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Jesons Industries makes coating materials and adhesives, with these two lines driving most of its revenue and a smaller trading business filling in the rest. The DRHP also identified changing profit margins, up and down debt levels, increasing working capital requirements, a business that is heavily dependent on two product categories, exposure to fluctuations in raw material prices and competition from other entities in the coatings and adhesives market as major business risks. Investors should read the DRHP and other publicly available information before investing.
India's chemical industry has been on a steady climb, pushed along due to supportive government policies and adaptation of new manufacturing technologies. Jesons Industries Limited sits inside this industry as a maker of coating materials and adhesives, the kind of products that end up in everything from packaging tape to construction chemicals.
The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on January 14, 2025, to raise money through an initial public offering. SEBI cleared the filing on May 14, 2025. Jesons makes coating materials and adhesives as its core business, runs a smaller trading operation on the side, and sells to customers both in India and overseas.
The IPO will include a fresh issue and an offer for sale. Below is a plain look at what the company does, how its finances stack up, where it stands in its industry, and what risks it carries, all drawn from the DRHP and other public filings.
The table below covers what's known so far about the issue. A few pieces, like the price band and the exact dates, haven't been decided yet.
| Particulars | Details |
|---|---|
| IPO Type | Book Built Issue |
| IPO Open Date | To be announced |
| IPO Close Date | To be announced |
| Face Value | ₹5 per equity share |
| Price Band | To be announced |
| Lot Size | To be announced |
| Fresh Issue | Up to ₹300 crore |
| Offer for Sale | Up to 94,60,800 equity shares |
| Listing Exchange | NSE and BSE |
Up to ₹300 crore will be raised by the new issue, and the company will receive the funds directly. The offer for sale covers up to 94,60,800 shares, each carrying a face value of ₹5, being sold by existing shareholders. Before the issue, the company had 5,36,11,200 shares outstanding.
Jesons Industries traces back to 1972, when it started out as a modest adhesive-making unit. The business took its current shape in 1999 under Mr. Dhiresh Gosalia, who now serves as Chairman and Managing Director. The company is headquartered in Mumbai and operates seven manufacturing plants around the country, backed by its own R&D centre.
The company's work falls into two main buckets:
Coating materials, which go into paints, construction chemicals, textiles, and paper products
Adhesives, including the pressure-sensitive kind used in packaging tape, labels, and stickers
A smaller trading arm rounds out the business, selling other products alongside these two lines. Jesons sells under its own brand names and, as of March 31, 2026, ships products to customers in several countries.
Coating materials and adhesives together do most of the heavy lifting for Jesons, with trading and other products making up a smaller slice.
Its principal revenue streams include:
Coating materials (66.24% of revenue in FY2026)
Adhesives (32.23% of revenue in FY2026)
Trading and other products (1.53% of revenue in FY2026)
Jesons operates in India's coatings and adhesives space, supplying materials that feed into packaging, paints, construction, and textiles. With seven plants running and a customer base that stretches into export markets, the company has built a manufacturing and export presence in this segment of the chemical industry.
The broader Indian chemical industry has room to grow, and analysts point to a few reasons why: steady demand at home, government backing, faster adoption of new technology, and a growing footprint abroad.
A few things are driving this growth:
Demand for chemicals in medicine, farming, textiles and everyday consumer goods is growing
Speciality chemicals for farm products, automobiles and personal care are developing
Government support under the Production-Linked Incentive (PLI) scheme and Chemicals Promotion Development Scheme
The increased use of technology such as AI and automation on factory floors, which helps to reduce costs
A shift in the source of chemicals for global buyers, with India capturing some of that demand.
Lower labour costs and a more business-friendly regulatory environment support export potential
Here's a look at how the company has grown, how profitable it's been, and how its balance sheet has held up. These numbers are restated and shown on a consolidated basis, as reported in the DRHP.
| Financials (₹ crore) | 31 March 2026 | 31 March 2025 | 31 March 2024 |
|---|---|---|---|
| Revenue from Operations | 1,546.54 | 1,534.24 | 1,496.22 |
| EBITDA | 125.36 | 101.07 | 101.77 |
| Profit After Tax | 64.46 | 45.41 | 56.59 |
| Total Assets | 1,070.91 | 926.57 | 773.82 |
| Net Worth (Total Equity) | 556.72 | 489.02 | 443.02 |
Seven plants across India, including one at Mundra within a special economic zone, give the company reach into both domestic and export markets.
Coating materials and adhesives serve different industries — packaging, paints, construction, and textiles — so the company isn't tied to any single one.
Exports to multiple countries, giving Jesons revenue that doesn't depend solely on the domestic market.
The company's R&D centre works on new formulations across several types of chemistry, which helps it keep pace with customer needs.
EBITDA margin fluctuated between 6.59% and 8.11% over the past three years, which points to how sensitive profits can be to input costs and product mix.
The Net Debt to EBITDA ratio climbed from 0.60 in FY2024 to 2.06 in FY2025, then eased back to 1.37 in FY2026. That kind of swing is worth watching.
Working capital days rose from 54 in FY2024 to 63 in FY2026. If that trend continues, it could put pressure on cash flow.
Coating materials and adhesives account for most of the company's revenue, so a slowdown in packaging, paints, or construction would be felt directly.
Jesons relies on petroleum-derived chemicals as raw materials, and prices for these can rise or fall without much warning.
The company competes with other domestic and international makers of coatings and adhesives.
Before weighing this IPO, investors may want to look at:
The balance between coating materials, adhesives, and trading revenue, and whether that mix is shifting
Debt levels and how ratios like Net Debt/EBITDA have changed over time
Working capital days and what they mean for cash flow
How the company plans to use the money raised through the fresh issue, as laid out in the DRHP
R&D spending relative to revenue
How much of the company's revenue comes from exports
The size of the offer for sale and who is selling shares in it
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