Jindal Supreme IPO Review: Price Band, Dates, Lot Size, Financials and RisksJindal Supreme IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Jindal Supreme (India) IPO opens on September 16 and closes on September 18, 2026. Jindal Supreme makes steel pipes, tubes, road safety barriers and poles used in construction, roads, farming and factories. The company is raising ₹124.88 crore through a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore. This Jindal Supreme IPO review covers the price band, lot size, financials, business model, IPO objectives, strengths, risks, and how to apply.

IPO Snapshot

Event	Date
Anchor Investor Bidding	September 15, 2026
IPO Opens	September 16, 2026
IPO Closes	September 18, 2026
Allotment Date	September 21, 2026
Refund	September 22, 2026
Shares Credited to Demat	September 22, 2026
Listing Date (BSE, NSE)	September 23, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹88 to ₹93 per share
Face Value	₹10 per share
Lot Size	161 shares
Minimum Investment	₹14,168 to ₹14,973
Retail Maximum	13 lots, or 2,093 shares (₹1,94,649)
Fresh Issue	₹99.89 crore
Offer for Sale	₹24.99 crore
Total Issue Size	₹124.88 crore
Listing	BSE and NSE

The fresh issue consists of approximately ₹99.89 crore, while the offer for sale of approximately ₹24.99 crore will be made by VVJ Enterprise Pvt. Ltd., a promoter-group selling shareholder. Jindal Supreme will not receive any proceeds from the offer-for-sale portion.

What Does Jindal Supreme Actually Do

Jindal Supreme (India) was started in March 1974 and has more than 50 years of experience in making and selling steel pipes, tubes and related steel products. Its products are used in water supply, building construction, roads and highways, bridges, oil and gas, chemicals, farming, and rural electrification.

The product portfolio includes:

• Mild steel black pipes and tubes.
• Galvanized pipes and tubes (coated with zinc to prevent rust).
• W-beam and Thrie-beam metal crash barriers (used on highways to protect vehicles).
• Galvanized iron tubular poles (used for street lights and power lines).

The company mainly sells to big buyers like infrastructure contractors and factories. It also sells through dealers, mostly in North India. Direct sales made up 68.18% of FY26 revenue, while dealer sales made up 31.82%.

Jindal Supreme runs a factory in Hisar, Haryana, spread across about 16 acres. The factory has tube mills, welding plants, galvanizing plants, testing equipment, and a maintenance workshop. The company’s installed capacity includes 90,000 tonnes per year for black pipes and tubes, 45,000 tonnes for galvanized pipes and tubes, 24,000 tonnes for crash barriers and 12,000 tonnes for GI poles.

The company started making crash barriers in FY25 and GI poles in FY26. As of June 30, 2026, it had 53 dealers and 242 employees.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	650.88	604.74	675.94
Profit After Tax (₹ Crore)	12.87	24.27	22.53
Net Worth (₹ Crore)	50.31	74.64	96.82

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income increased from ₹604.74 crore in FY25 to ₹675.94 crore in FY26, a rise of about 12%. Profit after tax fell from ₹24.27 crore to ₹22.53 crore during the same period. FY25 profit included a big one-time gain from selling a building, so the year-on-year profit comparison is affected by this special item.

Revenue from operations rose from ₹585.40 crore in FY25 to ₹675.39 crore in FY26. EBITDA (profit before interest, tax, depreciation and amortization) increased from ₹25.92 crore in FY25 to ₹41.63 crore in FY26, while EBITDA margin improved from 4.42% to 6.16%. PAT margin, however, fell from 4.01% to 3.33% because of lower other income and the absence of the FY25 building-sale gain.

Total borrowings fell from ₹119.87 crore in FY25 to ₹92.46 crore as of June 30, 2026, while debt-to-equity (debt compared to equity) stood at 1.24 times in FY26 and 0.88 times as of June 30, 2026. ROE (return on equity) was 26.28%, and ROCE (return on capital employed) was 16.78% in FY26. Basic FY26 EPS (earnings per share) was ₹5.59, while the stub-period EPS for the three months ended June 30, 2026, was ₹2.05.

At the upper price band of ₹93, pre-issue EPS of ₹5.59 implies a P/E (price-to-earnings ratio) of about 16.64 times. Post-issue EPS of ₹6.49 implies a P/E of about 14.33 times. NAV (net asset value, or book value per share) stood at ₹24.04 per share as of March 31, 2026, giving a price-to-book value of about 3.87 times at the upper price band.

Objects of the Issue

Purpose	Amount (₹ Crore)
Repayment or prepayment of certain outstanding borrowings	₹71.00
General corporate purposes	Balance amount
Total identified objects	₹71.00

Strengths

• More than 50 years of experience in steel pipes and tubes manufacturing.
• Diversified product portfolio spanning black pipes, galvanized pipes, metal crash barriers and GI tubular poles.
• Integrated Hisar factory with tube mills, galvanizing plants, welding lines, and testing infrastructure.
• Entry into value-added products such as crash barriers and tubular poles reduces dependence on traditional pipe products.
• Revenue from operations increased 15.17% in FY26, while EBITDA grew substantially and EBITDA margin improved to 6.16%.
• Established dealer network, with 53 dealers as of June 30, 2026, supported by direct institutional and industrial sales.
• Strong FY26 return ratios, including ROE of 26.28% and ROCE of 16.78%.
• Debt-to-equity improved from 2.09 times in FY24 to 1.24 times in FY26, although leverage remains elevated compared with several listed peers.
• The company has commissioned a rooftop solar power plant at its factory, supporting energy-cost management and ESG objectives.

Risks

• The company’s entire manufacturing operation is at a single factory in Hisar, Haryana. A breakdown, fire, power disruption, accident, natural disaster, or regional disruption could affect the entire business.
• The business needs a lot of working capital (money needed for day-to-day operations). Working-capital requirements were ₹131.47 crore in FY26 and ₹112.02 crore for the three months ended June 30, 2026.
• The top 10 suppliers contributed 76.23% of purchases in FY26 and 72.31% for the three months ended June 30, 2026, creating supply-chain and vendor-concentration risk.
• Steel coils, hot-rolled coils, and galvanizing materials accounted for 93.21% of total expenses in FY26. Volatility in steel and zinc prices could directly affect margins.
• Black pipes and galvanized pipes remained the largest revenue contributors, accounting for 42.98% and 26.57% of FY26 revenue from operations, respectively. A slowdown in infrastructure, construction, or water-related demand could affect sales.
• FY26 profit fell 7% from FY25, despite revenue growth. FY25 also benefited from a ₹16.60 crore gain on disposal of a building, making the reported profit comparison less representative of recurring earnings.
• Debt-to-equity stood at 1.24 times in FY26, higher than the ratios of several selected listed peers, including Vibhor Steel Tubes, Sambhv Steel Tubes and Hi-Tech Pipes.J
• The company had ₹6.97 crore of unsecured borrowings as of June 30, 2026, which lenders may generally recall on demand.
• Capacity utilisation remains moderate: FY26 utilisation was 65.18% for black pipes, 60.25% for galvanized pipes, 65.20% for crash barriers and 33.48% for GI tubular poles.
• The company has disclosed two trademark rectification proceedings, including one concerning its logo, which could affect brand protection if the matters are not resolved favourably.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 16 and September 18.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Jindal Supreme’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions