1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Jindal Supreme (India) Limited |
| IPO Type | Fresh Issue & Offer for Sale; 100% Book Building Issue |
| Fresh Issue | Up to 1,07,41,149 Equity Shares; ₹9,452.21 lakh at ₹88 / ₹9,989.27 lakh at ₹93 |
| Offer for Sale | 26,86,851 Equity Shares; ₹2,364.43 lakh at ₹88 / ₹2,498.77 lakh at ₹93 |
| Total Offer Size | 1,34,28,000 Equity Shares; ₹11,816.64 lakh at ₹88 / ₹12,488.04 lakh at ₹93 |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹88 to ₹93 per Equity Share |
| Lot Size | 161 Equity Shares and multiples thereof |
| Opening Date | September 16, 2026 |
| Closing Date | September 18, 2026 |
| Basis of Allotment | On or about September 21, 2026 |
| Listing Date | On or about September 23, 2026 |
| Listing Exchange | BSE and NSE; NSE is the designated stock exchange |
| Registrar | Bigshare Services Private Limited |
| Lead Manager | Sarthi Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹88 | At Cap Price ₹93 |
|---|
| Fresh Issue Shares | 1,07,41,149 | 1,07,41,149 |
| Fresh Issue Amount | ₹9,452.21 lakh | ₹9,989.27 lakh |
| Offer for Sale Shares | 26,86,851 | 26,86,851 |
| Offer for Sale Value | ₹2,364.43 lakh | ₹2,498.77 lakh |
| Total Issue Shares | 1,34,28,000 | 1,34,28,000 |
| Pre-Issue Shares | 4,02,82,620 | 4,02,82,620 |
| Post-Issue Shares | 5,10,23,769 | 5,10,23,769 |
| Post-Issue Market Capitalisation | ₹44,900.92 lakh | ₹47,452.11 lakh |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of Offer |
| Anchor Investors | Up to 60% of QIB Portion |
| Mutual Funds within QIB | 5% rule disclosed; see discrepancy table |
| NII | Not less than 15% of Offer |
| Retail Individual Bidders | Not less than 35% of Offer |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹88 | Amount at ₹93 |
|---|
| Retail (Min) | 1 | 161 | ₹14,168 | ₹14,973 |
| Retail (Max) | 13 | 2,093 | ₹1,84,184 | ₹1,94,649 |
| S-HNI (Min) | 14 | 2,254 | ₹1,98,352 | ₹2,09,622 |
| S-HNI (Max) | 67 | 10,787 | ₹9,49,256 | ₹10,03,191 |
| B-HNI (Min) | 68 | 10,948 | ₹9,63,424 | ₹10,18,164 |
5. About the Company
Jindal Supreme (India) Limited manufactures and supplies steel pipes, tubes, metal beam crash barriers and GI tubular poles for infrastructure and industrial applications. Its products are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification. The Company follows a primarily B2B business model, serving institutional and industrial customers directly and also selling through a dealer network.
The Company traces its origins to its incorporation as Janak Steel Tubes Private Limited on March 05, 1974. It became a public limited company in 1988, was renamed Janak Steel Tubes Limited in 2001, converted into a private limited company in 2016, changed its name to Jindal Supreme (India) Private Limited in 2017, and was converted into a public limited company as Jindal Supreme (India) Limited in 2025.
The manufacturing facility is located at Hisar, Haryana. The RHP's company-positioning discussion describes an integrated facility of approximately 16 acres, with mills, welding and galvanizing plants, testing equipment and an in-house maintenance workshop. The RHP describes production of MS black pipes/tubes, galvanized pipes/tubes, W-beam and Thrie-beam crash barriers and GI tubular poles.
The Company commenced metal beam crash-barrier production in Fiscal 2025 and GI tubular-pole production in Fiscal 2026. For the period ended June 30, 2026, the Company had 53 active dealers and 242 employees. Revenue was entirely domestic in the period ended June 30, 2026 and Fiscal 2026, 2025 and 2024.
The dealer network is concentrated in northern India. Direct sales contributed 79.73%, 68.18%, 73.47% and 79.93% of revenue from operations for the period ended June 30, 2026 and Fiscal 2026, 2025 and 2024, respectively; dealer-channel revenue contributed 20.27%, 31.82%, 26.53% and 20.07%.
6. Restated Financial Information
| Particular | Jun. 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| Other Income | 15.00 | 55.32 | 1,834.15 | 543.71 |
| Total Income / Revenue | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
| EBITDA | 1,375.50 | 4,162.90 | 2,592.17 | 2,110.86 |
| EBIT | 1,299.80 | 3,875.49 | 4,112.07 | 2,277.89 |
| PBT / EBT | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| PAT | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| Basic EPS (₹) | 2.05 | 5.59 | 6.02 | 3.20 |
| Diluted EPS (₹) | 2.05 | 5.59 | 6.02 | 3.20 |
| Net Worth | 10,502.18 | 9,682.48 | 7,463.71 | 5,031.09 |
| Equity Share Capital | 4,028.26 | 4,028.26 | 191.82 | 191.82 |
| Other Equity / Reserves & Surplus* | 6,473.92 | 5,654.22 | 7,271.89 | 4,839.27 |
| Non-current Borrowings | 1,836.15 | 2,041.38 | 3,006.63 | 2,907.78 |
| Current Borrowings | 7,409.92 | 9,945.44 | 6,577.39 | 7,584.06 |
| Total Assets | 23,265.16 | 24,841.33 | 20,033.21 | 18,115.76 |
| Finance Costs | 196.35 | 860.04 | 872.95 | 770.42 |
| Depreciation & Amortisation | 90.71 | 342.73 | 314.24 | 376.68 |
| Inventory | 8,151.46 | 10,030.86 | 7,172.45 | 5,446.60 |
| Trade Receivables | 3,299.10 | 3,324.39 | 2,167.17 | 2,225.39 |
| Trade Payables | 767.33 | 1,103.61 | 673.84 | 874.37 |
| Cash Flow from Operating Activities | 3,245.15 | (568.73) | 573.98 | 2,020.02 |
| Cash Flow from Investing Activities | (135.16) | (985.79) | 1,188.71 | (4,304.55) |
| Cash Flow from Financing Activities | (3,095.03) | 1,554.38 | (1,765.58) | 2,287.46 |
| Capital Expenditure / PP&E Purchase | 85.90 | 256.65 | 1,101.60 | 5,205.43 |
7. Key Performance Indicators
| KPI | Jun. 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| Total Income | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
| EBITDA | 1,375.50 | 4,162.90 | 2,592.17 | 2,110.86 |
| EBIT | 1,299.80 | 3,875.49 | 4,112.07 | 2,277.89 |
| EBT | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| PAT | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| EBITDA Margin | 7.20% | 6.16% | 4.42% | 3.27% |
| EBIT Margin | 6.80% | 5.73% | 6.80% | 3.50% |
| EBT Margin | 5.77% | 4.46% | 5.36% | 2.32% |
| PAT Margin | 4.33% | 3.33% | 4.01% | 1.98% |
| EPS Basic/Diluted (₹) | 2.05 | 5.59 | 6.02 | 3.20 |
| Debt / Equity | 0.88 | 1.24 | 1.28 | 2.09 |
| Return on Equity | 8.20% | 26.28% | 38.85% | 27.98% |
| Return on Capital Employed | 6.14% | 16.78% | 22.37% | 13.92% |
Operating KPIs
| Operating Parameter | Jun. 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Total Installed Capacity (MT) | 42,750 | 171,000 | 159,000 | 135,000 |
| Total Production (MT) | 25,119 | 105,441 | 98,976 | 101,247 |
| Capacity Utilisation | 58.76% | 61.66% | 62.25% | 75.00% |
| Number of Dealers | 53 | 53 | 49 | 34 |
| Domestic Revenue % | 100.00% | 100.00% | 100.00% | 100.00% |
8. IPO Valuation
| Valuation Metric | Disclosure |
|---|
| P/E – FY2026 Basic/Diluted EPS | 15.74x at ₹88; 16.64x at ₹93 |
| P/E – Weighted-Average EPS | 16.48x at ₹88; 17.42x at ₹93 |
| Industry Peer P/E – Highest | 65.55x |
| Industry Peer P/E – Lowest | 22.31x |
| Industry Peer P/E – Average | 36.97x |
| RoNW – Weighted Average | 30.75% |
| NAV – March 31, 2026 | ₹24.04 |
| NAV – June 30, 2026 | ₹26.07 |
| Post-Offer NAV | ₹38.48 |
9.Peer Comparison
| Particulars | Jindal Supreme | Vibhor Steel Tubes | Sambhv Steel Tubes | Hi-Tech Pipes |
|---|
| Revenue from Operations – FY2026 | 67,538.72 | 114,935.10 | 241,324.30 | 420,007.42 |
| EBITDA Margin – FY2026 | 6.16% | 3.78% | 11.45% | 4.13% |
| PAT Margin – FY2026 | 3.33% | 0.76% | 5.87% | 1.81% |
| Debt / Equity – FY2026 | 1.24 | 0.01 | 0.04 | 0.02 |
| RoE – FY2026 | 26.28% | 4.57% | 18.35% | 6.07% |
| RoCE – FY2026 | 16.78% | 7.24% | 16.52% | 10.50% |
| Revenue from Operations – FY2025 | 58,639.93 | 99,637.92 | 151,135.50 | 306,763.62 |
| EBITDA Margin – FY2025 | 4.42% | 3.67% | 10.22% | 5.22% |
| PAT Margin – FY2025 | 4.01% | 1.18% | 3.78% | 2.38% |
| Debt / Equity – FY2025 | 1.28 | 0.91 | 0.42 | 0.15 |
| RoE – FY2025 | 38.85% | 6.43% | 12.67% | 7.96% |
| RoCE – FY2025 | 22.37% | 7.79% | 17.07% | 9.54% |
| Revenue from Operations – FY2024 | 64,543.98 | 107,271.47 | 128,575.70 | 269,929.34 |
| EBITDA Margin – FY2024 | 3.27% | 4.55% | 12.43% | 4.26% |
| PAT Margin – FY2024 | 1.98% | 1.65% | 6.39% | 1.63% |
| Debt / Equity – FY2024 | 2.09 | 0.79 | 0.79 | 0.70 |
10. Shareholding & Capital Structure
| Shareholder | Pre-Offer Shares | Pre % | Post-Offer Shares | Post % | Value @ ₹88 (₹ lakh) | Value @ ₹93 (₹ lakh) |
|---|
| Abhishek Jindal | 3,26,15,661 | 80.97% | 3,26,15,661 | 63.92% | 28,701.78 | 30,332.56 |
| Sonam Jindal | 4,28,400 | 1.06% | 4,28,400 | 0.84% | 376.99 | 398.41 |
| VVJ Enterprise Private Limited | 36,66,600 | 9.10% | 9,79,749 | 1.92% | 862.18 | 911.17 |
| Janak Raj Jindal & Sons HUF | 35,61,259 | 8.84% | 35,61,259 | 6.98% | 3,133.91 | 3,311.97 |
| Abhishek Jindal HUF | 10,500 | 0.03% | 10,500 | 0.02% | 9.24 | 9.77 |
| Janak Raj Jindal | 100 | Negligible | 100 | Negligible | 0.09 | 0.09 |
| Jayshree Jindal | 100 | Negligible | 100 | Negligible | 0.09 | 0.09 |
| Total | 4,02,82,620 | 100.00% | 3,75,95,769 | 73.68% | 33,084.28 | 34,964.07 |
11. Objects of the Issue
| Object | Amount |
|---|
| Repayment / Pre-payment of Certain Outstanding Borrowings | ₹7,100.00 lakh |
| General Corporate Purposes | Not disclosed in the RHP |
12. Key Risks Highlighted in the RHP
| Category | RHP Disclosure – Simplified | Potential Impact |
|---|
| Business / Operational | Single Hisar facility; machinery, shutdown, power, labour and regional-event risks. | Production disruption, higher costs and lost revenue. |
| Customer | Top 10 customers contributed 24.09% of revenue for the period ended June 30, 2026; names are confidential. | Lower orders or customer loss may affect revenue and cash flow. |
| Supplier | Top 10 suppliers contributed 72.31% of purchases; a Promoter Group entity is also a supplier. | Supply disruption, pricing pressure and production interruption. |
| Financial / Working Capital | Working-capital intensive business; historical negative cash flows in some periods. | Funding pressure and effects on liquidity/results. |
| Debt / Liquidity | Restrictive borrowing covenants; ₹697.19 lakh of unsecured facilities may be recalled. | Refinancing or early-repayment pressure. |
| Raw Material | Steel coils and galvanizing materials are price-volatile; raw-material purchases were 79.57% of total expense for the June 30, 2026 period. | Higher input costs may reduce margins. |
| Product / Industry | Black and galvanized pipes remain major products; newer crash-barrier and GI-pole lines have limited history. | Demand, pricing and adoption may affect revenue. |
| Legal / Regulatory | RHP discloses statutory-payment delays, trade-license non-compliance, pending approvals and COI errors. | Penalties, costs and operational delays. |
| Management / Governance | Dependence on Promoters/KMP; Promoter Group retains significant influence; related-party transactions are disclosed. | Execution and conflict-of-interest risks. |
| Geographic | Haryana and northern states account for a significant share of revenue. | Regional events or policy changes may affect sales. |
| Technology / IP | Five trademark registrations and two rectification matters; website domain is registered to the Promoter. | Brand, digital and IP disputes may affect operations. |
| Safety / Environmental | Manufacturing involves heat, welding, galvanizing and hazardous conditions; two past fatal incidents are disclosed. | Accidents, liabilities and regulatory costs. |
| Insurance | RHP states insurance may not cover every loss and there is no specific business-interruption cover. | Uninsured losses may affect finances. |
| Offer / Capital Markets | Offer Price is determined through book building; no formal pre-listing market exists. | Post-listing price and liquidity may vary. |
13. Litigation & Contingent Liabilities
| Party / Matter | Proceeding | Amount / Status |
|---|
| Company – Jindal Supreme (India) Limited v. Sanjiv Jain | Criminal complaint under Section 138 of the Negotiable Instruments Act | ₹1.50 lakh cheque; complaint pending; next hearing October 13, 2026 |
| Company – Jindal Supreme (India) Limited v. Shree Shyam Pipes Steel & Another | Criminal complaint under Sections 138/141 | ₹1.31 lakh remained unpaid after ₹50,000 payment; pending; next hearing October 13, 2026 |
| Company – P P Tube Mills Mfging Co. Private Limited & Others | Material civil arbitration | Claim of ₹1,035.70 lakh; arbitration pending at DIAC |
| Promoter – Abhishek Jindal / Ramprastha matter | Criminal complaint filed by promoter on behalf of his mother | Complaint pending; next hearing October 31, 2026; ₹50 lakh stated as financial losses to complainant's mother |
| Senior Management – Narendra Singh | Income-tax appeal | Assessment addition of ₹6.12 lakh; appeal pending before NFAC |
| Tax Claims – Company / Promoter / Directors | Direct tax claims | Company: 1 claim of ₹0.07 lakh; Promoter: 1 claim of ₹2.29 lakh; Directors other than Promoter: 3 claims of ₹15.44 lakh |
| Creditors | Outstanding trade payables | ₹767.33 lakh outstanding as of June 30, 2026; 4 material creditors account for ₹496.74 lakh |
| Group Companies | Material litigation | RHP states no outstanding litigation with material impact on the Company |
14. Registrar
| Particular | Details |
|---|
| Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400093 |
| Contact Person | Mr. Babu Rapheal C. |
| Telephone | +91 22 6263 8200 |
| Fax | +91 22 6263 8299 |
| Email | ipo@bigshareonline.com |
| Website | www.bigshareonline.com |
| SEBI Registration No. | INR000001385 |
15. Lead Manager
| Particular | Details |
|---|
| Name | Sarthi Capital Advisors Private Limited |
| Address | 401, 4th Floor, Manek Plaza, 167, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai – 400098 |
| Contact Person | Pankaj Chaurasia |
| Telephone | +91 22 26528671/72 |
| Email | ipo@sarthiwm.in |
| Investor Grievance Email | investor@sarthiwm.in |
| Website | www.sarthi.in |
| SEBI Registration No. | INM000012011 |
16. Company Contact Details
| Particular | Details |
|---|
| Registered / Corporate Office | 9th KM, O P Jindal Marg, Hisar Cantt, Hisar – 125006, Haryana |
| CIN | U27109HR1974PLC007126 |
| Telephone | 016 6223 6500 |
| Email | cs@jindalsupreme.com |
| Website | www.jindalsupreme.com |
| Company Secretary & Compliance Officer | Rajbir Sharma |
| Contact | +91 9996970561 |
| Investor Grievance Contact | Company Secretary & Compliance Officer / Registrar to the Offer |
