Jindal Supreme IPO 2026

Reviewed by BuyUnlistedShares Research Desk.

Jindal Supreme (India) Limited, a Haryana-based manufacturer of steel pipes, tubes and related infrastructure products, is launching its mainboard initial public offering (IPO) in September 2026. The issue combines a fresh issue of equity shares with a partial offer for sale by a selling shareholder.

Key points at a glance:

• Retail quota: Not less than 35% of the net offer

• QIB quota: Not more than 50% of the net offer

• NII (HNI) quota: Not less than 15% of the net offer

• Promoter / MD: Abhishek Jindal

• Payment modes: ASBA (through net banking) or UPI, depending on the broker used

The Business

Jindal Supreme (India) traces its origins to 1974, when it was incorporated as Janak Steel Tubes Private Limited. It has since grown into a founder-led steel pipe and tube manufacturer operating from an integrated facility in Hisar, Haryana.

• Core products: Mild steel (MS) black pipes and tubes, galvanised pipes, metal beam crash barriers and galvanised iron (GI) tubular poles, serving water supply, road-safety, construction, electrification and industrial applications.

• Manufacturing footprint: A 16-acre integrated facility at Hisar, Haryana, with installed capacities of about 90,000 MTPA for MS black pipes, 45,000 MTPA for galvanised pipes, 24,000 MTPA for metal beam crash barriers and 12,000 MTPA for GI tubular poles, taking total installed capacity to about 1,71,000 MTPA.

• Capacity expansion: Galvanised pipe and crash-barrier capacities were further expanded in July 2026, to about 63,000 MTPA and 42,000 MTPA respectively.

• Sustainability initiative: A rooftop solar photovoltaic power plant of about 5 MW capacity has been commissioned at the Hisar facility.

• Distribution: Sales are made through direct institutional relationships and a dealer network that has grown from 34 dealers in FY24 to 53 dealers as of June 30, 2026, concentrated largely in Northern India.

• Product expansion history: The company entered metal beam crash barriers in FY25 and GI tubular poles in FY26, diversifying beyond its original black-pipe and galvanised-pipe business.

• Workforce: 242 employees as of June 30, 2026.

• Filing history: The company withdrew an earlier DRHP filed in December 2025 and refiled a fresh DRHP in April 2026 before proceeding with this issue.

Financials

Jindal Supreme has reported an uneven revenue trend over the last three fiscal years, with FY26 profit declining even as revenue and EBITDA improved.

• Latest quarter (Q1 FY27, ended June 30, 2026): Revenue of about ₹190.9 crore and profit after tax of about ₹8.2 crore.

• Borrowings: Total borrowings stood at about ₹95.84 crore as of FY25, down from about ₹104.92 crore in FY24.

• Cash flow: Operating cash flow was negative in FY26 (about -₹5.69 crore), a pattern the company has seen in some past periods as well.

• Trend: Revenue dipped in FY25 before rebounding strongly in FY26, while profit followed the opposite pattern — a sharp jump in FY25 followed by a decline in FY26, partly attributed to lower other income.

Figures are drawn from the company's disclosed financial statements ahead of the IPO and are subject to the final Red Herring Prospectus (RHP).

Valuation Context

At the upper end of the ₹88-₹93 price band, Jindal Supreme is valued at a pre-issue price-to-earnings (P/E) multiple of about 16.64 times and a post-issue P/E of about 14.3 times, based on disclosed earnings.

• Peer context: On these figures, Jindal Supreme's asking valuation appears lower than the listed steel-pipe peers referenced above, though differences in product mix, scale and growth trajectory should be factored in before drawing conclusions.

• Post-issue promoter holding: Promoters and the promoter group are expected to continue holding a majority stake and exercising significant influence over the company after the issue.

Corporate Actions

• Issue structure: The ₹124.88 crore IPO comprises a fresh issue of about ₹99.89 crore (1,07,41,149 shares) and an offer for sale of about ₹24.99 crore (26,86,851 shares) by selling shareholder VVJ Enterprise.

• Proceeds from OFS: The offer-for-sale portion is a secondary sale by the selling shareholder; the company itself does not receive these proceeds.

• Share capital change: Disclosed share capital rose sharply from about ₹1.92 crore in FY25 to about ₹40.28 crore in FY26, reflecting corporate restructuring ahead of the IPO.

• Face value: ₹10 per equity share.

• Use of fresh issue proceeds: The bulk of the fresh issue proceeds (about 71%) is earmarked for repayment or pre-payment of certain outstanding borrowings, with the balance for general corporate purposes.

Risks

The company's offer documents outline several risk factors that prospective applicants should read in full in the RHP. Key risks include:

Single-location manufacturing: Operations are based out of a single facility in Hisar, Haryana, exposing the business to local and regional disruption risks.

• Supplier concentration: The top 10 suppliers account for more than 70% of total raw material purchases, creating procurement dependency.

• Dealer dependence without long-term contracts: Dealers contributed about 31.82% of FY26 revenue, but there are no long-term agreements with the company's 53 active dealers.

• Product concentration: MS black pipes and galvanised pipes account for a major share of sales, while newer products such as crash barriers and GI tubular poles have a comparatively shorter operating history.

• Geographic and export concentration: The company generates 100% of its revenue from domestic operations, with no export revenue, exposing it fully to domestic demand cycles.

• Counterparty credit risk: Delays in receiving payments, or non-receipt of payments, from customers could adversely affect financial condition and cash flows.

• Legal proceedings: There are outstanding legal proceedings involving the company, its promoters and senior management, as disclosed in the offer document.

• Use of proceeds and asset creation: Since a large share of net proceeds will go toward debt repayment rather than new capacity, this portion of fund utilisation will not directly create new tangible assets.

• History of negative cash flow: The company has reported negative operating cash flow in some past periods, including FY26.

Frequently Asked Questions

1. What is the price band of the Jindal Supreme IPO?

The price band has been fixed at ₹88 to ₹93 per equity share, with a face value of ₹10 per share.

2. What is the lot size for the Jindal Supreme IPO?

The minimum lot size is 161 shares. Retail investors can apply for up to 13 lots (2,093 shares).

3. When does the Jindal Supreme IPO open and close?

The IPO opens for subscription on September 16, 2026, and closes on September 18, 2026.

4. What is the minimum investment amount required?

At the upper price band of ₹93, one lot (161 shares) requires ₹14,973.

5. When will the allotment and listing take place?

The basis of allotment is expected to be finalised on September 21, 2026, with refunds and demat credit on September 22, 2026. Listing on BSE and NSE is tentatively scheduled for September 23, 2026.

6. Is the Jindal Supreme IPO a fresh issue or does it include an offer for sale?

It includes both: a fresh issue of about ₹99.89 crore and an offer for sale of about ₹24.99 crore by selling shareholder VVJ Enterprise.

7. Who is the registrar for the Jindal Supreme IPO?

Bigshare Services Private Limited is the registrar. Sarthi Capital Advisors Private Limited is the book running lead manager.

8. What will the fresh issue proceeds be used for?

Primarily for repayment or pre-payment of certain outstanding borrowings (about 71% of the fresh issue), with the balance for general corporate purposes.

9. What business does Jindal Supreme operate?

It is a Haryana-based manufacturer of MS black pipes, galvanised pipes, metal beam crash barriers and GI tubular poles, serving infrastructure, construction, water-supply and industrial customers, mainly across Northern India.

10. On which exchanges will Jindal Supreme list?

The company is proposed to be listed on both the BSE and the NSE as a mainboard issue.

Disclaimer:

This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.