Jyoti CNC Automation Limited | Globe Capital Market LTD.
Jyoti CNC Automation Limited
Price Band
Rs. 315 – 331
IPO Issue Period
Jan 9, 2024 to Jan 11, 2024
Issue Size
Rs. 1000.00 Cr.
Face value
Rs. 2/-
Fresh issue
Rs. 1000.00 Cr.
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Jan 16, 2024

Jm Financial Limited
Bnp Paribas
ICICI Securities Limited
Iifl Securities Ltd

Jyoti CNC Automation Ltd. (JCAL) is one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India accounting approximately 10% of the market share in India in Fiscal 2023 and twelfth largest market share globally accounting for 0.4% of the market share globally in calendar year 2022. It is a prominent manufacturer of simultaneous 5-Axis CNC machines in India and supply a diverse portfolios of CNC machines including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs) and CNC Horizontal Machining Centers (HMCs). The company relies on its expertise built over 2 decades of presence and strong R&D capabilities to deliver customized solutions to customers across diverse set of industries including aerospace and defence, auto and auto components, general engineering, EMS, dies and moulds, and others.

The Company offers over 200 variants across 44 series and during the last 6 months’ period ended September 30, 2023, and during the last 3 Fiscals, the Company has supplied over 8,400 CNC machines to more than 3,500 customers in India and across Asia (excluding India), Europe, North America and rest of the world. Since April 1, 2004, it has supplied over 30,000 CNC machines globally. During the last 6 months’ period ended September 30, 2023, and during the last 3 Fiscals it has sold products in India and 16 other countries across the globe through its principal offices in India, France, Germany, Turkey and Canada. It operates out of 3 manufacturing facilities, 2 in Rajkot, Gujarat, (Indian Manufacturing Facilities) and 1 in Strasbourg, France, which are equipped with capabilities to design, develop and manufacture its product portfolio.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 952.60 750.00 590.00
Profit After Tax 27.85 (41.75) (71.57)
EPS 1.02 (3.28) (4.75)
OPM (%) 10.58% 9.73% 5.46%
PATM (%) 1.58% (6.44%) (11.87%)


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Jyoti CNC Automation Ltd. 6479 331 6.01 324.5 828.24 39.32
Elgi Equipments Ltd. 17,216 543 11.78 42.83 3,138.18 399.63
TD Power Systems Ltd. 4,440 284 6.78 38.67 949.15 114.85
Triveni Turbine Ltd. 13,134 413 14.8 56.36 1,459.73 233.41


*Market cap @upper band of Rs.331/-

  • The Company is one of the leading CNC machine manufacturing companies globally as well as in India with presence across the CNC metal cutting machinery value chain.
  • It has well diversified global customer base spread across end-user industries.3.Focus on technology and ability to deliver innovative solutions bolstered by dedicated R&D facilities.
  • It has vertically integrated operations which enables customization and production efficiencies.
  • It has experienced Promoters supported by a strong management and execution team.
  • Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company;
  • Funding long-term working capital requirements of the company; and
  • General corporate purposes.

At the upper band of Rs. 331, the IPO is valued at 324 times based on its FY23 earnings, which is steeply overvalued. Hence, only well-informed cash surplus investors may park funds for the long term.

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