Jindal Supreme IPO is a ₹124.88 crore book-built issue comprising a fresh issue of 1.07 crore shares worth ₹99.89 crores and an offer for sale of 26.87 lakh shares aggregating to ₹24.99 crores. The IPO will be open for subscription from September 16, 2026, to September 18, 2026. The allotment is expected to be finalized on September 21, 2026, while the equity shares are scheduled to be listed on NSE and BSE on September 23, 2026.
The price band has been fixed at ₹88 to ₹93 per share, with a lot size of 161 shares. At the upper price band, retail investors need to invest a minimum of ₹14,973 for one lot. Sarthi Capital Advisors Pvt. Ltd. is acting as the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Jindal Supreme IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Established in March 1974, Jindal Supreme (India) Limited has more than five decades of experience in manufacturing and supplying steel pipes, tubes and related products for infrastructure and industrial requirements. Its product range includes Mild Steel (MS) black pipes and tubes, galvanized pipes, metal beam crash barriers and Galvanized Iron (GI) tubular poles. These products are manufactured in different sizes and specifications in accordance with applicable Indian Standards and serve a wide range of end-use sectors, including water supply and plumbing, construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.
Over the years, the Company has broadened its product offerings to tap into emerging infrastructure demand. It entered the metal crash barrier segment in Fiscal 2025 with the production of W-beam and Thrie-beam barriers, which are primarily used in road safety and highway projects. In Fiscal 2026, it added GI tubular poles to its portfolio, catering to street lighting, electrification and other public infrastructure requirements. The Company operates mainly through a B2B model, supplying products directly to institutional and industrial buyers, including infrastructure contractors, as well as through its dealer network.
Jindal Supreme operates a manufacturing facility in Hisar, Haryana, equipped with production mills, welding and galvanizing plants, along with supporting machinery. The facility also has an in-house maintenance workshop and testing infrastructure. Its dealer network is concentrated mainly across northern India, with the Company focusing on expanding its reach and increasing business volumes from existing dealers.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 16 to 18 Sep, 2026 |
| Allotment | Mon, Sep 21, 2026 |
| Listing Date | Wed, Sep 23, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹88 to ₹93 per share |
| Lot Size | 161 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 1,34,28,000 shares (agg. up to ₹125 Cr) |
| Fresh Issue | 1,07,41,149 shares (agg. up to ₹100 Cr) |
| Offer for Sale | 26,86,851 shares of ₹10 (agg. up to ₹25 Cr) |
| Shareholding Pre-Issue | 4,02,82,620 shares |
| Shareholding Post-Issue | 5,10,23,769 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- The Indian steel pipes and tubes market was estimated at USD 14,415.83 million in 2026 and is projected to reach approximately USD 23,932.99 million by 2036, registering a CAGR of 5.20%.
- Domestic steel pipes and tubes production increased from 5.90 MT in FY2020-21 to 13.80 MT in FY2025-26, while consumption rose from 5.41 MT to 12.32 MT, representing CAGRs of approximately 18.5% and 17.9%, respectively.
- Infrastructure expansion, water supply and sanitation programmes, oil and gas networks, industrial capex and construction activity are key growth drivers for the industry. Initiatives such as the National Infrastructure Pipeline, Jal Jeevan Mission, AMRUT 2.0 and Pradhan Mantri Krishi Sinchayee Yojana are expected to support demand for steel pipes and tubes.
- India’s steel pipes and tubes exports increased from 0.99 MT in FY2020-21 to 2.15 MT in FY2025-26, indicating growing participation in international markets. Indian manufacturers are increasingly serving markets across the Middle East, Southeast Asia and Africa, supported by cost competitiveness and adherence to international quality standards.
- The industry is gradually moving beyond commodity products towards higher-value and specialised pipes. Demand is increasing for galvanized and coated pipes, structural hollow sections and specialised products used in infrastructure, renewable energy, oil & gas and industrial applications. Automation, advanced coatings and process modernisation are also expected to improve efficiency and product quality.
Business Strengths
- Strong relationships with dealers and customers provide the Company with an established distribution network, supporting market reach, repeat business and opportunities for volume growth.
- Its manufacturing facility in Hisar, Haryana, provides operational advantages and supports efficient production, while its location enables the Company to serve key northern Indian markets.
- An experienced promoter group and professional management team bring industry knowledge and operational expertise, supporting the Company’s growth strategy and execution across its business segments.
- The Company manufactures steel pipes, tubes, galvanized products, crash barriers and GI tubular poles, reducing dependence on a single product category and serving multiple infrastructure applications.
- With more than five decades of experience in steel pipes and tubes manufacturing, the Company has built industry expertise and maintained a track record of healthy financial performance.
Business Risks
- Steel coils account for a significant portion of raw material costs, and fluctuations in HRC and CRC prices could increase expenses, compress margins and adversely affect profitability.
- The Company competes with several established domestic manufacturers on product quality, pricing, delivery and customer relationships, which could create pricing pressure and affect market share.
- The Company’s products serve infrastructure, construction and related sectors; any slowdown in government spending, industrial activity or infrastructure development could adversely impact demand and revenues.
- Manufacturing involves exposure to extreme heat, fire and other workplace hazards, while operational disruptions, equipment issues or safety incidents could affect production, employee safety and business continuity.
- The Company has relatively higher leverage compared with certain listed peers and had borrowings of ₹9,246.07 lakhs as of June 30, 2026, requiring continued balance-sheet strengthening.
Financial Performance
Jindal Supreme Ltd. – Financials (₹ in Lakhs)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 67,538.72 | 58,639.93 | 64,543.98 |
| EBITDA | 4,162.90 | 2,592.17 | 2,110.86 |
| EBITDA Margin (%) | 6.16% | 4.42% | 3.27% |
| Profit / (Loss) After Tax (PAT) | 2,252.91 | 2,426.84 | 1,287.28 |
| PAT Margin (%) | 3.33% | 4.01% | 1.98% |
| Return on Capital Employed (ROCE) (%) | 16.78% | 22.37% | 13.92% |
| Return on Equity (%) | 26.28% | 38.85% | 27.98% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 8.20% | 26.28% |
| Return on Capital Employed (ROCE) | 6.14% | 16.78% |
| Debt-to-Equity Ratio | 0.88 | 1.24 |
| Return on Net Worth (RoNW) | 8.20% | 26.28% |
| PAT Margin | 4.33% | 3.33% |
| EBITDA Margin | 7.20% | 6.16% |
| Net Asset Value (NAV per share) | ₹26.07 | ₹24.04 |
(Source: RHP)
Objects of the Offer
- Repayment of Borrowings: ₹7,100.00 lakhs will be used for full or partial repayment/pre-payment of certain outstanding borrowings.
- General Corporate Purposes: The remaining Net Proceeds will be used for general corporate purposes, subject to the applicable limit of 25% of the Gross Proceeds.
Conclusion
Jindal Supreme India has an established presence in the steel pipes and tubes industry, supported by its diversified product portfolio, dealer network and manufacturing capabilities. The company operates in an industry benefiting from infrastructure development, water supply, construction and rising demand for value-added steel products.
However, investors should also consider risks such as raw material price volatility, intense competition, dependence on infrastructure spending and the company’s relatively higher financial leverage compared with certain peers.
Overall, the IPO presents an opportunity to participate in the company’s growth plans, but investors should evaluate its financial performance, debt position, industry outlook and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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