J Pan Tubular Components IPO: DRHP Status, SEBI Approval, Date

Where it stands

J Pan Tubular Components IPO: where it stands

SEBI processing status, 30 Oct 2026

Draft filed with SEBI14 Jul 2026
SEBI reviewDone
SEBI observations19 Oct 2026
RHP and price bandNot yet
Bidding and listingNot yet

SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.

DRHP at a glance

J Pan Tubular Components DRHP at a glance

Draft red herring prospectus, 10 Jul 2026

What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.

The business

DRHP, Our Business (p. 196 to 197) and Basis for Offer Price, KPIs (p. 134)

J Pan Tubular Components manufactures and supplies tubular, forged and machined components to original equipment manufacturers across white goods, chiefly heating, ventilation, air conditioning and refrigeration, along with electrical equipment manufacturing, tubing components and fittings, metal manufacturing, testing and calibration, energy, and plastics and rubber. Named customers in the draft include LG Electronics (India) Limited, Haier Appliances (India) Private Limited, Bosch Home Comfort India Limited, Daikin Airconditioning India Private Limited and Ecofrost Technologies Private Limited. Heating, ventilation and air conditioning components gave 77.84% of FY26 revenue from operations.

The company runs six manufacturing facilities across five sites in India, at Noida, Neemrana, Pune, Bengaluru and Sanand, covering 32,351.84 square metres in total. Equipment includes automatic tube cutting, integrated CNC bending, automatic forming and brazing machines, a linear five-axis brazing machine, a transfer machining centre, a forging machine and a brass melting furnace. Manufacturing capacity rose to 6,91,20,000 units in FY26 from 3,83,43,000 in FY24, and the company served 61 customers in FY26. Facilities hold ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications, and Noida Facility 2 holds ZED Gold certification from the Ministry of Micro, Small and Medium Enterprises.

The offer

DRHP cover pages, The Offer (p. 77) and Capital Structure (p. 97)

Fresh issue	Up to 49,20,000 sharesFace value ₹10 each. Money goes to the company
Offer for sale	Up to 2,60,000 sharesBy promoter selling shareholder Jignesh Panchal, whose weighted average cost of acquisition is ₹0.69 a share
Shares before the IPO	1,57,87,285The total offer of up to 51,80,000 shares is about 32.8% of them (ours)
Listing	BSE and NSEMainboard, under Regulation 6(1)
Lead manager	Hem Securities Limited
Registrar	Bigshare Services Private Limited
Promoters	Jignesh Panchal, Dina Panchal, Jugal Jignesh Panchal and Jubin Jignesh Panchal

What the company plans to do with the money

DRHP, Objects of the Offer (p. 114 to 115)

Object	₹ crore
Capital expenditure to expand the Sanand facility at Sanand, Gujarat	42.69
Capital expenditure to set up a new manufacturing facility at Sri City, Andhra Pradesh	20.50
Repayment or pre-payment, in full or in part, of borrowings	35.00
General corporate purposes (set later)

The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the offer price, so no total is shown. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholder, not the company.

Financials

DRHP, Summary of Restated Financial Information (p. 80 to 83) and Basis for Offer Price, KPIs (p. 131 to 134), ₹ crore

₹ crore	FY24	FY25	FY26
Revenue from operations	301.70	389.08	468.09
EBITDA	20.56	39.23	39.79
EBITDA margin	6.82%	10.08%	8.50%
EBIT margin	4.91%	8.30%	6.58%
Profit before tax margin	3.62%	7.11%	5.20%
Profit after tax	8.57	20.48	17.56
Profit after tax margin	2.84%	5.26%	3.75%
Diluted EPS (₹)	5.68	13.51	11.12
Net worth	54.84	77.72	94.34
Cash from operations	16.72	12.07	11.57
Return on net worth	15.63%	26.35%	18.61%
Return on capital employed	14.11%	21.80%	16.13%
Fixed assets turnover ratio	6.24	6.30	6.17
Manufacturing facilities	6	6	6
Customers	61	52	61
Manufacturing capacity (units)	3,83,43,000	5,39,40,000	6,91,20,000

Restated figures. Revenue rose across the three years, but profit, margins and returns all peaked in FY25 and were lower in FY26, while EBITDA was roughly flat between FY25 and FY26. Cash from operations fell in each year. Net worth is the aggregate of equity share capital and other equity, as Regulation 2(1)(hh) defines it. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹59.76 as of 31 March 2026.

Listed peers named in the draft

DRHP, Basis for Offer Price (p. 132 to 133). Peer prices as of 6 July 2026 on NSE, and peer figures for the year ended 31 March 2026 on a consolidated basis.

The document puts the peer group P/E high at 100.04 times for KRN Heat Exchanger and Refrigeration, the low at 41.97 times for The Anup Engineering and the average at 71.01 times. The P/E for J Pan Tubular Components is not given until the offer price is set.

Company	Diluted EPS (₹)	P/E	RoNW
J Pan Tubular Components (FY26)	11.12	Set with the offer price	18.61%
The Anup Engineering	54.99	41.97x	15.98%
KRN Heat Exchanger and Refrigeration	12.30	100.04x	13.32%

Risks the draft lists first

DRHP, Risk Factors (p. 31 to 39)

Top customersThe top five customers gave 84.09% of FY26 revenue from operations, against 75.45% in FY24, and the company served 61 customers in FY26. (Risk factor 1, p. 31)
HVAC componentsHeating, ventilation and air conditioning components gave 77.84% of FY26 revenue from operations, so a fall in their sale would hit results. (Risk factor 2, p. 33)
End-use industriesRevenue depends on a small set of end-use industries, chiefly white goods, electrical equipment manufacturing, tubing components and fittings and metal manufacturing. (Risk factor 3, p. 34)
Raw material suppliersThe company depends on third party suppliers for raw materials, and disruption in supply or swings in prices would affect operations. (Risk factor 4, p. 35)
No long term agreementsThere are no long term agreements with customers, and retaining some of them may require terms that strain the company's resources. (Risk factor 6, p. 37)
Cost of goods soldCost of goods sold was 82.84% of total expenses in FY26, so swings in raw material prices or supply would affect results directly. (Risk factor 8, p. 39)

Documents

J Pan Tubular Components DRHP and documents

SEBI filings

Draft red herring prospectus, dated 10 Jul 2026, on SEBI since 12 Aug 2026

The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.

Questions

J Pan Tubular Components IPO FAQs

When will the J Pan Tubular Components IPO open?

The date is not announced. SEBI issued observations on 19 October 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 19 October 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.

Has SEBI approved the J Pan Tubular Components IPO?

Yes. SEBI issued its final observations on 19 October 2026 (SEBI weekly processing status). SEBI does not "approve" an IPO as such; its observations let the company go ahead.

What is the J Pan Tubular Components IPO price band and lot size?

Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.

What is the J Pan Tubular Components IPO GMP?

We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.

Who is the lead manager of the J Pan Tubular Components IPO?

Hem Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.

What will J Pan Tubular Components do with the IPO money?

According to the DRHP, the fresh issue money goes to capital expenditure to expand the Sanand facility at Sanand, Gujarat (₹42.69 crore), capital expenditure to set up a new manufacturing facility at Sri City, Andhra Pradesh (₹20.50 crore), repayment or pre-payment, in full or in part, of borrowings (₹35.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.

What does J Pan Tubular Components do?

Where can I read the J Pan Tubular Components DRHP?

On SEBI's website, where the draft red herring prospectus was published on 12 August 2026. The draft is dated 10 July 2026 and runs to 496 pages. It has the issue size, use of the money, financials and risk factors.

Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 10 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.

J Pan Tubular Components IPO