Jindal Supreme (India) Limited has opened a ₹124.88 crore mainboard IPO at a price band of ₹88 to ₹93 per share. Bidding runs from 16 September 2026 to 18 September 2026, the lot size is 161 shares, and the minimum retail application at the cap price is ₹14,973. The shares are proposed to list on both BSE and NSE, with 23 September 2026 as the tentative listing date.
This review covers the issue structure, what a retail application actually costs, three years of restated financials, the valuation ratios worked out from the announced price band, the objects of the issue and the risk factors disclosed in the prospectus.
Jindal Supreme IPO Key Details
| Parameter | Details |
|---|---|
| IPO Dates | 16 September 2026 to 18 September 2026 |
| Anchor Book | 15 September 2026 |
| Face Value | ₹10 per equity share |
| Price Band | ₹88 to ₹93 per equity share |
| Lot Size | 161 shares (minimum ₹14,973 at the cap price of ₹93) |
| Issue Type | Book-built, 100% book building, fresh issue plus offer for sale |
| Total Issue Size | Up to 1,34,28,000 equity shares, about ₹118.17 crore at ₹88 and ₹124.88 crore at ₹93 |
| Fresh Issue | Up to 1,07,41,149 equity shares, about ₹99.89 crore at the cap price |
| Offer for Sale | Up to 26,86,851 equity shares by VVJ Enterprise Private Limited, about ₹24.99 crore at the cap price |
| Listing Exchanges | BSE and NSE. NSE is the designated stock exchange |
| Allotment Date | 21 September 2026 (tentative) |
| Refund Initiation | 22 September 2026 (tentative) |
| Credit to Demat | 22 September 2026 (tentative) |
| Listing Date | 23 September 2026 (tentative) |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Sarthi Capital Advisors Private Limited |
All share counts, financial figures and object amounts on this page come from the company’s Red Herring Prospectus dated 7 September 2026 and its abridged prospectus. The price band, lot size and the allotment, refund, credit and listing dates were announced after the RHP was filed and have been taken from the exchange and lead manager disclosures. IPO schedules can shift, so treat every date after the closing date as tentative until the registrar confirms it.
How the issue is split between investor categories
The offer is being made under Regulation 6(1) of the SEBI ICDR Regulations, 2018, which is the profitability route. That regulation fixes the reservation pattern below.
| Investor Category | Share of the net offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII or HNI) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
An anchor portion of 40,28,400 shares, about ₹37.46 crore at ₹93, was allotted on 15 September 2026. That is 30% of the total offer and it is carved out of the QIB portion. After removing the anchor shares, 93,99,600 shares are left for the public bidding categories. If you see a figure of 93,99,600 on a broker page labelled as the issue size, this is what it refers to, not the full 1,34,28,000 share offer.
What a retail application actually costs
The lot size is 161 shares. That works out to two very different numbers at the two ends of the band.
- One lot at the floor price of ₹88 is ₹14,168
- One lot at the cap price of ₹93 is ₹14,973
Almost every retail applicant bids at the cut-off price, which means the application goes through at the cap. Your bank blocks the full ₹14,973 under the UPI mandate or ASBA, and refunds the difference only if the final issue price is set below ₹93.
Maximum retail application. SEBI caps a retail individual investor at ₹2,00,000 per application. At ₹14,973 a lot, 13 lots fit under that ceiling. That is 2,093 shares and ₹1,94,649. A 14th lot would take the application to ₹2,09,622, which crosses the cap and moves the bid into the small non-institutional (S-HNI) category, where allotment works on a proportionate draw rather than the retail lottery.
About Jindal Supreme (India) Limited
Jindal Supreme (India) Limited was incorporated in 1974 and is registered in Hisar, Haryana. It makes steel pipes and tubes, and it sells them to infrastructure and industrial buyers. The product range covers mild steel (MS) black pipes and tubes, galvanised pipes and tubes, metal beam crash barriers, which are the steel guard rails along highways, and GI tubular poles used in rural electrification.
Facts an investor should note from the prospectus:
- One plant, one location. The registered office and the only manufacturing facility are both at 9th KM, O P Jindal Marg, Hisar Cantt, Hisar, Haryana.
- The revenue mix is shifting fast. Galvanised pipes fell from 44.25% of total revenue in FY 2023-24 to 26.54% in FY 2025-26. Crash barriers, which the company only started making in April 2024, reached 17.41% of revenue in FY 2025-26. GI tubular poles started in April 2025 and reached 4.66%.
- Volumes have been flat. Total sales were 98,351 MT in FY 2023-24, 96,400 MT in FY 2024-25 and 1,01,100 MT in FY 2025-26. The revenue growth of FY 2025-26 came more from mix and realisation than from tonnage.
- Customer spread is wide, supplier spread is not. The top five clients were 14.47% of revenue from operations in FY 2025-26. The top ten suppliers were 76.23% of purchases in the same year.
- Sells across 24 states, with Haryana the largest single market at 28.55% of revenue in FY 2025-26.
- One reporting segment, manufacturing and selling of steel tubes.
Financial Performance
Restated figures, converted from ₹ lakh to ₹ crore. FY 2025-26 is the year ended 31 March 2026. Q1 FY 2026-27 is the three months ended 30 June 2026 and is not comparable with a full year.
| Particulars (₹ crore) | Q1 FY 2026-27 | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|---|
| Revenue from operations | ₹190.94 | ₹675.39 | ₹586.40 | ₹645.44 |
| Revenue growth | Not comparable | 15.18% | (9.15%) | Not disclosed in the RHP |
| Total income | ₹191.09 | ₹675.94 | ₹604.74 | ₹650.88 |
| EBITDA | ₹13.76 | ₹41.63 | ₹25.92 | ₹21.11 |
| EBITDA margin | 7.20% | 6.16% | 4.42% | 3.27% |
| Profit after tax | ₹8.28 | ₹22.53 | ₹24.27 | ₹12.87 |
| PAT margin (on total income) | 4.33% | 3.33% | 4.01% | 1.98% |
| Net worth | ₹105.02 | ₹96.82 | ₹74.64 | ₹50.31 |
| Return on net worth | 8.20% | 26.28% | 38.85% | 27.98% |
| Return on capital employed | 6.14% | 16.78% | 22.37% | 13.92% |
| Total borrowings | ₹92.46 | ₹119.87 | ₹95.84 | ₹104.92 |
| Debt to equity | 0.88 | 1.24 | 1.28 | 2.09 |
Read across the row rather than down the column. Revenue from operations has gone nowhere over three years, a 2.29% compound annual growth rate from FY 2023-24 to FY 2025-26, with an actual fall of 9.15% in between. What has moved is profitability. EBITDA margin has almost doubled from 3.27% to 6.16%, which is what you would expect when a pipe maker adds higher value products like crash barriers and poles to a commodity black pipe base.
Profit after tax tells a more awkward story. It fell 7.17% in FY 2025-26 even as revenue rose 15.18%. The reason is other income. Total income in FY 2024-25 was ₹604.74 crore against revenue from operations of ₹586.40 crore, a gap of ₹18.34 crore that did not repeat at the same size in FY 2025-26. Operating profit improved. Reported profit did not.
The working capital picture is the part most IPO pages skip. Restated cash flow disclosures in the prospectus show net cash from operating activities of ₹(5.69) crore in FY 2025-26, against a reported profit after tax of ₹22.53 crore in the same year. Negative operating cash flow alongside positive accounting profit means the profit was absorbed into receivables and inventory rather than collected in cash. The company itself lists past negative cash flows from operating, investing and financing activities as risk factor 7 in its prospectus. Borrowings also climbed from ₹95.84 crore to ₹119.87 crore in that year before falling back to ₹92.46 crore by 30 June 2026.
These are historical disclosures. They do not indicate how the company will perform in future.
Valuation Metrics Explained
| Metric | Value |
|---|---|
| Basic and diluted EPS, FY 2025-26 | ₹5.59 |
| Basic and diluted EPS, Q1 FY 2026-27 | ₹2.05 |
| Return on net worth, FY 2025-26 | 26.28% |
| Net asset value per share, 30 June 2026 | ₹26.07 |
| Net asset value per share, 31 March 2026 | ₹18.53 |
| Post-issue share count | 5,10,23,769 shares |
| Market capitalisation at ₹93 | About ₹474.52 crore |
| Market capitalisation at ₹88 | About ₹449.01 crore |
In plain words:
- EPS (earnings per share) is profit after tax divided by the number of shares. It tells you how much profit each share earned.
- P/E (price to earnings) is the share price divided by EPS. It tells you how many years of current earnings you are paying for.
- RoNW (return on net worth) is profit after tax divided by average shareholders’ funds. It tells you how hard the company’s own capital is working.
- NAV (net asset value) per share is net worth divided by the number of shares, sometimes called book value.
Working out the P/E
The RHP leaves every P/E field blank as [●], because a prospectus is filed before the price band is fixed. Once the band was announced, the ratios can be calculated. Using the FY 2025-26 diluted EPS of ₹5.59:
| Ratio | At ₹88 (floor) | At ₹93 (cap) |
|---|---|---|
| Pre-issue P/E on FY 2025-26 EPS | 15.74 times | 16.64 times |
| Post-issue P/E on FY 2025-26 profit | 19.93 times | 21.06 times |
| Price to book on 30 June 2026 NAV of ₹26.07 | 3.38 times | 3.57 times |
The post-issue figure is calculated by spreading FY 2025-26 profit after tax of ₹22.53 crore over the enlarged post-issue count of 5,10,23,769 shares, which gives a post-issue EPS of ₹4.42. Only the fresh issue adds new shares. The offer for sale simply moves existing shares from a promoter group entity to public investors, so it does not dilute earnings per share.
A post-issue P/E of around 14.33 times is circulating on several IPO aggregator sites. That figure is arrived at by taking the June 2026 quarter’s profit of ₹8.28 crore and multiplying it by four to annualise it, which assumes the strongest quarter in the company’s disclosed history repeats three more times. The 21.06 times figure above uses an audited full year instead. Both are arithmetically correct. They answer different questions, and it is worth knowing which one you are reading.
How that compares with listed peers
This is the peer table the company itself discloses. Peer P/E is based on BSE closing prices as on 11 August 2026 and FY 2025-26 earnings.
| Company | Revenue from operations (₹ crore) | EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Jindal Supreme (India) Limited | ₹675.39 | ₹5.59 | Not applicable, unlisted | 26.28% |
| Vibhor Steel Tubes Limited | ₹1,149.35 | ₹4.64 | 23.06 | 4.57% |
| Sambhv Steel Tubes Limited | ₹2,413.24 | ₹1.81 | 65.55 | 18.35% |
| Hi-Tech Pipes Limited | ₹4,200.07 | ₹3.77 | 22.31 | 6.07% |
The peer average P/E works out to 36.97 times, with a high of 65.55 and a low of 22.31.
On the pre-issue multiple of 16.64 times, Jindal Supreme is asking for less than the lowest listed peer while reporting the highest return on net worth in the table. On the post-issue multiple of 21.06 times it sits just under Hi-Tech Pipes. The counter-argument is that it is also the smallest company in the group by revenue, it runs on a single plant, its three year revenue growth is close to flat, and its FY 2025-26 return on net worth of 26.28% is measured on a net worth that is a fraction of its peers’, which flatters the ratio. A low multiple can reflect a fair discount for scale and concentration rather than a bargain.
These ratios are shared for educational understanding, not as investment guidance.
Objects of the Issue
Only the fresh issue money reaches the company. The offer for sale portion, up to 26,86,851 shares and about ₹24.99 crore at the cap price, goes to the selling shareholder VVJ Enterprise Private Limited, a promoter group entity. The company receives nothing from that part.
| Object | Amount (₹ crore) |
|---|---|
| Repayment or pre-payment, in full or in part, of certain outstanding borrowings | ₹71.00 |
| General corporate purposes | To be finalised at the time of pricing |
| Total net proceeds | To be finalised at the time of pricing |
The debt repayment is the substance of this issue. The company had total borrowings of ₹92.46 crore as at 30 June 2026, so the ₹71.00 crore earmarked here would clear about 76.79% of the borrowings outstanding on that date. It is also 71.08% of the gross fresh issue proceeds at the cap price of ₹93. The lender-wise list and the interest rate range are set out in the Objects of the Offer section of the RHP on page 92 and are not reproduced in the abridged prospectus.
General corporate purposes is left blank pending the final price. The company has disclosed that the amount used for general corporate purposes will not exceed 25% of the gross proceeds, which is the SEBI ICDR ceiling.
The prospectus does not disclose a credit rating for the issue.
Strengths and Risk Factors
Every entry below carries a specific number or fact from the prospectus rather than an adjective.
| Strengths | Risk Factors |
|---|---|
| EBITDA margin improved from 3.27% in FY 2023-24 to 6.16% in FY 2025-26 | Revenue from operations grew at a 2.29% CAGR over FY 2023-24 to FY 2025-26, and fell 9.15% in FY 2024-25 |
| Return on net worth of 26.28% in FY 2025-26 is the highest in the disclosed peer table | Profit after tax fell 7.17% in FY 2025-26 despite revenue rising 15.18% |
| Debt to equity improved from 2.09 in FY 2023-24 to 0.88 as at 30 June 2026, before the IPO proceeds are applied | Operations run from a single manufacturing facility at Hisar, Haryana, and any shutdown there affects the whole business |
| ₹71.00 crore of the fresh issue is earmarked for debt repayment, about 76.79% of the ₹92.46 crore borrowings as at 30 June 2026 | Top 10 suppliers accounted for 76.23% of purchases in FY 2025-26, so any supply delay is concentrated |
| New products added recently: crash barriers reached 17.41% of revenue in FY 2025-26 and GI tubular poles 4.66% | Production costs depend on mild steel coil, hot rolled coil and galvanising material prices, which are volatile |
| Revenue generated across 24 states, reducing dependence on any single market | Haryana alone was 28.55% of revenue in FY 2025-26, so regional disruption carries weight |
| Promoters have not pledged or encumbered any of their shareholding | The company reports past negative cash flows from operating, investing and financing activities |
| No qualifications in the statutory auditor’s report on the restated financials | Three GST intimations under Rule 88D alleging excess input tax credit of ₹564 lakh in total have been replied to, with no show cause notice issued as on the prospectus date |
This table is a summary, not a substitute. The full risk factors section begins on page 24 of the Red Herring Prospectus and runs to considerably more than ten items. Read it before applying.
How to Apply for the Jindal Supreme IPO through Findoc
- Log in to your Findoc trading account.
- Open the IPO section and select Jindal Supreme (India) Limited from the list of open issues.
- Enter the quantity in multiples of the lot size of 161 shares, and a bid price between ₹88 and ₹93, or tick the cut-off price box to bid at ₹93.
- Enter your UPI ID linked to the bank account you want the funds blocked in.
- Submit the bid. A mandate request will arrive in your UPI app.
- Approve the mandate before the cut-off. Funds stay blocked in your account until allotment.
The UPI mandate end time on the closing date of 18 September 2026 is 5:00 PM IST.
If you prefer not to use UPI, you can apply through bank ASBA in your net banking, where your bank blocks the amount directly.
If you do not have a demat account yet, you will need one before you can apply, and the issue closes on 18 September 2026.
Checking your allotment
Allotment is expected to be finalised on 21 September 2026. Once it is published you can check it in three places:
- The registrar Bigshare Services Private Limited’s allotment page
- The BSE IPO allotment page
- The NSE IPO bid verification page
You will need your PAN, your application number or your demat account number. Refunds and demat credit are both expected on 22 September 2026, and listing on 23 September 2026.
Key Takeaways
- ₹124.88 crore book-built mainboard issue at the cap price, made up of a ₹99.89 crore fresh issue and a ₹24.99 crore offer for sale by a promoter group entity.
- Price band ₹88 to ₹93, lot size 161 shares, one lot is ₹14,973 at the cap price, and the maximum retail application is 13 lots or ₹1,94,649.
- Bidding from 16 to 18 September 2026, tentative allotment 21 September, tentative listing on BSE and NSE on 23 September 2026.
- FY 2025-26 revenue from operations of ₹675.39 crore, profit after tax of ₹22.53 crore, EBITDA margin of 6.16% and return on net worth of 26.28%.
- Pre-issue P/E of 16.64 times and post-issue P/E of 21.06 times on FY 2025-26 earnings, against a disclosed peer average of 36.97 times and a peer low of 22.31 times.
- Main risks: a single manufacturing location, flat three year revenue, a fall in profit in FY 2025-26, supplier concentration of 76.23%, and past negative operating cash flow.
Disclaimer: This article is for educational and informational purposes only. It is not investment advice and it is not a recommendation to subscribe to, buy, sell or hold any security. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Leave a Reply