Q1. What is the business of Jajoo Rashmi Refractories Limited?

Jajoo Rashmi Refractories manufactures refractory products, ferro alloys, quartz materials, and ramming mass used in steel and industrial furnaces. The company supplies globally, with exports contributing the majority of its revenue.

Q2. Why is the company raising funds via IPO?

The IPO proceeds will be used for capacity expansion, establishing a new ferro-alloy plant, meeting working capital needs, and supporting overall business growth, strengthening its manufacturing capabilities and export operations.

Q3. What is the size of the issue and where will it list?

The IPO is a fresh issue worth ₹150 crore. Shares are proposed to be listed on BSE and NSE.

Q4. What are the risks to an investor?

Key risks include heavy dependence on exports, industry cyclicality, global demand fluctuations, competition from larger refractory players, and uncertainties around pricing, raw material costs, and final IPO valuation.

Q5. What are the potential upsides?

Strong export presence, diversified refractory and ferro-alloy products, multi-location manufacturing, and expansion plans funded by the IPO may support higher growth, global market penetration, and improved operational scale.

Q6. How to apply for the IPO?

Investors can apply through any broker app (Zerodha, Upstox, Groww, Angel One), using ASBA via net banking or UPI. Select the IPO, enter lot quantity, approve UPI mandate, and submit.

Jajoo Rashmi Refractories Limited

Upcoming

16 July 2026

0

Rating

“Jajoo Rashmi Refractories Pvt. Ltd. is engaged in the manufacturing and supply of high-quality refractories used across steel, cement, and industrial furnace applications. With its long-standing expertise and focus on durable, high-performance refractory solutions, the company is positioning itself for broader expansion through its proposed IPO.”

The company was incorporated on April 18, 1995, Mr. Sunil Jaju — he is the Chairman & Managing Director.

Jajoo Rashmi Refractories Limited offers a comprehensive range of ferro alloys including ferro silicon, ferro manganese, and silico manganese, which enhance steel properties like strength, hardness, and corrosion resistance. It also produces refractory products such as silica ramming mass, casting powders, and quartz powder, while importing complementary materials like high-carbon ferrochrome and calcined petroleum coke for integrated solutions.

Subscription date to apply for Jajoo Rashmi Refractories Limited starts and closes on TBA. Price band for the IPO is TBA.

Year	2024
Networth	~ ₹ 77.26 Cr
Revenue	~ ₹ 334.03 Cr
EBITDA	~ ₹ 32.77 Cr
PAT	~ ₹ 24.28 Cr
EBITDA Margin	~9.81%
PAT Margin	~7.27%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Part-finance proposed Bokaro ferro-alloy plant	~ ₹ 61.83 Cr
Working Capital Requirement	~ ₹ 47.67 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2022	2023	2024
Revenue (₹ Cr)	₹ 233.4	₹ 306.8	₹ 334.0
PAT (₹ Cr)	₹ 8.8	₹ 22.9	₹ 24.3
Asset (₹ Cr)	₹ 65.2	₹ 86.6	₹ 129.9
Net Worth (₹ Cr)	₹ 26.8	₹ 49.7	₹ 77.3

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
17-Jun	₹ –	₹ –	₹ –
16-Jun	₹ –	₹ –	₹ –
15-Jun	₹ –	₹ –	₹ –
14-Jun	₹ –	₹ –	₹ –
13-Jun	₹ –	₹ –	₹ –

Pros

Strong export-driven business with over 90% revenue from international markets, indicating global demand and diversified customer base.
Established manufacturing infrastructure across multiple states, providing scale and logistical advantage.
Promoter-driven company with nearly three decades of industry experience.
Growing presence in refractory and ferro-alloy segments, both essential for steel and industrial sectors.
IPO proceeds aimed at capacity expansion and working capital, supporting future growth.

Cons

Heavy dependence on exports makes revenue vulnerable to global market fluctuations.
Concentrated industry exposure, mainly tied to steel and furnace sectors.
Limited public financial track record compared to larger listed peers.
Price band and valuation not announced, creating uncertainty for investors.
Competition from larger domestic and international refractory manufacturers may pressure margins.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Sunil Jaju	~73.36%
Himalaya Commodeal Private Limited	~16.61%
Saurabh Jaju	~2.62%
Sunil Jaju Karta HUF	~0.99%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	-	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Unistone Capital Private Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Jajoo Rashmi Refractories Limited?
Jajoo Rashmi Refractories manufactures refractory products, ferro alloys, quartz materials, and ramming mass used in steel and industrial furnaces. The company supplies globally, with exports contributing the majority of its revenue.
Q2. Why is the company raising funds via IPO?
The IPO proceeds will be used for capacity expansion, establishing a new ferro-alloy plant, meeting working capital needs, and supporting overall business growth, strengthening its manufacturing capabilities and export operations.
Q3. What is the size of the issue and where will it list?
The IPO is a fresh issue worth ₹150 crore. Shares are proposed to be listed on BSE and NSE.
Q4. What are the risks to an investor?
Key risks include heavy dependence on exports, industry cyclicality, global demand fluctuations, competition from larger refractory players, and uncertainties around pricing, raw material costs, and final IPO valuation.
Q5. What are the potential upsides?
Strong export presence, diversified refractory and ferro-alloy products, multi-location manufacturing, and expansion plans funded by the IPO may support higher growth, global market penetration, and improved operational scale.
Q6. How to apply for the IPO?
Investors can apply through any broker app (Zerodha, Upstox, Groww, Angel One), using ASBA via net banking or UPI. Select the IPO, enter lot quantity, approve UPI mandate, and submit.