Jindal Supreme (India) Limited is launching its Initial Public Offering (IPO) in September 2026 to raise capital through a combination of a fresh issue and an offer for sale. The company manufactures MS black pipes and tubes, galvanised pipes and tubes, metal beam crash barriers and GI tubular poles, with its manufacturing facility located in Hisar, Haryana. The Jindal Supreme IPO opens on 16 September 2026 and closes on 18 September 2026, with a price band of ₹88 to ₹93 per share. The company's Red Herring Prospectus (RHP) was filed with the Registrar of Companies on 8 September 2026.
The IPO is particularly relevant for investors because a substantial portion of the fresh issue proceeds is intended for debt repayment or prepayment. At the same time, Jindal Supreme faces challenges including raw-material price volatility, high working-capital requirements, declining galvanised pipe volumes and negative operating cash flow in FY2026.
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Table of Contents
- Jindal Supreme IPO Details
- What Does Jindal Supreme Do?
- Jindal Supreme Product Portfolio
- Jindal Supreme Manufacturing Capacity
- Jindal Supreme IPO: Fresh Issue vs OFS
- Jindal Supreme IPO GMP
- Why Is Jindal Supreme Raising Money?
- Jindal Supreme Financial Performance
- Jindal Supreme Product Sales
- How Does Jindal Supreme Sell Its Products?
- Working Capital and Cash Flow
- Jindal Supreme IPO Valuation
- Jindal Supreme vs Listed Peers
- Key Strengths
- Key Risks
- What Should Investors Track After the IPO?
- Jindal Supreme IPO: Investor View
- Jindal Supreme IPO FAQs
The Jindal Supreme IPO is a book-built issue of 1,34,28,000 equity shares. It comprises 1,07,41,149 fresh equity shares and 26,86,851 shares offered for sale by a promoter-group selling shareholder.
The price band has been set at ₹88 to ₹93 per share, giving the IPO an issue size of approximately ₹118.17 crore at the lower band and ₹124.88 crore at the upper band.
| Particulars |
Details |
| Company |
Jindal Supreme (India) Limited |
| IPO type |
Book building |
| IPO date |
16 September 2026 to 18 September 2026 |
| Price band |
₹88 to ₹93 per share |
| Face value |
₹10 per share |
| Total issue |
1,34,28,000 shares |
| Fresh issue |
1,07,41,149 shares |
| OFS |
26,86,851 shares |
| Issue size |
₹118.17 crore to ₹124.88 crore |
| Lot size |
161 shares |
| Minimum investment at ₹93 |
₹14,973 |
| Listing |
BSE and NSE |
| Promoters |
Abhishek Jindal and Sonam Jindal |
| Lead manager |
Sarthi Capital Advisors Private Limited |
| Registrar |
Bigshare Services Private Limited |
The offer represents 26.32% of the company's post-offer paid-up equity share capital. NSE is the designated stock exchange for the issue.
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Get all the latest updates on the Jindal Supreme IPO, including issue details, price band, lot size, subscription dates, and listing information.
Jindal Supreme (India) Limited operates in the steel products industry and traces its operating history to 1974. The company was originally incorporated as Janak Steel Tubes Private Limited and subsequently underwent changes in its name and corporate structure before becoming Jindal Supreme (India) Limited in September 2025.
The company operates an integrated manufacturing facility spread across approximately 16 acres in Hisar, Haryana.
Its main products are:
- MS black pipes and tubes
- Galvanised pipes and tubes
- Metal beam crash barriers
- GI tubular poles
These products serve infrastructure, construction, water and sewage, engineering, roads and highways, street lighting, power transmission and other industrial applications.
The company started commercial production of metal beam crash barriers in FY2025 and GI tubular poles in April 2025. These businesses therefore have a shorter operating history than its established pipe and tube operations.
The company's investor-relations material also identifies infrastructure-driven demand, including orders from EPC contractors, government projects and smart city initiatives, as part of its business environment.
Jindal Supreme has expanded its product portfolio beyond traditional pipes and tubes. This diversification provides exposure to different infrastructure applications.
| Product |
Applications |
| MS black pipes/tubes |
Water, sewage, structural and industrial |
| Galvanised pipes/tubes |
Water supply, structural and industrial |
| Metal beam crash barriers |
Highways and road safety |
| GI tubular poles |
Street and highway lighting, power transmission |
The core business remains significantly dependent on black and galvanised pipes. However, the increasing contribution from crash barriers and GI tubular poles gives the company additional exposure to infrastructure-related demand.
As of FY2026, Jindal Supreme had installed capacity across four major product categories. The combined installed capacity was 1,71,000 MT per year.
| Product |
Installed capacity |
| MS black pipes/tubes |
90,000 MT |
| Galvanised pipes/tubes |
45,000 MT |
| Metal beam crash barriers |
24,000 MT |
| GI tubular poles |
12,000 MT |
Capacity Utilisation
Capacity utilisation is an important part of the Jindal Supreme IPO analysis because the company has considerable installed capacity that is not yet fully utilised.
MS black pipes and tubes operated at approximately 65.18% utilisation in FY2026.
Galvanised pipe utilisation declined to 60.25% in FY2026, compared with 71.93% in FY2025 and 94.49% in FY2024.
The crash barrier business showed stronger improvement. Utilisation increased from 35.78% in FY2025 to 65.20% in FY2026.
GI tubular poles, which were introduced more recently, had utilisation of only 33.48% in FY2026.
This indicates that future growth does not necessarily depend only on adding manufacturing capacity. Improving utilisation of the company's existing capacity will also be important.
The Jindal Supreme IPO combines a fresh issue with an offer for sale. The distinction matters because the proceeds from these two components have different uses.
Fresh Issue
Jindal Supreme is issuing up to 1,07,41,149 new equity shares.
The proceeds from the fresh issue will be received by the company and are primarily intended for repayment or prepayment of outstanding borrowings, along with general corporate purposes.
Offer for Sale
The OFS consists of up to 26,86,851 equity shares being sold by VVJ Enterprise Private Limited, a promoter-group selling shareholder.
The company will not receive the proceeds from the OFS.
At the upper price band of ₹93, the allocation can be broadly understood as follows:
| Component |
Approximate proceeds |
| Fresh issue |
₹99.89 crore |
| OFS |
₹24.99 crore |
| Total issue |
₹124.88 crore |
Therefore, approximately 80% of the IPO at the upper price band is a fresh issue, while around 20% is an OFS.
Jindal Supreme IPO GMP reflects the unofficial premium at which the IPO shares are reportedly traded before listing. Since GMP can change based on demand and market sentiment, it should be treated only as an indication of possible listing sentiment, not as a guaranteed listing price.
For investors, GMP can be viewed alongside the ₹88 to ₹93 IPO price band, subscription demand and overall market sentiment when assessing the issue.
For the latest Jindal Supreme IPO GMP, subscription status and allotment details, visit the Jindal Supreme IPO page on Finology Ticker.
The primary purpose of the fresh issue is debt repayment or prepayment.
Jindal Supreme has earmarked ₹71 crore from the IPO proceeds for repayment or prepayment of certain outstanding borrowings. The balance will be used for general corporate purposes, subject to the applicable limits.
This makes the Jindal Supreme IPO different from an issue primarily designed to finance a major greenfield capacity expansion. A significant portion of the fresh capital is instead intended to strengthen the balance sheet.
Debt Reduction After the IPO
As of 30 June 2026, the company's offer-related debt schedule showed total debt of approximately ₹91.23 crore.
The company proposes to repay or prepay ₹71 crore from the IPO proceeds. On the basis of the stated repayment plan, the relevant debt would reduce to approximately ₹20.23 crore.
The proposed reduction could lower interest costs and improve financial flexibility.
However, investors should remember that steel manufacturing is working-capital intensive. Lower debt does not eliminate the requirement for working-capital financing.
Jindal Supreme's financial performance has been mixed. Revenue recovered strongly in FY2026, but profit after tax declined compared with FY2025.
FY2024 Financial Performance
| Financial Metric |
FY2024 |
| Revenue from operations |
₹645.44 cr |
| Total revenue |
₹650.88 cr |
| Profit after tax |
₹12.87 cr |
| PAT margin |
1.99% |
| EPS |
₹3.20 |
| RoNW |
27.98% |
FY2025 Financial Performance
| Financial Metric |
FY2025 |
| Revenue from operations |
₹586.40 cr |
| Total revenue |
₹604.74 cr |
| Profit after tax |
₹24.27 cr |
| PAT margin |
4.14% |
| EPS |
₹6.02 |
| RoNW |
38.85% |
FY2026 Financial Performance
| Financial Metric |
FY2026 |
| Revenue from operations |
₹675.39 cr |
| Total revenue |
₹675.94 cr |
| Profit after tax |
₹22.53 cr |
| PAT margin |
3.34% |
| EPS |
₹5.59 |
| RoNW |
26.28% |
Revenue from operations increased from ₹586.40 crore in FY2025 to ₹675.39 crore in FY2026, representing growth of approximately 15.2%.
However, PAT declined from ₹24.27 crore to ₹22.53 crore during the same period.
This difference between revenue and profit growth is an important consideration in the Jindal Supreme IPO review. It indicates that higher sales did not translate into equivalent earnings growth.
Why Did Profit Fall Despite Higher Revenue?
Raw materials are the company's largest expense.
In FY2026, the cost of raw materials purchased represented approximately 93.21% of total expenses.
As a result, profitability can be affected by movements in steel prices, zinc costs, energy costs and other input prices. If input costs rise faster than product realisations, margins can come under pressure even when sales volumes increase.
This raw-material sensitivity is one of the key factors investors should consider when evaluating the IPO valuation.
Jindal Supreme sold approximately 1,01,100 MT of steel products in FY2026, compared with 96,400 MT in FY2025 and 98,351 MT in FY2024.
FY2024 Sales Volume
| Product |
Sales Volume |
| MS black pipes/tubes |
55,774 MT |
| MS galvanised pipes/tubes |
42,577 MT |
| Metal beam crash barriers |
Nil |
| GI tubular poles |
Nil |
| Total |
98,351 MT |
FY2025 Sales Volume
| Product |
Sales Volume |
| MS black pipes/tubes |
51,294 MT |
| MS galvanised pipes/tubes |
32,494 MT |
| Metal beam crash barriers |
12,612 MT |
| GI tubular poles |
Nil |
| Total |
96,400 MT |
FY2026 Sales Volume
| Product |
Sales Volume |
| MS black pipes/tubes |
54,289 MT |
| MS galvanised pipes/tubes |
27,106 MT |
| Metal beam crash barriers |
15,692 MT |
| GI tubular poles |
4,013 MT |
| Total |
1,01,100 MT |
The sales mix shows a notable shift.
Black pipe sales recovered in FY2026, while galvanised pipe volumes continued to decline. At the same time, crash barriers and GI tubular poles became increasingly important contributors.
Crash Barriers Are Becoming an Important Business
Metal beam crash barriers generated approximately ₹117.70 crore of revenue in FY2026, compared with ₹62.31 crore in FY2025.
This represents growth of nearly 89%.
The segment is therefore becoming a meaningful contributor to Jindal Supreme's revenue. Its future performance will depend on the company's ability to sustain demand and maintain attractive margins as production scales.
GI Tubular Poles Offer a New Growth Area
Jindal Supreme started production of GI tubular poles in April 2025.
The company generated approximately ₹31.49 crore of revenue from GI tubular poles in FY2026.
The products are used for street and highway lighting and power transmission.
The segment provides diversification, but its operating history remains short. Investors should therefore view GI tubular poles as a potential growth area rather than an established earnings stream.
Jindal Supreme uses two principal sales channels: direct sales and its dealer network.
In FY2026, approximately 68.18% of revenue from operations came through direct sales, while approximately 31.82% came through dealers.
The company's active dealer network expanded during the period.
| Period |
Active dealers |
| FY2024 |
34 |
| FY2025 |
49 |
| FY2026 |
53 |
| 30 June 2026 |
53 |
The increase in the dealer network can improve market reach, although the company remains predominantly dependent on direct sales.
Customer Concentration
Customer concentration is another factor to consider in the Jindal Supreme IPO analysis.
The top 10 customers contributed:
The largest customer alone accounted for 5.54% of revenue during the June 2026 period.
The company has not disclosed the names of these customers in the RHP due to confidentiality requirements.
The rising contribution from the top 10 customers means customer concentration is a metric investors should monitor after listing.
Domestic Market Focus
Jindal Supreme's revenue is currently entirely domestic.
The company reported 100% domestic revenue and no export revenue for FY2024, FY2025, FY2026 and the period ended 30 June 2026.
This gives the company direct exposure to Indian infrastructure, construction and industrial demand, but it also means there is currently no geographic diversification through exports.
Working capital is particularly important for steel manufacturers because inventory requirements and customer credit can absorb substantial amounts of cash.
Jindal Supreme's working capital requirement increased significantly in FY2026.
| Period |
Working capital |
| FY2024 |
₹72.39 crore |
| FY2025 |
₹91.01 crore |
| FY2026 |
₹131.47 crore |
| 30 June 2026 |
₹112.02 crore |
The historical operating cycle included approximately:
- 42 days of inventory
- 15 days of receivables
- 5 days of payables
The increase in working-capital requirements is important because higher inventory and receivables can consume cash even when the company reports accounting profits.
Operating Cash Flow Needs Attention
Jindal Supreme reported negative operating cash flow of approximately ₹5.69 crore in FY2026, compared with positive operating cash flow in FY2025 and FY2024.
The company attributed the FY2026 operating cash outflow primarily to changes in current assets and working capital.
This does not by itself establish that the business is financially weak, but it highlights the difference between reported earnings and cash generation.
Future operating cash flow and working-capital efficiency should therefore be key metrics for investors after the IPO.
The Jindal Supreme IPO valuation can be assessed using its proposed price band, FY2026 EPS and book value.
At the upper price band of ₹93, the post-issue share capital would comprise approximately 5.10 crore shares. This implies an indicative post-issue market capitalisation of approximately ₹474.5 crore.
Based on FY2026 EPS of ₹5.59, the implied P/E multiples are:
| IPO price |
Approx. FY2026 P/E |
| ₹88 |
15.7x |
| ₹93 |
16.6x |
The company's FY2026 NAV per share was ₹26.07.
Therefore, the IPO price implies approximately:
-
3.38x book value at ₹88
-
3.57x book value at ₹93
The valuation should therefore be assessed alongside the company's earnings quality, working-capital requirements, cash flow, debt profile and operating risks rather than considering the IPO price in isolation.
The RHP identifies companies including Vibhor Steel Tubes, Sambhv Steel Tubes and Hi-Tech Pipes for comparison.
| Company |
FY2026 EPS |
FY2026 P/E |
| Jindal Supreme |
₹5.59 |
~15.7x-16.6x at IPO band |
| Vibhor Steel Tubes |
₹4.64 |
23.06x |
| Sambhv Steel Tubes |
₹1.81 |
65.55x |
| Hi-Tech Pipes |
₹3.77 |
22.31x |
Jindal Supreme's proposed P/E range is below the stated FY2026 P/E multiples of the selected peers.
However, this comparison should not automatically be interpreted as evidence that the IPO is undervalued.
Jindal Supreme is considerably smaller than some listed peers, operates from a single manufacturing facility, currently has no export revenue and has experienced declining volumes in galvanised pipes. Its newer product segments also have shorter operating histories.
Jindal Supreme has several factors that may support its business prospects, although each needs to be assessed alongside the associated risks.
1. Long Operating History
The company traces its origins to 1974, giving it more than five decades of operating history in steel products.
2. Diversified Product Portfolio
The company has expanded beyond traditional pipes and tubes into metal beam crash barriers and GI tubular poles.
3. Growing Crash Barrier Business
Crash barrier revenue increased from ₹62.31 crore in FY2025 to ₹117.70 crore in FY2026, making the segment an increasingly important contributor.
4. Proposed Debt Reduction
The proposed ₹71 crore repayment or prepayment can materially reduce the company's debt burden and potentially lower interest costs.
5. Expanding Dealer Network
The number of active dealers increased from 34 in FY2024 to 53 in FY2026.
6. Strong FY2026 RoNW
Jindal Supreme reported 26.28% RoNW in FY2026, although this was lower than the 38.85% reported in FY2025.
The Jindal Supreme IPO also carries several business and financial risks that investors should understand before applying.
1. Dependence on a Single Manufacturing Facility
The company's manufacturing operations are concentrated at its facility in Hisar, Haryana.
Any significant accident, machinery breakdown, power disruption, fire, shutdown or other operational issue affecting the facility could materially affect production and financial performance.
2. Raw-Material Price Volatility
Raw materials represent the company's largest cost component.
Steel prices and other input costs can fluctuate, while the company may not always be able to immediately pass higher costs on to customers. This can put pressure on margins.
3. Dependence on Black and Galvanised Pipes
Despite its newer product categories, the company's traditional pipe and tube business remains important.
The company identifies dependence on black and galvanised pipes as a business risk.
4. Declining Galvanised Pipe Volumes
Galvanised pipe sales declined from 42,577 MT in FY2024 to 32,494 MT in FY2025 and 27,106 MT in FY2026.
A reversal of this trend would be important for the company's traditional product portfolio.
5. Working-Capital Intensity
Working-capital requirements increased from ₹91.01 crore in FY2025 to ₹131.47 crore in FY2026.
Higher inventory and receivables can consume cash and increase financing requirements.
6. Negative Operating Cash Flow
Operating cash flow was approximately negative ₹5.69 crore in FY2026.
Investors should therefore monitor whether future profits are converted into sustainable operating cash flow.
7. Customer Concentration
The top 10 customers accounted for 20.32% of FY2026 revenue and 24.09% of revenue for the period ended 30 June 2026.
The loss or reduction in business from major customers could affect revenue.
8. Domestic Market Concentration
The company generated 100% of its revenue domestically during the reported periods.
Its performance is therefore closely linked to Indian infrastructure, construction and industrial demand.
9. Newer Product Segments
Crash barriers and GI tubular poles have relatively short operating histories.
The company's ability to scale these businesses while maintaining profitability remains to be demonstrated over a longer period.
10. Cyclical Steel Industry
Steel demand, prices and margins can fluctuate with economic and industry cycles, potentially making earnings less predictable.
11. Competition
Jindal Supreme competes with organised and unorganised manufacturers, including companies such as Hi-Tech Pipes, Vibhor Steel Tubes, Sambhv Steel Tubes and JTL Industries.
Pricing, scale, product quality, distribution and access to working capital can influence the company's competitive position.
For investors evaluating Jindal Supreme beyond the listing period, the following indicators will provide a clearer picture of whether the IPO is translating into stronger financial performance.
-
Capacity utilisation across pipes, crash barriers and GI poles
-
Steel and zinc prices
-
Gross and EBITDA margins
-
Operating cash flow
-
Working-capital days
-
Receivables growth
-
Debt after the proposed IPO repayment
-
Interest costs
-
Galvanised pipe sales volumes
-
Crash barrier revenue and margins
-
GI tubular pole utilisation
-
Customer concentration
-
Dealer network expansion
-
Any move towards export markets
These indicators will help investors determine whether Jindal Supreme is improving its earnings quality, cash generation and utilisation of its existing manufacturing capacity.
The Jindal Supreme IPO presents a mixed proposition.
On the positive side, the company has a long operating history, an established steel-products business, infrastructure exposure, an expanding product portfolio and a rapidly growing crash barrier segment. Its GI tubular pole business provides another area for potential diversification. The proposed ₹71 crore debt repayment or prepayment is also a significant use of the fresh issue proceeds.
The valuation at the reported ₹88 to ₹93 price band does not appear excessive on a simple FY2026 P/E basis. The implied P/E is approximately 15.7x to 16.6x, compared with higher stated P/E multiples for the selected listed peers. Jindal Supreme also reported a 26.28% RoNW in FY2026.
However, the financial trends require careful consideration.
Revenue from operations grew approximately 15.2% in FY2026, but PAT declined from ₹24.27 crore to ₹22.53 crore. Raw materials represented approximately 93.21% of total expenses, working-capital requirements increased sharply and operating cash flow turned negative. Galvanised pipe sales also continued to decline.
The company therefore needs to demonstrate that higher revenue can translate into stronger margins and sustainable cash generation.
Bottom Line
Jindal Supreme IPO is primarily a debt-reduction and business-expansion story rather than a pure capacity-expansion IPO.
The key positives are its established manufacturing base, infrastructure-linked products, growing crash barrier business, new GI tubular pole segment and proposed debt reduction.
The principal concerns are earnings quality, raw-material sensitivity, working-capital intensity, negative FY2026 operating cash flow, declining galvanised pipe volumes and dependence on a single manufacturing facility.
At the reported ₹88 to ₹93 price band, the valuation is not obviously stretched compared with the selected listed peers. However, investors should assess the Jindal Supreme IPO based on their risk appetite and investment horizon rather than relying only on expected listing gains.
The most important factors to watch are margins, operating cash flow, working-capital efficiency and capacity utilisation after listing.
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1. What is the Jindal Supreme IPO price band?
The Jindal Supreme IPO price band is ₹88 to ₹93 per equity share.
2. What is the Jindal Supreme IPO date?
The Jindal Supreme IPO opens for subscription on 16 September 2026 and closes on 18 September 2026. The shares are proposed to be listed on BSE and NSE.
3. What is the Jindal Supreme IPO issue size?
The IPO comprises 1,34,28,000 equity shares. At the upper price band of ₹93, the total issue size is approximately ₹124.88 crore.
4. What does Jindal Supreme manufacture?
Jindal Supreme manufactures MS black pipes and tubes, galvanised pipes and tubes, metal beam crash barriers and GI tubular poles for infrastructure, construction, water, sewage, engineering, roads, highways, lighting and other industrial applications.
5. Is Jindal Supreme IPO worth applying for?
The IPO has both strengths and risks. Its positives include a long operating history, infrastructure exposure, growing crash barrier revenue and proposed debt reduction. However, investors should also consider declining galvanised pipe volumes, high raw-material costs, rising working-capital requirements and negative operating cash flow in FY2026. The decision to apply should therefore depend on an investor's risk appetite, investment horizon and assessment of these factors.