What products does Jolly Board Limited manufacture?

Jolly Board manufactures bitumen-impregnated boards, soft insulation boards, and ceiling tiles. These products are used in construction for acoustic insulation, ceiling applications, industrial insulation, and various building applications.

What percentage of Jolly Board's production is exported?

Jolly Board exports approximately 80% of its production to international markets, making it a highly export-oriented Indian building materials manufacturer with a significant global customer base.

When was Jolly Board Limited incorporated?

Jolly Board Limited was incorporated in 1956 in Mumbai (then Bombay), making it nearly seven decades old and one of Maharashtra's pioneering specialty building board manufacturers.

What is Jolly Board's ISIN?

The ISIN of Jolly Board Limited is INE532G01037.

Is Jolly Board Listed?

No, Jolly Board Limited is unlisted. Its shares are only available in the unlisted/OTC market. The high per-share price of ₹13,130 reflects a small share capital base with minimal public float.

How do I buy Jolly Board Limited unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Jolly Board Limited?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Jolly Board Limited shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Jolly Board Limited Unlisted Share Price | Buy Jolly Board Limited Pre-IPO Shares — wisefolio

Investment Thesis

Jolly Board Limited is a unique, export-oriented building materials manufacturer with nearly seven decades of operational history and a strong international market footprint. Its niche specialization in bitumen-impregnated boards and soft boards provides a degree of competitive protection. The company is a genuine niche industrial play for investors willing to accept the illiquidity premium of the unlisted market.

Pros

Nearly seven decades of operating history since 1956, establishing Jolly Board as one of India's oldest specialty building board manufacturers
Dominant export orientation with 80% of production exported globally, providing significant foreign exchange earnings and international market diversification
Niche product specialization in bitumen-impregnated boards and ceiling tiles with few comparable domestic competitors
International customer relationships spanning decades provide stable revenue visibility and pricing power
Mumbai headquarters provides excellent port access for export-oriented manufacturing, reducing logistics costs

Cons

Export concentration (80%) creates vulnerability to global demand fluctuations, currency risk, and trade policy changes
Soft board and ceiling tile products face increasing competition from PVC, gypsum, and mineral wool-based alternatives
Niche product category with limited domestic market growth potential as modern construction moves toward alternative materials
Unlisted status limits capital raising options and liquidity for investors
High share price (₹13,130) relative to market cap suggests very limited public float and thin secondary market liquidity

Business Segments

Bitumen-Impregnated Boards

Core product: boards impregnated with bitumen providing waterproofing and structural properties used in construction, civil engineering, and industrial applications globally.

Soft Insulation Boards

Cellulose-fiber based soft boards used for acoustic insulation, pinboards, backing boards, and thermal insulation in commercial and residential construction.

Ceiling Tiles

Specialty ceiling tile products for architectural and industrial applications including acoustic management in commercial buildings.

Revenue Model

Jolly Board earns revenue primarily through export sales (80%) of specialty boards and ceiling tiles to international buyers, particularly in the Middle East, Africa, and other emerging markets. Domestic sales (20%) come from construction and industrial customers in India. Revenue is driven by export volumes, global commodity pricing for specialty boards, and INR/USD currency dynamics.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

Growing global construction activity in Middle East, Africa, and Southeast Asia benefiting specialty board exports

India's own construction and infrastructure boom providing potential to increase domestic sales from current 20%

Green building and sustainable construction trends creating demand for natural fiber-based insulation boards

Favorable INR depreciation trend boosting export revenue in rupee terms

Industry Tailwinds

Recent Developments

Global Construction Demand

Recovery in global construction activity, particularly in Middle East and African markets, supported export volumes for Jolly Board's specialty building products.

2023-01

Currency Tailwind

Depreciation of the Indian rupee versus major export currencies provided a favorable tailwind for Jolly Board's export revenue when converted to INR terms.

2024-01

Comparable Companies

CompanyTypeTickerMkt Cap

Armstrong World IndustriesListedAWI (NYSE)~$4.5 billion

HIL Limited (Hysil)ListedHIL.NS~₹3,000 crore

Armstrong World IndustriesListed

AWI (NYSE) · ~$4.5 billion

HIL Limited (Hysil)Listed

HIL.NS · ~₹3,000 crore

Frequently Asked Questions

About Jolly Board Limited

Jolly Board Limited is a Mumbai-based manufacturer and India's premier producer of soft boards and construction boards, incorporated on 10 December 1956 in Maharashtra. Headquartered at 501 Rewa Chambers, Sir Vithaldas Thackersey Marg, Mumbai, the company is recognized as India's largest construction board manufacturer and exporter with 70+ years of manufacturing heritage. Directors include Kewal Krishan Nohria, Rashmi Jolly, Arjun Arvind Jolly, Jimmy Ferdoon Pochkhanawalla, and Pranabkumar Jyotirmoy Dasgupta. Jolly Board's flagship products are soft boards — pin boards, notice boards, and bulletin boards made from compressed natural fibers (jute, cotton, and sugarcane bagasse) — that have been used in Indian offices, schools, and institutions for decades. These eco-friendly boards serve both functional and aesthetic purposes in commercial interiors. The company also manufactures construction boards and participates in wood products and furniture adjacent segments. Soft boards are used extensively in educational institutions (blackboard/noticeboard replacement), corporate offices (meeting rooms and common areas), government buildings, and retail displays. India's large institutional market — with 1.5 million schools, 50,000+ colleges, and millions of offices — provides a substantial and stable demand base for Jolly Board's products. The company also engages in real estate activities, leveraging its Mumbai commercial presence. With authorized capital of Rs.25 crore and paid-up capital of Rs.4.54 crore, Jolly Board maintains a focused balance sheet in its specialized niche manufacturing segments.

Key Milestones

1956: Jolly Board Limited incorporated in Mumbai; commenced manufacturing of specialty building boards

Common questions about unlisted shares

How do I buy Jolly Board Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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