Yajur Fibres IPO

ListedSMEMaterialsBSE SME

Price band: ₹168 – ₹174
Issue size: ₹120 Cr
Lot size: 800 sh
Bidding: 7 – 9 Jan
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

70Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Yajur Fibres, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 1.6× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1980 · Kolkata, West Bengal · 409 employees

Yajur Fibres runs a bast-fibre cottonising plant at Jagannathpur, Phuleshwar, Uluberia in Howrah district, West Bengal, where coarse fibres are softened into a cotton-like staple that ordinary spinning mills can run on existing machinery. Output is cottonised flax (linen), cottonised jute and cottonised hemp, plus flax yarn and jute yarn. Cottonised flax is the bulk of it — Rs 54.01 crore of the Rs 69.41 crore of revenue in the eight months to 30 November 2025. Raw flax is bought from European growers and merchants in France and Belgium. Selling is business-to-business, to spinners and textile makers: the prospectus counts more than 260 customers, 159 of them repeat buyers over five years, with the top ten at 65.28% of revenue in that same eight-month period. The company had 409 people on payroll on 30 November 2025.

Revenue is fibre sold by the tonne to spinners, so earnings track volume through one plant and the spread over imported flax. Materials dominate the cost base: cost of materials consumed was Rs 104.14 crore in FY25 against revenue from operations of Rs 140.81 crore, leaving EBITDA of Rs 18.85 crore. The constraints are supply and capacity. European flax is harvested once a year, around August-September, and the company holds no long-term supply contracts; a poor FY2024 crop cut capacity utilisation to 53.17% from 80.25% in FY2023, recovering to 59.05% of 4,200 MT per annum in FY2025. Borrowings reached Rs 66.18 crore by March 2025 against Rs 26.17 crore a year earlier.

The company on paper

Legal name: Yajur Fibres Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Aug 1980
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17100WB1980PLC032918
Sector: Materials · Cottonised bast fibre (flax, jute, hemp) processing for yarn spinners
Employees: 409
Registered office: Kolkata, West Bengal
Promoters: Ashish Kankaria, Shruti A Kankaria, Ambica Capital Markets Limited, Gold View Financial Services Limited
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 69.5%
Website: yajurfibres.com

The numbers

Financial performance

Revenue has compounded at 51.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹120 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹120 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,46,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 30.5% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.33×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹174.00
Listed at: ₹139.20
Listing gain: down 20.0%
Since listing: down 76.1%
Against the issue price: down 80.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,600
At cut-off price: ₹174.00
Amount blocked: ₹2,78,400

One lot is 800 shares at ₹1,39,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,78,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~66%

chance of one lot, per application

Retail subscription: 1.51×
Applicants per share available: 1.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹139.20

listed at, −20.0% against the issue price

Issue price: ₹174.00
Premium said: —
If allotted 800 shares: −₹27,840

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The 8M FY26 column covers eight months only, 1 April to 30 November 2025, and is not comparable with the three full years beside it. The prospectus also notes its ROE and ROCE for that period are not annualised.
The series is restated CONSOLIDATED throughout, but the subsidiary only exists for part of it: Yajur Fibres acquired 80% of Yashoda Linen Yarn Limited on 30 January 2025. FY23 and FY24 consolidate nothing, FY25 includes roughly two months of the subsidiary, and 8M FY26 includes it in full. The prospectus states the subsidiary has had losses and negative cash flows.
FY24 total borrowings fell to Rs 26.17 Cr from Rs 34.78 Cr in FY23, then rose to Rs 66.18 Cr in FY25 and Rs 73.59 Cr by November 2025. The FY24 dip coincides with a poor European flax crop that cut capacity utilisation to 53.17% from 80.25%, so it reflects a contraction in working-capital needs rather than deleveraging.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Horizon Management Private Limited
RegistrarAllotment status is checked on the registrar's own site: MAS Services Limited

How these figures were checked

Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 7 Jan 2026
Closes: 9 Jan 2026
Allotment: 12 Jan 2026
Lists: 14 Jan 2026
Revenue (FY25): ₹141 Cr
Profit (FY25): ₹11.68 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.