHP p.83, DRHP p.84. There are 1,77,28,352 shares of ₹5 before the issue and ten shareholders (DRHP p.60, DRHP p.84). If all 70,00,000 new shares are issued, the total becomes 2,47,28,352 shares (DRHP p.60) and the promoters' 97.20% becomes about 69.7%, so 97.2% → 69.7% (our arithmetic, DRHP p.83). Promoters and promoter group together go from 99.58% to about 71.4%, so 99.6% → 71.4% (our arithmetic, DRHP p.80). The document leaves the after-issue holding blank (DRHP p.83), and in one place gives the promoter and promoter group holding as 98.46% instead of 99.58% (DRHP p.83, DRHP p.80).

The largest public holder is Sejal Jain with 60,000 shares, 0.34%, from a private placement at ₹130 on ₹10 shares in September 2025 (DRHP p.84, DRHP p.76). No fund or company outside the promoter group holds shares.

12What changed just before the IPO

• Revenue and profit: revenue went from ₹15.9 crore in FY24 to ₹66.6 crore in FY26 and profit after tax from ₹0.03 crore to ₹7.0 crore (DRHP p.31).
• Receivables: receivable days went from 47 in FY24 to 69 in FY26, after 85 in FY25 (DRHP p.97).
• Promoter pay went from nil in FY24 to ₹0.36 crore in FY26 (DRHP p.35).
• Borrowings went from ₹7.8 crore at March 2025 to ₹25.4 crore at March 2026 (DRHP p.30).
• Conversion: the partnership firm became a private company on May 14, 2024 and a public company with a fresh certificate dated December 17, 2024 (DRHP p.3).
• Promoter business taken over: Shree Manufacturing Co., Ashok Kumar Jain's proprietorship, from August 1, 2024, for net assets of ₹5.7 crore paid in shares (DRHP p.247).
• Bonus issue: 2:1, allotted September 30, 2024, 58,72,784 shares (DRHP p.76).
• Pre-IPO placement: 30,000 shares to Sejal Jain at ₹130 on ₹10 shares on September 25, 2025, the last allotment before the IPO; a rights issue to Swati Jain at ₹120 came in August 2025 (DRHP p.76, DRHP p.77).
• Share split: ₹10 to ₹5, approved August 10, 2026 (DRHP p.76).
• Gift: 20,00,000 shares from Ashok Kumar Jain to Naman Jain on September 22, 2026 (DRHP p.82).
• Auditor: no change; JVA & Associates was appointed first auditor on May 28, 2024 and re-appointed on December 15, 2025 (DRHP p.70).
• Subsidiary: Jaytee Green Ventures Private Limited, for recycling and waste management, incorporated April 10, 2025 (DRHP p.191).
• Property: the Nirman Vihar plot for ₹9.75 crore in February 2026 (DRHP p.175).
• Officers: three chief financial officers between December 2024 and September 2026, one of whom served from August 1 to September 1, 2026 (DRHP p.206).
• Dividend: ₹0.10 a share, ₹0.09 crore in all, in FY26 (DRHP p.214).

13Capacity and expansion

Source: DRHP p.170, DRHP p.93, DRHP p.94. Component utilisation was 83.20%, 84.86% and 84.95% over FY24 to FY26 as capacity rose from 1,89,90,000 to 2,70,75,000 pieces; FY26 output was 90,00,000 weight valves, 60,00,000 vent tubes and 80,00,000 safety valves (DRHP p.170). Alloy utilisation was 16.66% in FY25, the first year (DRHP p.170). The document does not say which plant makes what, or give capacity by plant. The Gagret unit's consent to operate has not been renewed and the company is yet to apply (DRHP p.47, DRHP p.281).

The new weight valve capacity is certified by a chartered engineer on machine-wise rates (DRHP p.93). The document gives pieces and tonnes but not prices, so the step from capacity to revenue cannot be made here.

14Market size and industry structure

Jaytee Alloys & Components industry: market size and growth

As claimed: the industry chapter is drawn from "Industry Report: Industrial Metal Consumables" by Dun & Bradstreet, dated 28.09.2026, which the company commissioned and paid for in connection with the offer (DRHP p.112, DRHP p.26). The commissioned report sizes two markets. For the company's alloy side, it puts the Indian non-ferrous metal alloys industry at ₹116.5 thousand crore in FY2026 (DRHP p.140). For the cooker side, it gives no current Indian figure, only an estimate of ₹3,628.0 crore of pressure cooker industry revenue in FY2027 (DRHP p.138).

The part that is addressable: the company sells valves and vent tubes to cooker makers, not finished cookers, and its alloys are low-melting, solder, indium, lead and cadmium products (DRHP p.152, DRHP p.165). The chapter does not size pressure cooker components at all, and says government statistics do not separately quantify the niche alloy families the company makes (DRHP p.142). It does not size copper scrap recycling either.

What the company is today: FY26 alloy revenue of ₹30.1 crore is about 0.03% of the claimed FY2026 non-ferrous alloys market (our arithmetic, DRHP p.246, DRHP p.140). FY26 component revenue of ₹34.5 crore is about 1.0% of the report's FY2027 cooker estimate, a comparison that sets components against finished cookers and an actual year against an estimate (our arithmetic, DRHP p.246, DRHP p.138).

Size over time: the commissioned report puts Indian non-ferrous metal alloys revenue at ₹70.7 thousand crore in FY2021, ₹96.6 thousand crore in FY2024 after a dip, and ₹116.5 thousand crore in FY2026, about 10.5% a year (DRHP p.140). It projects ₹161.4 thousand crore by FY2031, about 6.7% a year from FY2027 (DRHP p.149).

Global non-ferrous alloys revenue is put at USD 184.8 billion in CY2021 and USD 219.5 billion in CY2025, about 4.4% a year, and the report projects USD 295.5 billion by CY2031 (DRHP p.139, DRHP p.148). For cookers, the report projects Indian industry revenue rising to ₹5,005.2 crore by FY2031, about 8.4% a year, and global revenue from USD 6,061.6 million in CY2027 to USD 7,742.9 million in CY2031 (DRHP p.138).

These are the report's projections, not figures from the company's accounts.

Segments: by alloy type, aluminium alloys were ₹68.4 thousand crore (58.7%) of FY2026 Indian revenue, copper alloys ₹25.4 thousand crore (21.8%), nickel ₹7.6 thousand crore, titanium ₹5.7 thousand crore, zinc ₹4.0 thousand crore, magnesium ₹3.0 thousand crore and other alloys ₹2.4 thousand crore (DRHP p.140). By end use, automotive and transport led with ₹30.9 thousand crore, then electrical and electronics ₹27.6 thousand crore and construction ₹23.0 thousand crore; aerospace and defence was ₹6.8 thousand crore (DRHP p.141). The cooker value chain runs from metal suppliers through specialist component makers (gaskets, pressure regulating devices, safety valves, vent pipes) to cooker assemblers, which is where the company sits (DRHP p.129, DRHP p.130).

What drives demand: for cooker components, the chapter names about 33 crore active domestic LPG connections at August 1, 2026, about 10.6 crore of them under PMUY, and 1.74 crore PNG connections (DRHP p.132); household spending, with monthly per capita consumption of ₹6,996 urban and ₹4,122 rural in 2023-24 (DRHP p.132); urban nuclear households and online sales (DRHP p.132); institutional kitchens, with 10.27 lakh schools under PM POSHAN (DRHP p.133); and the shift to steel, triply and induction-ready cookers (DRHP p.133).

For alloys, it names solar capacity of 164.59 GW at July 31, 2026 (DRHP p.141), 19.68 lakh electric vehicles registered in FY2024-25 (DRHP p.141), electronics production up 34.9% (DRHP p.141), power networks, defence and recycling (DRHP p.142).

Structure: the cooker and component industry is described as fragmented and highly competitive, with brands such as Hawkins, Prestige, Butterfly and Pigeon alongside regional makers, private-label suppliers and many MSMEs (DRHP p.129, DRHP p.134). Component makers have lower brand visibility and depend on large cooker makers, which brings pricing pressure and limited bargaining power; entry barriers are called moderate (DRHP p.134). The alloy industry is described as capital-intensive and dependent on metallurgical skill and customer approvals (DRHP p.143). No component maker or alloy maker is named as a competitor, and no market shares are given.

Inputs and trade: India exported ₹181.46 crore of pressure cookers in FY2026, against ₹185.10 crore in FY2022, and imports are called negligible (DRHP p.133). On metals, the chapter shows unwrought tin imports of ₹4,330 crore against exports of ₹223 crore, a gallium and indium deficit of ₹729 crore and a refined copper deficit of ₹15,245 crore, but a lead articles surplus of ₹4,608 crore, without saying which year (DRHP p.147, DRHP p.148). The company imported 2.97% of the raw material it used in FY26 (DRHP p.245).

Rules: domestic pressure cookers are governed by IS 2347:2023, which covers pressure regulators, relief devices, gaskets and vents, and BIS amended it in January 2026 with effect from May 19, 2026 (DRHP p.129, DRHP p.130). Non-ferrous scrap falls under the Hazardous and Other Wastes Amendment Rules, 2025 from April 1, 2026 (DRHP p.146). A ₹1,500 crore critical mineral recycling scheme offers a 20% capital subsidy (DRHP p.146). The company's approvals list does not include a BIS licence (DRHP p.278).

What the chapter says can go wrong: metal price swings, fragmented component supply, counterfeit spare parts and rising compliance costs for cookers (DRHP p.129); volatile raw material prices, import dependence and high energy costs for alloys (DRHP p.143). The risk factors add a shift to electric pressure cookers and multi-cookers (DRHP p.43). On seasonality the document says both that seasonal demand may affect results and that the business is not significantly seasonal (DRHP p.257, DRHP p.267).

15Competitive position

Jaytee Alloys & Components competitors

Source: DRHP p.103, DRHP p.104, converted from ₹ lakh. The peer's figures are standalone from its filed accounts for FY25, because FY26 accounts were not on the MCA site; the comparison table's heading calls them FY26 figures (DRHP p.102, DRHP p.104). The document does not describe what Saru Smelting makes.

What the company puts forward: 17 years in cooker components, two plants, B2B customers across sectors, an in-house R&D team using SolidWorks and AutoCAD, ISO 9001, 14001 and 45001 certificates and a ZED Bronze rating for Ghaziabad (DRHP p.155, DRHP p.156, DRHP p.154). Repeat orders were 71.68% of FY26 revenue, the same figure as its top ten customers (DRHP p.156, DRHP p.153). Against that: ten customers bring 71.68% of revenue, there are no long-term supply contracts, the trademarks are objected to, and the Sahibabad factory is sub-leased from a promoter pending UPSIDA approval (DRHP p.153, DRHP p.42, DRHP p.47, DRHP p.44).

16Peers the company named

Peers named in the offer document: Saru Smelting Private Limited (DRHP p.102).

The document says the company has no listed peers, so no industry P/E is available (DRHP p.101). The one peer is unlisted and about a third of the company's revenue, with a lower PAT margin and RoCE in FY25 (our arithmetic, DRHP p.104). The company's FY26 EPS is ₹3.95 on ₹5 shares (DRHP p.101). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Jaytee Alloys & Components IPO risks

Promoters: related-party history: sales to related parties were about 65.9% of FY24 revenue, and the alloy business was bought from the promoter's proprietorship for shares (our arithmetic, DRHP p.37, DRHP p.247) → part of the growth shown is a transfer of an existing business into the company rather than new sales → the alloy segment that came with it was ₹30.1 crore of FY26 revenue (DRHP p.246).

Customers: the largest customer was 31.45% of FY26 revenue and the top five 60.40% (DRHP p.153, DRHP p.41) → losing one large buyer would remove a share of revenue that is not quickly replaced → the top five brought ₹40.2 crore of FY26 revenue (DRHP p.41).

Financial: cash and working capital: operating cash flow of −₹4.5 crore in FY26 and −₹7.4 crore in FY25 while profits rose (DRHP p.32) → growth is being paid for with bank credit → borrowings went from ₹2.0 crore to ₹25.4 crore in two years and inventory days from 71 to 112 (DRHP p.30, DRHP p.97).

Financial: the Delhi property: ₹9.75 crore spent on a residential plot in Nirman Vihar described as a guest house, part of whose building is to go to a third party for ₹2.6 crore (DRHP p.175) → the asset is not part of manufacturing → the ₹8.85 crore loan that funded it is among the loans eligible for repayment from the issue (DRHP p.95).

Regulation: premises and approvals: the Sahibabad plant is sub-leased from a promoter without UPSIDA's approval yet, the Gagret unit's consent to operate has not been renewed, the Sahibabad consent to establish cannot be traced and the expansion land is agricultural (DRHP p.44, DRHP p.47) → any of these can stop or delay production at a plant → both existing plants and the planned plant are affected.

Regulation: company law: the company has applied to the Registrar of Companies to adjudicate two allotments made without the required approvals and valuation, and filed 21 forms late, one by 625 days (DRHP p.46, DRHP p.44) → penalties and further action are possible → the stated penalty is up to ₹0.02 crore for the company and under ₹0.01 crore for the officer (DRHP p.270).

Business: people: attrition was 59.90% in FY26 and the company has had three chief financial officers since December 2024 (DRHP p.173, DRHP p.206) → precision machining and alloy work depend on trained staff → 121 people left in FY26 out of an opening 191 (DRHP p.173).

Issue-specific: the capex quotations are mostly from 2026 with 90-day validity, two of the main suppliers are in China, and no orders are placed (DRHP p.91, DRHP p.92) → cost increases are to be met from internal accruals → the machinery budget is ₹18.0 crore (DRHP p.93, DRHP p.94).

18Litigation and regulatory matters

Cases against Jaytee Alloys & Components and its promoters

Criminal: none by or against the company, promoters, directors, key managerial personnel or the subsidiary (DRHP p.269, DRHP p.272, DRHP p.274). Regulatory: no actions by statutory or regulatory authorities against the company or promoters (DRHP p.272). Tax: six matters against promoters, directors and the former firm total ₹0.43 crore;

the largest past demand, ₹0.39 crore for AY 2020-21, is stated as paid in January 2022 but not yet shown as paid on the portal (DRHP p.273, DRHP p.274). Trademarks: both JAYTEE applications are objected to over similarity with earlier marks and replies were filed on June 20, 2026 (DRHP p.271, DRHP p.272). Corporate law: 21 forms filed late, including one 625 days late and some filings with clerical errors (DRHP p.44 to DRHP p.46).

19Related-party transactions

Source: DRHP p.36, DRHP p.37, converted from ₹ lakh. Ashok Kumar Jain was paid rent of ₹0.12 crore in FY26 (DRHP p.36). Naman Jain lent the company ₹1.2 crore and was repaid ₹1.2 crore in FY26 (DRHP p.36). Loans of ₹0.74 crore from Ashok Kumar Jain HUF and Renu Jain were converted into shares at ₹120 in FY25 (DRHP p.36). At March 2026 the company had ₹3.8 crore receivable from Shree Manufacturing Co., Arihant Manufacturing Co. and NJN Industries, although the related-party note shows no FY26 sales to Arihant or NJN (DRHP p.38).

What appeared or changed in the two years before filing: the partnership became a company in May 2024; Shree Manufacturing Co.'s business moved into the company from August 2024 and sales to it fell from ₹10.2 crore to ₹1.2 crore; purchases from Arihant and NJN began or grew from FY25; and promoter remuneration started in FY25 (DRHP p.3, DRHP p.247, DRHP p.37, DRHP p.35). The company says its related-party transactions are at arm's length (DRHP p.226).

20What the offer document does not say

Customers are not named. Prices and revenue by product are not given, so growth cannot be split into volume and price. Segment profit is not given (DRHP p.246). There is no order book figure, although the ratio note refers to one (DRHP p.249). Capacity is not given by plant. The pressure cooker components market, the niche alloy market and copper scrap recycling are not sized (DRHP p.142).

What Saru Smelting Private Limited makes is not described. A weighted average cost of the promoters' shares is not stated. The commissioning date of the new lines is not stated. Why a ₹9.75 crore residential plot in Delhi is needed as a guest house, and what happens to the rest of the building, is not explained (DRHP p.175).

The issue size in rupees, the price band, general corporate purposes and offer expenses are blank (DRHP p.90). The after-issue shareholding is blank (DRHP p.83).

Some inconsistencies are recorded as document matters, not business ones: the subsidiary is 99% owned with 1% held by Swati Jain on one page and 100% owned on another (DRHP p.192, DRHP p.222); Swati Jain is an executive director on some pages and a non-executive director on others (DRHP p.62, DRHP p.193); NJN Industries is a partnership in one list and a sole proprietorship in another (DRHP p.212, DRHP p.211);

promoter and promoter group holding is 99.58% in one table and 98.46% in another (DRHP p.80, DRHP p.83); the top ten supplier share for FY25 is 52.39% in the risk factors and 20.07% in the business chapter (DRHP p.41, DRHP p.163); the peer table is headed FY26 though it uses FY25 figures (DRHP p.102); and the deployment of proceeds is FY27 in the table and FY27 and FY28 in the text (DRHP p.90, DRHP p.91).

21Five questions for management

1. How many weight valves, vent tubes, safety valves and tonnes of each alloy were sold in FY24, FY25 and FY26, and at what average price, so that growth can be split into volume, price and the Shree Manufacturing takeover?
2. What were Shree Manufacturing Co.'s revenue and profit in the year before August 2024, and why did the company keep selling ₹1.2 crore of goods to it in FY26 after taking over its business?
3. Of the ₹20.5 crore of inventory at March 31, 2026, how much is finished goods older than six months, and what is the order book it was built for?
4. What is the Nirman Vihar property used for, how much more will the building cost, and will the ₹8.85 crore HDFC Bank property loan be repaid from the issue?
5. When will the Kaloh land be converted and registered, when will the Gagret consent to operate be renewed, and what utilisation does the copper plant need to cover its own depreciation and interest?

1Sources and cited facts

This study was read from 1 document the company filed. The 177 figures it cites are listed under the document each came from, with the page and the sentence as printed.