| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹88 to ₹93 | 161 | 16th Sep, 2026 – 18th Sep, 2026 | ₹125 Cr |
Jindal Supreme (India) Ltd
Jindal Supreme (India) Limited is an established manufacturer of steel pipes, tubes and value-added infrastructure products, with a business legacy dating back to 1974. Its product portfolio comprises MS black pipes and tubes, MS galvanized pipes and tubes, metal beam crash barriers and GI tubular poles, catering to applications across water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil & gas, chemicals, agriculture and rural electrification. The company has gradually diversified beyond its core pipe and tube business, with commercial production of metal beam crash barriers commencing in April 2024 and GI tubular poles in April 2025, expanding its presence into road-safety, street-lighting and public utility infrastructure. Its manufacturing facility at Hisar, Haryana, is equipped with integrated pipe mills, galvanizing, forming, cutting, threading, hydrostatic testing and quality-control infrastructure. In FY26, MS black pipes and galvanized pipes remained the key revenue contributors at 43.0% and 26.6%, respectively, while metal beam crash barriers contributed 17.4% and GI tubular poles 4.7%, indicating increasing contribution from value-added products. The company follows a predominantly direct-sales model, with direct sales accounting for 68.2% of FY26 revenue from operations, supported by a dealer network that expanded to 53 dealers as of June 2026 from 34 in FY24. Further, galvanizing capacity was increased from 45,000 MTPA to 63,000 MTPA, supporting higher value-added production and mix improvement. Going forward, capacity utilization, dealer expansion and increasing contribution from value-added products remain key levers for volume growth, operating leverage and profitability.
Objective of Jindal Supreme (India) Ltd
The net proceeds from the fresh issue will be used towards the following purposes:
- Repayment and / or pre-payment, in full or part, of certain borrowings availed by the company;
- General corporate purposes.
Rationale To Jindal Supreme (India) Ltd
Investment Rationale
Diversified steel product portfolio and expansion into value-added infrastructure products
Jindal Supreme is gradually diversifying beyond its traditional MS black and galvanized pipe and tube business into value-added steel products, strengthening its presence across infrastructure and industrial applications. The company commenced commercial production of metal beam crash barriers in FY25 and GI tubular poles in FY26, enabling it to address applications across road safety, highways, street lighting, electrification and public utility infrastructure. The newer businesses have gained meaningful traction, with metal beam crash barriers contributing 17.4% of FY26 revenue from operations versus 10.6% in FY25, while GI tubular poles contributed 4.7% in their first full year of operations. Nevertheless, MS black and galvanized pipes remained the core revenue contributors, together accounting for nearly 70% of FY26 revenue, indicating that the diversification strategy is still at an early stage. The company is simultaneously strengthening its value-added product capabilities through capacity expansion, including an additional 18,000 MTPA galvanizing unit that increased total galvanizing capacity from 45,000 MTPA to 63,000 MTPA. The expanded facility is intended to support existing black pipe production and the higher crash barrier capacity while increasing the share of galvanized products in the overall sales mix. Given that galvanization is a value-added process, greater penetration of galvanized products could support higher revenue and profitability, as highlighted by management, although the eventual benefit would remain dependent on volumes, realizations and input costs. similarly, crash barrier capacity has been expanded from 24,000 MTPA to 42,000 MTPA, creating additional capacity to cater to demand from highways and road infrastructure projects. Management has further outlined medium-term plans to expand tube mill capacity, increase crash barrier output and enhance galvanization throughput, although these should be viewed as stated strategic plans rather than committed projects. Overall, the combination of product diversification, higher value-added capacity and a widening distribution network provides a pathway for improving capacity utilization, fixed-cost absorption and operating efficiency as volumes scale, while successful execution and sustained demand across the newer segments remain key to translating this diversification into stronger earnings growth.
Strong exposure to infrastructure-led demand, supported by established manufacturing capabilities and distribution reach
The company’s product portfolio is aligned with multiple infrastructure and industrial applications, including water supply, plumbing, roads, highways, bridges, oil & gas, agriculture and rural electrification. The Indian steel pipes and tubes industry is expected to benefit from continued infrastructure development, urbanization, industrial expansion and energy-related projects, with domestic demand for steel pipes projected to grow at approximately 5.5% CAGR between FY25 and FY30. These industry drivers provide a favourable backdrop for demand across both conventional and value-added pipe segments. Jindal Supreme’s manufacturing capabilities are supported by German ERW and galvanizing technology, automated crash barrier and tubular pole fabrication lines, and in-house testing and certification protocols. Its products are manufactured in accordance with Indian Standards, with the company also highlighting compliance with ASTM and BIS standards. These capabilities support product quality, consistency and the ability to cater to diverse customer requirements. The company has also established a distribution network that can support market penetration beyond its existing institutional customer base. Its dealer network increased to 53 dealers as of June 30, 2026, and management intends to expand coverage into untapped geographies, including Tier-II and Tier-III cities, where demand for construction and infrastructure-related steel products is rising. A wider distribution footprint could improve market access and support higher volumes as manufacturing capacity expands.
Valuation of Jindal Supreme (India) Ltd
Jindal Supreme is positioned to benefit from the medium- to long-term growth in India’s steel pipes and tubes industry, supported by infrastructure development, urbanisation, industrial expansion, water and energy infrastructure and rising steel consumption. The company is gradually diversifying beyond its core MS black and galvanized pipe business into value-added infrastructure products such as metal beam crash barriers and GI tubular poles, while higher galvanizing capacity and an expanding dealer network provide scope for deeper market penetration and an improved product mix. Operating performance has strengthened meaningfully over FY24-FY26, with revenue, EBITDA and PAT registering 2.2%, 40.4% and 32.3% CAGR, respectively, while EBITDA margin expanded from 3.27% in FY24 to 6.16% in FY26, reflecting improving operating leverage. However, PAT declined in FY26 despite higher EBITDA, primarily due to higher finance and other costs, highlighting the need for sustained earnings growth and improved capital efficiency. Going forward, higher capacity utilization, increasing contribution from value-added products, expansion of the dealer network and lower finance costs following the proposed debt repayment could support earnings growth and improve return ratios. Nevertheless, the business remains exposed to steel-price volatility, working-capital intensity and competitive pressures from larger industry players. At ~16.6x FY26 earnings, the issue valuation appears relatively demanding; however, the company’s improving operating profile, diversification into value-added products and potential balance-sheet strengthening provide a constructive medium-term outlook. Given the growth opportunities and deleveraging potential, we recommend a subscribe rating to the issue, with the outlook contingent on sustained volume growth, margin expansion and successful scaling of the newer product categories.
What is the Jindal Supreme (India) Ltd IPO?
The initial public offer (IPO) of Jindal Supreme (India) Ltd an early investment opportunity in. A stock market investor can buy Jindal Supreme (India) Ltd IPO shares by applying in IPO before Jindal Supreme (India) Ltd get listed at the stock exchanges. An investor could invest in Jindal Supreme (India) Ltd for short term listing gain or a long term.
How to apply for the Jindal Supreme (India) Ltd IPO through StoxBox?
To apply for the Jindal Supreme (India) Ltd through StoxBox one can apply from the website and also from the app. Click here
When will the Jindal Supreme (India) Ltd IPO open?
Jindal Supreme (India) Ltd IPO is opening on 16th Sep 2026. Apply Now
What is the lot size of the Jindal Supreme (India) Ltd IPO?
The Lot Size of Jindal Supreme (India) Ltd 161 equity shares. Login to your account now.
When is the Jindal Supreme (India) Ltd IPO allotment date?
The allotment Date for Jindal Supreme (India) Ltd IPO 21st Sep 2026. Login to your account now.
When is the Jindal Supreme (India) Ltd IPO listing date?
The listing Date for Jindal Supreme (India) Ltd is 23rd Sep 2026. Login to your account now
What is the minimum investment required for the Jindal Supreme (India) Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,973 Login to your account now
What is the maximum investment allowed for Jindal Supreme (India) Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,94,649 Login to your account now
What are the risks associated with investing in the Jindal Supreme (India) Ltd IPO?
- The company remains exposed to fluctuations in the prices and availability of key raw materials, particularly MS coils, MS hot-rolled coils and galvanizing materials. Sharp increases in input costs or supply disruptions could pressure gross margins, production costs and overall profitability, particularly if higher costs cannot be passed on to customers.
- MS black and galvanized pipes together accounted for 69.55% of revenue from operations in FY26, indicating continued dependence on the core pipe business. Any slowdown in demand, delays in order placement or slower-than-expected diversification into newer product categories could constrain revenue growth, profitability and cash flows.
- The company operates in a competitive market across ERW/MS black pipes and tubes, galvanized pipes and tubes, GI tubular poles and metal beam crash barriers. Competition on pricing, product quality, product range and delivery capabilities, coupled with the larger scale, distribution reach and financial resources of established players, could limit market-share gains and exert pressure on margins.
When will the Jindal Supreme (India) Ltd IPO shares be credited to my Demat account?
The Jindal Supreme (India) Ltd will be credited to the account on allotment date which is 21st Sep 2026. Login to your account
Where can I find the Jindal Supreme (India) Ltd IPO prospectus?
The prospectus of Jindal Supreme (India) Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
