Jindal Supreme
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 126.41×
- Big non-institutionalbNII · above ₹10 lakh
- 304.18×
- Small non-institutionalsNII · ₹2–10 lakh
- 372.15×
- Retail individualRII · up to ₹2 lakh
- 149.00×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 26,85,600 | 33,94,88,625 | ₹3,157 Cr | 126.41× |
| Non-institutional | 20,14,200 | 65,83,20,467 | ₹6,122 Cr | 326.84× |
| Big non-institutionalwithin NII | 13,42,800 | 40,84,58,610 | ₹3,799 Cr | 304.18× |
| Small non-institutionalwithin NII | 6,71,400 | 24,98,61,857 | ₹2,324 Cr | 372.15× |
| Total | 93,99,600 | 1,66,39,99,400 | ₹15,475 Cr | 177.03× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 18 Sept, 04:07 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 16 Sep 2026 – 18 Sep 2026
- Listing date
- 23 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹88 – ₹93
- Issue price
- ₹93 per share
- Lot size
- 161 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹125 Cr
- Fresh issue
- ₹99.89 Cr 1,07,41,149 shares
- Offer for sale
- ₹24.99 Cr 26,86,851 shares
- Market cap at offer price
- ₹475 Cr
- Promoter holding
- 100.00% → 73.68% pre-issue → post-issue
- ISIN
- INE1DLO01028
- CIN
- U27109HR1974PLC007126
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- 9th KM, O P Jindal Marg, Hisar Cantt, Hisar - 125006, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 26,85,600 | 28.57% | 28.57% |
| Anchor investor · within QIB | 40,28,400 | — | 42.86% |
| NII (HNI) | 20,14,200 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 13,42,800 | — | 14.29% |
| sNII < ₹10L · within NII | 6,71,400 | — | 7.14% |
| Retail (RII) | 46,99,800 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 93,99,600 | — | 100.00% |
Net offer to the public of 93,99,600 shares, out of a total issue of 93,99,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 161 shares per lot, in multiples, at ₹93
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 161 | ₹14,973 |
| Retail (max) | 13 | 2,093 | ₹1,94,649 |
| S-HNI (min) | 14 | 2,254 | ₹2,09,622 |
| S-HNI (max) | 66 | 10,626 | ₹9,88,218 |
| B-HNI (min) | 67 | 10,787 | ₹10,03,191 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹93 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.59 | 6.49 |
| P/E (×) | 16.64 | 14.33 |
| Price to book (×) | 3.87 | — |
| Market cap | — | ₹475 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.28%
- ROCE
- 20.00%
- Debt / equity
- 1.24
- PAT margin
- 3.33%
- EBITDA margin
- 6.16%
- NAV per share
- ₹24.04
- Price to book
- 3.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 675.94 | 604.74 | 650.88 |
| Revenue from operations | 675.39 | 586.4 | 645.44 |
| Other income | 0.55 | 18.34 | 5.44 |
| Total expenses | 645.79 | 572.35 | 635.8 |
| Operating profit | 30.15 | 32.39 | 15.08 |
| Operating margin | 4.46% | 5.36% | 2.32% |
| Profit before tax | 30.15 | 32.39 | 15.07 |
| Profit after tax | 22.53 | 24.27 | 12.87 |
| PAT margin | 3.33% | 4.01% | 1.98% |
| Balance sheet | |||
| Total assets | 248.41 | 200.33 | 181.16 |
| Current assets | 148.94 | 107.51 | 90.03 |
| Current liabilities | 116.91 | 82.26 | 93.44 |
| Total liabilities | 151.59 | 125.7 | 130.85 |
| Net worth | 96.82 | 74.64 | 50.31 |
| Current ratio | 1.27× | 1.31× | 0.96× |
| Return on equity | 23.27% | 32.52% | 25.58% |
| Cash flow | |||
| Operating cash flow | -5.69 | 5.74 | 20.2 |
| Investing cash flow | -9.86 | 11.89 | -43.05 |
| Financing cash flow | 15.54 | -17.66 | 22.87 |
| Net cash flow | 0 | -0.03 | 0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of certain outstanding borrowings ₹71 Cr
The company proposes to utilize Net Proceeds for full or partial repayment or prepayment of certain borrowings to reduce outstanding indebtedness and debt servicing costs, maintain favorable debt to equity ratio and enable utilization of internal accruals for business growth and expansion.
2 General Corporate Purposes —
The company intends to deploy balance Net Proceeds towards general corporate purposes including funding business development, strategic initiatives, strengthening marketing capabilities, meeting corporate contingencies and other purposes as approved by the Board, subject to not exceeding 25% of Gross Proceeds.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Jindal Supreme
Jindal Supreme (India) Limited, originally incorporated as Janak Steel Tubes Private Limited on March 5, 1974, is a manufacturer of steel tubular products serving infrastructure, construction, and industrial sectors. The company produces mild steel black pipes, galvanized pipes, metal beam crash barriers (since April 2024), and galvanized iron tubular poles (since April 2025). All manufacturing operations are concentrated at a single facility in Hisar, Haryana. The company earns revenue primarily through the sale of steel pipes and tubes to customers across multiple Indian states, with Haryana contributing 24.19% of revenue for the period ended June 30, 2026.
Management
Abhishek Jindal
MD
Madan Gopal Babbar
CEO
Strengths
As stated in the offer document
Led by qualified and experienced Promoter and supported by a professional management team and strong corporate governance
The company is guided by the experience, vision and leadership of its Promoter Abhishek Jindal, having 18 years of experience in the industry. The company is led by a well-qualified, diverse and experienced Board of Directors and SMPs.
Location of Manufacturing Facility
The location of the company's Manufacturing plant enables cost and logistical advantages being in proximity to manufacturing plants of customers and facilitating the servicing of customers with customized Steel Products in a timely manner.
Track record of healthy financial performance
The company has established a track record of healthy revenue growth and profitability. Revenue from operations increased to ₹67,538.72 lakhs in Fiscal 2026 from ₹64,543.98 lakhs in Fiscal 2024, with restated profit increasing to ₹2,252.91 lakhs compared to ₹1,287.28 lakhs in Fiscal 2024.
Risk factors
As stated in the offer document
Single Manufacturing Facility Concentration Risk
The company's operations are concentrated at a single manufacturing facility in Hisar, Haryana, making it vulnerable to local disruptions, natural disasters, machinery breakdowns, or regional adverse developments. The company lacks a formal disaster recovery plan and specific business interruption insurance coverage.
Working Capital Intensive Operations
The company requires significant working capital for continuing growth, with working capital requirements of ₹11,201.95 lakhs as of June 30, 2026. The company depends on a mix of borrowings (₹6,479.30 lakhs) and internal accruals (₹4,722.65 lakhs) to meet these requirements.
High Supplier Concentration Risk
The company's top 10 suppliers contribute 72.31% to 76.23% of total purchases across reporting periods. Any disruption from key suppliers could affect raw material supply, pricing negotiations, and operational continuity, potentially impacting profit margins and financial performance.
Raw Material Price Volatility
The company's production costs are highly vulnerable to fluctuations in prices of key raw materials, especially Mild Steel Coils and Galvanizing Materials, which represent 79.57% to 93.40% of total expenses. Steel price volatility directly impacts profit margins and financial results.
Revenue Concentration in Core Products
The company derives significant revenue from Black Pipes (45.46% of revenue) and Galvanized Pipes (25.07% of revenue) as of June 30, 2026. Heavy dependence on these products exposes the company to demand fluctuations and market concentration risks.
Company Analysis
from RHPJindal Supreme manufactures mild steel black pipes, galvanized pipes, metal beam crash barriers, and galvanized iron tubular poles for infrastructure, construction, and industrial applications.
Jindal Supreme (India) Limited, originally incorporated as Janak Steel Tubes Private Limited on March 5, 1974, is a manufacturer of steel tubular products serving infrastructure, construction, and industrial sectors. The company produces mild steel black pipes, galvanized pipes, metal beam crash barriers (since April 2024), and galvanized iron tubular poles (since April 2025). All manufacturing operations are concentrated at a single facility in Hisar, Haryana. The company earns revenue primarily through the sale of steel pipes and tubes to customers across multiple Indian states, with Haryana contributing 24.19% of revenue for the period ended June 30, 2026.
Objects of the Issue
- Repayment or prepayment of all or a portion of certain borrowings availed by the Company and the payment of accrued interest thereon ₹7,100 lakhs p.47
- General corporate purposes p.47
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹7,100.00 lakhs p.99
- General Corporate Purposes p.101
- Repayment of borrowings p.345
- General corporate purposes p.96
Issue Structure
- Total Issue
- Up to 1,34,28,000 Equity Shares of face value of ₹10 each aggregating up to ₹[] lakhs
- Fresh Issue
- Up to 1,07,41,149 Equity Shares of face value of ₹10 each aggregating up to ₹[] lakhs
- Offer for Sale
- Up to 26,86,851 Equity Shares of face value of ₹10 each aggregating up to ₹[] lakhs by VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited)
- Price Band
- Price band ranging from a minimum price of ₹[●] per Equity Share (i.e., the Floor Price) and the maximum price of ₹[●] per Equity Share (i.e., the Cap Price)
- Lot Size
- [•] Equity Shares of face value of ₹10 each and in multiples of [•] Equity Shares of face value of ₹10 each thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures and sells steel pipes, tubes, crash barriers and tubular poles. Revenue is generated through the sale of mild steel black pipes (45.46% of revenue for period ended June 30, 2026), galvanized pipes (25.07%), metal beam crash barriers (15.41%), and GI tubular poles (6.40%). The company operates a dealer distribution network with 53 dealers primarily in Northern India as of June 30, 2026.
Business Segments
SWOT Analysis
- • 25+ years of operational history in steel tubes and pipes manufacturing(p.3)
- • Diversified product portfolio across multiple steel segments(p.41)
- • Established geographic presence across multiple states in India(p.39)
- • Experienced promoter with industry expertise(p.44)
- • Experienced founder-led management with professional team structure(p.107)
- • Established sales and distribution network with growing dealer base(p.107)
- • High return on net worth relative to peers(p.111)
- • Profitable operations with consistent revenue generation(p.109)
- • Diversified product portfolio spanning MS black pipes, galvanized pipes, crash barriers, and GI tubular poles(p.166)
- • Fully backward-integrated manufacturing operations from raw material sourcing through galvanization and finishing(p.159)
- • Advanced manufacturing infrastructure with German ERW and galvanizing technology and automated production lines(p.160)
- • Strong compliance with quality standards including IS, ASTM, BIS, and international certifications(p.166)
- • Multi-generational promoter involvement providing continuity and strategic modernization(p.160)
- • Pan-India distribution network with 53 dealers, particularly strong in North India and Tier-II/III markets(p.180)
- • Significant capacity expansion into high-growth value-added products like crash barriers and GI tubular poles(p.166)
- • Experienced promoter with 18+ years in the steel pipes/tubes industry(p.185)
- • Strategic manufacturing location providing logistics and cost advantages(p.185)
- • Strong track record of healthy financial performance with growing revenues and profitability(p.185)
- • Established dealer network with strong trust relationships supporting product distribution(p.181)
- • Modern, recently expanded manufacturing capacity with state-of-the-art equipment(p.186)
- • Diversified product portfolio across steel tubes and pipes(p.289)
- • Manufacturing compliance with Indian Standards(p.289)
- • Strong revenue growth year-on-year(p.305)
- • Improved profit margins in recent periods(p.304)
- • Reduced debt-equity ratio indicating improved financial health(p.307)
- • Consistent production volume growth(p.305)
- • Established infrastructure and manufacturing capabilities in steel pipes and tubes sector(p.377)
- • Single manufacturing facility concentration risk(p.30)
- • High dependence on top 10 suppliers for 72.31% of purchases(p.32)
- • Significant revenue concentration with top 10 customers at 24.09%(p.35)
- • Limited operating history in newly launched product segments(p.41)
- • High working capital intensity requiring external financing(p.31)
- • Past instances of negative cash flows from operations(p.37)
- • Lease-based manufacturing facility without ownership(p.40)
- • No formal disaster recovery or business continuity plan(p.30)
- • High leverage with debt-to-equity ratio of 0.88 as of June 2026(p.109)
- • Dependence on working capital facilities requiring continuous renewal(p.101)
- • Significant portion of borrowings are short-term working capital facilities subject to renewal(p.100)
- • Moderate capacity utilization at 58.76% in recent period(p.111)
- • Dependence on volatile steel and zinc coil prices for 65-75% of raw material costs(p.146)
- • High leverage with debt-to-equity ratio of 1.24x compared to peers with ratios near 0.01-0.04x(p.164)
- • Smaller revenue scale at ₹67,538.72 lakhs compared to competitors like Hi-Tech Pipes (₹4,20,007.42 lakhs) and Sambhv (₹2,41,324.30 lakhs)(p.164)
- • Geographic concentration with 95.86% of revenue from just 10 Indian states, heavily dependent on Northern India(p.179)
- • Energy-intensive manufacturing processes increasing costs and sustainability challenges(p.147)
- • Lower capacity utilization rates, particularly for galvanized pipes at 55.33% and GI tubular poles at 48.47%(p.173)
- • High concentration of promoter shareholding (82.03%) creating governance risks(p.222)
- • Personal guarantees by promoters on significant bank borrowings creating contingent liability exposure(p.187)
- • Reliance on domain name registered in promoter's personal name rather than company ownership(p.190)
- • High dependency on raw material costs(p.303)
- • Significant debt burden relative to equity(p.286)
- • Declining profit margins in fiscal 2026(p.307)
- • Exposure to credit risk from trade receivables(p.285)
- • High dependence on material costs and exposure to commodity price volatility(p.308)
- • Elevated finance costs impacting profitability(p.308)
- • High debt burden with significant short-term borrowings(p.313)
- • Significant working capital requirements(p.311)
- • Trade license renewal non-compliance in the past(p.326)
- • Domain name not owned by the company(p.331)
- • Litigation exposure related to recovery of advance from P P Tube Mills Manufacturing Co Private Limited(p.391)
- • Regulatory history issue with Certificate of Incorporation unable to be corrected by MCA(p.391)
- • Growing demand from infrastructure and construction sectors(p.41)
- • Expansion into government infrastructure procurement via tenders(p.41)
- • Expansion of dealer network into Tier-II and Tier-III cities(p.48)
- • Product diversification into infrastructure-critical segments(p.41)
- • Expansion of dealer network and market penetration(p.107)
- • Strengthening marketing capabilities and brand building post-IPO(p.97)
- • Improved financial flexibility through debt reduction and stronger capital structure(p.99)
- • Capacity expansion and strategic investments in growth opportunities(p.101)
- • Rising infrastructure investment through National Infrastructure Pipeline (NIP) of ₹111 lakh crore extending through FY2030(p.147)
- • Jal Jeevan Mission and water infrastructure programs with cumulative outlay exceeding ₹3.6 lakh crore(p.148)
- • Oil and gas infrastructure expansion through PNGRB city gas distribution networks with over 300 authorized geographical areas(p.148)
- • Government Make in India and PLI schemes supporting domestic steel product manufacturing and import substitution(p.148)
- • Strong export growth potential with Indian steel pipes exports increasing to 2.50 MT in FY2025-26 and diversified destination markets(p.144)
- • Projected Indian steel pipes market CAGR of 5.20% from 2026 to 2036 reaching USD 23,932.99 million(p.141)
- • Renewable energy expansion including solar mounting structures and hydrogen-ready infrastructure creating specialized demand(p.145)
- • Significant demand for crash barriers from expanding road infrastructure across India(p.186)
- • Market expansion through wider dealer network penetration in Tier-II and Tier-III cities(p.186)
- • Revenue and margin enhancement through increased galvanized product mix(p.186)
- • Product diversification strategy aligned with value-added steel segment expansion(p.186)
- • Growth in infrastructure and construction sector demand(p.306)
- • Expansion of metal beam crash barrier product line(p.305)
- • New GI Tubular Poles product introduction(p.305)
- • Increase in production volumes and capacity(p.305)
- • Foreign direct investment permitted up to 100% under automatic route(p.377)
- • Participation of diverse investor categories including FPIs, AIFs, and institutional investors(p.377)
- • Expansion of investor base through liberalized non-resident investment rules(p.378)
- • Extreme price volatility in raw material (Mild Steel Coils, MS Hot-Rolled Coil, Galvanizing Materials)(p.33)
- • Cyclical steel industry demand and pricing pressure(p.52)
- • Slowdown in infrastructure and construction investment(p.52)
- • Regional economic downturn affecting Haryana revenue concentration(p.39)
- • Intense competition and price pressure in industry(p.51)
- • Regulatory changes in environmental and safety standards(p.51)
- • Geopolitical risks disrupting supply chain(p.51)
- • Government infrastructure spending cutbacks(p.41)
- • Sustained weakness in steel prices affecting profitability(p.53)
- • Dependence on reliable power supply from government undertaking(p.53)
- • Risk of equipment breakdown and operational disruptions(p.53)
- • Exposure to changing environmental and labor compliance regulations(p.54)
- • Economic slowdown affecting demand for steel products(p.56)
- • Vulnerability to foreign exchange fluctuations on dividend repatriation(p.58)
- • Exposure to global steel industry cyclicality and market volatility(p.57)
- • Global steel price volatility and import/export price competition from cheaper international suppliers(p.133)
- • Overcapacity in commoditized pipe segments creating pricing pressure and competition(p.147)
- • High dependence on government and infrastructure spending with vulnerability to project delays or policy changes(p.147)
- • Rising environmental regulations and compliance costs for emissions, waste management, and energy efficiency(p.145)
- • Geopolitical risks affecting supply chains including disruptions in raw material imports and the Middle East conflict impacting energy markets(p.118)
- • Global growth slowdown with crude oil prices projected up 32% and natural gas up 22% in 2026 affecting competitiveness(p.118)
- • Competition from Chinese imports accounting for 49.84% of India's pipe imports affecting market share(p.144)
- • Competition from peers with greater financial and distribution resources(p.187)
- • Price competition based on product quality and timely delivery capabilities(p.187)
- • Regulatory changes in steel product certification and compliance requirements(p.191)
- • Environmental compliance requirements with potential operational impact(p.192)
- • Dependence on road and rail logistics creating vulnerability to transportation disruptions(p.187)
- • Weak steel prices and market volatility(p.306)
- • Cyclicality in infrastructure and construction demand(p.306)
- • Exposure to interest rate risk on floating rate debt(p.284)
- • Foreign exchange risk on imported materials(p.285)
- • Liquidity risk from working capital requirements(p.285)
- • Exposure to steel price and commodity market volatility(p.308)
- • Interest rate risk on floating rate borrowings(p.312)
- • Foreign investment subject to border country ownership restrictions and government approval requirements(p.377)
- • Regulatory risk from potential changes in foreign ownership and investment policies(p.378)
- • Restrictions on OCB participation and potential future regulatory constraints(p.378)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhishek Jindal | Promoter | — | — |
| Sonam Jindal | Promoter | — | — |
| VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited) | Promoter Group Selling Shareholder | — | — |
| Abhishek Jindal | Promoter | 80.97% | 63.92% |
| Sonam Jindal | Promoter | 1.06% | 0.84% |
| VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited) | Promoter Group | 9.10% | 1.92% |
| Janak Raj Jindal & Sons HUF | Promoter Group | 8.84% | 6.98% |
| Abhishek Jindal | Promoter | — | — |
| Abhishek Jindal | Promoter & Managing Director | 80.97% | — |
| Sonam Jindal | Promoter & Non-Executive Director | 1.06% | — |
| Abhishek Jindal | Promoter | 80.97% | — |
| Janak Raj Jindal & Sons HUF | Promoter Group | 8.84% | — |
| VVJ Enterprise Pvt. Ltd. (erstwhile known as JJ Jindal Infin Pvt Ltd) | Promoter Group | 9.10% | — |
| Sonam Jindal | Promoter | 1.06% | — |
| Abhishek Jindal | Promoter | — | — |
| VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited) | Promoter Group Selling Shareholder | — | — |
| VVJ Enterprise Private Limited (Previously known as J J Jindal Infin Private Limited) | Promoter Group Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Jindal Supreme (India) Ltd. THIS ISSUE | 5.59 | — | 14.33, computed at the offer price | 3.87, computed at the offer price | 26.28% |
| 4.64 | — | 23.06 | — | 4.57% | |
| 1.81 | — | 65.55 | — | 18.35% | |
| 3.77 | — | 22.31 | — | 6.07% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.