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Jyoti CNC Automation IPO
Jyoti CNC Automation Limited
₹14,175 /45 sharesMinimum Investment
Jyoti CNC Automation IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 9 Jan ‘24 - 11 Jan ‘24 | ₹14,175 | 45 | ₹315 - ₹331 |
| Issue Size | IPO Doc |
|---|---|
| 1000.00Cr | RHP PDF |
Subscription rate
| Qualified Institutional Buyers | 44.13x |
| Non-Institutional Investor | 36.48x |
| Retail Individual Investor | 26.17x |
| Employees | 12.47x |
| Total | 38.53x |
About Jyoti CNC Automation
Founded in
1991
Managing director
Mr. Parakramsinh Ghanshyamsinh Jadeja
Parent organisation
Jyoti CNC Automation Limited
Strengths & Financials of Jyoti CNC Automation
Strengths
Risks
The company holds 10% market share in India, making it the third-largest CNC machine manufacturer in the country. Since April 1, 2004, Jyoti CNC has globally supplied over 30,000 CNC machines. In the six months ending September 30, 2023, and the past three fiscal years, the company supplied over 8,400 machines to more than 3,500 customers in India, Asia (excluding India), Europe, North America, and other parts of the world.
Apart from India, Jyoti CNC Automation distributes its products to 16 other countries across Asia, Europe and North America through an established dealer network.
The company has 29 sales and service centers, covering 12 states in India. As of September 30, 2023, the order book amounted to Rs. 33,153.26 crores, including a Rs. 3,049.17 crores order from an entity in the electronics manufacturing services (EMS) industry.
As of September 30, 2023, Jyoti CNC offered customers a selection of 200 variants in 44 series, spanning CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs), CNC Horizontal Machining Centers (HMCs), CNC 3-Axis Machining Centers, CNC 5-Axis Machining Centers, and Multi-Tasking Machines.
Jyoti CNC Automation Limited has experienced financial setbacks, leading to losses and a negative return on equity in the past. These losses may impact future growth prospects and limit the ability to take actions such as declaring dividends.
The company carries significant indebtedness with substantial debt servicing obligations. A high debt-equity ratio and a low debt-service coverage ratio pose risks to liquidity and debt servicing if sufficient cash flows from operations are not generated. As of September 30, 2023, the company's total sanctioned and outstanding loans stood at Rs. 1280.54 crores and Rs. 976.887 crores, respectively. The company has availed unsecured loans aggregating Rs. 82.035 crore for general corporate purposes, which may be recalled at any time, potentially impacting profitability and future growth.
The company does not enter into long-term purchase contracts with its customers and is therefore dependent on its customer-relationship management. This exposes it to the risk that may arise from the inability to retain established customers in the long run.
Jyoti CNC Automation Limited has pending legal proceedings, including criminal cases involving the company, promoters, directors, and subsidiaries, which, if unfavorable, could have a material adverse effect on business, cash flows, and financial condition.
The company has not paid dividends in the six months ending September 30, 2023, and the last three years, with uncertainty about future dividend payments.
One of the group companies, Favourite Fabtech Private Limited, has not prepared its financial statements for the year 2023, raising concerns about potential fines and regulatory proceedings.
The company has occasionally delayed paying undisputed statutory dues like provident fund, income tax, goods and service tax, and cess. For example, during the six months ending September 30, 2023, there were delays in six instances, with amounts totaling Rs. 4.444 crore. In Fiscal 2023, there were eleven instances, amounting to Rs. 7.287 crore. In Fiscal 2022, twelve instances resulted in Rs. 6.748 crore, and in Fiscal 2021, there were twelve instances, with an aggregate of Rs. 6.601 crore.
Jyoti CNC Automation Financials
*All values are in Rs. Cr
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Application Details of Jyoti CNC Automation IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹315 - 331 | Upto ₹2 Lakh |
| Employee | ₹300 - 316 | Upto ₹2 Lakh |
| High Networth Individual | ₹315 - 331 | ₹2 - 5 Lakh |
For Jyoti CNC Automation IPO, eligible investors can apply as Regular & Employee.