J Pan Tubular Components Limited

• Funding the Capital Expenditure requirements towards expansion of our Sanand Facility at Sanand, Gujarat₹4.27k Cr
• Funding the Capital Expenditure requirements towards setting up of a new manufacturing facility at Sri City, Andhra Pradesh₹2.05k Cr
• Repayment and/or pre-payment, in full or in part, of borrowing availed by our Company₹3.50k Cr
• General corporate purposes

• The loss of any of our top 5 customers could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our top 5 customers contributed 84.09%, 79.15% and 75.45% of revenue from operations in the Fiscals 2026, 2025 and 2024, respectively.(Customer Concentration)

• The loss of any of our top 10 customers could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our top 10 customers contributed 96.60%, 96.02% and 92.01% of revenue from operations in the Fiscals 2026, 2025 and 2024, respectively.(Customer Concentration)

• We are significantly dependent on HVAC components, which contributed 77.84%, 75.66% and 76.11% of our revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. A decline in the sale of HVAC components could have a material adverse impact on our business, financial condition, results of operations and prospects.(Product Concentration)

• The HVAC segment accounts for nearly 65% of total market demand (approximately INR 122.3 billion), making it the single largest and most volume-intensive end-use sector. A decline in the sale of HVAC components could have a material adverse impact on our business, financial condition, results of operations and prospects.(Market Concentration)

• We cannot assure you that we will be able to maintain our historic levels of business from our top 5 and top 10 customers or that we will be able to significantly reduce client concentration in the future.(Customer Concentration)

• We may lose all or a significant portion of sales to any of our top 5 and top 10 customers for any reason including inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respective industries or high growth segments, disputes with these customers, adverse changes in their financial condition, insolvency or bankruptcy of these customers, decrease in their sales, facility closures, any action undertaken by the government affecting business of these customers, or labour strikes affecting their production.(Customer Concentration)

• The names of certain customers have not been included in this Draft Red Herring Prospectus either because relevant consents for disclosure of their names were not available or in order to preserve confidentiality.(Customer Concentration)

• The Restated Financial Statements of our Company for Fiscal 2025 have been prepared on a consolidated basis, as Sai Ganesh Exports Private Limited became a wholly-owned subsidiary of our Company during Fiscal 2025. Subsequently, Sai Ganesh Exports Private Limited was amalgamated with our Company in Fiscal 2026.(Corporate Structure)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.