Jagatjit Agri Engineering IPO
Jagatjit Agri Engineering Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹300 crore and an offer for sale of up to 31,00,000 shares by promoter Jagatjit Singh. In FY26 the company made a profit of ₹31.39 crore on revenue of ₹413.97 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Keynote Corporate Services Limited
- Last SEBI contact
- 22 Oct 2026
- Price band and dates
- Not announced
Where it stands
Jagatjit Agri Engineering IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Oct 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 1 October 2026, 36 days ago, and its last communication on the draft was on 22 October 2026 (day count is our calculation).
DRHP at a glance
Jagatjit Agri Engineering DRHP at a glance
Draft red herring prospectus, 25 Sep 2026What 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. 245 to 246) and Risk Factors (p. 26 to 29)Jagatjit Agri Engineering makes tractor-operated and tractor-mounted farm implements for crop work, such as straw reapers, where it estimates about a 13% market share in FY26. Its top three products gave 64.40% of FY26 revenue.
It has two plants in Punjab, at Cheema in Sangrur district and Dehlon in Ludhiana district. As of 31 July 2026 it sold in 20 states and exported to 15 countries; northern states gave 68.04% of FY26 revenue. It was incorporated in 2020 and is based near Ludhiana.
The offer
DRHP cover page, The Offer (p. 82) and Capital Structure (p. 104)| Fresh issue | Up to ₹300 croreMoney goes to the company |
| Offer for sale | Up to 31,00,000 sharesBy promoter Jagatjit Singh; his average cost is ₹5.40 a share |
| Shares before the IPO | 5,56,50,984Face value ₹5. The offer for sale is about 5.6% of them (ours) |
| Pre-IPO placement | Up to ₹60 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) and 6(1)(c) |
| Lead manager | Keynote Financial Services Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Dharam Singh, Jagatjit Singh and Simran Saron |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 123 to 124)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 110.00 | 36.7% |
| Expanding the Dehlon plant | 71.66 | 23.9% |
| Repaying or prepaying certain borrowings | 18.50 | 6.2% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹300 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 85 to 88) and Basis for Offer Price, KPIs (p. 154 to 157), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 48.86 | 95.93 | 413.97 |
| EBITDA | 6.67 | 11.17 | 55.74 |
| EBITDA margin | 13.64% | 11.64% | 13.46% |
| Profit after tax | 2.50 | 6.55 | 31.39 |
| Diluted EPS (₹) | 0.57 | 1.42 | 5.64 |
| Net worth | 0.53 | 7.08 | 70.93 |
| Cash from operations | 12.49 | 13.02 | 2.69 |
| Return on equity | NA | 172.08% | 53.89% |
| Debt to equity | 50.36 | 2.85 | 1.89 |
Restated figures. Net worth is total equity, which was very small in FY24 and FY25, so the ratios for those years are extreme. Revenue rose more than fourfold in FY26.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 155 to 157). Peer prices as of 11 Sep 2026 on BSE.The DRHP says no listed company has a directly comparable product range and business; it compares with two tractor and tiller makers. The P/E for Jagatjit is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Jagatjit Agri Engineering (FY26) | 5.64 | Set with the price band | 44.54% |
| VST Tillers Tractors | 120.68 | 33.34x | 9.57% |
| Escorts Kubota | 124.17 | 23.35x | 11.29% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 34)- Top productsIts top three products gave 64.40% of FY26 revenue. (Risk factor 1, p. 26)
- Northern statesNorthern states gave 68.04% of FY26 revenue. (Risk factor 2, p. 27)
- DealersIt depends on dealers and distributors, and has only letters of intent with some. (Risk factor 3, p. 29)
- Plant disruptionBreakdowns or capacity limits at its plants would hurt results. (Risk factor 4, p. 30)
- SuppliersIt depends on outside suppliers for raw materials and components. (Risk factor 5, p. 32)
- SeasonalitySales are seasonal and lower in the fourth quarter of the year. (Risk factor 6, p. 34)
Documents
Jagatjit Agri Engineering DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Jagatjit Agri Engineering IPO FAQs
When will the Jagatjit Agri Engineering IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 36 days ago (our calculation).
Has SEBI approved the Jagatjit Agri Engineering IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Jagatjit Agri Engineering 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 Jagatjit Agri Engineering 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 Jagatjit Agri Engineering IPO?
Keynote Corporate Services 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 Jagatjit Agri Engineering do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹110.00 crore), expanding the Dehlon plant (₹71.66 crore), repaying or prepaying certain borrowings (₹18.50 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Jagatjit Agri Engineering do?
Jagatjit Agri Engineering makes tractor-operated and tractor-mounted farm implements for crop work, such as straw reapers, where it estimates about a 13% market share in FY26. Its top three products gave 64.40% of FY26 revenue.
Where can I read the Jagatjit Agri Engineering DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2026. The draft is dated 25 September 2026 and runs to 592 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 25 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.