JSW One Platforms Limited

This section provides an overview of the industry landscape, drawing data from the 1Lattice Report, and discusses the macroeconomic environment of India. India's Nominal GDP is projected to expand significantly, and sustained economic expansion is expected to support various industrial sectors. Manufacturing and construction are identified as key growth engines, expected to generate sustained demand for industrial products. Several structural drivers, including favourable demographics, urbanization, rising household incomes, and digital economy acceleration, are creating a favourable environment for organised B2B procurement within the manufacturing and construction sectors. The MSME sector represents a large, fragmented buyer base with significant headroom for formalisation-led growth.

The section details the differentiating characteristics of various product categories, noting differences in end-use applications, such as manufacturing versus construction. It discusses variations in technical specifications and regulatory requirements across product types, and highlights significant differences in pricing, with prices ranging from ~INR 5,000 per tonne for cement to ~INR 1,66,000 per tonne for alloy steel. Steel is identified as the anchor product, showing scale and liquidity, and accounts for a significant share of procurement spend across manufacturing and construction sectors. Furthermore, the text covers the growth trajectory of steel consumption, the composition of the steel mix, and the policy framework supporting domestic steel demand and quality standards.

The text discusses the regulatory framework for steel products, including the introduction of Indian Standards to mitigate quality risks, and policies like the DMI&SP Policy which favor domestically manufactured iron and steel products in government procurement. The manufacturing sector is characterized by procurement challenges due to fragmented downstream supply networks, where manufacturing MSMEs rely on various intermediaries for sourcing, processing, logistics, and financing. While digital platforms are emerging to integrate these functions, MSMEs still face complexity due to multiple hand-offs in the supply chain.

The text discusses the procurement landscape for manufacturing industries in India, highlighting the complexity arising from fragmented supplier networks compared to large enterprises. It details the need for integrated procurement platforms to manage sourcing, logistics, and financing across various manufacturing sub-segments. Furthermore, the text analyzes the growth projections for various steel products, such as flat steel, pipes and tubes, and the diversification of demand across end-use industries like automotive, infrastructure, and renewable energy.

The market for specialized alloys is forecast to grow significantly, driven by increased adoption in various high-performance industrial applications. The simultaneous growth across multiple product categories is expected to heighten procurement complexity for Micro, Small, and Medium Enterprises (MSMEs), highlighting the need for integrated procurement platforms to consolidate sourcing, logistics, financing, and supplier coordination. Manufacturing buyers face challenges due to procuring multiple product categories from fragmented supplier networks, which necessitates integrated solutions to manage processing, logistics, and financing across diverse product lines. Furthermore, the construction sector exhibits a distinct procurement environment characterized by project-based purchasing and multi-material coordination, which creates opportunities for integrated B2B platforms.

The section discusses the challenges in the supplier ecosystem for construction buyers, noting that the coexistence of large integrated producers and a secondary steel segment creates procurement complexity. Smaller buyers often rely on informal networks, which leads to issues like inconsistent documentation, partial deliveries, and delayed fulfillment. This situation highlights a significant opportunity for technology-enabled B2B procurement platforms to improve transparency and efficiency. The construction products market is projected for substantial growth, with long steel and bars being key segments, driven by sustained infrastructure investment and demand across various sectors.

Procurement and working-capital constraints pose significant challenges for MSMEs, often forcing them to operate with short-tenor credit, leading to a working-capital lock-in that hinders reinvestment. These constraints are compounded by fragmented sourcing, which reduces negotiating leverage, and reliance on informal credit, which increases input costs. While formal credit availability has expanded, a gap persists, particularly for enterprises with imperfect financial records. Solutions that integrate financing directly into the procurement workflow, leveraging transaction history, can improve credit assessment and operational efficiency. Furthermore, formalization efforts, including Udyam registration, GST-linked documentation, and digital payments, are improving MSME visibility and connecting them to more structured supply chains.

The text discusses the evolution of India's industrial B2B commerce ecosystem, which is shifting from fragmented distribution and discovery-led marketplaces toward integrated operating models that combine sourcing, fulfillment, logistics, and financing. This transition is supported by the formalization of enterprises and increased digital adoption. Integrated full-stack platforms are emerging as the key economic coordination layer by connecting buyers with various supply partners through shared workflows, aiming to reduce coordination and execution costs. These platforms offer a broader proposition than just digital distribution by embedding services like financing and logistics within a single relationship.

The text describes how India's digital public infrastructure (DPI) has enabled digitally verifiable transactions, compliance, and financing across B2B commerce, reducing friction and supporting the digitization of procurement processes. Integrated B2B platforms leverage this infrastructure to create a digitally verifiable commerce environment where various functions can occur within a single workflow. A full-stack platform coordinates diverse participants, including suppliers, buyers, logistics providers, and financial institutions, across different procurement journeys like manufacturing and construction. These platforms offer value-added services across several layers, including logistics, data visibility, documentation, and financing, which create multiple, reinforcing drivers for revenue and customer retention.

JSW One has established itself as one of India’s fastest-growing B2B commerce players as of June 2026, utilizing a unified technology platform to connect customers with various supply partners. The platform simplifies the sourcing and procurement of manufacturing and construction materials by integrating commerce, embedded financing, logistics, and value-added services. This includes offering private brands, processing capabilities, and access to financing solutions. The platform aims to address fragmented supply chains in the manufacturing and construction sectors by providing transparency in pricing, supply, quality assurance, and end-to-end fulfillment visibility.

The issuer operates a technology platform designed to simplify procurement for MSMEs by offering integrated capabilities across various stages of the supply chain. This includes technology-enabled sourcing, embedded financing solutions, integrated supply chain and fulfilment, processing and customisation services, and the offering of private brands. The platform aims to address challenges such as inconsistent product availability, financing constraints, and unreliable supply, while also expanding into adjacent markets like home construction. The company leverages multiple growth levers, such as increasing GMV, expanding the product catalogue, scaling credit, and extending geographic reach, to capture market share.

The company operates an integrated business model with two reportable segments: a Commerce Business segment and a Financial Services segment. The Commerce Business generates revenue through marketplace commissions, product sales, processing fees, private brand margins, and logistics services. The Financial Services segment generates interest income through direct lending by JOFL, an RBI-registered NBFC. The platform's embedded financing capabilities, orchestrated via One Helix Fintech, create additional revenue streams by leveraging transaction data across the procurement value chain to support credit origination from third-party financing partners and JOFL's lending book. The business model is designed to be capital-efficient by leveraging contractual relationships and partner networks rather than requiring significant capital expenditure.

The company operates a unified, technology-enabled platform that provides an integrated full-stack ecosystem serving manufacturing and construction MSMEs through a single interface across web and mobile, encompassing product specifications, order sizing, credit, and shared fulfillment infrastructure. This platform addresses India's manufacturing and construction products market, which has a significant total addressable market valued at approximately ₹8,83,610.00 Crore for Fiscal 2026P for manufacturing products and ₹11,30,080.00 Crore for construction products. The ecosystem integrates complementary service layers to drive share-of-wallet expansion and leverages scale to create compounding advantages for new entrants. The market is characterized by fragmentation, with numerous regional distributors lacking standardized processes, which presents a major opportunity for the company's integrated approach.

The platform demonstrates compounding advantages driven by scale, which improves data quality, drives higher volumes, and attracts more sellers and brands. Key metrics show significant growth in Gross Merchandise Value (GMV) and customer base, alongside increased penetration of power customers. The company has a growing multi-brand seller ecosystem, pan-India presence, diversified product categories, and embedded financing solutions. The technology stack is built on an API-first, cloud-native architecture to ensure rapid deployment and real-time data visibility across the customer journey. Furthermore, the association with the JSW Group provides significant competitive advantages through brand equity, supply assurance, and institutional support.

The issuer leverages the trust and reliability of the JSW Group to differentiate itself in the fragmented B2B procurement market, where MSMEs prioritize assurance in pricing and quality. The company has achieved robust financial performance and capital-efficient growth by utilizing a model involving contract service centers, contract manufacturers, coordinated logistics, and partner credit arrangements. Key financial highlights show significant growth in revenue and GMV, alongside improvements in contribution margins and operating leverage. Furthermore, the company is focused on scaling its platform by expanding product categories, increasing the adoption of value-added services, and strengthening its brand through private brands.

The company utilizes a fit-for-purpose technology stack built on a cloud-native, API-first architecture integrating SaaS platforms, industry-specific solutions, and custom microservices to ensure rapid deployment and real-time data visibility. The company plans to continue investing in five key areas to support growth, including Cloud Infrastructure, Omnichannel Customer Experience, MarTech, Supply Chain and Order Fulfilment, and AI/ML and Software Engineering Productivity. The business generates revenue from two segments: the Commerce Business, which includes a digital marketplace, product processing, private brands, and a financing platform, and Financial Services, which involves embedded financing through an NBFC. The platform serves as a unified digital interface for customers to discover, procure, and manage their material sourcing and financing requirements.

The issuer operates through a network of contract manufacturers to produce private brands, with agreements spanning from six months to five years. These agreements involve strict quality control, where the manufacturer is responsible for maintaining facilities and obtaining necessary certifications, while the issuer retains rights to supervise and reject non-conforming products. The company also utilizes a technology platform called One Helix Fintech to orchestrate financing from various partners, including banks and NBFCs, integrating credit into procurement workflows. Furthermore, the issuer provides logistics and fulfilment capabilities through JOTS for last-mile distribution, managing truck allocation and route planning. The company also has an in-house NBFC, JOFL, which focuses on delivering financing solutions to MSMEs through channel and vendor finance, and has expanded its product suite beyond short-term trade finance.

The company details its marketing strategy, which has evolved through phases focused on building platforms, brands, and portfolios, targeting customer pain points. Marketing initiatives span digital and physical channels, including brand campaigns and point-of-sale marketing. The company also engages in trade and influencer marketing to support dealer networks. Furthermore, the company outlines its data privacy and security measures, including compliance with the Digital Personal Data Protection Act, 2023. The company also discusses its environmental, social, and governance (ESG) considerations, emphasizing responsible conduct and data security.

This section details various legal regulations in India applicable to the company's business and operations, covering aspects such as standards for goods, weights and measures, consumer protection, and telecommunication regulations. It also outlines specific laws related to the business of its subsidiary, including provisions concerning Non-Banking Financial Companies (NBFCs).

This section details various regulatory requirements and guidelines applicable to Non-Banking Financial Companies (NBFCs), including classifications like NBFC-TL, NBFC-BL, and NBFC-ML, which dictate different supervisory engagements and capital charge requirements. It outlines specific committee constitutions, fit and proper criteria for directors, board-approved policies, and procedures for changes in management. Furthermore, it covers requirements for financial statement disclosures, asset classification and provisioning norms, liquidity risk management frameworks, and regulations concerning the charging of excessive interest rates.

This section details various regulatory directions and guidelines issued by the Reserve Bank of India (RBI) concerning Non-Banking Financial Companies (NBFCs). The text covers requirements related to loan documentation, penalties, dividend distribution, outsourcing, Know Your Customer (KYC), concentration risk management, fraud risk management, credit information reporting, and various aspects of credit risk, including loan transfers, dealing with defaulters, and digital lending. It also outlines specific rules for credit facilities, such as loan disbursement methods and loan-to-value ratios for secured loans.

This section details the extensive legal and regulatory framework applicable to the company's operations in India, covering various areas such as financial reporting, anti-money laundering, intellectual property protection, competition law, technology and data security, employee and labour laws, foreign investment regulations, and taxation. It outlines numerous acts and rules that the company must comply with for its day-to-day business and operations.

The company's history began with its incorporation as 'JSW Retail Limited' in 2018, followed by a name change in 2020. The registered office was subsequently changed in October 2025. The Memorandum of Association has seen several amendments concerning its objects and share capital increases over time. Key corporate milestones include the launch of various portals and products, the incorporation of subsidiaries, and the receipt of numerous industry awards. The company has reported no defaults or restructuring in its borrowings.

The company was incorporated on September 20, 2018, and has not undertaken any material acquisitions, divestments, mergers, or revaluations since its incorporation. Several material agreements exist, including a Shareholders’ Agreement dated September 9, 2025, which involves numerous parties, and various deeds of adherence with different entities. The company has entered into agreements with JSW Steel Limited and JSW Cement Limited, and a Strategic Alliance Agreement with Mitsui & Co., Ltd. Furthermore, there are agreements related to the JSW Brand equity and business promotion, as well as agreements concerning the acquisition of JOHL, which resulted in JOHL becoming a wholly owned subsidiary as of June 26, 2026. The company currently has four subsidiaries.

This section provides definitions for various terms used in the Draft Red Herring Prospectus. It defines terms such as 'Our Company' as JSW One Platforms Limited, specifies the registered and corporate office address, and lists various corporate and offer-related terms. It also details definitions for key personnel, committees, various agreements, and the process for the offer, including different types of bidders and bid amounts.

This section details various terms related to the bid/offer process, including the types of newspapers used for dissemination, the duration for which bids can be submitted, and provisions for extensions due to unforeseen circumstances. It also defines various parties involved in the offering, such as Bidder, Book Running Lead Managers (BRLMs), Designated Intermediaries, and various types of bidders like QIBs and Eligible Employees. Furthermore, it outlines different types of issues, including a Fresh Issue and an Offer for Sale, along with various reservation portions for different investor categories.

This section details various terms and definitions used within the prospectus, covering aspects related to the offering process, investor types, and financial metrics. It outlines procedures for reporting transactions, the structure of the offer, and various financial and business metrics used for analysis.

This section primarily defines various terms used within the prospectus, covering concepts related to steel products, market segments, financial metrics, and regulatory frameworks. It includes definitions for steel categories like Flat Steel and Long Steel, various market opportunities such as TAM, and different types of customers like Power Customers. Furthermore, it defines financial instruments, tax terms, and various regulatory bodies and acts.

This section outlines various conventions regarding the presentation of financial, industry, and market data within the Draft Red Herring Prospectus. It specifies conventions for references to India, the US, and various governmental bodies. Financial data is derived from Restated Consolidated Financial Information, and there are noted differences between various accounting standards (Ind AS, Indian GAAP, U.S. GAAP, IFRS). Furthermore, it details limitations concerning non-GAAP financial measures and the reliance on third-party industry reports. The text also covers currency definitions, rounding practices, and regulatory considerations for offers in the US and EEA.

This section outlines the nature of forward-looking statements within the Draft Red Herring Prospectus, clarifying that statements not based on historical fact are considered forward-looking. It details that expected financial conditions, business plans, and projections are included in these statements. The text emphasizes that these forward-looking statements are based on current plans, estimates, and assumptions, and are subject to various risks and uncertainties, including regulatory changes, economic conditions, and market volatility. Investors are cautioned not to place undue reliance on these statements as they are not a guarantee of future performance.

This section details the structure of the securities offering, outlining various components such as Fresh Issue and Offer for Sale, including reservations for employees and JSW shareholders. It further breaks down the Net Offer into QIB, Non-Institutional, and Retail portions. The text also specifies rules regarding the allocation and spill-over of shares between different categories, and mentions conditions for Pre-IPO Placements.

The provided text details the profit and loss statement, cash flow statement, and related party transactions for the company over various periods. The profit and loss shows fluctuations in revenue, income, expenses, and resulting profit/loss before and after tax. The cash flow statement details cash movements from operating, investing, and financing activities, resulting in net changes in cash and cash equivalents. Furthermore, a summary of related party transactions is provided, detailing various transactions with entities such as JSW Steel Limited and JSW Cement Limited.

The provided text details various related party transactions categorized by the nature of the transaction and the relationship between the parties, covering fiscal years 2026, 2025, and 2024. This includes transactions involving various entities such as JSW Steel, JSW One Platforms Limited, and others, with amounts and percentages of total revenue from operations disclosed. Specific disclosures cover commission income, service fees, reimbursement of expenses, purchases of materials, and loan disbursements, with some transactions being eliminated on consolidation.

This section details various corporate and professional aspects related to the Draft Red Herring Prospectus, including the company's registered and corporate office details, the composition of the Board of Directors, and the entities involved in the offering process. It also outlines the roles and responsibilities allocated among the Book Running Lead Managers for different aspects of the offering, such as drafting, marketing, and post-bidding activities. Furthermore, it clarifies that no credit rating agency has been appointed for the offer and no green shoe option is contemplated.

This section details various procedural aspects related to the offering process, including the use of different mechanisms for bidding and the lists of authorized entities. It specifies how UPI bidders and certain types of bids are handled, the availability of lists for Syndicate branches, registered brokers, registrars, and depository participants, and the expert opinions received for the prospectus. Furthermore, it outlines the book-building process, the rules for participation by different bidder categories, and the intention to enter into an underwriting agreement with underwriters.

This section details the authorized and issued share capital of the company as of the Draft Red Herring Prospectus date. It outlines the structure of the share capital, including the total authorized equity shares, the issued share capital before the offer, and various components related to the current offer, such as fresh issues and offers for sale. Furthermore, the text provides a detailed history of equity share allotments, including dates, numbers of shares, face value, and consideration for different transactions like initial subscriptions, private placements, rights issues, and bonus issues.

The section details various aspects of the company's capital structure, including the calculation of issue price based on consideration paid for CCPS, and historical data on preference share capital allotments. It also outlines that the company has not issued equity or preference shares for consideration other than cash or through revaluation reserves since incorporation. Furthermore, it presents a detailed shareholding pattern as of the Draft Red Herring Prospectus date, categorizing holdings by promoter group, public, and non-promoter/non-public segments.

The section details the shareholding of major shareholders, including those holding 1% or more of the paid-up share capital, as of the Draft Red Herring Prospectus date. It also presents historical data on the build-up of equity shareholding and preference shareholding by the promoters. The data includes various transactions such as allotments, transfers, rights issues, and conversions of convertible preference shares into equity shares.

This section details the shareholding of the company's Promoters and Promoter Group as of the Draft Red Herring Prospectus date, showing a breakdown of equity shares held by various entities. It also outlines various provisions related to the lock-in of promoter contributions under SEBI ICDR Regulations, including minimum promoter contribution requirements and restrictions on selling or encumbering these shares. Furthermore, the text specifies conditions regarding the acquisition of securities in the recent past and restrictions on future issuance of securities.

This section details various aspects of the Employee Stock Option Plan (ESOP) as certified by different professionals. It provides a breakdown of options outstanding, granted, vested, and exercised across different fiscal years and periods. Furthermore, it lists the details of options granted to Key Managerial Personnel and Senior Management Personnel. The text also includes information on the pricing formulas used for option valuation, the expected volatility, and the impact of ESOPs on profits and EPS.

The Offer involves a combination of a Fresh Issue and an Offer for Sale of Equity Shares. The Net Proceeds from the Fresh Issue are proposed for various purposes, including investment in subsidiaries, funding technology development, and general corporate purposes. The utilization plan details how these funds will be deployed over fiscal years, with provisions for potential adjustments based on market conditions. The company also intends to leverage these funds to support the expansion of its private brand portfolio through marketing and brand-building activities.

The company intends to utilize up to ₹125.00 Crore of the Net Proceeds to fund marketing and brand-building activities for its private brands during Fiscal Years 2028 to 2030. This funding is aimed at expanding the reach and adoption of existing private brands and supporting the launch and development of new private brand products across key markets. The planned expansion requires increased brand-building, trade activation, point-of-sale visibility, channel development, and influencer-engagement initiatives. The proposed utilization includes various marketing components such as brand campaigns, point-of-sale marketing, and trade/influencer engagement programs.

The company intends to utilize up to ₹350.00 Crore of the Net Proceeds for funding various aspects of its business, including technology development and salaries. Specifically, ₹71.96 Crore is proposed for funding cloud infrastructure costs, while other funds are allocated to software licensing, ERP implementation, and AI-enabled engineering capabilities. Furthermore, the company proposes to allocate ₹500.00 Crore towards investing in its subsidiary, JSW One Finance Limited (JOFL), to augment its capital base for future growth. The utilization of proceeds is subject to operational requirements, and any unutilized funds can be reallocated between the specified objects.

The company is permitted to utilize up to 25% of the Gross Proceeds for general corporate purposes, with the balance being allocated according to the Board's determination. These general purposes include funding business growth, acquisitions, strategic initiatives, and various operational requirements. The company also has flexibility to use surplus net proceeds for other approved expenditures. The document details various offer-related expenses, including listing fees, underwriting fees, and various brokerage and printing costs. Furthermore, it outlines how offer-related expenses are shared between the company and selling shareholders, and provisions for the handling of offer expenses if the transaction is postponed or withdrawn.

This section primarily discusses the comparison of the company's business with industry peers, noting that no directly comparable listed companies in India were found due to the integrated and unique nature of the company's offerings. It also details various Key Performance Indicators (KPIs) that the company uses to evaluate its business performance, which are intended to be used in combination with Restated Consolidated Financial Information.

The provided section details various Key Performance Indicators (KPIs) used to measure different aspects of the business, such as transaction volume, customer retention, and profitability. It also discusses the lack of comparable listed companies in the industry and outlines conditions regarding acquisitions or dispositions of business during the reporting periods. Furthermore, the text includes a statement regarding the availability of special tax benefits to the company and its shareholders under various Indian tax laws.

This section outlines various special direct tax benefits available to the Company, JODL, and shareholders under Indian tax laws. It details provisions related to corporate tax rates, deductions for inter-corporate dividends and employee costs, and rules concerning capital gains tax treatment. Furthermore, the text distinguishes between benefits for resident shareholders, non-resident shareholders, and Non-Resident Indians (NRIs), including specific rules for taxability of capital gains and dividend income based on the nature of the shares acquired.

The provided text discusses the statement of special indirect tax benefits available to JSW One Finance Limited under Indian tax laws. It clarifies that there are no special indirect tax benefits available to the Company or JODL under the Indirect Tax Laws presently in force in India. It details that the Company is subject to GST on outward supply of services and is entitled to input tax credit on procurements, which is a general benefit for similarly placed registered persons. Furthermore, the subscription, purchase, holding, transfer, or disposal of equity shares does not attract any levy under GST.

The provided text details various provisions related to potential special direct tax benefits available to JOFL, including lower corporate tax rates, deductions for preliminary expenses and bad debts, and provisions for carrying forward business losses. It also addresses special indirect tax benefits, clarifying that JOFL is not entitled to special benefits under Indian Indirect Tax Laws for its business nature, though it can avail input tax credit under certain conditions.

This section details the corporate structure and financial information for four entities: JODL, JOFL, One Helix, and JSW One Homes Limited (JOHL). It provides information on the authorized and issued share capital, along with the respective shareholding patterns for each company. The financial data presented covers three months ended June 30, 2026, and fiscal years 2026, 2025, and 2024, with figures denominated in Indian Rupees (₹) in millions unless otherwise specified. The text also outlines the composition of the Board for the company.

This section details the directorships, appointments, and remuneration structure for various directors of the company. It lists details for directors such as Geeta Mathur, Dr. Ranjan Ramdas Pai, and others, including their designations, qualifications, and tenure with the company. Furthermore, it outlines the remuneration paid to the directors in different financial years, including specific amounts for the Whole-time Director and Independent Directors.

This section details various aspects of the company's corporate structure, including shareholding by directors as nominees, interest of directors in various entities, and various governance and committee structures. It outlines relationships with promoters and other directors, and specifies restrictions on payments or benefits to directors. Furthermore, it covers director qualifications, changes in the Board, and the constitution and terms of reference for various Board committees, such as the Audit Committee.

This section details the composition and terms of reference for various committees within the company, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility Committee, and Risk Management Committee. It outlines the specific functions and responsibilities delegated to each committee, which are governed by relevant sections of the Companies Act and SEBI Listing Regulations. Furthermore, it specifies the scope for formulating policies, reviewing various aspects of the company's operations and governance, and ensuring compliance with legal requirements.

This section details the Key Managerial Personnel (KMP) and Senior Management of the company, including their roles, associations, and remuneration details. It lists the KMP, such as the Chief Financial Officer and Company Secretary, along with their respective responsibilities and past affiliations. It also outlines the Senior Management members, including Business Heads and the Chief Technology Officer, and details the stock options held by these personnel. Furthermore, the section covers the promoters and the capital structure of JSW Steel Limited.

The provided text details the shareholding patterns for JSW Steel Limited and JSW Cement Limited as of June 30, 2026, along with corporate and board information for JSW Cement Limited. It also outlines the structure and details of Adarsh Advisory Services Private Limited, including its shareholding and the nature of its trust. Furthermore, the text discusses the relationship and interest of the promoters in the company, including aspects related to related party transactions and conflicts of interest concerning suppliers and directors.

This section primarily deals with the ownership structure, related party transactions, and governance aspects of the company. It details agreements regarding the use of the 'JSW' brand and clarifies that no payments have been made to promoters during the preceding two years except in the ordinary course of business. Furthermore, it outlines the lack of material guarantees given by the promoters to third parties and confirms that the company is jointly controlled by JSW Steel Limited and JSW Cement Limited, with no change in control in the five years prior to the filing.

This section details the scope and reliance placed on the audited financial statements for the purpose of the Draft Red Herring Prospectus (DRHP). The financial information was compiled from special purpose consolidated interim financial statements and consolidated financial statements, which were prepared in accordance with Indian Accounting Standard (Ind AS). The report confirms that the financial information has been adjusted retrospectively to reflect the same accounting treatment. Furthermore, the report outlines reliance on the work of other auditors for certain subsidiaries' financial statements.

This section provides restated consolidated financial information for JSW One Platforms Limited across four periods, including the years ended March 31, 2026, March 31, 2025, and March 31, 2024, along with a three-month period ending June 30, 2026. The Profit and Loss statement shows revenue from operations fluctuating significantly, with a loss reported in all periods shown. The Balance Sheet details assets and liabilities, including property, plant and equipment, financial assets, and various liabilities such as borrowings and trade payables. The Cash Flow statement details cash movements from operating, investing, and financing activities, showing net cash flows for each period.

This section details the restated consolidated statement of cash flows for JSW One Platforms Limited for the three months ended June 30, 2026, and for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. It outlines the components of cash and cash equivalents, including balances with banks, deposits, and cash in hand, showing fluctuations over the specified periods. The text also covers various accounting policies, including the basis of preparation, consolidation procedures, and the classification criteria for current and non-current assets and liabilities.

This section details various material accounting policies and explanatory notes related to the restated consolidated financial information, covering aspects such as the useful lives for Property, Plant & Equipment, the accounting for Goodwill and Intangible assets, the recognition and amortization of various intangible assets, lease accounting policies, revenue recognition for different types of contracts, and the treatment of contract assets and liabilities. It also outlines policies for interest income recognition, borrowing costs, income tax expense, and the recognition and measurement of current and deferred tax assets and liabilities.

This section details the material accounting policies and explanatory notes related to the restated consolidated financial information, covering areas such as employee share-based payments, segment reporting, financial instruments, and financial liabilities. It outlines specific criteria for recognizing and measuring various financial items, including the classification and subsequent measurement of financial assets and liabilities according to Ind AS. The text discusses concepts like the SPPI test for financial assets, the business model test for amortized cost classification, and the methodology for assessing expected credit losses (ECL) for various credit risks.

This section details various material accounting policies related to the recognition and measurement of financial information, including financial liabilities, impairment of non-financial assets, fair value measurement, provisions, contingent liabilities, cash and cash equivalents, inventories, earnings per share (EPS), employee benefits, and business combinations. It outlines specific rules for how different items are accounted for, such as the treatment of financial instruments, the assessment of asset impairment, and the recognition of various liabilities and income components.

This section details various accounting policies and judgments related to the financial statements, including provisions for expected credit losses on receivables and loans, impairment testing for non-financial assets, revenue recognition as a principal, treatment of taxes, and accounting for leases. It also covers recent amendments to Indian Accounting Standards (Ind AS) and disclosures related to supplier finance arrangements. The text also provides a breakdown of the carrying amounts for Property, Plant and Equipment, Intangible Assets, and Right-of-Use assets, as well as Lease Liabilities across different reporting periods.

This section details various financial line items, including the breakup of lease liabilities, loan information, trade receivables, inventories, cash, and cash equivalents, across different reporting periods. It provides figures for current, non-current, and total lease liabilities, details on intangible assets under development, various loan categories, trade receivables broken down by credit quality, and the movement of cash and cash equivalents. Furthermore, it outlines the components of cash and cash equivalents and the changes in liabilities arising from financing activities.

This section details various financial and shareholding information for JSW One Platforms Limited, including balances of financial assets, income tax assets, and other assets. It also provides extensive data on the authorized and issued equity share capital, including changes over different periods. Furthermore, the text outlines the movement in the shareholding pattern of various entities and details regarding the issuance of bonus shares and the acquisition of a subsidiary. Finally, it presents the status of compulsory convertible preference shares and the resulting conversion terms.

This section details various financial liabilities, employee benefit obligations, borrowings, trade payables, and other current liabilities for JSW One Platforms Limited across different reporting periods. The data includes figures for various liabilities, including security deposits, payable to employees, accrued expenses, and various types of borrowings. Furthermore, it provides a breakdown of trade payables, including dues to MSMEs and others, and details on revenue from operations, contract balances, and various income and expense items. The text also covers depreciation, amortization, and other operating expenses, along with disclosures related to employee benefits and credit losses.

This section provides a detailed breakdown of the restated financial information, including profit/loss, segment performance, and earnings per share over several periods. It details the movement in profit before tax, various tax adjustments, segment revenues, expenses, assets, and liabilities, and the resulting segment profits and losses. Furthermore, the section includes extensive notes on employee benefits, such as defined contribution and defined benefit plans, including actuarial assumptions and sensitivity analysis related to various risks.

This section details various related party transactions, including the issue of bonus shares and compulsory convertible preference shares for different entities. It also lists transactions such as the sale of material/goods, commission income from services rendered, and service fees. Furthermore, the text provides details on rent, reimbursement of expenses, employee costs, and various payments related to business processes. The data is presented across different periods, including the three-month period ended June 30, 2026, and various years ending March 31, 2026, March 31, 2025, and March 31, 2024.

This section details various financial and equity transactions, including equity infusions, trade payables, and employee share-based payment plans. It also provides information on financial instruments, including borrowings, net debt, and various financial assets and liabilities. The text covers details regarding related party transactions, employee stock option plans (ESOP), and the consolidation of financial statements across different reporting periods.

This section details various aspects of credit risk management, liquidity risk management, and foreign currency risk management for the company. It outlines the group's policy on dealing with creditworthy counterparties and managing risks from operating activities and financing activities. The text also discusses the maturity profile of financial liabilities and provides sensitivity analyses related to interest rates on borrowings and loans. Furthermore, it includes disclosures regarding going concern assumptions and various qualifications and remarks from auditors concerning legal and regulatory requirements.

This section details the emphasis of matters that do not require any adjustment in the Restated Consolidated Financial Information, and reproduces qualifications remarks by the auditors regarding the Audited Consolidated Financial Statements for the year ended March 31, 2026. It also presents accounting ratios derived from the Restated Consolidated Financial Information, including various profit/loss figures, net worth, return on net worth, net asset value per equity share, and EBITDA for different periods.

Prospective investors should be aware that the risks described in this section may not be exhaustive, and additional risks may arise in the future, potentially impairing the business. The company operates within a legal and regulatory environment in India, which may differ from other countries. The financial information presented is derived from restated consolidated financial information, and forward-looking statements involve uncertainties. A significant risk is the heavy dependence on the JSW Group for business and procurement, as well as reliance on third-party sellers and suppliers. Furthermore, the company's ability to operate depends on continued customer demand and the stability of its commercial arrangements with these parties.

The company relies heavily on third-party contract service centres for processing and customisation services, which means they have limited direct control over operations, capacity, and compliance. Risks include equipment failure, labour disputes, natural disasters, and various regulatory requirements. Furthermore, the private brands business depends on contract manufacturers for production, exposing the company to risks related to quality, capacity, and supply chain disruptions. The company is also dependent on its wholly owned subsidiary, JODL, for its entire revenue from the sale of goods, and any disruption to JODL's operations could negatively impact the business. Finally, there are risks associated with the financial services segment, including credit risk and regulatory compliance for direct lending operations.

The company faces risks related to operating in a highly regulated industry, which could negatively impact its business, cash flows, and financial condition. A key component, JOFL, is a non-banking financial institution providing direct lending, and there is no assurance that past performance will continue. The company's ability to scale depends on increasing product offerings, customer reach, and maintaining underwriting standards. Furthermore, the company relies heavily on third-party finance partners and letters of credit for credit facilitation, and it is subject to extensive regulatory requirements from the RBI.

The company faces several risks related to its financing arrangements, including the potential for finance partners to change criteria, reduce credit appetite, or terminate arrangements, which could interrupt credit disbursement. There are also inherent legal and regulatory risks due to the subsidiary operating in a highly regulated industry, subjecting it to potential actions from regulators. Furthermore, the business is highly dependent on commodity prices, as fluctuations in steel prices can impact customer demand and the cost of goods sold. The company also faces risks related to product quality, as reliance on third-party sellers, contract service centers, and private brands exposes it to defects and claims. Finally, there are concerns regarding related party transactions that might involve conflicts of interest.

The company engages in various transactions with related parties, including procurement, commission income, trademark licensing, and shared services. There are concerns regarding the enforceability of these transactions and the potential for future unfavorable terms. Furthermore, the company faces risks related to its reliance on the JSW Group for procurement and the potential negative impact of reputational damage to the JSW brand. The company also has past issues with delays in paying statutory dues, and there is uncertainty regarding future compliance with such payments. Finally, the company's continued growth is dependent on sustained investment in its technology platform, and there is no assurance that such investments will yield the expected results or that the platform will remain competitive against competitors.

The section outlines the criteria for identifying material litigation, including various thresholds based on company turnover, net worth, and profit/loss, for proceedings involving the Company, its Subsidiaries, Promoters, and Directors. It details specific pending legal and regulatory matters concerning the Company, its subsidiaries, and promoters, including civil, criminal, and regulatory actions. Furthermore, it specifies materiality thresholds for litigation involving JSW Steel Limited and JSW Cement Limited, which are based on their respective financial statements. The text also clarifies that pre-litigation notices are not considered outstanding litigation until the relevant parties are formally impleaded as defendants or respondents in judicial or arbitral forums.

The provided section details numerous ongoing litigation and regulatory proceedings involving JSW Steel and JSW Cement across various domains, including mining agreements, tax disputes, and SEBI disciplinary actions. For JSW Steel, there are several pending show cause notices and challenges to orders issued by the Ministry of Coal concerning efficiency parameters for various coal blocks, as well as disputes related to the unauthorized dispatch of iron ore stacks and issues with various mining leases. JSW Steel is also involved in disputes regarding the transfer of Input Tax Credit (ITC) related to GST and various tax reassessments by the Income Tax department. JSW Cement faces litigation concerning the reimbursement of Value Added Tax under an Industrial Policy, disputes over the cartelization of cement companies, and various tax demands related to incorrect classification and payment of GST.

The section details several ongoing litigation and regulatory proceedings involving both the Company and its Promoters/Directors. For JSW Cement, there are ongoing tax and GST disputes, including appeals and demands related to income assessment and GST classification. JSW Steel faces numerous environmental and mining-related disputes, including actions by the National Green Tribunal and various High Courts. Furthermore, there are proceedings concerning the directors, including interactions with the Directorate of Enforcement and Customs authorities regarding various matters.

The section details various aspects of litigation, tax claims, and regulatory approvals. There are no outstanding criminal proceedings initiated by Key Managerial Personnel or members of the Senior Management. Regarding tax litigations, the company has disclosed amounts for direct and indirect tax claims involving the company, its subsidiaries, and its promoters. Furthermore, there is pending litigation concerning a monetary penalty imposed on Bhushan Power and others by SEBI, which is currently pending before the Supreme Court. The document also lists numerous material approvals, including registrations, certificates, and licenses required for the company and its subsidiaries, which are either valid or pending renewal.

The section details various registrations and approvals obtained by the company and its subsidiary, JOFL, across different government departments and tax authorities. It lists numerous registrations including those from the Employees’ Provident Fund Organisation, various State GST registrations for different states, and certificates from the Maharashtra Goods and Services Tax Department and the Karnataka Professional Tax Office. Furthermore, it mentions a certificate from the Department of Supervision of the Reserve Bank of India for operating as a non-banking financial institution. The document also confirms that no material approvals have been applied for but not received, nor have any expired approvals for which renewals are pending.

The section details various authorizations and confirmations related to the Draft Red Herring Prospectus, including approvals from the Board and IPO Committee, and authorizations from Selling Shareholders for the Offer for Sale. It also covers in-principle listing approvals from BSE and NSE, confirmations regarding the non-prohibition of access to the capital market by various parties, and compliance confirmations under the Companies (Significant Beneficial Owners) Rules, 2018. Furthermore, it outlines eligibility criteria for the Offer, noting that the company does not satisfy certain conditions stipulated in the SEBI ICDR Regulations regarding average operating profit. The text also specifies various restrictions and disclaimers concerning the offer, including rules for allocation to different bidder categories and jurisdiction-specific limitations.

This section primarily details various restrictions and acknowledgments related to the offer and sale of Equity Shares, particularly concerning transactions within and outside the United States. It outlines conditions that purchasers must acknowledge regarding the registration status of the shares under the U.S. Securities Act and specifies different requirements for investors based on whether the transaction is domestic or offshore. Furthermore, the text covers consents obtained from various parties and experts, as well as disclosures regarding past public issues and the status of the company's subsidiaries.

This section details the price information of past issues handled by various Book Running Lead Managers, including JM Financial Limited and Kotak Mahindra Capital Company Limited, across different financial years. It provides a breakdown of IPOs based on how they traded relative to the listing price over various timeframes (30th, 90th, and 180th calendar days), categorized into discount and premium trading scenarios. The data covers issues from 2024-2025, 2025-2026, and the current financial year 2026-2027.

This section details various aspects related to the pricing of past issues handled by SBI Capital Markets Limited and PL Capital Markets Private Limited, including the number and value of funds raised across different financial years. It also outlines procedures for the redressal of investor grievances, including timelines for resolving complaints and compensation mechanisms for delays in unblocking funds. The text specifies various responsibilities regarding investor complaints and the process for obtaining SCORES authentication for the Draft Red Herring Prospectus.

The section details various compliance and procedural aspects related to the issuance of equity shares, including the governing laws and regulations. It specifies that the equity shares are subject to several laws, including the Companies Act and SEBI ICDR Regulations. The offer involves a Fresh Issue by the Company and an Offer for Sale by Selling Shareholders. It outlines the ranking of equity shares and the rules for dividend payments. Furthermore, it details the process for payment, including the determination of offer prices, and the procedures for allotment, including the use of dematerialized forms and agreements with Depositories and Registrars.

This section details various procedural aspects related to the Bid/Offer process, including the modification of fields by Designated Intermediaries, the company's right to revise the Price Band under SEBI ICDR Regulations, and provisions concerning the extension of the Bid/Offer Period due to various circumstances like force majeure or banking strikes. It also outlines rules regarding the handling of discrepancies in data and the requirements for minimum subscription levels for the Offer. Furthermore, the text specifies the structure of the Offer, including various reservation portions for different categories of bidders, such as Employees, JSW Steel Shareholders, JSW Cement Shareholders, QIBs, Non-Institutional Bidders, and Retail Individual Bidders.

This section details various rules and procedures related to the bidding process for the public issue, including different categories of eligible bidders and the modes of bidding. It outlines specific limits on bid amounts based on the portion of the offer being considered, rules for joint bids, and various provisions concerning the use of the UPI mechanism for certain bidders. It also discusses the consolidation and revision of various SEBI circulars and the final procedures to be followed for the offer.

This section details various procedural aspects related to the public issuance process, including compensation for delays in unblocking funds, coordination with regulatory timelines, and the implementation of the UPI payment mechanism. It outlines rules for book-building, including the allocation of shares to different investor categories, the handling of various reservation portions, and requirements for investor documentation. Furthermore, it discusses the phased implementation of the UPI mechanism and specific requirements for investor grievances and the processing of payments for applications made via UPI.

This section details various restrictions and requirements concerning who can participate in the Offer for Sale, including definitions related to promoters, anchor investors, and various investor categories. It outlines specific rules for bids from Mutual Funds, Eligible Employees, Eligible JSW Shareholders, Eligible NRIs, HUFs, FPIs, and other entities. Furthermore, it specifies documentation requirements for bids from certain corporate bodies and sets investment limits for different investor types based on regulations like SEBI FPI Regulations and FEMA NDI Rules.

This section details various rules and requirements concerning bids and applications from different categories of investors, including banking companies, insurance companies, provident/pension funds, Systemically Important Non-Banking Financial Companies (NBFCs), Anchor Investors, and Qualified Institutional Buyers (QIBs). It outlines specific documentation requirements, rules for bid submission, fund blocking procedures via ASBA, and restrictions on bid revisions and withdrawal, depending on the investor type.

This section primarily outlines various instructions and conditions for Bidders/Applicants regarding the submission of bids and application forms, including requirements related to documentation, payment methods, and timing. It details numerous prohibitions against submitting bids under certain conditions, such as using incorrect identifiers, submitting bids below or above specified price limits, or using unverified bank accounts. Furthermore, it specifies technical grounds for rejection of bids and sets out undertakings from the Company and Selling Shareholders concerning the process of listing, allotment timelines, and the utilization of offer proceeds.

This section details the regulatory framework governing foreign investment in Indian securities, primarily governed by the Industrial Policy, 1991, and FEMA. It outlines various rules and amendments issued by bodies like the DPIIT, including the Consolidated FDI Policy Circular, which consolidates previous press notes. The text discusses rules regarding share transfers between Indian residents and non-residents, the impact of FEMA NDI Rules on investment and transfer provisions, and requirements for government approval in certain foreign direct investment scenarios. Furthermore, it specifies rules for calculating aggregate holdings of Foreign Portfolio Investors (FPIs) and sets limits on such holdings.

The section details the process for adjudications before various courts, tribunals, and authorities, noting that adverse rulings or penalties may result in increased expenses or contingent liabilities according to Ind AS 37. A table is provided summarizing outstanding litigation proceedings involving the company, subsidiaries, promoters, directors, key managerial personnel, and senior management. While there are no pending proceedings with group companies that would have a material and adverse impact, some promoters have received queries from SEBI regarding various regulations, and the company cannot guarantee they will not face future inquiries. Furthermore, promoters and directors are in receipt of notices and summons from various statutory and regulatory authorities, including the CBI, ED, Customs, and the Competition Commission of India.

The section details various legal and regulatory proceedings involving the company, its group companies, and its promoters. It notes that the company may face payments for adverse rulings in proceedings, which could increase liabilities. Furthermore, it mentions that the company's promoters have received queries from SEBI regarding certain regulations, although they have responded, and there is no assurance against future inquiries. The text also highlights that the company is involved in proceedings with various statutory and regulatory authorities, including the CBI and ED, and warns that failure to comply with orders could lead to further legal action. The section also discusses risks related to logistics partners, including potential disruptions from various factors, and potential conflicts of interest due to the company's business dealings with the JSW Group.

The provided text details various aspects of the company's operations, including trade receivables aging, employee attrition, regulatory compliance, and property leases. It highlights risks associated with credit risk from customers, potential disruptions from employee turnover, and the need to maintain capital adequacy ratios as required by the RBI. Furthermore, the text discusses the risks involved in dealing with unsecured loans and the potential impact of lease agreements on operations. It also mentions plans to use net proceeds for investment in a material subsidiary, JODL, for marketing purposes.

The section discusses various risks related to business operations, including difficulties in establishing management and financial controls, strained relationships with various business partners, and potential loss of key personnel or customer connections due to strategic activities. Risks also include insufficient insurance coverage, potential issues with insurance claims, and the uncertainty of future insurance coverage. Furthermore, the company faces risks from seasonal and cyclical fluctuations in demand, competition in the B2B industrial procurement market, and potential issues with obtaining necessary licenses and approvals from regulatory authorities. The text also covers risks related to data protection compliance and potential issues with internal fraud or misconduct by employees or partners.

This section primarily discusses various risk factors related to the company's operations, internal controls, financial reporting, and market conditions. It highlights risks associated with competition, the potential for failures in internal processes leading to errors, and the uncertainty surrounding the deployment of funds from an Offer for Sale. Furthermore, the text details risks related to the accuracy of industry reports used, the potential for difficulties in expanding into new product categories, and the challenges in providing adequate customer support. Finally, it addresses risks concerning the classification of the company for U.S. federal income tax purposes and broader macroeconomic and geopolitical risks.

This section primarily outlines various risks that could adversely affect the company's business, operations, and financial condition. Risks include volatility from global economic conditions, geopolitical instability, natural disasters, pandemics, and cyberattacks. Furthermore, the text details risks related to changing laws and regulations, including tax liabilities, the impact of new labour codes, and uncertainty surrounding the interpretation of various laws. There are also concerns about the impact of sovereign debt ratings, the potential for competition law enforcement, and restrictions on foreign investment. Finally, the section discusses issues related to the listing process, such as pre-emptive surveillance measures and the potential for market fluctuations to affect the trading price of the equity shares.

This section primarily discusses various regulatory aspects related to the offering of equity shares, including allocation rules, market expectations, tax implications, and restrictions on share transfer. It details conditions for bid allocation, the potential volatility of the equity shares post-offer, and the evolving Indian tax regime, such as changes related to GST and the abolition of the DDT. Furthermore, it outlines restrictions on the ability of investors to withdraw bids, the timeline for listing, and potential adverse effects on the trading price due to various market factors or future equity issuances.

The section introduces the requirements for related party transactions as per accounting standards and SEBI ICDR Regulations, directing readers to a specific note for details. It then discusses the company's business model, which involves connecting customers with various supply partners through a unified technology platform. The revenue is generated through two main segments: the Commerce Business and Financial Services. The Commerce Business includes various models such as a marketplace, product processing, and private brands, while the Financial Services segment focuses on direct lending capabilities.

The section details the ecosystem surrounding the company's platform, covering customer, seller, logistics, service center, and financing partners. The platform aims to improve procurement efficiency by integrating discovery, purchasing, financing, and fulfillment. Key aspects include the expansion of the customer catalogue, the scale of the seller base and customer network, the role of logistics in last-mile distribution, the operation of third-party service centers for processing, and the use of embedded financing to facilitate working capital for MSMEs.

This section details various metrics related to customer engagement, transaction volume, and financial performance across different segments of the platform. Key metrics include the growth in transacting customers, the scale of GMV facilitated through embedded credit, and the performance of the financing arm. The text highlights significant growth in various operational volumes, such as orders, GMV on One Helix Fintech, and disbursements from the NBFC, alongside improvements in capital efficiency and operating margins.

This section details the financial performance and segment reporting for the company across different fiscal periods. Revenue from operations showed significant growth, driven by increased sales of goods and services. The Commerce Business segment saw substantial growth in Net Material Value (NMV) and deeper credit penetration. The Financial Services segment also experienced a massive increase in interest income due to expanded lending activities. Various expenses, including purchases of stock-in-trade and finance costs, also showed increases, largely linked to supporting higher sales volumes and new lease arrangements.

The section details various operational and financial performance metrics across different fiscal years, highlighting significant growth in revenue and volume alongside changes in various expenses and assets. Revenue from operations showed substantial increases, particularly in the sale of goods, driven by growth in private brands and service centers, alongside increases in steel and cement product volumes. Furthermore, platform and technology charges, advertisement and marketing, and other expenses saw increases, which were attributed to scaling operations and promotional activities. The company also reported changes in tax expenses, restated losses, and various financial metrics such as Net Worth and Return on Net Worth.

The provided section details various financial metrics, including net worth, revenue, contribution margins, and various cash flow components for different segments of the business. It shows trends in net worth, operating revenue growth, and the calculation of contribution margins as a percentage of Net Market Value (NMV). Furthermore, it reconciles adjusted EBITDA and profit before tax for the Commerce Business and Financial Services segments, along with calculations for debt-to-equity ratios and liquidity resources.

This section primarily details various cash flows (operating, investing, and financing) for different fiscal years, including specific amounts for cash movements and income tax payments. It also outlines the composition of borrowings, including loans from banks and working capital loans, along with their respective terms and maturities. Furthermore, the text discusses contractual obligations, including trade payables, other financial liabilities, and lease liabilities, and provides details on contingent liabilities and off-balance sheet arrangements. Finally, it mentions that related party transactions are detailed in a separate summary, and it includes disclosures regarding seasonality, credit risk, liquidity risk, and concentration risks related to suppliers and sellers.

This section primarily details various accounting policies related to the recognition and measurement of different financial instruments and assets. It covers treatments for intangible assets, leases, revenue recognition for various services, contract balances, interest income, employee share-based payments, provisions, contingent liabilities, cash, and cash equivalents. It also includes information on the capitalization of borrowings as of June 30, 2026.

The company and its subsidiaries utilize various credit facilities for working capital and other business requirements. As of June 30, 2026, the outstanding borrowings on a consolidated basis totaled ₹207.38 Crore. The details of these borrowings, including the sanctioned amounts and outstanding amounts, are provided for reference. The terms of the loans, such as interest rates, tenor, repayment, pre-payment penalties, and security arrangements, are detailed, and the subsidiaries are subject to various restrictive covenants and events of default.

This section details the main provisions of the Articles of Association, which are divided into Part A and Part B, with provisions for Part B to prevail until the Listing Date, after which Part B is automatically deleted. The Articles cover various aspects including definitions, share capital variations, and rules regarding the issuance and transfer of shares. The Board has powers to increase or reduce authorized capital, and there are specific provisions concerning the issue of shares for consideration other than cash and the disposal of shares by the Board.

The provisions detail various aspects concerning the duplicate, loss, or destruction of share certificates, including procedures for issuing duplicates with board consent and the associated fees. The rules also specify how the first named joint holder is treated for certain benefits, and establish that the registered holder is considered the absolute owner of the share, limiting recognition of equitable claims by others. Furthermore, the company's funds cannot be used to purchase shares, and provisions apply mutatis mutandis to debentures. The text also covers the treatment of trusts and the company's inability to recognize certain claims on shares.

This section details various provisions concerning the transfer and transmission of shares, including provisions for dealing with the death, insolvency, or lunacy of a member. It outlines the Board's discretion in dispensing with probate documentation for such transfers and establishes procedures for verifying share transfers. Furthermore, it addresses the rights of persons acquiring shares through transmission, including limitations on their voting rights and the Board's power to mandate the transfer or registration of the shares. The text also covers the forfeiture of shares due to non-payment of calls or installments, including the Board's power to enforce payment and the subsequent rights of the company to dispose of the forfeited shares.

This section details various procedural aspects of General Meetings, including notice requirements, quorum, and the role of the Chairman. It outlines rules for conducting resolutions, including the ability to demand a poll, the voting rights of members, and the power of the Chairman to cast a deciding vote in case of a tie. Furthermore, the provisions cover the use of proxies, the rules for filing resolutions with the Registrar, and the maintenance and inspection of meeting minutes. It also specifies conditions under which members are entitled to vote and the rules concerning the transmission of shares.

The provisions detail various aspects of director appointments, removal, and the powers vested in the Board and its committees. Certain directors, such as Debenture Directors, are not bound to hold qualification shares or retire by rotation. The Board has the power to appoint additional directors to fill casual vacancies, with limitations on the total number of directors. Specific provisions exist regarding the appointment of nominee directors based on contracts with third parties, which may include rights to appoint or nominate directors. Furthermore, the rules cover the appointment of alternate directors, the ability of an individual to serve as Chairman and Managing Director concurrently, and restrictions on the appointment of multiple directors through a single resolution.

The Articles grant the Board power to substitute the common Seal, and authorize certain officers to authenticate company documents and resolutions. Regarding dividends, profits are divisible in proportion to the capital paid or credited. The Board has the power to pay interim dividends, and the General Meeting can declare dividends, subject to the Board's recommendation, and dividends must come from profits. There are provisions concerning the carry-forward of profits and restrictions on dividends when capital is paid in advance. Furthermore, there are specific rules on how dividends are apportioned, retention of dividends, and restrictions on members receiving dividends while indebted to the company.

The provisions detail various aspects related to the company's financial borrowing capacity and restrictions on the transfer of equity shares. Specifically, certain equity shares held by non-promoters may be subject to lock-in under SEBI ICDR Regulations, and provisions exist to manage the transfer or release of these shares upon pledge invocation or closure. Furthermore, the articles establish that certain provisions override others, and there are stipulations regarding the applicability of laws and regulations to the company's operations.

The provided section primarily consists of declarations certifying compliance with various laws and regulations, including the Companies Act and SEBI rules. These declarations are signed by different directors and officers of the company, affirming that the statements made in the Draft Red Herring Prospectus are true and correct.

The provided section primarily consists of various declarations certifying compliance with relevant laws and regulations, such as the Companies Act and SEBI rules. These declarations are signed by different directors and officers, including Non-Executive Nominee Directors, Independent Directors, and the Chief Financial Officer. Furthermore, a specific declaration is provided by JSW Steel Limited confirming the accuracy of statements made in the Draft Red Herring Prospectus in relation to the promoter selling shareholder and the offered shares.

The provided section primarily contains declarations from the Promoter and an Investor regarding the accuracy of statements made in the Draft Red Herring Prospectus. The Promoter, JSW Cement Limited, confirmed the truth and correctness of its statements, assuming no responsibility for other statements made by others. Similarly, an Investor certified the accuracy of their statements, disclaiming responsibility for any other statements made by other parties. The latter part of the text details the allotment of equity shares under an ESOP plan on January 8, 2026, listing 125 allottees and the number of equity shares allotted to each.