Yogiji Digi IPO

Incorporated in September 1993, Yogiji Digi Limited is one of India’s leading indigenous and integrated flat steel processing solution providers. The company is engaged in designing, manufacturing, and supplying equipment for cold rolling and downstream steel processing. It offers end-to-end turnkey solutions including Cold Rolling Mills (CRM), Pickling Lines, Annealing and Pickling Lines, Metal Coating Lines (GI/GL/ZM), Color Coating Lines, Skin Pass Mills, Acid Regeneration Plants, electrical and automation solutions, spares, components, and revamp & retrofitting services for domestic and international steel manufacturers. The company operates three advanced manufacturing facilities in Palwal, Haryana, with integrated design, engineering, fabrication, machining, assembly, and automation capabilities.

Yogiji Digi Limited IPO Overview

Yogiji Digi Limited filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 20, 2026, for a Book Built Issue IPO comprising a fresh issue of ₹2,700.00 million and an Offer for Sale (OFS) of up to 0.72 crore equity shares by existing shareholders. The equity shares are proposed to be listed on BSE and NSE. Emkay Global Financial Services Ltd. is the Book Running Lead Manager, and Bigshare Services Pvt. Ltd. is the Registrar to the Issue. Key details including IPO dates, price bands, and lot size are yet to be announced. The company’s pre-issue shareholding stands at 5,67,14,910 equity shares, with promoters holding 45.27% and public holding 54.73%.

Yogiji Digi Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹2,700.00 million + OFS of up to 0.72 crore shares
Fresh Issue	₹2,700.00 million
Offer for Sale (OFS)	Up to 0.72 crore equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	56,714,910 shares
Shareholding post-issue	TBA

Yogiji Digi Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Yogiji Digi Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Yogiji Digi Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	₹7.13
Earnings Per Share (EPS) – Diluted	₹7.13
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	21.31%
Net Asset Value (NAV)	₹37.03
Return on Equity (RoE)	21.31%
Return on Capital Employed (RoCE)	17.70%
EBITDA Margin	10.81%
PAT Margin	6.46%
Debt to Equity Ratio	0.91

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Funding working capital requirements of the Company	1,400.00
Pre-payment / re-payment, in part or full of certain outstanding borrowings	450.00
General corporate purposes*	[●]

*Note: The amount to be utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds. The Company may also consider a Pre-IPO Placement of up to ₹390.00 million prior to filing of the Red Herring Prospectus.

Yogiji Digi Limited Financials (in ₹ million)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	6,442.80	4,458.36	3,601.46
Revenue from Operations	6,261.12	4,796.83	3,965.30
Profit After Tax	404.24	280.40	199.32
Reserves and Surplus	1,532.95	1,666.07	777.20
Total Borrowings	1,900.90	905.14	587.03
Total Liabilities	4,342.70	2,765.28	2,805.35

Financial Status of Yogiji Digi Limited

Yogiji Digi Limited IPO Strengths

1. One of India’s Leading Integrated Flat Steel Processing Equipment Manufacturers

Yogiji Digi Limited has established itself as one of India’s premier indigenous flat steel processing solution providers, with an estimated market share of approximately 53% in the Cold Rolling Mill segment and about 38% in Galvanizing Lines. The company’s strong industry positioning is validated by its market share of around 30.21% in the domestic process mills segment, reaffirming its leadership in the industry.

2. End-to-End Turnkey Capabilities with In-House Design and Engineering

Yogiji Digi Limited offers comprehensive turnkey solutions encompassing design, engineering, fabrication, machining, assembly, and automation. The company operates three advanced manufacturing facilities in Palwal, Haryana, with backward-integrated operations enabling in-house manufacturing of critical components. This integration ensures superior quality, cost efficiency, and timely project execution, providing a significant competitive advantage.

3. Diversified Product Portfolio and Strong Customer Relationships

Yogiji Digi Limited serves a diverse customer base across independent flat steel manufacturers and integrated steel producers, with marquee clients including ArcelorMittal Nippon Steel India, APL Apollo Building Products, Jindal Steel Odisha, and BMW Industries. The company has executed over 180 projects and maintains long-standing relationships, with repeat orders contributing significantly to revenue.

4. Strong Technology Partnerships and Experienced Management

Yogiji Digi Limited has strategic technology partnerships for Zinc Magnesium coating lines and automotive-grade galvanizing technologies, strengthening its position in advanced steel processing solutions. The company is led by experienced promoters with over 90 years of cumulative industry expertise, providing strong leadership and technical direction.

5. Proven Track Record of Robust Financial Performance

Yogiji Digi Limited has demonstrated consistent financial growth with total revenue from operations reaching ₹6,261.12 million in FY26 from ₹3,965.30 million in FY24, representing a CAGR of 25.66%. Profit After Tax grew from ₹199.32 million in FY24 to ₹404.24 million in FY26, reflecting strong operational leverage and margin expansion.

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More About Yogiji Digi Limited

1. Company Overview

Yogiji Digi Limited, incorporated in September 1993 and formerly known as Digi Drives Pvt Ltd, is a Haryana-based company that has emerged as one of India’s leading indigenous flat steel processing solution providers. The company is engaged in designing, manufacturing, and supplying equipment for cold rolling and downstream steel processing, offering end-to-end turnkey solutions to domestic and international steel manufacturers.

2. Product Portfolio

The company’s comprehensive product portfolio includes:

A. Cold Rolling Mills (CRM)

B. Pickling Lines and Annealing & Pickling Lines

C. Metal Coating Lines (GI/GL/ZM)

D. Color Coating Lines

E. Skin Pass Mills

F. Acid Regeneration Plants

G. Electrical and automation solutions

F. Spares, components, and revamp & retrofitting services

3. Manufacturing Capabilities

Yogiji Digi Limited operates three advanced manufacturing facilities in Palwal, Haryana, with integrated design, engineering, fabrication, machining, assembly, and automation capabilities. The company has enhanced its monthly assembly capacity from 492.43 metric tonnes to 763.29 metric tonnes and can now assemble up to eight mill housings concurrently. The commissioning of the furnace fabrication section in January 2026 added approximately 855.45 MTPA of capacity.

4. Customer Base and Order Book

The company has built a diverse customer base with marquee clients including ArcelorMittal Nippon Steel India, APL Apollo Building Products, Jindal Steel Odisha, BMW Industries, and international customers across Africa, the Middle East, and North America. As of May 31, 2026, the order book aggregated to ₹13,130.41 million, with domestic orders accounting for 94.02%.

5. Financial Performance

Yogiji Digi Limited’s revenue increased by 31% and PAT rose by 44% between FY25 and FY26. The company’s EBITDA margins expanded from 7.69% in FY24 to 10.81% in FY26, reflecting improved operational efficiency and scale benefits.

6. Management Team

The company is led by promoters Navneet Singh, Sameer Bansal, and Satish Kumar Tripathi, who collectively bring over 90 years of experience in the steel processing and industrial engineering sectors. As of May 31, 2026, the company employed 280 professionals across engineering, manufacturing, project execution, quality control, sales & marketing, procurement, finance, HR, and administration functions.

Industry Outlook

1. Indian Flat Steel Processing Equipment Market

The Indian flat steel processing equipment market is poised for significant growth, driven by the country’s expanding steel production capacity and increasing demand for value-added steel products. The domestic steel market was valued at approximately USD 140.5 billion in 2025 and is projected to grow to USD 227.38 billion by 2032, exhibiting a CAGR of 7.12%. The metal fabrication market in India is expected to grow from USD 8.03 billion in 2025 to USD 11.56 billion by 2031, at a CAGR of 6.32%.

2. Growth Drivers and Market Dynamics

The cumulative demand for process mill equipment comprising Hot Rolling Mills, Cold Rolling Mills, galvanizing lines, and Color Coating Lines is projected to increase from approximately ₹90,000-95,000 million (FY22-26) to about ₹155,000-165,000 million (FY27-31), representing growth of around 68-73%. CRM demand alone is projected to grow approximately 175-180% during this period, while Galvanizing Line demand is expected to grow 140-145%.

3. Key Growth Drivers

A. Infrastructure Development

Rapid urbanization and industrialization are driving demand for flat steel products across construction, automotive, and consumer durables sectors

B. Capacity Expansion

Domestic mills are targeting to add fresh capacities accumulating to 20-21 MTPA, entailing sizeable investments in processing equipment

C. Import Substitution

Government initiatives like ‘Make in India’ are encouraging domestic manufacturing of steel processing equipment

D. Electrical Steel Demand

Domestic demand for electrical steel is expected to increase from 2.50-2.60 million tonnes (FY26) to 3.20-3.30 million tonnes by FY31, at a CAGR of 4.5-5.5%

E. Automotive Sector Growth

Increasing automotive production and the shift toward electric vehicles are driving demand for high-quality cold-rolled and coated steel products

4. Spares and Consumables Market

The domestic market for spares and consumables used in HRM and CRM is projected to grow from approximately ₹38,000-42,000 million (FY22-26) to ₹70,000-75,000 million (FY27-31), reflecting an overall increase of 82-86%. The HRM spares segment is expected to rise to approximately ₹57,000-62,000 million, while the CRM spares segment is projected to expand to around ₹13,000-15,000 million.

How Will Yogiji Digi Limited Benefit

1. Yogiji Digi Limited stands to benefit significantly from the projected 68-73% growth in the domestic process mills equipment market between fiscals 2027 and 2031, with CRM demand expected to grow approximately 175-180%, directly supporting its core product portfolio

2. The company’s expansion into the Hot Rolling Mill segment and CRGO steel processing lines positions it to capture upstream opportunities, addressing a market that has historically been dominated by foreign equipment manufacturers

3. With a robust order book of ₹13,130.41 million as of May 31, 2026, the company has strong revenue visibility with approximately 70% expected to be executed within 12 months, providing stable earnings visibility

4. The projected growth in the spares and consumables market from ₹38,000-42,000 million to ₹70,000-75,000 million presents a significant opportunity for Yogiji Digi to scale its higher-margin spares business, targeting a doubling of spares revenue contribution

5. Government initiatives promoting domestic manufacturing and import substitution create a favorable policy environment for the company’s indigenously developed solutions

6. The increasing demand for electrical steel (projected to grow at 4.5-5.5% CAGR through FY31) supports the company’s expansion into CRGO steel processing lines

7. Yogiji Digi’s established presence in export markets, particularly in Africa where it is a market leader, positions it to benefit from ongoing industrialization and infrastructure development across emerging economies

8. The company’s expanded manufacturing capacity, with monthly assembly capacity increased to 763.29 metric tonnes and the ability to assemble up to eight mill housings concurrently, enables it to execute larger and more complex orders efficiently

Peer Group Comparison

Name of Company	Face Value (₹ )	P/E – Basic	P/E – Diluted	EPS – Basic (₹)	EPS – Diluted (₹)	RoNW (%)	NAV (₹)
Yogiji Digi Limited	10	[●]*	[●]*	7.13	7.13	21.31	37.03
Peer Group
John Cockerill India Limited	10.00	252.51	252.51	36.59	36.59	8.79	425.58
Isgec Heavy Engineering Limited	1.00	19.52	19.52	47.16	47.16	13.46	371.77
Lloyds Engineering Works Limited	1.00	96.36	98.53	0.91	0.89	10.56	11.08

Key Strategies for Yogiji Digi Limited

1. Expand Product Portfolio into New and High-Value Steel Processing Technologies

Yogiji Digi Limited is pursuing a twin-pronged growth strategy of expanding its product portfolio into new and high-value steel processing technologies while simultaneously augmenting its manufacturing capacity. The company is entering the Hot Rolling Mill segment, representing a significant upstream opportunity, and has secured its first order for TCRM. It also intends to deepen its presence in the electrical steel processing segment by broadening offerings across CRGO steel processing lines.

2. Consolidate and Strengthen Market Position in Downstream Processing Lines

Yogiji Digi Limited aims to further consolidate its leadership position by offering cost-competitive, indigenously developed solutions that meet international quality standards. The company is committed to continuously enhancing the performance and value proposition of its existing products through targeted innovation initiatives, including developing subscription-based AI-enabled digital platforms and enhancing product portfolios to address automotive-grade and white goods-grade requirements.

3. Broaden Upstream Capabilities and Grow the Spares Business

Yogiji Digi Limited intends to significantly scale its spares and components business, with a target of doubling its contribution to total revenue. The company is expanding spares supply capabilities into the upstream steel processing segment, covering equipment such as Hot Rolling Mills. This segment represents a largely underpenetrated opportunity and will enable the company to meaningfully broaden its addressable customer base beyond existing clientele.

4. Geographical Expansion of Customer Base and Market Diversification

Yogiji Digi Limited seeks to strengthen relationships with existing customers while progressively expanding its customer base across international markets. The company’s geographic expansion focuses on key markets including Africa (where it is a market leader), the Middle East, Eastern Europe, Europe, Latin America, South-East Asia, and North America. Through calibrated international expansion, the company aims to diversify its revenue base and reduce exposure to geographic concentration risks.

5. Execute Order Book with Quicker Turnaround Through Expanded Assembly Capacity

Yogiji Digi Limited prioritizes timely execution of its unexecuted order book by improving turnaround time across fabrication, machining, assembly, testing, and dispatch. The company has increased CRM housing assembly capability from two mill housings to up to eight mill housings concurrently and enhanced monthly assembly capacity. Adequate working capital deployment supports this strategy by enabling timely procurement of bought-out items and critical spares required for uninterrupted execution.