YOGIJI DIGI LIMITED

Yogiji Digi Limited — DRHP dated July 20, 2026. Fresh issue ₹2,700 mn + OFS up to 7,171,290 shares. Registered office: Faridabad, Haryana. BRLM-side counsel IndusLaw; industry report by CRISIL (commissioned and paid for by the company). Business Capital-goods OEM. Manufactures flat steel processing equipment — Cold Rolling Mills, Annealing & Pickling Lines, Pickling Lines, Acid Regeneration Plants, Metal Coating Lines (GI/GL/ZM), Color Coating Lines, Skin Pass Mills, slitting/trimming lines, plus electrical & automation solutions, spares, and revamp/retrofit work. They sell the machinery that makes steel, not steel itself. Three manufacturing units at Palwal, Haryana — ~14,170 sq m manufacturing area, FY26 installed capacity 6,764.55 MTPA, single-job capacity raised from 70 MT to 120 MT. Fully integrated in-house: design, fabrication, machining, electrical panels, PLC/SCADA software, erection and commissioning. Backward integrated into mill housings, tension reels, paint coaters, roll chocks — components traditionally imported from China/Korea with 6–8 month lead times. Revenue Model Order-book/project based. No long-term contracts — runs on purchase orders. Revenue recognised at assembly level on dispatch; collections linked to delivery, commissioning and acceptance milestones. Single order takes 8–15 months; average turnaround 9–10 months. FY26 product mix: CRM 44.37%, Metal Coating Lines 19.29%, other ancillary lines 15.73%, Revamps & retrofitting 10.28%, Color Coating 8.17%, Spares & components 7.79%, Annealing & Pickling 6.69%, Electrical & automation 1.28%. Geography FY26: Domestic 80.54% / Export 19.46%. Exports across 10 countries — Middle East 55.31%, Africa 44.58% of export revenue. Financials: FY26 FY25 FY24 Revenue ₹6,261.12 mn ₹4,796.83 mn ₹3,965.30 mn EBITDA (margin) ₹677.14 mn (10.81%) ₹505.26 mn (10.53%) ₹304.74 mn (7.69%) PAT (margin) ₹404.24 mn (6.46%) ₹280.40 mn (5.85%) ₹199.32 mn (5.03%) ROE / ROCE 21.31% / 17.70% 22.53% / 21.79% 31.58% / 22.37% Order book ₹11,411.70 mn ₹3,932.22 mn ₹3,799.22 mn D/E 0.91 0.53 0.74 Working capital days 89 70 50 Order book ₹13,130.41 mn as of May 31, 2026 (book-to-bill 1.82x) — 94.02% domestic, ~70% executable within 12 months. Revenue CAGR 25.66% FY24–26. Note that ROE and ROCE have both declined even as revenue grew, and working capital days have nearly doubled in two years. Moat — real but qualified Supporting it: ~53% share of Indian CRM segment (FY23–25 installations), 85–90% among independent flat steel manufacturers excluding integrated producers; ~38% galvanising lines, ~33% CCL. Import-substitution cost and delivery advantage. High entry barriers (engineering depth, capex, long execution cycles, customer qualification). 180+ projects over 15+ years, repeat revenue 77.41% in FY26, relationships up to 24 years. Undercutting it: Top 10 customers = 82.10% of FY26 revenue (top 3 = 39.85%). Only 22 active customers. No long-term contracts. Competes against SMS Group India, Danieli, Primetals, John Cockerill, plus domestic Rollpro and Magadh Precision. IP portfolio is thin — 1 patent, 5 Indian trademarks, 1 US trademark. The DRHP contradicts itself on the patent date — page 289 says granted 2023, page 330 says granted 2020 for a twenty-year term. Technology sourcing Owned: CRM patent ("Green Cold Rolling Mill" — 2–3% lower rolling power, ~356 t CO₂ saved/year/mill, ~3.2 mn litres water/year/mill, housing weight down 30%); DIGI-IMPACT AGC thickness control; YOGIJI DIGI Software Suite (AGC HMI at 50 ms refresh, AI pass optimisation, web monitoring, YD Coil UI); Level 2 automation platform. Licensed in — and this is the newest, highest-value stuff: Tianjin Baixing Electromechanical Technology Co. Ltd. (China), MoA Dec 18, 2025 — ZM coating line process technology, design recommendations, engineering design, component layout, equipment supply, commissioning support. Exclusivity only 2 years, expiring ~Dec 2027. BLD-Holding SAS (France), MoU Aug 2025 — automotive-grade galvanising lines, automotive-grade continuous annealing lines, energy-efficient furnace technologies. Both are MoUs/MoAs, not binding long-term technology transfer agreements. No royalty or consideration terms disclosed in the sections I read. Also a channel partner of ABB Limited in India. Tandem CRM (1 mn TPA) — historically European/Japanese OEM territory — first order only secured March 2026, execution unproven. People 280 employees as of May 31, 2026. Engineering & manufacturing (mechanical, software, electrical, automation combined) = 148. Sales & marketing just

9Contract labour used for machining, fabrication, assembly on purchase-order basis without formal agreements. No unions. Attrition: 27.49% (FY24), 16.26% (FY25), 21.53% (FY26). Headcount grew 174 → 232 → 279. Technical leadership is very new: Sanjay Kamalakar Navare, CTO — B.E. Production, Pune. 35+ years. Joined Aug 2023, previously VP–Design at John Cockerill India (a listed competitor). FY26 remuneration ₹12.92 mn, the highest in senior management. Vinit Jain, HOD Mechanical Design — B.Tech Mechanical, Kurukshetra. Only 8 years' experience. Joined May 2024. Varun Jay Rana, COO — B.E. Information Technology. Joined May 2024, previously head of operations at the Erstwhile Subsidiary. The patent and core CRM technology predate all of them. Several came via Yogi Ji Technoequip (the Erstwhile Subsidiary), merged in March 2026. Promoters (43.82% pre-Offer, no corporate promoter): Promoter Role Shares Stake OFS cost/share Navneet Singh, 54 Managing Director 11,283,090 19.89% ₹4.62 Sameer Bansal, 54 Executive Director 9,762,900 17.21% ₹4.37 Satish Kumar Tripathi, 53 Executive Director 3,811,290 6.72% ₹18.89 Navneet Singh and Sameer Bansal both hold B.E. Industrial Electronics from Amravati University, 31+ years each. Satish Kumar Tripathi holds an ITI machinist trade test, no engineering degree, and joined only May 1, 2024 — yet holds technical oversight across design, manufacturing, assembly and installation. Pr