What does Jupiter International Limited do?

Jupiter International Limited is engaged in two key activities: (1) manufacturing of dry cell batteries and related cell products at its facility in Baddi, Himachal Pradesh, and (2) retail trading of consumer goods. The company is one of India's mid-scale battery manufacturers.

Where does Jupiter International manufacture its products?

Jupiter International's primary manufacturing facility is located in Baddi, Himachal Pradesh, an industrial hub known for its fiscal incentives. The company is also reported to be expanding with new facilities.

Who are the promoters of Jupiter International Limited?

The company is promoted by Mr. Rajkumar Garodia and is currently managed and promoted by members of the Garodia family. The Garodia group has been involved with the company since its early years.

Why is Jupiter International unlisted despite being a public limited company?

Jupiter International Limited was incorporated in 1986 as a public limited company under the Delhi Registrar but chose to remain unlisted on stock exchanges. Many small and mid-size Indian public limited companies opt to remain unlisted to avoid the compliance costs and disclosure obligations of a formal listing.

What is the current unlisted share price?

The indicative unlisted market price is approximately ₹400 per share, implying a market capitalization of approximately ₹40 crore at this level, though actual transaction prices in the unlisted market may vary.

How do I buy Jupiter International 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 Jupiter International 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 Jupiter International 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.

Jupiter International Limited Unlisted Share Price | Buy Jupiter International Limited Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Jupiter International Limited Unlisted Share Price | Buy Jupiter International Limited Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Jupiter International Limited is a mid-scale, unlisted battery manufacturer and consumer goods trader with nearly five decades of operating history and a established manufacturing presence in Baddi, Himachal Pradesh. While the business is stable and benefits from India's broad consumer market, structural headwinds in primary battery demand and competitive market dynamics limit long-term growth visibility. Suitable for investors seeking exposure to legacy unlisted consumer goods manufacturers.

Pros

Established in 1978, giving the company nearly five decades of operational history and market presence in consumer goods and electronics
Significant cell (battery) manufacturing capacity in Baddi, Himachal Pradesh — a location with substantial fiscal incentives including central excise exemptions
Expansion of manufacturing facilities signals ongoing capital investment and business confidence in growth prospects
Dual business focus on cell manufacturing and retail trading diversifies revenue streams and reduces concentration risk
New Delhi headquarters provides proximity to major trade channels, government procurement, and Northern India consumer markets
ISIN (INE467C01027) confirms formal share registration, enabling structured secondary market transactions

Cons

Remains unlisted despite being incorporated in 1986 as a public limited company, suggesting limited interest in capital market participation
Consumer electronics and battery cell manufacturing face intense competition from Chinese imports and large domestic players
Battery cell manufacturing is a capital-intensive business with significant technology obsolescence risk as lithium-ion and newer chemistries advance
Retail trading of consumer goods is a low-margin business subject to disruption from e-commerce giants
Limited publicly available financial data makes independent assessment of profitability and debt levels difficult
Small scale relative to organized sector competitors limits pricing power and procurement advantages

Business Segments

Cell / Battery Manufacturing

Manufacturing of dry cell batteries and related cell products at the Baddi, Himachal Pradesh facility. Products serve consumer electronics, toys, remotes, and general-purpose battery markets.

Retail Trading & Consumer Goods

Trading of consumer goods and electronics products, likely including distribution of batteries and allied FMCG/consumer electronics items through wholesale and retail channels.

Revenue Model

Jupiter International generates revenue through the sale of manufactured dry cell batteries to distributors, retailers, and institutional buyers, combined with trading margins on consumer goods distribution. The Baddi manufacturing unit benefits from Himachal Pradesh's industrial fiscal incentives, which historically provided competitive cost advantages.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

India's 'Make in India' initiative and PLI scheme for ACC batteries may provide incentives for domestic battery manufacturers

Growing rural and semi-urban demand for affordable primary batteries in India's vast hinterland

Expansion into newer battery chemistries or allied electronics products could drive fresh growth

Rising consumer electronics penetration in Tier-2 and Tier-3 cities sustains demand for disposable batteries

Recent Developments

Manufacturing Capacity Expansion

Jupiter International is reportedly expanding its cell manufacturing facilities in Baddi, Himachal Pradesh, with new capacity additions to meet growing domestic demand for batteries.

2023-2024

Consumer Goods Portfolio Growth

The company continues to expand its retail trading portfolio in consumer goods alongside the core battery manufacturing business.

2023

Comparable Companies

CompanyTypeTickerMkt Cap

Eveready Industries India LimitedListedEVEREADY.NS~₹1,500 crore

Panasonic Energy India Company LimitedListedPANASONICEN.NS~₹700 crore

Indo National Limited (Nippo Batteries)ListedINDONATION.NS~₹350 crore

Eveready Industries India LimitedListed

EVEREADY.NS · ~₹1,500 crore

Group Structure (5 entities)

EntityExtentReason

Jupiter International Limited100%Parent company

Jupiter Solar Power Limited100% effective from November 2025 onwards.Same group

Jupiter Solartech Private Limited100%Wholly owned subsidiary with significant business, operational and financial linkages

Jupiter Renewables Private Limited100%Wholly owned subsidiary with significant business, operational and financial linkages

Ampin Solar One Private Limited71.96%Joint venture with significant business, operational and financial linkages.

Jupiter International Limited100%

Parent company

Frequently Asked Questions

About Jupiter International Limited

Jupiter International Limited is a Delhi-based diversified trading and services company incorporated in 1986, engaged in international trade, distribution, and commercial services across industrial and consumer product categories. The company has over three decades of experience in facilitating cross-border trade, import-export operations, and domestic distribution of goods in the Indian market. Delhi NCR's strategic position as India's capital region makes it a hub for international trading companies — with access to Indira Gandhi International Airport for air cargo, proximity to JNPT through the Delhi-Mumbai road corridor, and the established commercial infrastructure of New Delhi's business districts. Jupiter International leverages this geographic advantage for its trading operations. The company participates in India's growing foreign trade, which has expanded to over $1.5 trillion in total trade volume annually. As a trading intermediary, Jupiter International connects international suppliers with Indian buyers across product segments, providing market access, logistics coordination, and financing solutions that simplify cross-border transactions. Since its incorporation in 1986 during India's pre-liberalization era, Jupiter International has navigated multiple regulatory regimes and trade policy shifts, building resilience and adaptability as core competencies. The post-1991 liberalization era dramatically expanded its market opportunities as import restrictions were progressively lifted and India's economy integrated with global trade flows. The company's shares, available in unlisted markets, offer investors exposure to India's growing international trade intermediation sector.

Key Milestones

1978: Founded by Mr. Rajkumar Garodia; initial operations in consumer goods trading

Common questions about unlisted shares

How do I buy Jupiter International 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?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value7

Key Strengths

Established market presence and extensive experience of the promoters: The promoters have entrepreneurial experience of over three decades and have been in the solar PV cell manufacturing business since 2009. The Jupiter group was incorporated in 1978 by Mr. Raj Kumar Garodia and currently remains promoted and managed b

Healthy financial risk profile despite debt funded capex: The financial risk profile should remain supported by steady accretion to reserves. Networth is healthy estimated over Rs 1250 crore as on September 30th, 2025, and is expected to increase over the medium term backed by steady accretion to reserves.

Favourable demand outlook for the solar industry: Amid growing emphasis for solar power in India, Jupiter is well-positioned with a sizeable market share in solar cell manufacturing segment to absorb the demand arising from the long-term plans of the government to increase generation from renewable

Key Weaknesses

Exposure to project execution and stabilisation risks: Jupiter is currently undertaking capital expenditure wherein the first phase of the capex is to set up additional 2.25 GW of solar cell capacity of monoperc and TOPCON technology. The total project outlay of first phase is expected to be around Rs 70

Upward Factors

Sustenance of healthy operating performance on the back of volumetric growth thereby enabling healthy growth in scale of operations and sustenance of operating margin over 40% leading to higher generation of cash accruals on a sustained basis.

Sustenance of healthy financial risk profile with no large unanticipated debt funded capital expenditure (capex) or acquisition and healthy liquidity levels

Downward Factors

than-expected time and cost over runs in debt-funded capital expenditure (capex), any unexpected acquisitions or any elongated stretch in the working capital cycle resulting in material increase in leverage with debt/EBITDA of more than 3.5 times thereby significantly weakening the financial and liquidity risk profiles

Risk factors & red flagsInvestment risks and items flagged from public filings11

Industry / CompetitionMedium

Dry cell (zinc-carbon/alkaline) battery demand faces structural decline as lithium-ion and rechargeable alternatives gain market share across consumer applications

Source: AlphaHub Research

Fraud / GovernanceLow

The battery market is dominated by Eveready, Duracell, and Panasonic along with low-cost Chinese imports; pricing pressure is intense

Source: Media Reports / Public Records

Operational RiskLow

Battery manufacturing depends on zinc, manganese dioxide, and other commodities subject to global price volatility

Source: AlphaHub Research

Operational RiskLow

Changes to Himachal Pradesh industrial incentives could erode the cost competitiveness of the Baddi facility

Source: AlphaHub Research

Fraud / GovernanceLow

Unlisted status limits share liquidity; investors may face difficulty selling at quoted prices in the secondary market

Source: Media Reports / Public Records

Fraud / GovernanceLow

Source: Media Reports / Public Records

Technology Obsolescence Risk

Dry cell (zinc-carbon/alkaline) battery demand faces structural decline as lithium-ion and rechargeable alternatives gain market share across consumer applications

Competition Risk

The battery market is dominated by Eveready, Duracell, and Panasonic along with low-cost Chinese imports; pricing pressure is intense

Raw Material Risk

Battery manufacturing depends on zinc, manganese dioxide, and other commodities subject to global price volatility

Policy Risk

Changes to Himachal Pradesh industrial incentives could erode the cost competitiveness of the Baddi facility

Liquidity Risk

Unlisted status limits share liquidity; investors may face difficulty selling at quoted prices in the secondary market

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