# JSW One Platforms Limited: IPO analysis > JSW One Platforms Limited (CIN U51100MH2018PLC314290) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹1,300 Cr and an offer for sale of ₹1,754 Cr. In FY26 it reported revenue of ₹5,743 Cr (+44.9% on FY25) and a net loss of ₹106 Cr. Promoters hold 73.8% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 37 claims checked. - Page: https://ipo.innerkore.com/company/U51100MH2018PLC314290/jsw-one-platforms-limited/ - CIN: U51100MH2018PLC314290 - Last updated: 25 Sep 2026 ## Key facts - **Company:** JSW One Platforms Limited - **CIN:** U51100MH2018PLC314290 - **Filing stage:** DRHP - **Latest SEBI filing:** 25 Sep 2026 - **Fresh issue:** ₹1,300 Cr - **Offer for sale:** ₹1,754 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹5,743 Cr - **Revenue growth:** +44.9% - **Net profit FY26:** −₹106 Cr - **Revenue CAGR FY24 to FY26:** 102.7% - **Promoter holding (pre-IPO):** 73.8% - **Lead managers:** JM Financial Limited, Kotak Mahindra Capital Company Limited, ICICI Securities Limited, SBI Capital Markets Limited, PL Capital Markets Private Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 2 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 102.7% a year. Sales FY24 to FY26; latest year +44.9%. - **Profitability** (concern): -1.9% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.23x equity. ₹129 crore borrowed at the end of FY26. - **Profit into cash** (concern): Cash negative. Net loss of ₹106 crore; operations used ₹245 crore. - **Where the money goes** (look closer): 57% for sale. 43% is new shares issued by the company. - **Red flags** (look closer): 2 to review. 37 claims checked: 0 high, 2 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 1,398 | 3,963 | 5,743 | 1,642 | | Sales growth | – | 183.5% | 44.9% | – | | Operating profit | -235 | -209 | -111 | 7.6 | | Operating margin | -16.8% | -5.3% | -1.9% | 0.5% | | Net profit | -227 | -217 | -106 | 14 | | Net margin | -16.2% | -5.5% | -1.9% | 0.9% | | Net worth | 234 | 76 | 556 | 630 | | Borrowings | 45 | 142 | 129 | 207 | | Return on equity | -97.1% | -286.3% | -19.1% | – | ## Use of proceeds (fresh issue) - Investment in JODL, being one of our Material Subsidiaries, for funding our marketing and brandbuilding expenditure: ₹125 crore - Funding our technology and platform development expenditure: ₹350 crore - Investment in JOFL, being one of our Material Subsidiaries, for augmenting its capital base to meet its future capital requirements arising out of the growth of JOFL’s business: ₹500 crore - General corporate purposes: amount not fixed yet ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): Financing is embedded through One Helix Fintech, including through the in-house non-banking financial company (“NBFC”) registered with the Reserve Bank of India (“RBI”), JSW One Finance Limited (“JOFL”).. The search results confirm that JSW One Platforms has filed a DRHP for an IPO and mentions JSW One Finance Ltd. in connection with the IPO plans, suggesting a connection to the financing mentioned in the claim. - **MEDIUM** (LitigationStatus): The Rourkela GST Commissionerate issued show cause notices alleging short-payment of GST under the reverse charge mechanism (RCM) of ₹788.84 Crore and GST liability on outward supplies of iron ore of ₹343.92 Crore, which JSW Steel challenged before the Orissa High Court.. The search results confirm that JSW One Platforms has filed a DRHP and that there are tax-related issues involving the promoters, but they do not specifically corroborate the exact figures mentioned in the claim regarding the Rourkela GST Commissionerate notices and the challenge before the Orissa High Court. - **LOW** (SubsidiaryPerformance): The platform allows for product customisation through JSW One Distribution Limited (“JODL”), a wholly owned subsidiary.. The search results corroborate the claim by mentioning that JSW One Platforms plans to use net proceeds from a fresh issue to invest in JSW One Distribution Ltd. towards marketing and brand-building. This suggests a relationship or operational link between the platform and the subsidiary. - **LOW** (PromoterBackground): The Promoters have received certain queries from SEBI under various provisions of the SEBI Act, 1992, SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, and/or SEBI (Prohibition of Insider Trading) Regulations, 1992.. One search result directly links JSW One Platforms filing papers with SEBI for an IPO, which is related to the context of the claim. Other results mention SEBI actions but do not specifically confirm the promoters having received queries under the listed regulations. - **LOW** (PromoterBackground): Promoters have received certain queries from SEBI under various provisions of the SEBI Act, 1992, SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, and/or SEBI (Prohibition of Insider Trading) Regulations, 1992.. One search result directly mentions that JSW One Platforms filed draft papers with SEBI for an IPO, which is related to the context of the claim. However, the search results do not explicitly confirm that the promoters have received queries from SEBI under the specific regulations mentioned in the claim. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on May 5, 2025, to involve the cancellation of unissued Equity Shares and the issuance of CCPS.. The provided search results discuss the filing of draft papers by JSW One Platforms with SEBI and details about the company's business and IPO plans. However, none of the search snippets mention any amendment to Clause V of the Memorandum of Association on May 5, 2025, regarding the cancellation of unissued Equity Shares and the issuance of CCPS. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on February 6, 2025, to increase the authorized share capital further to ₹5,00,00,00,000.. The provided search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association of JSW One Platforms Limited concerning the increase of authorized share capital to ₹5,00,00,00,000 on February 6, 2025. The search results focus on IPO plans and business details. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on February 2, 2021, to increase the authorized share capital from ₹1,0 to ₹10,00,00,000.. The provided search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association of JSW One Platforms Limited concerning the increase of authorized share capital. Therefore, the search results do not corroborate, contradict, or provide new information about this specific claim. - **NONE** (SubsidiaryPerformance): The registered office of the Company was changed on October 13, 2025, from the JSW Centre Bandra Kurla Complex to Grande Palladium in Mumbai.. The provided search results do not contain any information regarding a change in the registered office of JSW One Platforms Limited on October 13, 2025, from JSW Centre Bandra Kurla Complex to Grande Palladium in Mumbai. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (LitigationStatus): JSW Cement received a show cause notice regarding the classification and applicable GST rate on supplies of ground granulated blast furnace slag (GGBS), with a proposed GST demand of ₹229.85 Crore.. The provided search results do not contain any information corroborating or contradicting the specific claim about JSW Cement receiving a show cause notice regarding GGBS supplies and a proposed GST demand of ₹229.85 Crore. The search results primarily discuss the filing of the DRHP, IPO papers, and other related corporate and legal matters of JSW One Platforms. - **NONE** (LitigationStatus): JSW Cement filed an appeal against an Income Tax Department order, and the matter is currently pending.. The search results mention that JSW One Platforms filed a Draft Red Herring Prospectus (DRHP) and details about the IPO process, but none of the provided snippets confirm the specific claim that JSW Cement filed an appeal against an Income Tax Department order and that the matter is currently pending. - **NONE** (LitigationStatus): A show cause notice was issued by the Ministry of Coal to JSW Steel for failing to achieve efficiency parameters stipulated in the coal mine development and production agreement pertaining to the Moitra coal block.. The search results do not contain any information corroborating or contradicting the claim regarding a show cause notice issued by the Ministry of Coal to JSW Steel for failing to achieve efficiency parameters in the Moitra coal block. The results focus on the IPO filing, tax matters, and corporate structure of JSW One Platforms. ## Common questions ### How big is the JSW One Platforms Limited IPO? JSW One Platforms Limited's IPO comprises a fresh issue of ₹1,300 Cr and an offer for sale of ₹1,754 Cr, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are JSW One Platforms Limited's revenue and profit? JSW One Platforms Limited reported revenue from operations of ₹5,743 Cr in FY26, +44.9% versus FY25. Net loss was ₹106 Cr (FY25: loss of ₹217 Cr). Revenue grew at a compound rate of 102.7% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in JSW One Platforms Limited? Promoters hold 73.8% of JSW One Platforms Limited before the IPO. ### How will JSW One Platforms Limited use the IPO money? The fresh-issue proceeds are earmarked for: Investment in JODL, being one of our Material Subsidiaries, for funding our marketing and brandbuilding expenditure (₹125 Cr); Funding our technology and platform development expenditure (₹350 Cr); Investment in JOFL, being one of our Material Subsidiaries, for augmenting its capital base to meet its future capital requirements arising out of the growth of JOFL’s business (₹500 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in JSW One Platforms Limited's DRHP? We fact-checked 37 claims from the filing against the open web: 0 raised a high concern, 2 medium and 3 low. The most notable: The search results confirm that JSW One Platforms has filed a DRHP for an IPO and mentions JSW One Finance Ltd. in connection with the IPO plans, suggesting a… The search results confirm that JSW One Platforms has filed a DRHP and that there are tax-related issues involving the promoters, but they do not specifically… This is an automated screen, not a verdict; each finding links to its sources. ### What does JSW One Platforms Limited do? तो JSW One Platforms Limited के IPO की DRHP में एक डिटेल है जो अक्सर नज़रअंदाज़ कर दिया जाता है: IPO के प्लान्स में JSW ONE FINANCE Ltd. का सीधा ज़िक्र है, जो सीधे तौर पर इस पूरी फंडिंग स्ट्रक्चर को प्रभावित करता है। ### Who manages the JSW One Platforms Limited IPO? Book running lead managers: JM Financial Limited, Kotak Mahindra Capital Company Limited, ICICI Securities Limited, SBI Capital Markets Limited, PL Capital Markets Private Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original JSW One Platforms Limited IPO documents? All 2 filings for JSW One Platforms Limited (DRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [JSW One Platforms Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790585630648.pdf) (Draft Red Herring Prospectus, filed 25 Sep 2026) - [JSW One Platforms Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/JSW One Platforms Limited - Draft Abridged Prospectus_p.pdf) (Abridged prospectus (DAP), filed 25 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.