Kay Jay Forgings IPO

Small Cap Automobile Ancillaries – Auto Components (Forging & Machining) Mainboard

IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

₹360 Cr

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

About Kay Jay Forgings IPO

Kay Jay Forgings Limited IPO is a Book Built Issue of ₹360.00 crores consisting of a Fresh Issue of shares worth ₹300.00 crores and an Offer for Sale (OFS) of ₹60.00 crores.

The Equity Shares are proposed to be listed on NSE and BSE. PL Capital Markets Private Limited is the Book Running Lead Manager (BRLM), and Bigshare Services Private Limited is the Registrar to the Issue. Key details like IPO dates, IPO price bands, and lot size are yet to be announced.

About Kay Jay Forgings Limited

Kay Jay Forgings Limited was originally incorporated as Kay Jay Forgings Private Limited on August 5, 1983, under the Companies Act, 1956. Initially registered in Ludhiana, Punjab, the company shifted its registered office to New Delhi in 1987. It was converted into a public limited company in 2024 and adopted the name Kay Jay Forgings Limited, receiving a fresh certificate of incorporation on December 19, 2024.

The company manufactures precision-forged and machined components, primarily for original equipment manufacturers in the automotive sector. Its portfolio includes crankshafts and crankshaft assemblies, lower bracket assemblies, lever kick-starter assemblies, gear-shift lever assemblies, propeller shafts, door hinges, and steering yokes. It also serves non-automotive applications such as farm and mining equipment.

Kay Jay Forgings operates six manufacturing facilities, comprising four in Ludhiana, Punjab, and two in Hosur, Tamil Nadu, with an aggregate built-up area of approximately 46,795 square metres. Its operations are supported by more than 400 Computer Numerical Control machines, 11 forging hammers, nine power presses, and in-house heat-treatment capabilities.

For the six-month period ended September 30, 2025, its installed capacity stood at 21,050 MT per annum for forged components and 25,994,970 pieces per annum for machined components. Automotive products contributed 98.66% of revenue during the period.

The company serves domestic and international original equipment manufacturer and non-original equipment manufacturer customers, including TVS Motor Company Limited, Honda Motorcycle and Scooter India Private Limited, and Mahindra & Mahindra Limited. Its overseas markets include Hungary, France, Germany, Sweden, and the United States of America.

Kay Jay Forgings has been a preferred supplier to TVS Motor Company Limited for more than three decades and had an estimated 36% domestic market share in Fiscal 2025 in India's two-wheeler forged crankshaft component segment, according to the CARE Report.

The company focuses on product quality, engineering capabilities, and operational efficiency, with manufacturing facilities accredited under IATF 16949:2016, ISO 14001:2015, and ISO 45001:2018.

Industry Outlook

The global automotive forging market was valued at USD 45.1 billion in 2025 and is projected to reach USD 65.8 billion by 2030, growing at a 7–9% CAGR, supported by vehicle production, safety requirements, and demand for lightweight, high-strength components.
The Indian automotive forging market stood at USD 2.6 billion in FY25 and is projected to reach USD 4.1 billion by FY30, implying a 6–8% CAGR, driven by recovery in passenger and commercial vehicle sales and India's position as an auto-component export hub.
India’s broader forging industry grew from USD 3.1 billion in FY20 to an estimated USD 4.7 billion in FY25 and is projected to reach USD 7.5 billion by FY30, supported by manufacturing activity, infrastructure development, and recovery in automobile production.
The automotive sector remains the largest end-user of India's forging industry, accounting for 54.7% of forging demand in FY25. Its share is projected to increase to 55.5% by FY30, indicating continued importance of automotive applications in industry growth.
Globally, automotive applications accounted for 45.7% of forging demand in 2025, ahead of aerospace and defence at 20.3% and industrial machinery at 17.6%. The automotive share is projected to rise to 46.4% by 2030.
The Indian automotive machining market expanded from USD 3.4 billion in FY20 to USD 4.4 billion in FY25, registering a CAGR of approximately 5.29%. It is projected to reach USD 6.1 billion by FY30, growing at 6–8% CAGR, aided by vehicle production, localisation, and EV and hybrid platforms.
India's broader machining industry is projected to grow from USD 12.9 billion in FY25 to USD 17.3 billion by FY30, representing an expected 5–7% CAGR. The DRHP identifies component localisation, Make in India initiatives, private-sector capital expenditure, and digital machining as key growth drivers.
The Indian auto-component industry is projected to expand from USD 83 billion in FY25 to nearly USD 114 billion by FY30, at around 7% CAGR, supported by domestic demand recovery, technology adoption, and rising export competitiveness.
India’s auto-component exports reached USD 21.2 billion, growing 5.5%, while the aftermarket reached USD 11.3 billion, up 6.7%, indicating multiple demand channels beyond direct OEM supplies.
The domestic crankshaft industry grew from USD 478.5 million in FY21 to USD 625.7 million in FY25 and is projected to reach USD 738.2 million by FY30, representing an expected 3–5% CAGR. Automotive applications accounted for 80% of domestic crankshaft demand in FY25.
The domestic automotive crankshaft market is projected to grow from USD 483.6 million in FY25 to USD 573.9 million by FY30, implying a 3–5% CAGR. The DRHP attributes the expected growth to technological advancements, rising automotive production, and greater emphasis on engine efficiency and durability.
Electric vehicles and hybrid powertrains are reshaping the forging industry, with increasing emphasis on lightweight aluminium and precision-forged components. The DRHP notes that while internal-combustion vehicles continue to drive substantial forging demand, EV adoption is creating new requirements and applications.
Technology adoption is becoming an important competitive factor, with advanced forging techniques, automation, simulation, precision machining, and digital manufacturing improving productivity, reducing material wastage, and enhancing component quality.

Kay Jay Forgings IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

Funding the capital expenditure requirements of our Company towards:
- (a) Setting up of the Proposed Forging Facility
- (b) Setting up of the Proposed Machining Facility
- (c) Setting up of the Proposed Solar Plant.
Repayment/pre-payment, in full or in part, of certain borrowings.
Towards general corporate purposes.

Financial Performance of Kay Jay Forgings Limited

Particulars	Six months ended September 30, 2025	FY25	FY24
Revenue from operations (₹ lakh)	4,66,063.00	7,50,464.00	6,72,316.00
EBITDA (₹ lakh)	44,561.00	71,497.00	64,710.00
EBITDA Margin (%)	9.56	9.53	9.62
PAT (₹ lakh)	21,357.00	29,015.00	24,126.00
PAT Margin (%)	4.58	3.87	3.59
Net Worth (₹ lakh)	1,84,220.00	1,62,871.00	1,34,172.00
RoNW / ROE (%)	11.59	17.81	17.98
RoCE (%)	12.67	18.98	17.80

Kay Jay Forgings Limited Peer Details Comparison

Name of the Company	Consolidated / Standalone	Face Value (₹ per share)	Revenue from Operations (₹ lakhs)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹ per share)	P/E Ratio	RoNW (%)	PAT Margin (%)	Market Cap to Revenue from Operations
Kay Jay Forgings Limited	Standalone	5	75,046.40	6.31	6.31	35.43	[●]	17.81	3.87	[●]
Ramkrishna Forgings Limited	Consolidated	2	4,03,410.70	22.95	22.95	167.78	22.02	13.66	10.29	2.27
Kalyani Forge Limited	Standalone	10	23,664.30	22.86	22.86	246.53	25.50	9.27	3.51	0.90
Sansera Engineering Limited	Consolidated	2	3,01,675.10	37.41	37.18	446.96	58.71	7.84	7.19	4.22
Rolex Rings Limited	Standalone	1	1,15,480.20	6.39	6.39	393.67	18.53	16.23	15.07	2.79

Strengths and Opportunities of Kay Jay Forgings IPO

Kay Jay Forgings has a strong position in the two-wheeler crankshaft segment, with an estimated 36% share of the domestic two-wheeler OEM crankshaft market in FY25, according to the CARE Report cited in the DRHP.

The company has maintained a long-standing relationship with TVS Motor Company for over three decades, supporting repeat business and established customer relationships. TVS contributed 68.31% of FY25 revenue, while its share moderated to 64.94% in H1 FY26.

Its backward-integrated manufacturing capabilities, covering forging, machining and in-house heat treatment, provide greater control over product quality, precision and supply reliability across the production cycle.

Kay Jay operates six manufacturing facilities across Ludhiana and Hosur, with aggregate built-up area of around 46,795 sq. metres, supported by CNC machines, forging hammers, power presses and in-house heat-treatment facilities.

The company has demonstrated financial growth, with revenue from operations increasing from ₹602.69 crore in FY23 to ₹750.46 crore in FY25, while PAT rose from ₹13.81 crore to ₹29.02 crore over the same period.

Its export opportunity is expanding, with exports increasing to 9.84% of revenue in H1 FY26 from 5.41% in FY25, while the company already supplies customers across markets including Europe and the USA.

The Indian automotive forging market is projected to grow from US$2.6 billion in FY25 to US$4.1 billion by FY30, representing a projected 6–8% CAGR, providing a favourable demand environment for the company’s core products.

The IPO proceeds are planned partly for new forging and machining facilities in Ludhiana and a solar power plant, which can expand manufacturing capacity while supporting greater operational integration and energy-cost efficiency.

Risks and Threats of Kay Jay Forgings IPO

Kay Jay Forgings has significant customer concentration risk, with its top 10 customers contributing 91.51% of revenue in H1 FY26, while TVS Motor Company alone accounted for 64.94%. Loss or reduction of orders from key customers could materially affect revenue and cash flows.

The company does not have long-term agreements with its customers, leaving order volumes dependent on customer requirements and purchase orders. Any reduction in sourcing or change in supplier arrangements could adversely affect business visibility.

Kay Jay is heavily dependent on the automotive industry, which contributed 93.80% of revenue from operations in H1 FY26. A slowdown in automotive production or demand could therefore have a significant impact on its financial performance.

Crankshafts and crankshaft assemblies contributed 47.65% of revenue in H1 FY26, exposing the company to the long-term shift toward electric vehicles, which require fewer conventional engine components.

Raw materials and components accounted for 52.61% of revenue in H1 FY26, making margins vulnerable to fluctuations in steel and other input costs, particularly where higher costs cannot be fully passed on to customers.

The business is capital intensive, and the planned expansion requires substantial investment in new forging and machining facilities. Under-utilisation of expanded capacity or inability to generate adequate returns could adversely affect profitability and cash flows.

Manufacturing operations are concentrated across Ludhiana and Hosur, exposing the company to operational disruptions arising from regional factors such as infrastructure issues, natural events, labour disruptions or other unforeseen events affecting these locations.

The IPO represents the company's first public issue, and the DRHP notes that there has been no formal market for its Equity Shares. Consequently, there can be no assurance of an active or sustained trading market or of the price at which the shares will trade after listing.

Kay Jay Forgings IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
NII Shares Offered	Not less than 15% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue

Kay Jay Forgings IPO Promoter Holding

The promoters of the company are Gopal Krishan Kothari and Amit Kothari.

Share Holding Pre-Issue	99.87%
Share Holding Post Issue	-

Kay Jay Forgings IPO Prospectus

Kay Jay Forgings IPO DRHP

Kay Jay Forgings IPO Registrar and Lead Managers

Kay Jay Forgings IPO Lead Managers

PL Capital Markets Private Limited

Registrar for Kay Jay Forgings IPO

Bigshare Services Private Limited

Contact Number: +91 22 62638200

Email Address: ipo@bigshareonline.com

Kay Jay Forgings IPO Registrar

How To Apply for Kay Jay Forgings IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.

Locate the IPO Section: Navigate to the 'IPO' section on the platform.

Select IPO: Find and select the Kay Jay Forgings IPO from the list of open IPOs.

Enter the Lot Size: Specify the number of lots you want to bid for.

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Kay Jay Forgings IPO?

Steps to check IPO allotment status on Angel One’s app:

Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

Angel One will notify you of your IPO allotment status via push notification and email.

Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.

Contact Details of Kay Jay Forgings IPO

Registered Office: A-8, Maya Puri Industrial Area Phase-1, New Delhi, Delhi - 110064, India.

Phone: +91 161 4687000

E-mail: cs.ldh@kayjayforgings.com

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Kay Jay Forgings IPO FAQs

What minimum lot size can retail investors subscribe to?

The minimum lot size for the Kay Jay Forgings IPO has not yet been announced.

When will the Kay Jay Forgings IPO be allotted?

The basis of allotment date for the Kay Jay Forgings IPO has not yet been announced.

How to increase your chances of getting a Kay Jay Forgings IPO allotment?

Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.

Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.

Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.

Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.

How do I approve the UPI mandate request for the Kay Jay Forgings IPO?

After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.

Can I submit more than one application for the public issue of Kay Jay Forgings Limited using one PAN?

No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.

What is 'pre-apply' for Kay Jay Forgings Limited IPO?

Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.

If I pre-apply for the Kay Jay Forgings Limited IPO, when will my order get placed?

The IPO opening date for Kay Jay Forgings Limited has not yet been announced. Thus, the order placement date cannot be specified.

When will I know if my Kay Jay Forgings Limited IPO order is placed?

You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.