Company Overview
Jindal Supreme (India) Limited is a manufacturer of steel products including Mild Steel (MS) black pipes, MS galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. The company serves various industrial applications such as water supply, plumbing, infrastructure, construction, roads, highways, bridges, oil & gas, chemicals, agriculture, and rural electrification. The company operates from a single manufacturing facility in Hisar, Haryana with production capacities of 90,000 MTPA for MS Black Pipes/Tubes, 45,000 MTPA for Galvanized Pipes/Tubes, 24,000 MTPA for Metal Beam Crash Barriers, and 12,000 MTPA for GI Tubular Poles.
Offer Details
Initial Public Offering (IPO) comprises a fresh issue of up to ₹99.89 crore and an offer for sale of ₹24.99 crore by promoter group entity VVJ Enterprise Private Limited. The total offer size is ₹124.88 crore with a price band of ₹88-93 per equity share. The offer opens on September 16, 2026 and closes on September 18, 2026, with listing expected on September 23, 2026 on both BSE and NSE.
Financial Performance
Revenue from Operations showed strong growth: FY24: ₹645.44 crore, FY25: ₹586.40 crore, FY26: ₹675.39 crore. Profit After Tax demonstrated improved profitability: FY24: ₹12.87 crore, FY25: ₹24.27 crore, FY26: ₹22.53 crore. EBITDA margins improved significantly from 3.27% in FY24 to 6.16% in FY26. The company maintains a debt-to-equity ratio of 1.24x as of FY26, down from 2.09x in FY24. Return on Net Worth stood at 26.28% for FY26.
Use of Proceeds
Net proceeds from the fresh issue will be utilized for: (1) Repayment/pre-payment of borrowings - ₹71 crore (80.8% of net proceeds) to reduce outstanding debt from HDFC Bank, ICICI Bank, and Kotak Mahindra Bank; (2) General corporate purposes - ₹16.85 crore (19.2% of net proceeds) for working capital requirements and business expansion.
Risk Factors
Business Risks include operations concentrated at a single manufacturing facility, dependence on key customers (top 10 contributed 24.09% of revenue), reliance on key suppliers (top 10 contributed 72.31% of purchases), vulnerability to raw material price fluctuations, and significant revenue concentration from Black Pipes and Galvanized Pipes (92.35%).
Regulatory Risks involve 13 pending applications for regulatory approvals due to name change from private to public limited company, including PF registration, electricity connection, pollution consent, factory building plan, BIS certifications, and trademark applications. Two trademark rectification applications are pending against Trademark Nos. 4165380 and 4439277.
Management & Promoters
Promoters Abhishek Jindal (Managing Director) and Sonam Jindal (Non-Executive Director) lead the company with extensive experience in the steel industry. Pre-IPO promoter holding stands at 82.03%, which will dilute to 64.76% post-offer. The management team includes Madan Gopal Babbar (Whole Time Director), Ashish Chugh (CFO), and Rajbir Sharma (Company Secretary & Compliance Officer).
Market & Industry
The company operates in the Indian steel pipes and tubes market estimated at $1,441.58 million in 2026, projected to reach $2,393.30 million by 2036 (5.20% CAGR). Growth is driven by infrastructure development, water supply programs (Jal Jeevan Mission), National Infrastructure Pipeline, and energy transmission projects. Key competitors include APL Apollo Tubes, Hariom Pipe Industries, Sambhv Steel Tubes, JTL Industries, and Hi-Tech Pipes.
Legal & Compliance
The company has received 'In-Principle' approvals from BSE and NSE for listing and SEBI observation letter. Ongoing legal proceedings include 2 criminal proceedings, 1 material civil litigation as plaintiff (₹249.60 lakhs involved), 2 tax proceedings as defendant (₹0.07 lakhs involved), and various other proceedings involving directors and promoters. The company meets all SEBI ICDR Regulations eligibility requirements with net tangible assets exceeding ₹300 lakhs and average operating profit above ₹150 lakhs.
Corporate Actions
Recent corporate developments include conversion from private to public limited company, share split from ₹100 to ₹10 per share, bonus issue in ratio 20:1, board restructuring with new independent directors, and increase in authorized capital from ₹4.00 crore to ₹55.00 crore. The company has expanded into metal beam crash barriers (started FY25) and GI tubular poles (started FY26) to diversify its product portfolio.