JSW One Platforms’ DRHP for its proposed ₹3,054 Cr IPO showed that FY26 net loss narrowed 50.9% to ₹106.5 Cr, while operating revenue rose 44.9% to ₹5,743.4 Cr
Revenue growth outpaced expenses, bringing the B2B ecommerce marketplace closer to profitability ahead of its public market debut
The B2B ecommerce marketplace’s proposed IPO comprises a ₹1,300 Cr fresh issue and a ₹1,754 Cr OFS by JSW Steel, JSW Cement, and Mitsui & Co
JSW Group’s B2B ecommerce marketplace JSW One Platforms narrowed its consolidated net loss by 50.9% to ₹106.5 Cr in FY26 from ₹217 Cr in the previous financial year, helped by revenue growth outpacing the rise in expenses.
Its operating revenue jumped 44.9% to ₹5,743.4 Cr from ₹3,962.8 Cr in FY25, according to its DRHP. The company runs a technology-led platform that combines procurement of manufacturing and construction materials with logistics, processing, and access to credit.
Including other income of ₹44.2 Cr, total income stood at ₹5,787.6 Cr in FY26, compared with ₹3,979.5 Cr a year earlier.
The financial disclosures come as JSW One prepares for a proposed ₹3,054 Cr IPO.
For the June quarter of FY27, JSW One reported a consolidated profit of ₹14.2 Cr on an operating revenue of ₹1,642.5 Cr. The DRHP did not disclose the comparable Q1 FY26 numbers.
Sales of goods remained JSW One’s largest revenue source, rising 45.5% to ₹5,619.6 Cr in FY26 from ₹3,862.1 Cr in FY25. This business includes steel and related products, cement, and other construction materials.
The company attributed the growth primarily to the expansion of its private brands and service centre business. Steel volumes increased 51.2% to 27.1 Lakh tonnes, while cement volumes rose 23.9% to 2.6 Lakh tonnes.
Services revenue grew 11.4% to ₹109.6 Cr from ₹98.4 Cr. Within this, commission income from the MSME business increased to ₹100.3 Cr from ₹83 Cr, while homes business commissions rose to ₹9.3 Cr from ₹7.5 Cr.
Financial services revenue increased more than sixfold to ₹14.2 Cr from ₹2.3 Cr, although it contributed just 0.2% of consolidated operating revenue.
JSW One’s total expenses increased 40.5% to ₹5,894.1 Cr in FY26 from ₹4,196.5 Cr in FY25.
Material Purchases: Purchases of stock-in-trade, its largest expense, rose 42.7% to ₹5,444.1 Cr from ₹3,815.4 Cr as the company procured more materials to support its distribution and private brands businesses.
Employee Costs: Employee benefit expenses declined 1.2% to ₹264.3 Cr from ₹267.6 Cr. The decline was driven by lower share-based payment expenses, which fell to ₹16 Cr from ₹59.5 Cr. However, salaries and wages increased to ₹217 Cr from ₹185.7 Cr.
Transportation Costs: Transportation expenses climbed 58% to ₹152.1 Cr from ₹96.2 Cr, reflecting the expansion of its delivery network and higher freight costs.
Technology Expenses: Platform and technology expenses increased 32.9% to ₹29.6 Cr from ₹22.3 Cr, driven by higher transaction volumes and associated cloud hosting, software licensing, and maintenance costs.
Promoted by JSW Steel and JSW Cement, JSW One operates a B2B ecommerce marketplace for manufacturing and construction MSMEs. Its technology platform allows customers to discover and compare materials, place orders, arrange financing, and track fulfilment.
The business combines a commission-based marketplace with a distribution model. In marketplace transactions, JSW One earns a commission for connecting buyers and sellers. Through subsidiary JSW One Distribution, it also purchases materials, arranges processing and customisation, and sells them to customers, recognising the full sale value as revenue.
Its offerings overlap with those of startups such as OfBusiness, Infra.Market and Zetwerk subsidiary Terra91 across materials procurement, construction supplies and manufacturing services.
Incorporated as JSW Retail in 2018, the company was renamed JSW One Platforms in December 2020. It launched the JSW One MSME and JSW One Homes portals in 2021, subsequently expanding into private brands and lending. Its subsidiary JSW One Finance received its NBFC registration in 2024.
JSW One raised ₹205 Cr in a Series A round led by Mitsui & Co. in April 2023 at a valuation of ₹2,750 Cr.
It later closed a ₹575 Cr funding round in October last year, with participation from SBI, Principal Asset Management, One-Up, International Conveyors, Scarlett Ventures, and JSW Steel.
JSW One’s proposed IPO comprises a fresh issue of ₹1,300 Cr and an OFS of ₹1,754 Cr.
JSW Steel plans to sell shares worth up to ₹811 Cr, JSW Cement up to ₹123 Cr, and Mitsui & Co. up to ₹820 Cr through the OFS.
From the fresh issue proceeds, the company plans to invest ₹500 Cr in JSW One Finance to strengthen its capital base, ₹350 Cr in technology and platform development, and ₹125 Cr in marketing and brand-building through JSW One Distribution. The remaining net proceeds will be used for general corporate purposes.
JSW One may also undertake a pre-IPO placement of up to ₹260 Cr, which would reduce the fresh issue size by the amount raised.
Edited by Vinaykumar Rai
Source: Inc42
