Yogiji Digi Limited
DRHP · filed 29 Jul 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Yogiji Digi Limited is a manufacturer of flat steel processing equipment with a revenue of Rs 626.11 crore in Financial Year 2026 and a 25.66% revenue CAGR over the last two years. The company is not loss-making, with a Return on Equity of 19.25% and a debt-to-equity ratio of 0.91. The IPO consists of a fresh issue of Rs 2700 crore with no offer for sale. The company faces high risks related to customer concentration, as its top ten customers contributed over 96% of revenue, and dependence on the capital expenditure plans of steel industry customers.
What stands out
Risk factor. Our top ten customers contributed 82.10%, 79.35% and 96.89% of our revenue from operations for Financial Years 2026, 2025 and 2024, respectively. We do not have long-term contracts with our major customers, and any reduction in purchases by or loss of these customers could adversely affect our busin
Risk factor. Our revenue from operations grew by 57.90% to ₹6,262.12 million in Financial Year 2026 from ₹3,965.30 million in Financial Year 2024. Our business performance and future order inflows are significantly influenced by customer demand for new flat steel processing equipment. Any reduction in such deman
Risk factor. Our flat steel processing business is dependent on the capital expenditure plans of our customers in the steel industry. Any factors adversely impacting the business of our customers, including downturns in the steel sector, overcapacity, import/export restrictions, or regulatory changes may result
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 25.7%.
Healthy return on equity. ROE of 19.2%.
How the offer is structured
Fresh issue
₹2.70k Cr
New capital into the company
OFS share
0%
- Funding working capital requirements of our Company₹1.40k Cr
- Pre-payment / re-payment, in part or full of certain outstanding borrowings availed by our Company₹450 Cr
- General corporate purposes
Restated financials
Revenue
₹626 Cr
Latest fiscal year
Profit after tax
₹40.4 Cr
Revenue CAGR
25.7%
Return on equity
19.3%
Debt / equity
0.91
PAT CAGR
42.4%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹397 Cr | ₹19.9 Cr | ₹79.6 Cr | |
| 2025 | ₹480 Cr | ₹28.0 Cr | ₹169 Cr | |
| 2026 | ₹626 Cr | ₹40.4 Cr | ₹210 Cr |
Promoters, litigation & related parties
Promoter (pre)
43.8%
Except as disclosed in this section
Risks the company discloses
Our top ten customers contributed 82.10%, 79.35% and 96.89% of our revenue from operations for Financial Years 2026, 2025 and 2024, respectively. We do not have long-term contracts with our major customers, and any reduction in purchases by or loss of these customers could adversely affect our business, results of operations and financial condition.(Customer Concentration)
Our business is operated at our Manufacturing Units located at Palwal, Haryana, aggregating to cumulative installed capacity of 6,764.55 metric tonnes per annum as of March 31, 2026. Underutilization of our installed manufacturing capacities, whether due to lower demand, supply chain disruptions, or other operational constraints, may result in reduced operating efficiency, increased per-unit costs, and lower profitability.(Operational Risk)
Our revenue from operations grew by 57.90% to ₹6,262.12 million in Financial Year 2026 from ₹3,965.30 million in Financial Year 2024. Our business performance and future order inflows are significantly influenced by customer demand for new flat steel processing equipment. Any reduction in such demand, adverse changes in steel market conditions, or shifts in government policies may have a material impact on our business, results of operations, cash flows, and overall financial condition.(Market Demand)
Our flat steel processing business is dependent on the capital expenditure plans of our customers in the steel industry. Any factors adversely impacting the business of our customers, including downturns in the steel sector, overcapacity, import/export restrictions, or regulatory changes may result in cancellation, downsizing, or deferral of their capital expenditure plans, which in turn could have a material adverse effect on our business, results of operations, cash flows and financial condition.(Customer Dependence)
We derive majority of our revenue from our top 10 customers and from repeat orders placed by existing customers who have previously engaged with us. An inability to secure repeat orders could have a material adverse effect on our business, results of operations and financial condition.(Customer Concentration)
Our business is significantly dependent on demand for steel processing equipment from our customers, who are influenced by overall steel consumption trends, capacity expansion plans, and industry cycles.(Market Demand)
We make significant decisions, including determining the levels of business that we will seek and accept, production schedules, personnel requirements and other resource requirements, based on our estimates of customer orders for our products. Any variation between anticipated and actual demand may result in a mismatch between production and capacity utilisation, which could affect our operating efficiency and costs.(Operational Risk)
We typically have manpower resources at a single location which helps keep checks on the product quality and inspections along with keeping manufacturing and delivery timelines in check. Changes in demand for our products could make it difficult to schedule production and lead to a mismatch of production and capacity utilisation. Any such mismatch leading to over or under utilisation of our Manufacturing Units could adversely affect our business, results of operations, cash flows and financial condition.(Operational Risk)
How this document reads, dimension by dimension
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.

