Jivial Industries Limited

1. Overview

Jivial Industries Limited is a Rajkot, Gujarat-based manufacturer of finished aluminium railings and fixtures, operating in the architectural aluminium products / building materials segment. Originally established as a proprietorship "M/s Jivial Industries" in 2018, the business was acquired by Jivial Industries Private Limited (incorporated June 23, 2021) under a Business Transfer Agreement dated September 29, 2023, and converted to a Public Limited Company in January 2024.

The Company manufactures finished aluminium railings and fixtures from unfinished extruded aluminium railings and unfinished aluminium castings, engineered to hold glass for partitions, balconies, viewing windows and building facades. Its Unit-I manufacturing facility at Aji GIDC, Rajkot spans 6,500 sq. ft. and is ISO 9001:2015 and ISO 14001:2015 certified. The Company holds 3 patents from the Patent Office, Government of India, for proprietary Spigot designs.

Its customer base has expanded from 291 to 327 customers over the last 3 years. Geographic concentration is heavy in Gujarat, Maharashtra and Chhattisgarh, which together contributed 72.87% / 67.82% / 62.55% of revenues in FY25/FY24/FY23 respectively.

2. Business Model and Revenue Streams

Revenue Composition

The Company operates a B2B-led manufacturing model serving small and medium construction companies, architects, interior designers, glass providers, fabricators, and a network of 35 appointed distributors.

Product-wise Revenue Breakup (₹ in crores):

Geographical Revenue Concentration (FY25):

Operating Metrics & Concentration

• Pricing Model: Custom-engineered orders priced as per customer specifications; railings sold in running feet, fixtures sold in pieces.
• Sales Channel Mix: Direct sales to construction contractors, architects and interior designers; distribution network of 35 distributors; presence on Indiamart, Alibaba B2B portals plus social media (Instagram, YouTube, LinkedIn, Facebook).
• Job-Work Outsourcing: Periodic outsourcing of finishing processes (powder coating etc.) to external workshops during demand spikes — ₹38.5 lakhs (9M FY26), ₹35.41 lakhs (FY25), ₹34.58 lakhs (FY24).
• Supplier Concentration: Top 10 suppliers contributed 80.14% of total purchases in 9M FY26 (down from 87.02% in FY25 and 90.70% in FY24). The largest supplier alone accounted for 26.78% in 9M FY26.
• Raw Material Geography: 100% indigenous procurement in FY25 (from Gujarat). Minor 4.61% import from Vietnam observed in FY24 only.
• Raw Material Intensity: Cost of materials consumed = 60.14% / 64.95% / 68.60% of revenue in FY25/FY24/FY23 — improving margin profile via better procurement.

3. Products and Service Portfolio

Product Lines

The Company manufactures 9 distinct product categories across two principal railing types and seven supporting fixture types:

Railings (primary revenue driver — 81.60% of 9M FY26 revenue):

• Continuous Profiles (Aluminium Railings): For holding glass at the bottom — sold in running feet.
• Handrails (Aluminium Hand Railings): For holding glass at the top with hand support — sold in running feet.

Fixtures (supporting product line):

• Aluminium Spigots — bracket-like glass holders from the bottom; patented design.
• Aluminium Conceal — wall connector for handrail mounting.
• Aluminium Bend — angular joiners (fixed and modular).
• Aluminium Bracket — bottom glass holders (retail-focused).
• Aluminium Jointer — section connectors for railings.
• Aluminium Lock — locking mechanism for railing assembly.
• Aluminium Endcap — cross-section finish caps.

Installed Capacity and Utilization

Capacity utilization in Railings rose from 56% (FY23) to 81% (FY25) — approaching saturation and driving the IPO-funded capacity expansion. Proposed Unit-II at Samadhiya, Tal. Rajkot will scale railing capacity from 1,93,000 to 15,80,000 running feet (8x) and fixtures capacity from 2,42,000 to 19,85,000 pieces, plus add 1,248 MT of GFRP Rebars as a new product line.

Manufacturing Process

A 7-step in-house process: Cutting → Drilling → Buff Polishing → Powder Coating → Cleaning and Washing → Packing → Dispatch. Manufacturing infrastructure includes 5 cutting machines, 10 drill machines, 2 buff polishing machines, 1 powder coating oven, 1 powder coating bath, and supporting equipment — all company-owned.

4. Key Business Strengths

• Backward Integration Capability via Unit-II expansion: Proposed installation of 15,80,000 running feet aluminium extrusion capacity — more than 8x current requirement — gives control over raw material costs, logistics and inventory.
• Patent-protected Product Differentiation: 3 patents granted by the Indian Patent Office for proprietary Spigot designs, creating product moat in a commoditised industry.
• Low Leverage with Healthy Liquidity: D/E ratio of 0.04 in FY25; Current Ratio of 6.33x
• ISO-certified Manufacturing with Promoter Expertise: 9+ years' hands-on experience of MD Mr. Anand Chovatiya in aluminium railing manufacturing; dual ISO certifications (9001:2015 and 14001:2015).
• Diversified India-wide Customer Base: Customer count expanded from 291 to 327 in 3 years; pan-India presence across 20+ states plus Oman export.

5. Future Growth Strategy

• Capacity Expansion at Unit-II (Samadhiya, Rajkot): Multi-fold scaling of railing and fixture capacity — 8x in railings, ~8x in fixtures — enabling pursuit of larger commercial and infrastructure orders.
• Backward Integration into Aluminium Extrusion: In-house extrusion of unfinished aluminium railings (currently 100% outsourced) — targeting margin uplift via raw material cost control and logistics savings.
• New Product Line — GFRP Rebars: Manufacturing capability for Glass Fibre Reinforced Polymer Rebars (1,248 MT) as a substitute to traditional metal rebars — opens up the construction reinforcement market as a fresh revenue vertical.
• Digital Marketing Expansion: Selective and aggressive advertising spend on Instagram, Google, and B2B portals (Indiamart, Alibaba) to drive direct lead generation.
• Sales Network Build-out in Smart Cities: Appointment of dealers in proposed smart cities and Tier-II/Tier-III centres; in-house pan-India sales representative team under formation.
• Scale-driven Operating Leverage: Fixed sales, marketing and administration costs expected to remain stable as revenue scales — driving further margin expansion via operating leverage.
• Deepening Existing Customer Wallet Share: New product offerings (GFRP Rebars) cross-sold into existing construction-segment customer base to maximise lifetime value.