Yogiji Digi IPO
Yogiji Digi 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, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹270.00 crore and an offer for sale of up to 71,71,290 shares by nine selling shareholders. In FY26 the company made a profit of ₹40.42 crore on revenue of ₹626.11 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 20 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Emkay Global Financial Services Ltd.
- Last SEBI contact
- 24 Sep 2026
- Price band and dates
- Not announced
Where it stands
Yogiji Digi IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI20 Jul 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 20 July 2026, 109 days ago, and its last communication on the draft was on 24 September 2026 (day count is our calculation).
DRHP at a glance
Yogiji Digi DRHP at a glance
Draft red herring prospectus, 20 Jul 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. 280 to 281) and Basis for Offer Price, KPIs (p. 168 to 169)Yogiji Digi makes flat steel processing equipment and supplies integrated solutions across the cold rolling and downstream processing market, to customers in India and abroad. Its products cover cold rolling mills, annealing and pickling lines, pickling lines, acid regeneration plants, metal coating lines for galvanised, galvalume and zinc magnesium products, colour coating lines, skin pass mills, and ancillary slitting, trimming and rewinding lines, along with spares and components, revamps and retrofitting, and in-house electrical and automation solutions for both flat and long steel processing lines. The CRISIL report commissioned for the draft calls it one of the leading indigenous and integrated flat steel processing solutions providers in India.
Manufacturing runs from units at Palwal, Haryana, with cumulative installed capacity of 6,764.55 metric tonnes a year as of 31 March 2026, supported by in-house design and engineering. Projects are won through bidding or direct award, and customers often require bank guarantees of 10% to 20% of contract value. The order book grew to ₹1,141.17 crore at 31 March 2026 from ₹379.92 crore at 31 March 2024. Domestic revenue is concentrated in northern and eastern India, at 76.27% in FY26. A former subsidiary was merged into the company with an appointed date of 31 March 2025.
The offer
DRHP cover pages, The Offer (p. 80) and Capital Structure (p. 103)| Fresh issue | Up to ₹270.00 croreMoney goes to the company |
| Offer for sale | Up to 71,71,290 sharesBy promoter selling shareholders Satish Kumar Tripathi, up to 2,83,500 shares at a weighted average cost of ₹18.89; Sameer Bansal, up to 3,32,430 shares at ₹4.37; and Navneet Singh, up to 2,61,870 shares at ₹4.62. By promoter group selling shareholders Samir Bansal HUF, up to 5,18,070 shares, and Navneet Gill (HUF), up to 3,05,130 shares, both at ₹7.10. By other selling shareholders S Gupta Family Enterprises Private Limited, up to 43,36,290 shares; Coinmen Special Opportunities Fund, up to 5,67,000 shares; Anubhav Gupta Investments, up to 3,78,000 shares; and Anubhav Gupta Ventures, up to 1,89,000 shares, all four at ₹37.78 |
| Shares before the IPO | 5,67,14,910Face value ₹10 each. The offer for sale is about 12.6% of them (ours) |
| Pre-IPO placement | Up to ₹39.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Emkay Global Financial Services Limited and Systematix Corporate Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Navneet Singh, Sameer Bansal and Satish Kumar Tripathi |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 148 to 149)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 140.00 | 51.9% |
| Pre-payment or repayment, in part or full, of certain outstanding borrowings | 45.00 | 16.7% |
| General corporate purposes (set later, within 25% of the gross proceeds) |
The total shown is the fresh issue size of ₹270.00 crore. Offer expenses are deducted before these amounts. Any pre-IPO placement proceeds would reduce the fresh issue. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 84 to 87) and Basis for Offer Price, KPIs (p. 165 to 169), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 396.53 | 479.68 | 626.11 |
| Revenue growth | 71.41% | 20.97% | 30.53% |
| EBITDA | 30.47 | 50.53 | 67.71 |
| EBITDA margin | 7.69% | 10.53% | 10.81% |
| Profit after tax | 19.93 | 28.04 | 40.42 |
| Profit after tax margin | 5.03% | 5.85% | 6.46% |
| Diluted EPS (₹) | 6.34 | 5.04 | 7.13 |
| Net worth | 79.61 | 169.31 | 210.01 |
| Cash from operations | 21.32 | -47.32 | 34.28 |
| Total borrowings | 58.70 | 90.51 | 190.09 |
| Debt to equity (times) | 0.74 | 0.53 | 0.91 |
| Net debt to EBITDA (times) | 1.71 | 1.59 | 2.46 |
| Return on equity | 31.58% | 22.53% | 21.31% |
| Return on capital employed | 22.37% | 21.79% | 17.70% |
| Cash conversion cycle (days) | 109 | 107 | 81 |
| Trade receivable (days) | 36 | 65 | 77 |
| Inventory (days) | 120 | 102 | 74 |
| Order book | 379.92 | 393.22 | 1,141.17 |
Restated figures. Revenue, profit and margins rose across the three years and the order book tripled in FY26, while return on equity and return on capital employed fell and total borrowings rose. Earnings per share dipped in FY25 because the number of shares rose faster than profit. Cash from operations was negative in FY25. Net worth is the paid-up equity share capital plus reserves, as the draft defines it. Basic and diluted earnings per share are the same in all three years as printed, and both are adjusted for the share sub-division and the bonus issue. Net asset value a share was ₹37.03 as of 31 March 2026.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 166 to 167). Peer prices as of 17 June 2026, and peer figures for the year ended 31 March 2026 on a standalone basis.The document puts the peer group P/E high at 252.51 times for John Cockerill India, the low at 19.52 times for Isgec Heavy Engineering and the average at 136.02 times. The P/E for Yogiji Digi is not given until the offer price is set. The figures for John Cockerill India are recast to the April to March year.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Yogiji Digi (FY26) | 7.13 | Set with the offer price | 21.31% |
| John Cockerill India | 36.59 | 252.51x | 8.79% |
| Isgec Heavy Engineering | 47.16 | 19.52x | 13.46% |
| Lloyds Engineering Works | 0.89 | 98.53x | 10.56% |
Risks the draft lists first
DRHP, Risk Factors (p. 29 to 39)- Top customersThe top ten customers gave 82.10% of FY26 revenue from operations, and there are no long term contracts with them. (Risk factor 1, p. 29)
- One locationAll manufacturing runs from units at Palwal, Haryana, with cumulative installed capacity of 6,764.55 metric tonnes a year as of 31 March 2026, and under-use of that capacity would cut operating results. (Risk factor 2, p. 31)
- North and east IndiaCustomers in northern and eastern India gave 76.27% of FY26 domestic revenue from operations, against 91.34% in FY24. (Risk factor 4, p. 33)
- Bidding and cost estimatesAll projects come through bidding or direct award, both of which depend on estimating costs, and cost overruns may not be recovered. (Risk factor 5, p. 34)
- Raw materialsMaterial cost and changes in inventories were 69.46% of FY26 revenue from operations, so swings in raw material prices or supply would affect results. (Risk factor 7, p. 36)
- Order bookPurchase orders in the order book of ₹1,313.04 crore as of 31 May 2026 may be adjusted, suspended or cancelled, so the order book does not necessarily indicate future revenue or profit. (Risk factor 8, p. 38)
Documents
Yogiji Digi 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
Yogiji Digi IPO FAQs
When will the Yogiji Digi 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 109 days ago (our calculation).
Has SEBI approved the Yogiji Digi IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Yogiji Digi 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 Yogiji Digi 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 Yogiji Digi IPO?
Emkay Global Financial Services Ltd. 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 Yogiji Digi do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹140.00 crore), pre-payment or repayment, in part or full, of certain outstanding borrowings (₹45.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Yogiji Digi do?
Yogiji Digi makes flat steel processing equipment and supplies integrated solutions across the cold rolling and downstream processing market, to customers in India and abroad. Its products cover cold rolling mills, annealing and pickling lines, pickling lines, acid regeneration plants, metal coating lines for galvanised, galvalume and zinc magnesium products, colour coating lines, skin pass mills, and ancillary slitting, trimming and rewinding lines, along with spares and components, revamps and retrofitting, and in-house electrical and automation solutions for both flat and long steel processing lines. The CRISIL report commissioned for the draft calls it one of the leading indigenous and integrated flat steel processing solutions providers in India.
Where can I read the Yogiji Digi DRHP?
On SEBI's website, where the draft red herring prospectus was published on 29 July 2026. The draft is dated 20 July 2026 and runs to 612 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 20 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.