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  • WPI Inflation Hits 11.39%: What Is Making Wholesale Prices Rise So Fast?

    WPI Inflation Hits 11.39%: What Is Making Wholesale Prices Rise So Fast?

    India’s WPI inflation rose to 11.39% in September 2026, up from 9.92% in August, the government said on 14 October. Fuel and power, food and factory goods all got dearer. Retail inflation also reached a 23-month high of 5.54%. Wholesale prices show what firms pay before goods reach shoppers.

    The Latest WPI Inflation Data

    The Ministry of Commerce and Industry released the numbers on Wednesday, 14 October 2026. WPI stands for Wholesale Price Index. It tracks how much prices change at the wholesale level.

    The rate is a year-on-year number. It compares prices in September 2026 with prices in September 2025. An 11.39% rate means wholesale prices are about 11% higher than a year ago.

    The all-commodities index rose to 112.5 in September from 110.8 in August. That is a rise of 1.7 points in one month. Business Standard calls 11.39% a series high for the 2022-23 base year.

    Group September 2026 (%) August 2026 (%)
    All commodities 11.39 9.92
    Fuel and power 25.85 22.93
    Manufactured products 9.76 8.37
    Food index 8.66 7.05

    Primary articles, such as farm and mineral goods, rose 8.67% over the year. Every main group in the table moved up from August.

    Items That Pushed WPI Inflation Higher

    The ministry named a long list of items. The price rise was wide and not limited to one product. The main drivers were:

    • Mineral oils, which include petroleum products
    • Food articles
    • Crude petroleum and natural gas
    • Coal and lignite
    • Basic metals
    • Chemicals and chemical products
    • Textiles
    • Rubber and plastic products
    • Electrical equipment

    Manufactured products rose 9.76%, the highest in this series. The fuel and power index rose to 110.5 from 108.3 in the same month.

    Why Wholesale Prices Are Rising So Fast

    Reports link the rise to the West Asia conflict. The conflict has disrupted ships that pass through the Strait of Hormuz. That has pushed up the cost of crude oil and fertiliser.

    Fuel costs spread to other goods. A truck that carries goods needs diesel. A factory that makes plastic needs oil-based raw material. When these costs rise, the price of many goods can rise too.

    Fertiliser works in a similar way. Farmers pay more to grow crops when fertiliser gets dearer. That cost can reach food prices after some time.

    For the first half of this financial year, from April to September, the WPI index rose 9.85% over the same months a year ago. Fuel and power rose 25.31% in that period. Manufactured products rose 8.08%, and primary articles rose 6.89%.

    How WPI Differs From CPI

    CPI means Consumer Price Index. It tracks prices that families pay in shops. WPI tracks prices at an earlier stage, such as what traders and firms pay.

    Retail inflation based on CPI rose to 5.54% in September. That is a 23-month high. Food and fuel pushed it up.

    The Reserve Bank of India mainly looks at CPI when it sets interest rates. The government asked the RBI to keep CPI inflation at 4%, with a 2% margin on each side. At 5.54%, CPI is still inside that band. It is closer to the top than before, since it was 3.93% in May and 4.38% in June.

    How Long WPI Inflation Has Stayed High

    WPI inflation has been above 9% for five months in a row, counting September. It has now crossed 11%.

    Month in 2026 WPI inflation (%)
    May 9.68
    June (revised) 9.97
    July 9.78
    August 9.92
    September 11.39

    Fuel and power inflation was 27.41% in June and eased to 20.05% in July. It then rose to 22.93% in August and 25.85% in September. So fuel inflation has now risen for two months in a row.

    April was the last month below 9%. WPI inflation was 8.26% then.

    What It Means for Companies and Investors

    Higher input costs can squeeze company profits. A firm can pass costs on to buyers or accept lower margins. Which path it takes depends on its market and its pricing power.

    Firms that buy oil, metals or chemicals as raw material can feel the rise more. These items sit on the list of drivers above. Each company reports its own numbers, so read the results to see the real effect.

    Households feel this in their monthly budgets. The September CPI data shows that food and fuel were the main push behind retail inflation. Both are items that every family buys.

    Wholesale prices do not turn into shop prices at once. CPI often follows WPI after some time, but the link is not exact. This article does not predict where prices will go next.

    One month of data does not set a trend. It is better to look at several months before you draw a view. Official data can also be revised later, as the June figure was.

    For savers, rising prices lower what each rupee can buy. Many people then look at stocks and funds. If you start, compare costs first.

    Many brokers advertise a free demat account, but you should read the other charges before you open one. Check the fees on your trading account too, because costs add up over time.

    Please remember that investing carries risk. This article gives facts and does not tell you what to buy or sell.

    What to Watch Next

    Here are three things to watch:

    • The next monthly WPI and CPI releases, which will show if prices keep rising or begin to ease.
    • Crude oil prices, because fuel is the biggest driver in the data.
    • Shipping through the Strait of Hormuz, which reports link to higher costs.

    Also watch what the RBI says. It looks at inflation when it sets interest rates. Any change in rates can affect loan costs and savings returns.

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  • IDBI Bank Fairfax Deal Gets Cabinet Nod: What Happens Next for Shareholders?

    IDBI Bank Fairfax Deal Gets Cabinet Nod: What Happens Next for Shareholders?

    The Union Cabinet approved the IDBI Bank Fairfax deal on 14 October 2026. Fairfax Financial Holdings will buy 60.72% of the bank for about ₹52,878 crore, or ₹81 a share. The government and LIC will keep 34% together. The deal still needs clearance from the Reserve Bank of India.

    What the Cabinet Approved in the IDBI Bank Fairfax Deal

    The Cabinet Committee on Economic Affairs cleared the sale of control of IDBI Bank on Wednesday, 14 October. The buyer is Fairfax Financial Holdings of Canada. It is led by investor Prem Watsa and will buy through a Canadian unit.

    The government called it the largest foreign direct investment in India’s financial sector so far. Minister Ashwini Vaishnaw said it will bring fresh capital into the sector.

    A strategic sale means that control passes to the buyer. It is different from a small share sale in the market. The Cabinet first cleared the idea of a strategic sale of IDBI Bank in May 2021, so the process has run for about five years.

    IDBI Bank shares rose as much as 13% during the day on Wednesday, to ₹93.62. CSB Bank shares also gained about 6%, according to BusinessToday.

    The Price Fairfax Will Pay and the Stake It Gets

    Fairfax will pay ₹81 for each IDBI Bank share. Two independent valuers had set a fair value of ₹75.99 a share. The winning price is above that benchmark.

    The stake on sale comes from two sellers. The government is selling 30.48%. LIC is selling 30.24%. Together that makes 60.72%.

    Holder Before the sale (%) Change (%) After the sale (%)
    Government of India 45.48 -30.48 15
    LIC 49.24 -30.24 19
    Fairfax 0 +60.72 60.72

    The government should get about ₹26,500 crore from the sale. LIC should get about ₹26,300 crore. These figures follow from the share of the stake that each one sells.

    After the sale, the government will still hold 15% and LIC will hold 19%. Together they stay large holders in the bank. Control, however, will pass to Fairfax.

    How the Open Offer Works

    Fairfax will also make an open offer. An open offer lets other shareholders sell their shares to the buyer at a set price. It applies when a buyer takes control of a listed company.

    This matters to small shareholders. They will get a chance to sell if they wish. They are not forced to sell, and they can choose to stay.

    The price and timing of the open offer will come in later filings. Read those filings when they appear. Do not rely on any price you see before the offer document is out.

    The Plan for CSB Bank

    Fairfax already holds about 40% of CSB Bank. So the Cabinet set a condition. Within two years of signing the share purchase agreement, Fairfax must either merge CSB Bank with IDBI Bank or exit its CSB stake.

    Fairfax had earlier offered to fully sell its CSB Bank stake as part of its bid. CSB Bank shares rose on the news.

    A merger would need its own approvals. The details will come later. For now, the plan only sets a two-year limit.

    Rules Fairfax Must Follow After the Deal

    Officials said Fairfax will face a five-year lock-in. That means it cannot sell its stake for five years. After that, it has 15 years to cut its holding step by step.

    The target is 26%. That is the RBI limit on a promoter’s stake in a private bank. The 26% limit applies to paid-up capital or voting rights.

    A lock-in stops the buyer from selling its stake for a set time. The slow cut that follows gives the bank and the market time to adjust.

    Fairfax is also expected to keep the IDBI brand for at least three years, according to Business Today. A promoter is the main owner who controls a company. Here, the promoter will change from the government and LIC to Fairfax.

    Steps Left Before the Deal Closes

    The Cabinet nod is a big step, but it is not the last one. The deal needs approval from the Reserve Bank of India and other regulators. Officials expect the deal to close in this financial year.

    DIPAM Secretary Arunish Chawla said the government expects RBI clearances to come quickly. Here are the steps to watch:

    • Signing of the share purchase agreement. This is the legal contract between the buyer and the sellers.
    • RBI and other regulatory approvals.
    • The open offer for other shareholders.
    • Closing of the deal and the change in control.
    • The merger or exit plan for CSB Bank within two years of signing.

    Each step can take time. Dates may change.

    What IDBI Bank Shareholders Should Know

    First, the price of ₹81 is the price Fairfax pays for the stake held by the government and LIC. It is not a promise about where the market price will go. The share price moves every day with demand and supply.

    Second, the market price is a different number. On Wednesday, the share traded as high as ₹93.62, which is above the ₹81 deal price. One is a negotiated price for a stake, and the other is the market price on that day.

    Third, keep track of the open offer. It is the step that speaks to small shareholders. Read the offer letter when it comes out.

    Fourth, check your own holdings. Shares sit in your demat account. If you do not have one, you need to open demat account profiles with a broker before you can buy or sell listed shares. Many people also use an investing platform to track filings and corporate actions.

    This article gives facts and is not advice to buy, sell or hold IDBI Bank shares.

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  • Rajesh Exports SEBI Order Explained: Why Is the Chairman Still Barred From Trading?

    Rajesh Exports SEBI Order Explained: Why Is the Chairman Still Barred From Trading?

    The Rajesh Exports SEBI order of 14 October 2026 keeps chairman Rajesh Mehta barred from dealing in the company’s shares until further orders. SEBI said the answers it received did not remove its concerns about disclosures and fund routing. The order confirms the interim directions from June. The investigation is still on.

    What the Rajesh Exports SEBI Order Says

    SEBI Whole Time Member Kamlesh C Varshney passed a confirmatory order on 14 October 2026. It continues the directions that SEBI issued in June.

    Here are the main points of the order:

    • Rajesh Mehta cannot buy, sell or deal in Rajesh Exports securities, directly or indirectly, until further orders.
    • The company must keep making true, fair, accurate and complete disclosures. This covers its financial statements, related-party deals and other key information.
    • The company and the promoter must help the probe team and give the papers it asks for.
    • The probe agencies and the forensic auditor must finish their work fast.

    Some news reports call the October order a final order. SEBI’s own words say the directions last until further orders. The case is not closed, and the probe goes on. Read the full order for its exact wording.

    Two terms need a simple meaning. A related-party deal is a deal between the company and people or firms linked to it. A forensic auditor is an expert who digs into records to trace where money went.

    Confirmatory Order Versus Interim Order

    An interim order is a first step. SEBI can pass it fast when it sees a risk to investors. An ex-parte order means SEBI passed it without first hearing the other side.

    After an interim order, the people named get a chance to reply. SEBI then looks at the replies. If it is not satisfied, it can confirm the directions. That is what happened here.

    A confirmatory order is not a final judgement on guilt. SEBI said the material in front of it did not remove the concerns, at this stage. It also said that continuing the directions was in proportion to what is under investigation.

    What SEBI Alleged in June

    SEBI passed its first order, a 109-page interim ex-parte order, on 3 June 2026. It found, on a first look, that the company had misrepresented about ₹15,15,385 crore. That was 99.80% of the revenue that the company attributed to its subsidiaries between FY 2020-21 and FY 2024-25.

    SEBI also pointed to funds routed through personal bank accounts of the promoters. It said an investment of about ₹1,035 crore in African gold mining assets could not be checked.

    Date in 2026 Event
    3 June SEBI passes interim ex-parte order
    4 June Shares hit the 5% lower circuit limit
    14 October SEBI confirms its interim directions
    15 October Stock is in focus after the order

    A lower circuit is the most that a share can fall in one day. On 4 June, the stock stopped at that limit. The price on NSE was ₹103.92.

    SEBI’s View on the Missing Information

    SEBI said that some records it asked for never came. Some came in part. Some came in a form that SEBI could not check on its own.

    The company and its chairman gave reasons for this. They named secrecy duties, contracts, data rules and foreign laws. SEBI answered that the material did not show real effort to get the data by legal means.

    SEBI also turned down a request to lift the curbs. The company argued that no trading had been found in the shares. SEBI said that this alone was not enough.

    On the money trail, SEBI said large sums moved through Mehta’s personal bank accounts. It said the company did not explain the legal basis well. It also rejected the view that Mehta was only a go-between.

    The Company’s Response

    In June, Rajesh Exports said the order was only interim and that SEBI had reached no adverse final conclusion. It said there seemed to be a communication gap between the company and the regulator. It also said its reported revenues were correct.

    We did not find a company response to the 14 October order in the sources we checked. Check the BSE and NSE sites for any new statement from the company.

    SEBI’s June order also noted that 97% to 99% of the company’s consolidated revenue came from overseas subsidiaries. It named Switzerland-based Valcambi SA as the main one. It said the subsidiaries’ financials were not in the public domain.

    What Shareholders Should Know

    Be clear on what is known and what is not. The allegations are prima facie findings. That means they rest on a first look at the evidence. SEBI has not made a final finding of guilt.

    Here are some simple steps for shareholders:

    • Read the SEBI order on the SEBI website, not only the news.
    • Read the company’s filings on the BSE and NSE websites.
    • Check how much of your portfolio sits in one stock.
    • Watch for the next SEBI or company update.

    New investors who plan to buy listed shares need a demat account first. Demat account opening is the first step. Then read each company’s filings before you buy. Many investors follow such filings in a share market app, and the exchange websites carry them too.

    What Comes Next

    The probe will go on. SEBI has asked the probe team and the forensic auditor to move fast. More orders can follow once their work is done.

    For now, the restraint on Rajesh Mehta stays. The company must keep its reports complete and accurate. Watch the exchange filings for the next step.

    This article gives facts and is not advice to buy, sell or hold any stock.

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  • NSE Adds 6 F&O Stocks From 28 October: Is Your Favourite Stock on the List?

    NSE Adds 6 F&O Stocks From 28 October: Is Your Favourite Stock on the List?

    NSE will add six F&O stocks from 28 October 2026. They are Data Patterns, Karur Vysya Bank, Syrma SGS Technology, Coromandel International, City Union Bank and Navin Fluorine International. Each stock must first meet the exchange’s eligibility test. NSE will share the market lot on 27 October.

    The Six F&O Stocks NSE Is Adding

    NSE announced the new names in a circular. The six stocks are:

    The addition depends on each company meeting the eligibility rules in the quarter-sigma cycle for October 2026. If a stock fails the test, it will not join the list.

    Key Dates to Remember

    The timeline is short. Traders will have only one day between the lot size notice and the first day of trading. Plan ahead so that you are not rushing on the first day. Check the NSE circular again on 27 October for any update.

    Date in 2026 What happens
    27 October NSE shares the market lot and strike scheme in a separate circular
    28 October F&O contracts on the six stocks become available

    NSE has also said the quantity freeze details will be in the contract file for trading from 28 October. A quantity freeze is the largest order size that the system accepts at one time.

    What F&O Inclusion Means for a Stock

    F&O stands for futures and options. These are contracts whose value depends on the price of a stock. A futures contract is an agreement to buy or sell at a set price on a set date. An option gives the buyer the right, but not the duty, to buy or sell at a set price.

    Each contract has a lot size. That is the fixed number of shares in one contract. Each contract also has an expiry date. NSE has not yet told the market the lot size for these six stocks.

    Here is a made-up example. Say a stock trades at ₹500 and the lot size is 100 shares. One contract is then worth ₹50,000.

    This is only an example. The real lot sizes will come from NSE on 27 October. Do not use any lot size you see before that date.

    Before a stock enters F&O, you can only buy and sell its shares in the cash market. After it enters, you can also trade contracts on it. The share price in the cash market stays the base for those contracts.

    Many traders use contracts to hedge. Hedging means taking a position that can offset a possible loss in shares you already hold. It is a way to manage risk, not a way to remove it.

    How NSE Picks F&O Stocks

    NSE follows a set of rules that come from SEBI’s framework. The exchange checks the numbers for each company. It looks at these items:

    • Average daily market capitalisation
    • Average daily traded value
    • The market-wide position limit in the stock
    • Quarter-sigma values
    • Average daily deliverable value

    Market capitalisation is the total market value of a company’s shares. The market-wide position limit caps how many open contracts all traders together can hold in a stock. Quarter-sigma is a measure of how much money it takes to move the price of a stock by a set amount.

    Each test looks at a different side of the stock. Together they show how large, how active and how easy to trade the company is. The exchange checks all of them before it adds a stock.

    The Current Count of F&O Stocks

    NSE has 213 individual stocks in its F&O segment today, according to Zee Business. If all six qualify, the total will reach 219.

    NSE added six other stocks from 1 April 2026. They were Adani Power, Cochin Shipyard, Hyundai Motor India, Motilal Oswal Financial Services, Nippon Life India Asset Management and Vishal Mega Mart. In November 2024, NSE added 45 stocks at one time.

    What Traders Should Know Before 28 October

    New contracts are not the same as new opportunity. F&O trading uses margin. You put up only a part of the trade value. Your gains and losses follow the full value.

    In futures, and when you sell options, losses can be larger than the money you first put in. Know this before you place a first order.

    If you are new to F&O, start with the basics. You need a demat account and a trading account. You can open demat account online with a broker. Then ask the broker to switch on the F&O segment.

    Here is a short checklist for the first week:

    • Wait for the lot size circular on 27 October.
    • Work out the full contract value before you place any order.
    • Check the margin your broker needs for each contract.
    • Look at the expiry dates for the new contracts.
    • Use a trading platform that shows margin before you confirm an order.

    This is general information. It is not advice to trade any stock.

    The Kinds of Companies Joining

    Two of the six are banks: Karur Vysya Bank and City Union Bank. The other four come from different fields.

    Data Patterns works in defence electronics. Syrma SGS Technology makes electronic products for other firms. Coromandel International sells fertilisers. Navin Fluorine International makes speciality chemicals.

    This mix shows that companies from different fields can qualify. What counts is whether their numbers meet the tests.

    The exchange will confirm which of the six stocks qualify. Check the NSE circular and the contract list on the exchange website for the final names. Your broker will also show the new contracts once trading starts on 28 October.

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  • Will SEBI Change the Closing Auction Session? What F&O Traders Need to Know

    Will SEBI Change the Closing Auction Session? What F&O Traders Need to Know

    SEBI’s Secondary Market Advisory Committee meets on 15 October 2026 to decide the future of the closing auction session. The session began on 3 August for stocks that have F&O contracts. Some market participants say it adds risk on expiry days. SEBI will now weigh that feedback before it issues any circular.

    How the Closing Auction Session Works

    A closing auction session is a short window at the close of trading. Buyers and sellers place orders, and the exchange uses them to set the closing price of a stock. SEBI calls it CAS for short.

    The idea is simple. Instead of using many small trades, the exchange collects orders and matches them at one price. SEBI introduced it to produce a better closing price for the cash market.

    Before CAS, the closing price of a stock was the volume-weighted average price, or VWAP, of trades in the last 30 minutes. VWAP is an average that gives more weight to prices where more shares traded. For stocks with F&O contracts, SEBI replaced that with an auction from 3.15 pm to 3.35 pm.

    SEBI’s 2025 proposal described four steps in the session: a reference price, order entry, a random close and a final match. It also proposed a 3% band around the reference price. The reference price came from VWAP between 3 pm and 3.15 pm.

    That proposal also covered contract timings. Index derivatives would keep closing at 3.30 pm. Near-month stock derivatives would close at 3.35 pm on expiry days. These timings matter, because the auction and the contract close sit very near each other.

    Why the Closing Price Matters for F&O Contracts

    The closing price does more than end the day. On expiry day, it can decide who gains and who loses on open positions.

    At NSE, the final settlement price of index futures and options is the closing value of the index on expiry day. For contracts on single stocks, it is the closing price of that stock. BSE ties its final settlement to the closing value in a similar way.

    Here is a simple example. Say an option holder expects a stock to close near ₹500. If the auction sets the close at ₹490, the settlement value changes. A small move in the close can change the result for a large number of traders.

    What SEBI Is Reviewing on 15 October

    The agenda is the future of CAS, mainly for derivatives settlement on expiry days. SEBI asked for public comments on how the new system works in practice. According to Whalesbook, about 20,000 responses came in by the early October deadline.

    Date in 2026 Event
    3 August CAS starts for stocks with F&O contracts
    September SEBI says it will look at how derivative settlement prices are set
    Early October Deadline for public comments
    15 October Advisory committee meets on the future of CAS

    The September step comes from Policy Circle. The October dates come from Whalesbook.

    What Traders and Brokers Want

    Many traders ask SEBI to go back to the 30-minute VWAP for derivatives. Their argument is simple. They say the older method gives steadier prices for settling F&O contracts.

    The auction has a purpose too. SEBI designed it to give large investors a fairer closing price. SEBI has to balance both views.

    A good closing price helps the cash market. A steady settlement price helps derivatives traders. One number now has to do both jobs, and that is the heart of this review.

    SEBI first proposed the auction in August 2025. The goal was to cut volatility, improve fairness and make it easier for large and passive investors to trade at the close.

    What Could Happen Next

    SEBI has not published the outcome of the meeting in the sources we checked. Traders and institutions are waiting for an official circular. Until it arrives, nothing changes for the rules that are in force today.

    Three things are worth watching:

    • Whether CAS stays as it is for all stocks that have F&O contracts.
    • Whether derivatives settle on the auction price or on the 30-minute VWAP.
    • The date on which any change takes effect.

    The answer matters for hedging and for portfolio values on expiry days. A rule change can alter how traders plan their positions in the final hour.

    How F&O Traders Can Prepare

    You cannot control the rule. You can control how you prepare. Start with the basics.

    To trade F&O, you need a demat and trading account with a SEBI-registered broker. You also need the F&O segment to be switched on and enough margin in the account. Check these before expiry week.

    Here are some simple steps:

    • Read the exchange circular as soon as it comes out.
    • Check which price your contract will use for final settlement.
    • Be careful with large positions near the close on expiry day.
    • Turn on alerts in your stock trading app for circulars and expiry dates.

    Also keep a note of expiry dates in your calendar. Traders have reported sharp swings on expiry days, according to Whalesbook. A plan made in advance is easier to follow than a plan made in a hurry.

    This is general information and not advice. Your risk depends on your own positions and goals.

    Why This Review Matters Beyond Traders

    The closing price feeds many other things. Mutual funds use it to value their holdings. Index funds and ETFs track it. Large investors use it to place their final orders for the day.

    That is why SEBI weighs both sides with care. A rule that helps one group can create new problems for another.

    The advisory committee gives its view. SEBI then decides the next step. The final rule will come through a SEBI circular, and the exchanges will follow with their own notices.

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  • Jio IPO Opens on 21 October: How Big Is a ₹30,213 Crore Share Sale, Really?

    Jio IPO Opens on 21 October: How Big Is a ₹30,213 Crore Share Sale, Really?

    The Jio IPO opens on 21 October 2026 and closes on 23 October. The price band is ₹1,065 to ₹1,119 per share. Jio Platforms plans to sell up to 27 crore new shares. At the top price, that is about ₹30,213 crore, which would be India’s largest IPO by issue size if it goes ahead as planned.

    Key Dates for the Jio IPO

    Jio Platforms filed its red herring prospectus on 14 October 2026. People call it the RHP. It is the final offer document. It carries the price band and the dates of the issue.

    The table below shows the timeline. The anchor, allotment and listing dates come from reports based on the RHP. Please check the final dates in the offer document before you act.

    Step Date in 2026
    RHP Filed 14 October 2026
    Anchor Investor Bidding 19 October 2026
    IPO Opens 21 October 2026
    IPO Closes 23 October 2026
    Allotment Expected 26 October 2026
    Listing Expected 28 October 2026

    Two terms in the table need a simple meaning. Allotment is the step where the company decides who gets shares. Listing is the day the shares start trading on the stock exchanges. If you do not get shares, the money blocked for your bid is released.

    The Jio IPO is open for three days. Bids must come in before it closes on 23 October. Check the dates again on the day the issue opens, in case of any notice from the company.

    Jio IPO Size Compared With Past Issues

    The size is easy to work out. Jio plans to issue up to 27 crore shares. At ₹1,119, the top of the band, that adds up to ₹30,213 crore. At ₹1,065, the bottom of the band, it adds up to ₹28,755 crore.

    The current record belongs to Hyundai Motor India, which listed in 2024. INDmoney, using Chittorgarh data, puts that issue at ₹27,859 crore. At the top price, Jio would beat it by ₹2,354 crore, or about 8.4%.

    IPO Issue Size (₹ crore) Year
    Jio Platforms (at top of band) 30,213 2026
    Hyundai Motor India 27,859 2024
    LIC 20,557 2022

    LIC’s issue in 2022 was ₹20,557 crore. Jio’s issue at the top price would be about 47% bigger than that.

    Size is only one number. It tells you how much money the company wants to raise. It does not tell you if the price is fair or if the business is strong.

    Fresh Issue Versus Offer for Sale in the Jio IPO

    It is a fresh issue. That means Jio Platforms creates new shares and sells them to the public. The money goes to the company.

    An offer for sale, or OFS, works in a different way. In an OFS, current shareholders sell their shares. The company gets nothing. The Jio IPO has no OFS part, according to INDmoney.

    This point matters for new buyers. Fresh shares increase the total number of shares in the company. Your share of the company is then spread across a larger base. That is normal for any fresh issue.

    How Jio Platforms Plans to Use the Money

    The company plans to use a large part of the money to repay borrowings. These borrowings belong to its telecom unit, Reliance Jio Infocomm. The rest is meant for general corporate purposes.

    This is a useful detail. A company can use IPO money to grow, to pay debt, or both. In this case, debt repayment is the main use named so far. You can read the full list in the RHP.

    Paying off debt can lower interest costs for a company. It does not by itself create new customers or new income. Read the RHP to see what else the company plans to fund.

    Anchor Investors and the 19 October Bidding Date

    Anchor investors are large institutions. They bid one day before the IPO opens to everyone else. Jio’s anchor bidding is set for 19 October.

    Many people watch the anchor round for early signs of demand. It is only a sign. It does not decide how the issue will do when it opens or how the shares will trade after listing.

    How to Apply for the Jio IPO

    You need a demat account to hold the shares. If you do not have one, you can open a demat account with a broker before the issue opens. The process takes some time, so do not wait for the last day. A late start can mean you miss the issue.

    You also need a UPI ID or a bank account that supports ASBA. ASBA blocks the bid money in your account until the allotment is done. Most brokers let you bid through an online trading platform. Banks offer the same option.

    Here is a simple checklist:

    • Check that your demat account is active and your KYC is complete.
    • Link your UPI ID or confirm your ASBA bank account.
    • Read the RHP, especially the risk factors and the use of funds.
    • Check the lot size in the RHP. This article does not list it.
    • Keep enough money ready for your bid before 23 October.

    Also Read: Jio Platforms IPO Review: Price Band, Dates, Lot Size and Financials

    What to Check Before You Bid

    Start with the price. A price band tells you what you pay per share. It does not tell you what the business is worth to you.

    Next, read how the company earns money and how much debt it carries. The RHP covers both. Then think about your own goals and how much risk you can take.

    A record IPO is a big event for the market. It is not a promise of gains. Prices can move up or down after listing.

    Each investor should decide on facts and personal needs. If you are not sure, talk to a SEBI-registered adviser.

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  • Bonfiglioli Transmissions IPO Review: Price Band, Dates, Lot Size and Financials

    Bonfiglioli Transmissions IPO Review: Price Band, Dates, Lot Size and Financials

    The Bonfiglioli Transmissions IPO opens on 15 October 2026 and closes on 19 October 2026. The price band is ₹558 to ₹586 per share, the lot size is 25 shares, and the issue is a 100% offer for sale worth about ₹2,533.66 crore at the cap price. The company receives none of the money, because every share is sold by its parent, Bonfiglioli S.p.A.

    This review covers the issue details, what a retail application costs, the business, the financials, the P/E worked out at the price band, a peer comparison, where the money goes, the main risks and how to apply.

    Bonfiglioli Transmissions IPO Key Details

    Parameter Details
    IPO Dates 15 October 2026 to 19 October 2026
    Anchor Book 14 October 2026
    Face Value ₹10 per share
    Price Band ₹558 to ₹586 per share
    Lot Size 25 shares (minimum ₹14,650 at the cap price)
    Issue Type Book-built, 100% offer for sale
    Total Issue Size 4,32,39,042 shares, about ₹2,533.66 crore at the cap price
    Fresh Issue Nil
    Offer for Sale 4,32,39,042 shares by Bonfiglioli S.p.A.
    Employee Reservation 50,000 shares at ₹29 per share discount to the final offer price
    Listing Exchanges BSE and NSE
    Allotment Date 21 October 2026
    Refund and Credit to Demat 22 October 2026
    Listing Date 23 October 2026 (tentative)
    Registrar MUFG Intime India Private Limited
    Book Running Lead Managers Axis Capital, BNP Paribas, ICICI Securities, Jefferies India

     

    Business details come from the Draft Red Herring Prospectus (DRHP) dated 9 February 2026. The price band, dates and final offer size come from the company’s announcement as reported by Business Today on 12 October 2026.

    How the offer is split

    The offer is made under Regulation 6(1) of the SEBI ICDR Regulations. The percentages below apply to the net offer after the employee reservation.

    Category Share of net offer
    Qualified Institutional Buyers (QIB) Not more than 50%
    Non-Institutional Investors (NII) Not less than 15%
    Retail Individual Investors (RII) Not less than 35%

     

    Within the NII portion, one-third is for bids above ₹2,00,000 and up to ₹10,00,000, and two-thirds is for bids above ₹10,00,000.

    What a Retail Application Actually Costs

    • One lot is 25 shares. That is ₹13,950 at the floor price and ₹14,650 at the cap price.
    • Your bank blocks the amount at the cap price, so ₹14,650 is the minimum to keep aside for one lot.
    • SEBI caps a retail application at ₹2,00,000. At the cap price, 13 lots (325 shares) fit under that limit. That is ₹1,90,450.
    • A 14th lot takes the application to ₹2,05,100. That moves it into the small non-institutional (sHNI) category, which has its own allotment rules.

    About Bonfiglioli Transmissions

    The company was incorporated on 23 June 1998 as Bonfiglioli Deepak Private Limited and became a public company in September 2025. Its registered and corporate office is in Thirumudivakkam, Kancheepuram, Tamil Nadu. It makes gearboxes, gear motors and drive systems, the machinery parts that turn a motor’s fast spin into slow, powerful movement. Its customers are makers of industrial machines, construction equipment and wind turbines.

    Bonfiglioli S.p.A. of Italy owns 100% before the IPO. After selling 4,32,39,042 shares, it will hold about 77.00% of the 18,79,95,834 shares outstanding. This is my calculation from the DRHP and the final offer size.

    • Three business verticals. In CY 2024, Industry and Automation Solutions made up 41.56% of revenue from operations, Wind 32.16%, Off-Highway Mobility 23.38% and others 2.90%.
    • Wind depends on one product line. Yaw and pitch drives for wind turbines brought in 32.16% of CY 2024 revenue. Named wind customers include Suzlon, Nordex and Senvion.
    • Named customers elsewhere. These include JCB India, CNH Industrial and Hyundai Construction Equipment (Off-Highway Mobility), and GMM Pfaudler and Terex India (Industry and Automation).
    • Dealer network. There were 44 dealers at 30 September 2025. Of these, 36 sell on an exclusive basis and 16 have worked with the company for 20 years or more.
    • Three plants. They are at Thirumudivakkam and Mannur in Tamil Nadu and Talegaon in Maharashtra. Aggregate capacity utilisation rose from 63.67% in CY 2022 to 74.74% in the nine months to 30 September 2025.
    • Domestic and export mix. Customers in India gave 74.73% of CY 2024 revenue. The rest came from outside India.
    • Sales to group companies. Inter-company sales, mostly drives sold to related parties, were 15.42% of CY 2024 revenue from operations.

    Financial Performance

    The company’s year runs from 1 January to 31 December, so the table uses calendar years (CY). All figures are restated, for continuing operations, in ₹ crore, from the DRHP.

    Particulars CY 2022 CY 2023 CY 2024 9 months to 30 Sep 2025
    Revenue from operations 1,558.80 1,687.51 1,864.08 1,460.17
    Revenue growth Base year 8.26% 10.46% Not comparable
    EBITDA (excluding other income) 254.44 244.12 293.06 253.48
    EBITDA margin 16.32% 14.47% 15.72% 17.36%
    Profit after tax (PAT) 168.75 147.70 191.12 165.19
    PAT margin (on revenue from operations) 10.83% 8.75% 10.25% 11.31%
    Total equity 725.37 805.34 853.09 925.30
    Return on equity (average equity) 23.41% 19.30% 23.05% 18.58%
    Return on capital employed 27.04% 24.54% 30.28% 25.18%
    Net cash (cash and bank balances less borrowings and leases) 127.30 140.09 138.20 162.83

     

    Nine-month figures are not annualised. The DRHP calculates PAT margin on total income, so its figures differ slightly from the margins above, which use revenue from operations.

    Revenue grew about 9.35% a year between CY 2022 and CY 2024. PAT grew about 6.42% a year over the same two years, because CY 2023 was a weak year for profit. EBITDA margin has recovered from 14.47% to 17.36%.

    Working capital is where profit and cash can drift apart. The cash conversion cycle, the days between paying suppliers and collecting from customers, was steady at 81, 80, 79 and 79 days. But receivables rose 16.9% between 31 December 2024 and 30 September 2025, from ₹409.56 crore to ₹478.73 crore. Operating cash inflow in the nine months was ₹141.80 crore against PAT of ₹165.19 crore, about 86%.

    The company has no borrowings on its balance sheet at 30 September 2025. It has paid large dividends to its parent: ₹92.75 crore in the nine months to September 2025 and ₹68.93 crore in CY 2024.

    Newer numbers. The Red Herring Prospectus (RHP) carries later periods, which press and broker pages report as follows. For CY 2025, PAT was ₹237.87 crore. For the six months to 30 June 2026, revenue was ₹1,131.87 crore against ₹960.36 crore a year earlier, and PAT was ₹148.58 crore against ₹114.97 crore. Restated figures in the RHP can differ slightly from the DRHP.

    These are historical disclosures and do not indicate future performance.

    Valuation Metrics Explained

    Metric Value
    Basic and diluted EPS, CY 2022 ₹8.71
    Basic and diluted EPS, CY 2023 ₹7.62
    Basic and diluted EPS, CY 2024 ₹10.06
    Weighted average EPS (weights 1, 2, 3) ₹9.02
    Basic EPS, CY 2025 (RHP, as reported) ₹12.65
    Return on net worth, CY 2024 22.40%
    Weighted average return on net worth 21.19%
    Return on net worth, CY 2025 (RHP, as reported) 23.96%
    NAV per share, 30 June 2026 (RHP, as reported) ₹55.02
    Market capitalisation at the cap price ₹11,016.56 crore

     

    EPS and NAV in the DRHP are adjusted for the 1-for-2 bonus issue allotted on 25 January 2026. The DRHP bases return on net worth on year-end net worth, which is different from return on equity above.

    The formulas in plain words

    • EPS is profit after tax divided by the number of shares.
    • P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
    • RoNW is profit divided by net worth, as a percentage.
    • NAV per share is net worth divided by the number of shares.

    Working out the P/E

    The DRHP leaves the P/E blank because the price band was fixed after filing. Using CY 2025 EPS of ₹12.65, the working is below.

    Measure At floor ₹558 At cap ₹586
    P/E on CY 2025 EPS 44.11x 46.32x
    P/E on CY 2024 EPS (₹10.06) 55.47x 58.25x
    Price to book on NAV of ₹52.82 (31 Dec 2025) 10.56x 11.09x

    The post-issue P/E is the same as the pre-issue P/E. This is a pure offer for sale, so no new shares are created and EPS does not fall. The shares only change owner. At the cap price, the market value of the company is ₹11,016.56 crore (18,79,95,834 shares times ₹586).

    How that compares with listed peers

    The table uses the RHP’s peer comparison, as reported by Chittorgarh and IPO Premium. Bonfiglioli’s P/E is at the cap price. Peer figures are for the year ended 31 March 2026, or 31 December 2025 for Schaeffler India.

    Company EPS, basic (₹) NAV per share (₹) P/E (x) RoNW (%)
    Bonfiglioli Transmissions 12.65 52.82 46.32 23.96
    Elecon Engineering 15.20 102.65 31.63 14.81
    Shanthi Gears 9.99 57.36 63.39 17.42
    Schaeffler India 73.60 386.94 53.74 19.02
    Timken India 55.16 403.31 57.66 13.68

     

    The four peers range from 31.63x to 63.39x, with an average of about 51.6x by my calculation. The DRHP showed an average of 44.66x on 31 December 2025 prices, so the peer set has become more expensive since filing.

    At 46.32x, Bonfiglioli sits below that average, and its RoNW of 23.96% is higher than every listed peer. The other side: Elecon, the closest peer in gearboxes, trades at 31.63x and earned a higher EBITDA margin (24.36% in the year to March 2025, against 15.72% for Bonfiglioli in CY 2024, per the DRHP). Peer years also differ from Bonfiglioli’s calendar year, and Schaeffler and Timken make bearings and other products as well.

    These ratios are shared for educational understanding, not as investment guidance.

    Objects of the Issue

    None of the money reaches the company. The whole offer is a sale by Bonfiglioli S.p.A., which receives the proceeds after offer expenses and taxes. The DRHP states that the objects are to carry out the offer for sale and to list the shares on BSE and NSE. The company expects listing to improve visibility and provide liquidity.

    Object Amount
    Fresh issue to the company Nil
    Offer for sale by Bonfiglioli S.p.A. About ₹2,533.66 crore at the cap price
    Debt repayment, capex or general corporate purposes Not applicable, as the company raises no money

     

    Because the company receives no proceeds, it does not need a monitoring agency. Bonfiglioli S.p.A. bears most offer expenses, apart from items such as listing fees and normal corporate advertising. The company reports no borrowings at 30 September 2025. A credit rating is Not disclosed in the DRHP sections reviewed.

    Strengths and Risk Factors

    Strengths Risks
    Revenue grew from ₹1,558.80 crore in CY 2022 to ₹1,864.08 crore in CY 2024, about 9.35% a year Top 10 customers rose from 39.81% of revenue in CY 2022 to 46.35% in the nine months to September 2025
    No borrowings and net cash of ₹162.83 crore at 30 September 2025 The licence to make most products and use the Bonfiglioli brand comes from Bonfiglioli S.p.A. for 6% of annual sales of those products, renews yearly and can be ended by either side with notice
    Capacity utilisation rose from 63.67% in CY 2022 to 74.74% in the nine months to September 2025 Yaw and pitch drives for wind turbines were 32.16% of CY 2024 revenue
    44 dealers, of which 36 are exclusive and 16 have 20 years or more with the company Top 10 suppliers were 41.92% of purchases, the largest is a related party at 14.99%, and there are no long-term supply agreements
    Return on capital employed of 30.28% in CY 2024 Raw materials and components were 63.08% of revenue in the nine months to September 2025, and 28.67% of purchases came from outside India
    Cash conversion cycle steady at 79 to 81 days over four periods Seven tax proceedings against the company involve ₹6.77 crore, and industry data comes from a report the company commissioned

     

    This table is a summary, not a substitute. Read the full Risk Factors section of the RHP, which begins on page 30 in the DRHP, and note that page numbers can differ in the RHP.

    How to Apply for the IPO via Findoc

    1. Log in to your Findoc account.
    2. Open the IPO section and select Bonfiglioli Transmissions.
    3. Enter your UPI ID and the quantity, in multiples of 25 shares.
    4. Place your bid within the ₹558 to ₹586 band, or choose the cut-off price.
    5. Approve the UPI mandate request on your UPI app before 5:00 PM IST on 19 October 2026.

    You can also apply through your bank’s ASBA facility. If you do not yet have a demat account, open one demat account before bidding closes on 19 October 2026.

    Checking Your Allotment

    Allotment is expected on 21 October 2026. You can check the status on the registrar’s website (MUFG Intime India), on BSE or on NSE. Keep your application number, PAN or demat account details ready. Refunds for unallotted bids and credit of shares to demat accounts are expected on 22 October 2026, ahead of the 23 October 2026 listing.

    Key Takeaways

    • The issue is a 100% offer for sale of 4,32,39,042 shares worth about ₹2,533.66 crore at the cap price, so the company gets no funds.
    • The price band is ₹558 to ₹586, the lot is 25 shares, and the maximum retail application is 13 lots, or ₹1,90,450.
    • Bidding runs from 15 October 2026 to 19 October 2026, with allotment on 21 October 2026 and listing on 23 October 2026 (tentative).
    • Revenue grew about 9.35% a year between CY 2022 and CY 2024, with no borrowings and net cash on the balance sheet.
    • The P/E is 46.32x at the cap price on CY 2025 earnings, against a peer average of about 51.6x, and RoNW is higher than all four listed peers.
    • Key risks are customer concentration, dependence on the parent’s licence and brand, wind-turbine exposure and supplier concentration.

    Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.

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  • Zetwerk IPO Review: Price Band, Dates, Lot Size and Financials

    Zetwerk IPO Review: Price Band, Dates, Lot Size and Financials

    Zetwerk Manufacturing Businesses Ltd is raising up to ₹5,012.33 crore through a book-built IPO that opens on 15 October 2026 and closes on 19 October 2026. The price band is ₹143 to ₹151 per share, the lot size is 99 shares, and the minimum retail investment is ₹14,949 at the cap price. This review covers the issue details, financials, use of proceeds, valuation context, risks and how to apply.

    Zetwerk IPO Key Details

    Parameter Details
    IPO Dates 15 October 2026 to 19 October 2026
    Anchor Book 14 October 2026
    Face Value ₹1 per equity share
    Price Band ₹143 to ₹151 per share
    Lot Size 99 shares (minimum ₹14,949 at the cap price)
    Issue Type Book-built, fresh issue and offer for sale
    Total Issue Size Up to ₹5,012.33 crore (at the cap price)
    Fresh Issue Up to ₹2,830 crore
    Offer for Sale Up to 14,45,25,036 equity shares (about ₹2,182.33 crore at the cap price)
    Listing Exchanges BSE and NSE (NSE is the designated stock exchange)
    Allotment Date 21 October 2026 (tentative)
    Credit to Demat 22 October 2026 (tentative)
    Listing Date 23 October 2026 (tentative)
    Registrar KFin Technologies Limited
    Book Running Lead Managers Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), Pantomath Capital Advisors

     

    Reservation Split

    The offer is made under Regulation 6(2) of the SEBI ICDR Regulations, because the company does not meet the conditions of Regulation 6(1)(b). This is the route for companies that have not yet met the profitability track record, and under it a large share of the issue goes to institutions.

    Category Allocation
    Qualified Institutional Buyers (QIB) Not less than 75% of the net offer
    Non-Institutional Investors (NII) Not more than 15% of the net offer
    Retail Individual Investors (RII) Not more than 10% of the net offer
    Eligible employees 7,00,000 shares, at a discount of ₹14 per share

     

    What a Retail Application Actually Costs

    • One lot of 99 shares costs ₹14,157 at the floor price of ₹143 and ₹14,949 at the cap price of ₹151.
    • Your bank blocks funds at the cap price, even if you bid lower in the band.
    • The maximum retail application is 13 lots, which is 1,287 shares and ₹1,94,337 at the cap price.
    • A 14th lot would take the application to ₹2,09,286. That is above the ₹2 lakh retail limit, so it moves you into the small non-institutional category.

    About Zetwerk Manufacturing Businesses

    Zetwerk describes itself as a technology-led, asset-light manufacturing platform for industrial and consumer goods. It combines manufacturing capacity from third-party suppliers and its own facilities into what it calls a “universal factory”, run through its own software called Zetwerk OS. The company was incorporated in 2017 and has its registered office at #84/1, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru 560103. The promoters are Amrit Pratik Acharya (Managing Director and CEO) and Srinath Ramakkrushnan (Chief Operating Officer).

    • Two segments. Manufacturing Business (Energy, Precision and Capital Goods products) made up 58.91% of FY 2025-26 revenue. The Ecosystem Business (Terra91), which buys industrial commodities and supplies them to customers as a principal, made up 41.09%.
    • Mix is shifting. In the April to June 2026 quarter, the Ecosystem Business was 53.81% of revenue, higher than the Manufacturing Business at 46.19%.
    • Energy dominates manufacturing. Energy Products brought in ₹6,507.57 crore in FY 2025-26, about 69% of manufacturing segment revenue.
    • Scale of operations. 26 own manufacturing facilities across India, Spain, Germany and the USA, plus 6,979 third-party suppliers across 26 countries.
    • Named customers. Siemens Gamesa, Acer India, boAt, CG Power, NTPC Renewable Energy, Indian Oil Corporation, National Aluminium Company, Nordex Acciona, DRDO (LRDE) and the Indian Air Force are among those the company lists.
    • Geography. India contributed 82.54% of FY 2025-26 revenue and the USA 14.33%.

    Financial Performance

    Restated consolidated figures, converted from the RHP’s ₹ million to ₹ crore. Revenue, margins, EBITDA and the continuing-operations loss relate to continuing operations.

    Particulars (₹ crore) FY 2023-24 FY 2024-25 FY 2025-26 Q1 FY 2026-27 (Apr to Jun 2026)
    Revenue from operations 12,364.37 11,331.86 15,913.32 4,117.88
    Revenue growth Not disclosed in the RHP (8.35%) 40.43% 55.42% (against Q1 FY 2025-26)
    Gross margin 7.66% 12.06% 12.13% 12.05%
    Adjusted EBITDA 97.03 322.59 421.34 103.16
    Adjusted EBITDA margin 0.78% 2.85% 2.65% 2.51%
    EBITDA (restated) (293.54) 293.33 (353.53) 141.22
    Loss from continuing operations (852.53) (215.07) (964.39) (64.13)
    Total restated loss (917.95) (370.71) (1,606.17) (732.98)
    Net worth 4,065.31 4,418.59 4,691.21 3,959.69
    Total borrowings 1,232.10 1,746.55 1,936.16 1,942.19

     

    Revenue grew at about 13.45% a year between FY 2023-24 and FY 2025-26 (two years of growth, so the calculation uses a two-year period). Adjusted EBITDA has been positive for three years, but it excludes items such as share-based payments and exceptional items. Regular EBITDA and net profit are still negative for the full years, so read the two measures side by side.

    The “total restated loss” is larger than the “loss from continuing operations” in every period. The gap relates to discontinued operations, which the abridged prospectus does not break down. The full RHP explains them.

    Cash flow tells a separate story. Net cash used in operating activities was ₹281.54 crore in FY 2023-24, ₹386.28 crore in FY 2024-25 and ₹681.53 crore in FY 2025-26. Financing inflows of ₹1,789.31 crore in FY 2025-26 covered the gap. Growth so far has needed outside funding, which is why the debt repayment object matters.

    These are historical disclosures and do not indicate future performance.

    Valuation Metrics Explained

    Metric FY 2023-24 FY 2024-25 FY 2025-26 Q1 FY 2026-27 (not annualised)
    EPS, basic and diluted, continuing operations (₹) (4.86) (1.17) (6.69) (0.45)
    Return on Net Worth (RoNW) (21.00%) (4.76%) (21.11%) (1.74%)
    Net Asset Value per share (₹) 22.77 23.81 31.26 25.85

     

    The basics, in plain words

    • EPS = profit after tax divided by the number of shares. A negative EPS means a loss per share.
    • P/E = share price divided by EPS. It tells you how many rupees you pay for each rupee of yearly profit.
    • RoNW = profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
    • NAV per share = net worth divided by the number of shares.

    Working out the Valuation

    The RHP leaves the price-dependent fields blank because the price band was fixed after filing. Here is what can be worked out at ₹151.

    • P/E: Not meaningful. EPS is negative in all four periods shown, so a P/E ratio cannot be calculated at either ₹143 or ₹151. A negative P/E should not be read as cheap.
    • Price to book: ₹151 divided by the FY 2025-26 NAV of ₹31.26 gives about 4.83 times. On the 30 June 2026 NAV of ₹25.85, it is about 5.84 times.
    • Market capitalisation: About ₹25,583 crore at the cap price, as stated in the company’s filing and reported by the press. Counting every fully diluted pre-offer share (153.77 crore) plus the fresh-issue shares gives about ₹26,049 crore. The difference is the way unvested options and similar items are counted.
    • Price to sales: ₹25,583 crore divided by FY 2025-26 revenue of ₹15,913.32 crore is about 1.61 times.

    How that Compares With Listed Peers

    The RHP states that there are no listed companies in India or globally that are comparable to Zetwerk in business and scale, so it does not provide a peer comparison of its KPIs. A fair comparison therefore needs your own judgement about which companies to use. The full “Basis for Offer Price” section of the RHP (page 248) has the details.

    What the numbers say, without a verdict: the company is valued at roughly 1.6 times revenue while reporting losses and a thin adjusted EBITDA margin of about 2.65%. Supporters point to the 40.43% revenue growth and a manufacturing order book of ₹13,062.40 crore. Sceptics point to the continuing losses and negative operating cash flow.

    These ratios are shared for educational understanding, not as investment guidance.

    Objects of the Issue

    Only the fresh issue of ₹2,830 crore goes to the company. The offer for sale of 14,45,25,036 shares (about ₹2,182.33 crore at the cap price) goes to the selling shareholders, not to Zetwerk. The fresh issue is about 56% of the total issue size.

    Object Amount from net proceeds (₹ crore)
    Repay or prepay borrowings of the company 1,300.00
    Repay or prepay borrowings of nine subsidiaries, through investments in them 860.00
    Unidentified acquisitions, other strategic acquisitions and general corporate purposes Balance, shown as [●] in the RHP
    Total [●]

     

    Both debt repayment amounts are planned for FY 2026-27. Together they come to ₹2,160 crore, which is about 76% of the fresh issue. The subsidiaries named are Sharp Tanks and Structurals, Terra91 International, Smile Electronics, Kryfs Power Components, Kryfs Transformers, Unimacts Global LLC, Zetwerk Manufacturing SG Pte. Ltd., Zap91 Solar India and Zet Town India.

    The RHP caps the spend on general corporate purposes and unidentified acquisitions together at 35% of the gross proceeds (₹990.50 crore on ₹2,830 crore), and each one individually at 25% (₹707.50 crore). Money for unidentified acquisitions is the least visible use of your capital, since the targets are not named.

    The abridged prospectus does not give the lender list, interest rates or the borrowing balance as on a recent date for the debt being repaid. Read “Objects of the Offer” on page 201 of the RHP for those details. It also does not disclose a credit rating.

    Strengths and Risk Factors

    Strengths Risks
    Revenue rose 40.43% to ₹15,913.32 crore in FY 2025-26 Loss from continuing operations of ₹964.39 crore in FY 2025-26, and losses in all three years
    Manufacturing order book of ₹13,062.40 crore at 30 June 2026, up about 53% from ₹8,534.70 crore a year earlier Top 10 customers were 35.90% of FY 2025-26 revenue, up from 22.37% in FY 2023-24
    Manufacturing segment EBITDA of ₹565.09 crore in FY 2025-26, a 6.03% margin Top 10 suppliers were 38.18% of total expenses in FY 2025-26
    26 own facilities and 6,979 third-party suppliers across 26 countries Net cash used in operations: ₹681.53 crore in FY 2025-26, the third year in a row of outflow
    Gross margin improved from 7.66% to 12.13% between FY 2023-24 and FY 2025-26 India is 82.54% and the USA 14.33% of revenue, so demand shifts in either market matter
    Adjusted EBITDA positive for three years, at ₹421.34 crore in FY 2025-26 The company says it has no firm long-term purchase commitments with many customers
    Customers across renewables, defence, aerospace, AI infrastructure and oil and gas Auditors included emphasis of matter and modifications under “Report on Other Legal and Regulatory Requirements” in all periods (no qualification to the financials)
    Positive revenue momentum in Q1 FY 2026-27: 55.42% growth 5 criminal, 30 tax and 12 statutory or regulatory proceedings against the company, plus 1 material civil case

     

    How to Apply for the Zetwerk IPO via Findoc

    1. Log in to your Findoc account.
    2. Open the IPO section and select Zetwerk Manufacturing Businesses Ltd.
    3. Enter your UPI ID and the quantity in multiples of 99 shares.
    4. Bid at a price within ₹143 to ₹151, or at the cut-off price.
    5. Approve the UPI mandate request on your UPI app before 5:00 PM on 19 October 2026.

    You can also apply through your bank’s ASBA facility. If you do not have a demat account yet, open a demat account before the issue closes on 19 October 2026.

    Checking Your Zetwerk IPO Allotment

    The basis of allotment is expected on 21 October 2026. Check on the KFin Technologies website (the registrar), on BSE or on NSE using your PAN, application number or DP ID and client ID. Refunds and the credit of shares to demat accounts are tentatively scheduled for 22 October 2026, with listing on 23 October 2026.

    Key Takeaways

    • The issue is up to ₹5,012.33 crore: a ₹2,830 crore fresh issue and an offer for sale of 14,45,25,036 shares.
    • The price band is ₹143 to ₹151, the lot is 99 shares, and a retail investor can apply for a maximum of 13 lots (₹1,94,337).
    • Bidding runs from 15 October to 19 October 2026, with listing tentatively on 23 October 2026.
    • FY 2025-26 revenue was ₹15,913.32 crore, up 40.43%, but the company reported a ₹964.39 crore loss from continuing operations.
    • P/E cannot be calculated as earnings are negative. Price to book is about 4.83 times at the cap price.
    • About 76% of the fresh issue goes to repaying debt. Customer concentration, losses and negative operating cash flow are the main risks.

    Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.

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  • HD Fire Protect IPO Review: Price Band, Dates, Lot Size and Financials

    HD Fire Protect IPO Review: Price Band, Dates, Lot Size and Financials

    HD Fire Protect Limited’s IPO opens on 13 October 2026 and closes on 15 October 2026. The price band is ₹258 to ₹271 per share, the lot size is 55 shares, and the issue is a pure offer for sale of up to 2,62,84,500 equity shares worth about ₹678 crore to ₹712 crore. This page covers the issue details, three years of financials, how the P/E works out, who gets the money and the main risks, based on the Red Herring Prospectus (RHP) dated 5 October 2026.

    HD Fire Protect IPO Key Details

    Parameter Details
    IPO Dates 13 October 2026 to 15 October 2026
    Anchor Book 12 October 2026
    Face Value ₹5 per equity share
    Price Band ₹258 to ₹271 per share
    Lot Size 55 shares (minimum ₹14,905 at the cap price)
    Issue Type Book-built, offer for sale only
    Total Issue Size Up to 2,62,84,500 equity shares, about ₹678 crore to ₹712 crore across the price band
    Fresh Issue Not applicable
    Offer for Sale Up to 2,62,84,500 equity shares by two promoters
    Listing Exchanges BSE and NSE (BSE is the designated exchange)
    Allotment Date 16 October 2026 (tentative)
    Credit to Demat 19 October 2026 (tentative)
    Listing Date 21 October 2026 (tentative)
    Registrar MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
    Book Running Lead Managers Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited

     

    The anchor and bidding dates are from the RHP. The price band and lot size are from the company’s announcement, confirmed on several broker and media pages. Allotment, credit and listing dates are tentative and come from secondary sources, so they may change.

    How the Issue Is Divided

    The offer is made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Of the net offer, reported splits are:

    Category Share of net offer
    Qualified Institutional Buyers (QIB) Not more than 50%
    Non-Institutional Investors (NII) Not less than 15%
    Retail Individual Investors (RII) Not less than 35%

     

    A small portion is also reserved for eligible employees. It is reported at up to ₹1.75 crore, with a discount of ₹25 per share to the offer price. The abridged prospectus does not state these employee terms, so please confirm them in the RHP.

    What a Retail Application Costs

    • One lot is 55 shares. It costs ₹14,190 at the floor price and ₹14,905 at the cap price.
    • Your bank blocks funds at the cap price, even if the final price is lower.
    • The maximum retail application is 13 lots, which is 715 shares and ₹1,93,765 at the cap price.
    • A 14th lot would cost ₹2,08,670. That is above the ₹2,00,000 retail limit, so the application would move to the small non-institutional category.

    About HD Fire Protect

    HD Fire Protect Limited (CIN U29270MH1997PLC107536) is an Indian maker of fire protection equipment and systems. It sells water, foam and gas-based fire suppression products to industrial buyers (oil and gas, power, pharma, data centres) and to commercial and residential buyers. Its registered office is in Mulund West, Mumbai, and its corporate office is in Wagle Estate, Thane.

    • Revenue comes from many product lines. In FY 2025-26, sprinklers, alarm valves and accessories were 33.95%, deluge valves and pre-action systems 21.85%, and foam equipment 18.71%.
    • Gas suppression systems brought in ₹4.90 crore in FY 2024-25 and nothing in FY 2025-26.
    • India gave 65.31% of FY 2025-26 revenue and exports 34.69%. The Middle East was the largest export region at 14.98%.
    • The company served 2,066 customers in FY 2025-26 and has supplied to over 90 countries since inception.
    • It runs two plants, at Jalgaon and Thane in Maharashtra, covering 8.50 acres. A warehouse at Wagle Estate, Thane, is expected by November 2026.
    • According to CRISIL, it was India’s second-largest fire protection equipment maker by revenue and the largest exporter by value in FY 2024-25. CRISIL puts India’s fire protection equipment market at ₹10,900 crore in FY 2025-26, growing 10% to 12% a year to ₹17,500 crore to ₹19,500 crore by FY 2030-31.

    Financial Performance (Restated)

    Particulars (₹ crore) Q1 FY 2026-27 (3 months, not annualised) FY 2025-26 FY 2024-25 FY 2023-24
    Revenue from Operations 109.05 489.28 432.80 372.95
    Operating EBITDA 29.73 150.46 138.01 106.63
    Operating EBITDA Margin 27.26% 30.75% 31.89% 28.59%
    Profit After Tax (PAT) 23.87 116.79 109.72 87.92
    PAT Margin (on total income, as the RHP defines it) 20.92% 23.12% 24.35% 22.43%
    Net Worth 401.02 377.15 397.23 343.41
    Total Borrowings Nil Nil Nil Nil
    Return on Net Worth 5.95% 30.97% 27.62% 25.60%
    Return on Equity 6.13% 30.17% 29.63% 28.41%
    Return on Capital Employed 8.36% 40.33% 39.63% 37.61%
    Net Cash from Operating Activities 47.20 92.49 98.31 63.77

     

    Over two years, revenue grew at about 14.5% a year, operating EBITDA at about 18.8% and PAT at about 15.3% (our calculations). The recent pace is slower. FY 2025-26 revenue grew 13.1% against 16.0% a year earlier, and PAT grew only 6.4% against 24.8%. The company has no borrowings in any period shown.

    Working capital is the part to watch. Inventory days were 85 in FY 2025-26 against 77 a year earlier. Receivable days rose from 45 to 57. The cash conversion cycle lengthened from 83 days to 102 days. Operating cash flow was ₹92.49 crore against PAT of ₹116.79 crore, so profit is converting to cash at a lower rate than before. The June 2026 quarter shows inventory days of 109 and a cash conversion cycle of 112 days, though those use a different formula for a short period.

    Net worth fell to ₹377.15 crore on 31 March 2026 from ₹397.23 crore a year earlier despite the profit. The summary does not explain why. These are historical disclosures and do not indicate future performance.

    Valuation Metrics Explained

    Metric FY 2025-26 FY 2024-25 FY 2023-24
    Basic EPS ₹6.66 ₹6.26 ₹5.01
    Diluted EPS ₹6.66 ₹6.26 ₹5.01
    Net Asset Value per Share ₹21.45 ₹22.59 ₹19.49
    Return on Net Worth 30.97% 27.62% 25.60%

     

    Weighted average EPS and weighted average RoNW are Not disclosed in the abridged prospectus.

    The formulas, in plain words

    • EPS is profit after tax divided by the number of shares. It is the profit earned per share.
    • P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
    • RoNW is profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
    • NAV is net worth divided by the number of shares. It is the book value behind each share.

    Working out the P/E

    The RHP leaves the price-dependent figures blank, because the price band was announced after it was filed. Here is how they work out, using FY 2025-26 diluted EPS of ₹6.66 and NAV of ₹21.45:

    Measure At ₹258 (floor) At ₹271 (cap)
    P/E 38.7 40.7
    Price to book value 12.0 12.6
    Market cap (17,52,30,000 shares) ₹4,521 crore ₹4,749 crore

     

    Because this is an offer for sale, no new shares are created. The share count and EPS stay the same after the issue, so the post-issue P/E equals the P/E above. Only the owners change.

    How that compares with listed peers

    IPO Watch and IPOji report the following peer figures from the RHP. Peer prices are closing prices on 30 September 2026. We have not seen the RHP’s own peer table, so please check it before relying on these.

    Company Diluted EPS P/E RoNW NAV
    HD Fire Protect (at ₹271) ₹6.66 40.7 30.97% ₹21.45
    Azad Engineering ₹20.57 145.65 8.74% ₹236.74
    KSB ₹15.54 55.68 16.11% ₹96.46
    Ingersoll-Rand (India) ₹81.10 51.39 20.36% ₹195.04
    Elgi Equipments ₹13.65 44.70 19.28% ₹70.41
    Kirloskar Pneumatic ₹39.45 17.18 20.36% ₹192.25

     

    The simple average of the five peer P/Es is about 62.9 and the middle value is 51.4 (our calculations). At the cap price, HD Fire Protect’s 40.7 sits below both, and its return on net worth is higher than any peer shown. Against that, the average is pulled up by Azad Engineering at 145.65, only Kirloskar Pneumatic is cheaper on P/E, and HD Fire Protect’s profit growth slowed to 6.4% in FY 2025-26. A lower P/E also does not by itself make a share cheap, because the peers differ in size and business mix.

    These ratios are shared for educational understanding, not as investment guidance.

    Objects of the Issue

    The company receives nothing from this IPO. The whole offer is a sale by two promoters, and the proceeds, after offer expenses and taxes, go to them in proportion to the shares they sell. The stated objects are to carry out the sale and to get the benefits of listing.

    Selling shareholder Shares offered Amount at ₹258 Amount at ₹271 Weighted average cost per share
    Harish Narshi Dharamshi Up to 89,83,700 ₹231.78 crore ₹243.46 crore ₹0.05
    Kusum Harish Dharamshi Up to 1,73,00,800 ₹446.36 crore ₹468.85 crore ₹0.09

     

    Amounts are before offer expenses and taxes. The promoters’ holding falls from 95.33% to about 80.32% after the sale (our calculation, assuming the offer is fully subscribed). The offer is 15.00% of post-offer capital. The company has no debt, so there is no repayment object. The expansion at Jalgaon and Thane is not funded from this issue. No credit rating is disclosed in the abridged prospectus.

    Strengths and Risk Factors

    Strengths Risks
    Return on capital employed of 40.33% in FY 2025-26 The issue is a 100% offer for sale, so the company gets no funds
    Zero borrowings in all periods shown PAT growth slowed to 6.4% in FY 2025-26 from 24.8%
    Operating EBITDA margin of 30.75% in FY 2025-26 Cash conversion cycle lengthened from 83 days to 102 days in a year
    2,066 customers in FY 2025-26, across several end industries Top 10 suppliers were 47.76% of total expenses, with no long-term supply contracts
    Exports were 34.69% of revenue, with 90+ countries served since inception The two Maharashtra plants gave 63.49% of FY 2025-26 revenue, so one region carries concentration risk
    Revenue rose from ₹372.95 crore to ₹489.28 crore in two years A joint statutory auditor resigned before finishing the term and was later appointed CFO

     

    Other disclosed risks include product failure leading to claims, regulatory certifications, under-use of capacity, and customer payment delays. Two criminal proceedings are pending against directors. No proceedings are pending against the company itself. The company has filed three tax cases worth ₹0.04 crore.

    How to Apply via Findoc

    1. Log in to your Findoc account.
    2. Open the IPO section and select the HD Fire Protect IPO issue.
    3. Enter your UPI ID and the number of lots. Quantity must be in multiples of 55 shares.
    4. Place your bid within ₹258 to ₹271.
    5. Approve the UPI mandate on your UPI app. The mandate end time is 5:00 PM IST on 15 October 2026.

    You can also apply through your bank’s ASBA facility. If you do not have a demat account, open a demat account before bidding closes on 15 October 2026.

    Checking Your Allotment

    Allotment is tentatively on 16 October 2026. Check the status on the website of MUFG Intime India Private Limited, or on the BSE and NSE allotment pages. You will need your application number, PAN or demat details. Refunds and demat credit are tentatively on 19 October 2026.

    Key Takeaways

    • The IPO opens on 13 October 2026 and closes on 15 October 2026. The price band is ₹258 to ₹271 and the lot size is 55 shares.
    • It is a pure offer for sale of up to 2,62,84,500 shares by two promoters. The company gets no money.
    • Revenue was ₹489.28 crore and PAT ₹116.79 crore in FY 2025-26, with no borrowings.
    • P/E at the cap price is about 40.7 on FY 2025-26 EPS, against a peer average of about 62.9 and a middle value of 51.4.
    • The maximum retail bid is 13 lots, or ₹1,93,765 at the cap price.
    • Key risks are slowing profit growth, a longer cash cycle, supplier and regional concentration and no proceeds to the company.

    Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.

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  • Jio Platforms IPO Review: Price Band, Dates, Lot Size and Financials

    Jio Platforms IPO Review: Price Band, Dates, Lot Size and Financials

    Jio Platforms Limited is planning a fresh issue of up to 27 crore equity shares of face value ₹10 each. The price band, lot size and bidding dates have not been officially announced yet, because the Red Herring Prospectus (RHP) has not been filed. This page covers the issue structure, three years of restated financials, how to work out the P/E once the price band is out, the use of proceeds and the key risks, all from the Draft Red Herring Prospectus (DRHP) dated 19 June 2026.

    Jio Platforms IPO Key Details

    Parameter Details
    IPO Dates Not officially announced. Media reports point to 21 October to 23 October 2026 (tentative)
    Anchor Book Not officially announced. One media report says 19 October 2026 (tentative)
    Face Value ₹10 per equity share
    Price Band Not yet announced. To be disclosed in the RHP
    Lot Size Not yet announced
    Issue Type Book-built, fresh issue only
    Total Issue Size Up to 27,00,00,000 (27 crore) equity shares. Rupee size depends on the price band
    Fresh Issue Up to 27,00,00,000 equity shares
    Offer for Sale Not applicable
    Listing Exchanges BSE and NSE
    Allotment Date Not officially announced. One media report says 26 October 2026 (tentative)
    Credit to Demat Not yet announced
    Listing Date Not officially announced. One media report says 28 October 2026 (tentative)
    Registrar KFin Technologies Limited
    Book Running Lead Managers Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, 360 ONE WAM

     

    Issue structure, face value, registrar and lead managers are from the DRHP dated 19 June 2026. The dates are from media reports of 6 October and 8 October 2026, not from the company, and schedules often shift. This page will be updated when the RHP is filed.

    How the Issue Is Divided

    The issue is made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Shares are reserved for QIBs, NIIs, RIIs, Eligible Employees and Eligible RIL Shareholders. The percentage split is Not disclosed in the DRHP summary and will be confirmed from the RHP (the DRHP covers it under “Issue Structure” on page 467).

    What a Retail Application Will Cost

    Retail investors can bid up to ₹2,00,000 in one application. Once the lot size and price band are announced, the numbers work like this:

    • One lot costs lot size multiplied by the price.
    • Your bank blocks funds at the cap price, even if the final price is lower.
    • Maximum retail lots equal ₹2,00,000 divided by the value of one lot at the cap price, rounded down to a whole number.
    • One lot above that limit moves your application into the small non-institutional category.

    The exact figures will be added after the price band is announced.

    About Jio Platforms

    Jio Platforms Limited (CIN U72900GJ2019PLC110816) has its registered office in Ahmedabad, Gujarat, and its corporate office in Ghansoli, Navi Mumbai. Its promoter is Reliance Industries Limited (RIL). The company describes itself as a technology platform built on digital connectivity, offering mobile and fixed broadband, entertainment, cloud, smart home and AI-based products to consumers and businesses.

    • Its subsidiary Reliance Jio Infocomm Limited (RJIL) had 52.44 crore customers on 31 March 2026, up from 48.82 crore a year earlier.
    • RJIL added 3.62 crore customers in FY 2025-26, against 0.64 crore in FY 2024-25.
    • ARPU for the March 2026 quarter was ₹214.0 per month, up from ₹206.2 a year earlier.
    • Monthly data use per customer was 42.3 GB in the exit quarter, against 33.6 GB a year earlier.
    • Monthly churn for the exit quarter was 1.67%, against 1.81% a year earlier.
    • The company reports a single segment under Ind AS 108, so there is no revenue split by business line.
    • Promoter RIL holds 66.43% before the issue. Jaadhu Holdings (a Meta Platforms affiliate) holds 9.98% and Google International LLC holds 7.73%.

    Financial Performance (Restated Consolidated)

    Particulars (₹ crore) FY 2025-26 FY 2024-25 FY 2023-24
    Revenue from Operations 1,46,885 1,28,218 1,09,558
    EBITDA 76,255 64,170 54,959
    EBITDA Margin 51.91% 50.05% 50.16%
    EBIT 49,007 40,032 32,856
    Profit After Tax (PAT) 30,049 26,109 21,423
    PAT Margin 20.46% 20.36% 19.55%
    Net Worth 3,34,013 3,04,022 2,77,866
    Total Borrowings 70,781 73,060 54,349
    Net Leverage (Net Debt to EBITDA) 0.36x 0.71x 0.88x
    Return on Average Net Worth 9.42% 8.97% 8.02%
    Return on Average Capital Employed 10.76% 12.50% 12.83%
    Net Cash from Operating Activities 77,556 68,156 57,662
    EBITDA less Cash Capex 42,071 19,902 1,449

     

    Over two years, revenue grew at about 15.8% a year, EBITDA at about 17.8% and PAT at about 18.4%. These are our calculations from the table. Revenue growth slowed from 17.0% in FY 2024-25 to 14.6% in FY 2025-26, while PAT growth slowed from 21.9% to 15.1%. Margins, however, held steady or improved.

    The cash picture changed more sharply. EBITDA less cash capex rose from ₹1,449 crore to ₹42,071 crore in two years, and net leverage fell from 0.88x to 0.36x. Operating cash flow of ₹77,556 crore was about 2.6 times PAT, which is common in a business with heavy depreciation. Return on average capital employed, however, slipped from 12.83% to 10.76%, because the capital base grew faster than operating profit.

    These are historical disclosures and do not indicate future performance.

    Valuation Metrics Explained

    Metric FY 2025-26 FY 2024-25 FY 2023-24
    Basic EPS ₹33.63 ₹29.21 ₹23.96
    Diluted EPS ₹33.59 ₹29.17 ₹23.93
    Net Asset Value per Share ₹373.66 ₹340.11 ₹310.85
    Return on Average Net Worth 9.42% 8.97% 8.02%

     

    Weighted average EPS and RoNW are Not disclosed in the DRHP summary, and market cap at the cap price depends on the price band.

    The formulas, in plain words

    • EPS is profit after tax divided by the average number of shares. It shows the profit earned per share.
    • P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
    • RoNW is profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
    • NAV is net worth divided by the number of shares. It is the book value behind each share.

    Working out the P/E

    The DRHP does not show the share price yet. The company decides the price band only after the DRHP is filed, so every figure that depends on the price is still left blank in the document. Once the price band is announced, you can work these figures out yourself in a few steps. Here is how, using the numbers we already know:

    • P/E at floor and at cap: divide each price by the FY 2025-26 diluted EPS of ₹33.59. Every ₹100 of share price equals about 2.98 times earnings.
    • Post-issue P/E: the fresh issue adds 27 crore shares to the existing 893.90 crore, giving 920.90 crore shares after the issue (assuming full subscription). Post-issue EPS is ₹30,049 crore divided by 920.90 crore, about ₹32.63, so post-issue P/E is the price divided by ₹32.63.
    • Price to book: divide the price by the NAV of ₹373.66.
    • Market cap: price multiplied by 920.90 crore shares. Every ₹100 of price equals about ₹92,090 crore.
    • Fresh issue proceeds: every ₹100 of price equals about ₹2,700 crore on 27 crore shares.

    How that compares with listed peers

    The DRHP carries a comparison with listed industry peers under “Basis for Issue Price”, including KPI comparisons. That table is not in the document we worked from, so we have not reproduced it. The peer comparison will be added from the RHP.

    These ratios are shared for educational understanding, not as investment guidance.

    Objects of the Issue

    The issue is a fresh issue only, so the money raised goes to the company and not to selling shareholders. Net proceeds will be used for two purposes:

    Object Amount
    Prepayment, in full or in part, of certain borrowings of RJIL Not yet disclosed. Price dependent
    General corporate purposes Not yet disclosed. Price dependent

     

    Total fund-based borrowings of the company and its subsidiaries were ₹71,529 crore on 31 March 2026. Lender names, interest rates and the share of that debt to be repaid are Not disclosed in the DRHP summary. SEBI rules cap general corporate purposes, and any unidentified acquisitions, at 25% of gross proceeds in total, but the company’s own split is Not disclosed in the DRHP summary. No credit rating is disclosed there either.

    The company also expects to gain a public market for its shares and the other benefits of listing.

    Strengths and Risk Factors

    Strengths Risks
    RJIL served 52.44 crore customers on 31 March 2026 Total borrowings of ₹71,529 crore on 31 March 2026, with debt covenants needing consent for mergers and dividends
    EBITDA margin of 51.91% in FY 2025-26 Monthly churn of 1.67% in the March 2026 quarter
    Net leverage fell from 0.88x to 0.36x in two years RoCE fell from 12.83% to 10.76% in two years
    Data traffic rose from 14,850 crore GB to 24,140 crore GB over two years The “Jio” trademark is also used by other Reliance Group companies, which the company does not control
    Operating cash flow of ₹77,556 crore in FY 2025-26 Reliance on a limited group of passive infrastructure providers for towers and optic fibre
    Monthly data use per customer rose from 28.7 GB to 42.3 GB in two years Licences and spectrum must be renewed or won at auction, and a failure would hurt operations

     

    Other disclosed risks include dependence on related-party agreements with RIL and Reliance Retail, cybersecurity and data breaches, and extensive regulation by TRAI and the Department of Telecommunications.

    Litigation is large in rupee terms. Matters against RJIL and other subsidiaries total about ₹10,811 crore, including 200 tax proceedings. GST input tax credit disputes of ₹6,767 crore are not treated as contingent liabilities. Matters against the promoter RIL total about ₹40,311 crore plus US$4.13 billion.

    This table is a summary. The full list is in the “Risk Factors” section starting on page 29 of the DRHP.

    How to Apply via Findoc

    1. Log in to your Findoc account or open a demat account.
    2. Open the IPO section and select the Jio Platforms IPO issue once bidding opens.
    3. Enter your UPI ID and the number of lots. Quantity must be in multiples of the lot size.
    4. Place your bid within the price band.
    5. Approve the UPI mandate on your UPI app before 5:00 PM IST on the closing date.

    You can also apply through your bank’s ASBA facility. If you do not have a demat account yet, open one before the bidding window closes.

    Checking Your Allotment

    The allotment date is not yet confirmed. Once it is, you can check status on the website of the registrar, KFin Technologies, or on the BSE and NSE IPO allotment pages. You will need your application number, PAN or demat account details. Refund and demat credit dates will be added once announced.

    Key Takeaways

    • The IPO is a fresh issue of up to 27 crore equity shares of face value ₹10, with no offer for sale.
    • Price band, lot size and official dates are not yet announced. Media reports suggest bidding around 21 to 23 October 2026.
    • Revenue was ₹1,46,885 crore and PAT ₹30,049 crore in FY 2025-26, with an EBITDA margin of 51.91%.
    • Diluted EPS is ₹33.59 and NAV is ₹373.66, so you can work out P/E and P/B as soon as the price band is out.
    • Proceeds go to prepaying RJIL debt and general corporate purposes. RIL’s stake falls from 66.43% to about 64.48% after the issue, assuming full subscription.
    • Key risks include debt, licence and spectrum renewal, churn, related-party dependence and a large litigation book.

    Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.

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