IPO Overview
Jindal Supreme (India) Limited is an integrated steel products manufacturer with over five decades of experience, offering diversified pipes, tubes, and allied infrastructure products. The company was originally incorporated as Janak Steel Tubes Private Limited on March 5, 1974, in Haryana. Through a series of name changes and conversions over the decades, the company was most recently renamed Jindal Supreme (India) Private Limited in August 2017, and subsequently converted into a public limited company in September 2025. Its registered office and manufacturing facility are located at 9th KM, O P Jindal Marg, Hisar Cantt, Hisar – 125006, Haryana. Its business model relies on a dual-channel approach: direct sales to large institutional clients handling government and private infrastructure projects, and sales through a steadily expanding distributor and dealer network.
Jindal Supreme IPO open date is September 16, 2026, and the IPO will close on September 18, 2026. The company will raise around ₹124.88 crore via IPO, comprising a fresh issue of ₹99.89 crore and an offer for sale of up to 26,86,851 equity shares. The price band is set at ₹88–₹93 per share, with a lot size of 161 shares, requiring a minimum investment of ₹14,973. The shares are proposed to be listed on both the BSE and the NSE, with listing expected on September 23, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 15 September 2026 |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Allotment Date | 21 September 2026 (Expected) |
| Refund Initiation | 22 September 2026 |
| Credit to Demat | 22 September 2026 |
| Listing Date | 23 September 2026 (Tentative) |
| Price Band | ₹88 – ₹93 per share |
| Face Value | ₹10 per share |
| Lot Size | 161 shares |
| Minimum Investment (Retail) | ₹14,973 (approx) |
| Issue Size | ₹124.88 crore |
| Fresh Issue | 1,07,41,149 shares (₹99.89 crore) |
| Offer For Sale (OFS) | 26,86,851 shares (~₹24.99 crore) |
Note: The IPO includes both a fresh issue and an OFS component. The company will receive only the fresh issue proceeds; the OFS proceeds will go to the selling shareholder.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Jindal Supreme (India) Limited’s IPO consists of a fresh issue of up to 1,07,41,149 equity shares and an offer for sale of up to 26,86,851 equity shares by the promoter group selling shareholder, VVJ Enterprise Private Limited. Since the IPO includes both a fresh issue and an offer for sale, the money raised is split between the company and the selling shareholder. Jindal Supreme will receive only the funds raised through the fresh issue, while the offer for sale proceeds will go directly to the selling shareholder.
Objects of the Issue (Fund Utilization)
The company plans to use ₹71.00 crore of the net IPO proceeds to repay or prepay, fully or partly, certain outstanding borrowings. As of June 30, 2026, total borrowings stood at ₹92.46 crore. The remainder will be used for general corporate purposes.
- Repayment / prepayment of outstanding borrowings — ₹71.00 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Sarthi Capital Advisors Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
Promoters & Management
Promoters on record are Abhishek Jindal and Sonam Jindal. They hold 100% before the issue on 4.03 crore shares. Fresh issue of 1.07 crore shares plus OFS of 26.87 lakh shares takes post-issue capital to 5.10 crore shares. Promoter stake falls to 73.68%.
The business was started by the late Madan Lal Jindal and has passed through two generations since. Abhishek Jindal, the current promoter and Managing Director, has been associated with the company since 2007, with over 18 years of experience in MS black and galvanised pipe and tube manufacturing.
Company Details
Jindal Supreme manufactures and supplies steel pipes, tubes, and related products for infrastructure and industrial customers. Products are manufactured per applicable Indian Standards. Metal beam crash barrier production commenced in April 2024. GI tubular pole manufacturing began in April 2025, with these poles primarily used in street lighting, electrification, and public utility projects. The manufacturing facility at Hisar is equipped with pipe mills, forming rolls, welding plants, galvanising plants, hydrostatic testing and non-destructive testing equipment, and in-house maintenance and testing infrastructure.
Sectors Served:
- Infrastructure & Construction
- Government Projects (Roads, Highways, Rural Electrification)
- Agriculture & Irrigation
- General Industrial Use
Key Products:
- MS Black Steel Pipes & Tubes
- Galvanised Iron (GI) Pipes & Tubes
- Metal Beam Crash Barriers
- GI Tubular Poles (Street Lighting & Electrification)
Key Capabilities:
- Well-positioned to benefit from India’s infrastructure push, including initiatives like the National Infrastructure Pipeline, Jal Jeevan Mission, and highway expansion projects, with its structural steel, crash barriers, and pipes directly aligned to national infrastructure demand.
- Dual sales channel — direct institutional sales and a dealer/distributor network of 53 regional dealers across India
Manufacturing Facility:
- Hisar, Haryana — equipped with pipe mills, galvanising plants, hydrostatic and non-destructive testing equipment
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹650.88 | ₹12.87 |
| FY25 | ₹604.74 | ₹24.27 |
| FY26 | ₹675.94 | ₹22.53 |
| Q1 FY27 | ₹191.09 | ₹8.28 |
Key Financial Metrics
- Financial leverage improved, with the debt-to-equity ratio falling from 2.09 times in FY24 to 1.24 times in FY26. Capital efficiency also improved, with ROCE increasing from 13.92% in FY24 to 16.78% in FY26, while ROE stood at 26.28%.
- At the upper price of ₹93, the IPO is valued at a post-issue P/E ratio of approximately 14.33 times and a price-to-book ratio of 3.57 times.
- Total income CAGR of ~2% over two years (FY24–FY26), with a dip in FY25. PAT margin stood at 3.33% in FY26.
Company Strengths
- Over five decades of manufacturing heritage, starting from 1974, with the business now in its second generation under Managing Director Abhishek Jindal, who brings 18+ years of industry experience.
- Diversified product portfolio with customisation capabilities and an established presence in steel pipes and tube manufacturing.
- Directly aligned with national infrastructure demand — products like crash barriers and GI poles benefit from government schemes such as Bharatmala, Jal Jeevan Mission, and rural electrification programmes.
- Debt-to-equity ratio improving steadily; with ₹71 crore of IPO proceeds earmarked for debt repayment, the company is on a clear path towards a significantly stronger balance sheet.
- Permanent workforce of 242 employees as of June 30, 2026, providing operational continuity and stability in day-to-day management.
- Reasonable valuation at a post-issue P/E of ~14.33x compared to several listed steel-product peers, offering room for long-term appreciation.
Key Risks & Challenges
- FY26 PAT fell 7% even as sales rose 12% — indicating margin compression despite revenue growth, a concern for profitability sustainability.
- High geographic concentration — Haryana alone contributed ₹192.80 crore (28.55% of operational revenue) in FY26, making Northern India an important and concentrated market.
- High supplier concentration — top 10 suppliers accounting for ₹474.12 crore (76.23% of total purchases) in FY26, with no long-term buyer contracts across its 53 regional dealers.
- Exposure to a commoditized industry with volatile raw steel prices affecting margins, along with dependence on government infrastructure spending.
- Core steel pipes contributed ₹469.68 crore (69.48% of revenue), leaving the company exposed to any slowdown in regional construction activity or weaker demand for pipes.
- The company has entered into related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with other shareholders.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
