Jindal Supreme (India) IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Jindal Supreme (India)

Price band

₹88 – ₹93

Lot size

161 shares

Min investment

₹14,973

Issue size

₹124.88 Cr

About the company

Jindal Supreme (India) Limited was started in March 1974. For more than five decades it has made and supplied steel pipes, tubes and related steel products used in infrastructure and industry. Its range covers mild steel black pipes and tubes, galvanized pipes, metal beam crash barriers and galvanized iron tubular poles. These are made in different sizes to Indian Standards and are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification. The company has been adding new products to catch infrastructure demand. In FY2025 it started making W-beam and Thrie-beam metal crash barriers, which are the guard rails used along highways, and in FY2026 it added GI tubular poles used for street lighting and electrification work. It works mainly on a business to business basis, selling directly to institutional and industrial buyers including infrastructure contractors, and also through its dealer network. Its manufacturing facility is at Hisar in Haryana.

Jindal Supreme (India) Limited has been making steel pipes and tubes since 1974, supplying MS black and galvanized pipes, metal beam crash barriers and GI tubular poles for infrastructure and industrial use. It manufactures from a single facility at Hisar in Haryana and sells directly to institutional buyers as well as through dealers.

IPO details

Issue price: ₹93
Price band: ₹88 – ₹93
Face value: ₹10
Lot size: 161
Min investment: ₹14,973
Issue size: ₹124.88 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7976
NSE symbol: JSIPL.NS

Lot size & investment by category

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
B-HNI (Min)	67	10,787	₹10,03,191

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Repayment/pre-payment, in full or in part, of certain outstanding borrowings71.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	232.65	248.41	200.33	181.16
Total Income	191.09	675.94	604.74	650.88
Profit After Tax	8.28	22.53	24.27	12.87
EBITDA	13.76	41.63	25.92	21.11
NET Worth	105.02	96.82	74.64	50.31
Reserves and Surplus	64.56	56.28	72.17	47.90
Total Borrowing	92.46	119.87	95.84	104.92

Key performance indicators

P/E Ratio

14.33

EPS (₹)

6.49

RoE

8.20%

RoCE

6.14%

RoNW

8.20%

PAT Margin

4.33%

EBITDA Margin

7.20%

Debt / Equity

0.88

NAV (₹)

26.07

✓ Strengths

• The company has a very long record, having been in this business since March 1974, which is more than 50 years.

• EBITDA improved sharply in FY2026, from Rs 25.92 crore to Rs 41.63 crore.

• It has added new products in each of the last two years, crash barriers in FY2025 and GI tubular poles in FY2026, both tied to highway and electrification spending.

• Net worth has almost doubled in two years, from Rs 50.31 crore in FY2024 to Rs 96.82 crore in FY2026.

• The issue is priced moderately at about 14.33 times earnings on an EPS of Rs 6.49.

• Its products go into many end uses, from water supply and highways to oil and gas and rural electrification, so demand is not tied to one sector.

• Rs 71 crore of the Rs 124.88 crore issue repays borrowings, which should reduce interest cost meaningfully.

• It sells both directly to institutional buyers and through a dealer network, which spreads the customer base.

⚠ Risks

• Profit actually fell in FY2026, from Rs 24.27 crore to Rs 22.53 crore, even though income rose from Rs 604.74 crore to Rs 675.94 crore.

• Return ratios are weak. RoCE was only 6.14% and RoNW was 8.20%, which is low for a manufacturing business.

• Debt is high. Total borrowing was Rs 119.87 crore as on 31 March 2026 against a net worth of Rs 96.82 crore, and it went up from Rs 95.84 crore the year before.

• The profit margin is thin at 4.33%, so small changes in steel prices move the profit sharply.

• Sales are not growing steadily. Total income was Rs 650.88 crore in FY2024, fell to Rs 604.74 crore in FY2025 and then rose to Rs 675.94 crore in FY2026.

• The entire business runs from one facility at Hisar in Haryana, so any problem at that single location affects everything.

• The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 73.68% after the issue.

Promoters & holding

Abhishek Jindal and Sonam Jindal

Pre-issue promoter holding

100%

Post-issue promoter holding

73.68%

Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.