Jindal Supreme (India) Limited IPO is a mainboard book-built public issue comprising a fresh issue of up to 1,07,41,149 equity shares and an offer for sale of up to 26,86,851 equity shares. The total offer comprises up to 1,34,28,000 equity shares. At the announced price band of ₹88 to ₹93 per share, the issue size is approximately ₹124.88 crore at the upper price band.
Jindal Supreme IPO will open for subscription on September 16, 2026 and close on September 18, 2026. Anchor investor bidding is scheduled for September 15, while the basis of allotment is expected on September 21. Refund initiation and credit of shares are scheduled for September 22, with tentative listing on September 23, 2026. The equity shares are proposed to be listed on BSE and NSE.
Jindal Supreme (India) Limited is a steel products manufacturer based in Hisar, Haryana. The company manufactures and supplies MS black pipes and tubes, galvanized pipes and tubes, hollow sections, metal beam crash barriers and GI tubular poles. Its products serve infrastructure, construction, water supply, roads and highways, bridges, oil and gas, agriculture and rural electrification applications.
The company has operated since 1974 and currently manufactures from an integrated 16-acre facility in Hisar. Its installed capacities include 90,000 MTPA for MS black pipes and tubes, 45,000 MTPA for galvanized pipes and tubes, 24,000 MTPA for metal beam crash barriers and 12,000 MTPA for GI tubular poles.
Jindal Supreme reported revenue from operations of ₹675.39 crore and profit after tax of ₹22.53 crore in FY2026. Revenue increased from ₹586.40 crore in FY2025, while PAT declined from ₹24.27 crore. The company intends to use ₹71 crore of the IPO proceeds for repayment or prepayment of certain borrowings, with the balance proposed for general corporate purposes.
Table of Contents
Jindal Supreme IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Jindal Supreme IPO |
| Company Name | Jindal Supreme (India) Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹88 – ₹93 Per Share |
| Issue Size | ₹124.88 Crore |
| Fresh Issue | Up to ₹99.89 Crore |
| Offer for Sale | Up to ₹24.99 Crore |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Anchor Investor Bidding | 15 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 161 Shares |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Sarthi Capital Advisors Private Limited |
The Jindal Supreme IPO consists of both a fresh issue and an offer for sale. The fresh issue comprises up to 1,07,41,149 shares, while VVJ Enterprise Private Limited is offering up to 26,86,851 shares through the OFS. At ₹93 per share, the total offer is approximately ₹124.88 crore.
Jindal Supreme IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 15 September 2026 |
| IPO Opening Date | 16 September 2026 |
| IPO Closing Date | 18 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
The IPO is scheduled to remain open for three days. Investors can submit applications between September 16 and September 18, 2026. The shares are expected to be credited to successful applicants on September 22, followed by listing on September 23, subject to completion of the IPO process.
Jindal Supreme IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | 50% of Net Issue |
| Non-Institutional Investors (NII) | 15% of Net Issue |
| Retail Individual Investors (RII) | 35% of Net Issue |
The IPO follows the mainboard allocation framework, with not more than 50% of the net issue available to QIBs, not less than 15% to NIIs and not less than 35% to retail investors. The RHP also provides for the prescribed sub-categories within the NII portion.
Jindal Supreme IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 161 | ₹14,973 |
| Retail Maximum | 2,093 | ₹1,94,649 |
| S-HNI Minimum | 2,254 | ₹2,09,622 |
The minimum application consists of 161 shares. At the upper price band of ₹93, the minimum retail investment is ₹14,973. Retail investors can apply for up to 13 lots, or 2,093 shares, requiring ₹1,94,649. The minimum S-HNI application is 14 lots, or 2,254 shares.
About Jindal Supreme (India) Limited
Jindal Supreme (India) Limited was originally incorporated as Janak Steel Tubes Private Limited on March 5, 1974. The company subsequently underwent several changes in its corporate structure and name before being converted into a public limited company in September 2025. Its current corporate identity number is U27109HR1974PLC007126.
The company is engaged in the manufacture and supply of steel pipes, tubes, hollow sections, crash barriers and GI tubular poles. Its manufacturing operations are based in Hisar, Haryana, where it operates an integrated facility spread across approximately 16 acres.
Jindal Supreme has developed manufacturing capabilities covering ERW pipe mills, galvanizing lines, HR coil slitting and quality-testing facilities. The company states that its products are manufactured according to applicable Indian Standards and are supplied to infrastructure and industrial customers across India.
The company has expanded its product portfolio beyond conventional steel pipes and tubes. It commenced manufacturing W-beam and Thrie-beam metal crash barriers in FY2025 and expanded into GI tubular poles in FY2026.
Business Operations
Jindal Supreme operates primarily as a B2B steel products manufacturer and supplier.
• MS Black Pipes & Tubes – The company manufactures mild steel black pipes and tubes for infrastructure, industrial and utility applications.
• Galvanized Pipes & Tubes – Galvanized products are manufactured for applications requiring additional corrosion protection.
• Hollow Sections – The company manufactures hollow structural sections used in construction and infrastructure applications.
• Metal Beam Crash Barriers – The company manufactures W-beam and Thrie-beam crash barriers for road and highway safety applications.
• GI Tubular Poles – GI tubular poles are supplied for electrification, infrastructure and utility applications.
• Institutional Sales – Direct sales to institutional and industrial customers, including infrastructure contractors, form a significant part of the company’s business.
• Dealer Network – The company also sells through a dealer network serving customers across Northern India.
• Integrated Manufacturing – The Hisar facility incorporates pipe mills, welding, galvanizing, testing and related manufacturing infrastructure.
The company reported 53 dealers and 242 employees as of June 30, 2026. Direct institutional and industrial sales accounted for 68.18% of revenue from operations in FY2026, while the dealer network contributed 31.82%.
Industry Overview
The Indian steel pipes and tubes industry is an important downstream segment of the steel value chain. Steel pipes and tubes are used extensively in water supply, infrastructure, construction, roads and highways, oil and gas, power, agriculture and industrial applications.
India’s continued infrastructure development provides demand opportunities for steel products. Government programmes relating to roads, water supply, rural electrification, housing and urban development can support demand for pipes, crash barriers and related infrastructure products.
The growth of water-supply infrastructure and initiatives such as Jal Jeevan Mission can support demand for pipes and tubes. Road construction and highway development can create opportunities for crash barriers, while electrification and utility projects support demand for tubular poles.
Jindal Supreme operates across several of these application areas. Its diversified product range reduces dependence on a single end-use segment and allows the company to serve infrastructure contractors, industrial customers, government-related projects and dealers.
However, the steel-products industry remains exposed to fluctuations in steel prices, energy costs, transportation expenses, competition, working-capital requirements and changes in infrastructure spending. Steel price volatility can affect margins when changes in input prices cannot be passed on to customers immediately.
Business Strategy
Jindal Supreme intends to strengthen its position in the steel pipes, tubes and value-added infrastructure-products market.
The company is focused on expanding its product portfolio and increasing its presence in value-added products such as crash barriers and GI tubular poles. These products can help diversify the business beyond conventional MS and galvanized pipes.
The company also intends to strengthen its dealer network and institutional customer relationships. Its direct sales model allows it to participate in larger infrastructure and industrial requirements, while the dealer network provides broader market reach.
Operational efficiency and manufacturing quality remain important elements of the company’s strategy. The integrated Hisar facility includes pipe mills, galvanizing lines, coil processing and testing capabilities, supporting control over production and quality.
The company also highlights sustainability initiatives including solar power, water recycling, eco-friendly galvanizing and low-waste manufacturing.
Jindal Supreme IPO Financial Information
Jindal Supreme has reported growth in revenue over the last three financial years, although profitability declined slightly in FY2026 compared with FY2025.
Revenue from operations increased from ₹645.44 crore in FY2024 to ₹675.39 crore in FY2026. EBITDA increased from ₹21.11 crore to ₹41.63 crore over the same period, while PAT increased from ₹12.87 crore in FY2024 to ₹22.53 crore in FY2026.
Jindal Supreme Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹645.44 Crore | ₹586.40 Crore | ₹675.39 Crore |
| EBITDA | ₹21.11 Crore | ₹25.92 Crore | ₹41.63 Crore |
| Profit Before Tax | ₹15.07 Crore | ₹32.39 Crore | ₹30.15 Crore |
| Profit After Tax | ₹12.87 Crore | ₹24.27 Crore | ₹22.53 Crore |
| Net Worth | ₹50.31 Crore | ₹74.64 Crore | ₹96.82 Crore |
| Total Borrowings | ₹104.92 Crore | ₹95.84 Crore | ₹119.87 Crore |
The company’s revenue recovered in FY2026 after declining in FY2025. FY2026 revenue from operations stood at ₹675.39 crore, compared with ₹586.40 crore in FY2025. EBITDA increased substantially to ₹41.63 crore, although PAT declined to ₹22.53 crore from ₹24.27 crore.
Net worth increased from ₹50.31 crore in FY2024 to ₹96.82 crore in FY2026. Total borrowings stood at ₹119.87 crore at March 31, 2026. The proposed use of ₹71 crore from the IPO proceeds for debt repayment is therefore an important part of the company’s balance-sheet strategy.
Jindal Supreme IPO Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| ROE | 26.28% |
| ROCE | 16.78% |
| Debt / Equity | 1.24 |
| RoNW | 26.28% |
| PAT Margin | 3.33% |
| EBITDA Margin | 6.16% |
| NAV Per Share | ₹24.04 |
| EPS | ₹5.59 |
The company reported ROE and RoNW of 26.28% for FY2026, while ROCE stood at 16.78%. The debt-to-equity ratio was 1.24 and the EBITDA margin was 6.16%.
At the upper price band of ₹93, the reported pre-IPO EPS of ₹5.59 implies a price-to-earnings multiple of approximately 16.64 times. The post-issue EPS is reported at ₹4.94, which implies a post-issue P/E of approximately 18.83 times at ₹93.
Objects of the Jindal Supreme IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
• Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
• General corporate purposes.
Approximately ₹71 crore has been identified for repayment or prepayment of outstanding borrowings. The objective is to reduce outstanding indebtedness and associated debt-servicing costs and improve the company’s financial position.
The remaining net proceeds are proposed to be used for general corporate purposes, including business development, strategic initiatives, strengthening marketing capabilities and other permitted corporate requirements.
Jindal Supreme IPO Listing Performance
Jindal Supreme IPO is scheduled to list on BSE and NSE on September 23, 2026. As the company has not yet listed, the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 23 September 2026 |
| Issue Price | ₹88 – ₹93 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The unofficial grey-market premium was reported at approximately ₹9 per share on September 10, 2026, implying an indicative price of ₹102 based on the upper price band. GMP is unofficial, can change quickly and should not be treated as a guaranteed listing price or return.
Jindal Supreme IPO Subscription Status
Jindal Supreme IPO is scheduled to open for subscription on September 16, 2026. Therefore, final subscription figures are not available as of September 10, 2026.
Subscription data will be updated after bidding begins and applications are received from QIBs, NIIs and retail investors.
Jindal Supreme IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | Not Applicable |
| Total Subscription | To be updated |
The subscription figures will provide an indication of demand across institutional, non-institutional and retail investors once the bidding process starts. The IPO has a mainboard structure with the prescribed QIB, NII and retail reservation categories.
Jindal Supreme IPO Review
Jindal Supreme IPO offers exposure to an established steel-products manufacturer with more than five decades of operating history. The company manufactures pipes, tubes, crash barriers and GI poles that serve several infrastructure and industrial applications.
One of the company’s key strengths is its diversified product portfolio. In addition to MS black and galvanized pipes, Jindal Supreme has expanded into hollow sections, metal beam crash barriers and GI tubular poles. The newer product categories provide opportunities to participate in infrastructure, road-safety and utility projects.
The company also operates an integrated manufacturing facility in Hisar. The facility includes ERW pipe mills, galvanizing plants, HR coil slitting, testing laboratories and in-house maintenance capabilities. This manufacturing infrastructure supports the company’s ability to manage multiple stages of production and quality control.
Financial performance presents a mixed picture. Revenue from operations increased to ₹675.39 crore in FY2026 from ₹586.40 crore in FY2025, and EBITDA rose significantly to ₹41.63 crore. However, PAT declined from ₹24.27 crore to ₹22.53 crore. Investors should therefore examine the reasons for the difference between EBITDA growth and PAT performance.
The proposed use of IPO proceeds is another important factor. The company plans to use ₹71 crore for repayment or prepayment of borrowings. With total borrowings of ₹119.87 crore at March 31, 2026, the debt-reduction plan could help lower finance costs and strengthen the balance sheet.
The company has a strong infrastructure-oriented customer base, with direct institutional and industrial sales contributing 68.18% of FY2026 revenue from operations. Its dealer network contributed the remaining 31.82%. This combination provides access to larger institutional orders as well as broader market distribution.
At ₹93, the issue is valued at approximately 16.64 times FY2026 pre-IPO earnings based on the reported EPS of ₹5.59. The valuation should be assessed against the company’s profitability, debt position, growth prospects and comparable listed steel-products manufacturers.
Overall, Jindal Supreme IPO has positive factors including an established operating history, diversified steel-products portfolio, integrated manufacturing capabilities, infrastructure exposure and a proposed reduction in borrowings. However, investors should also consider steel-price volatility, working-capital requirements, competition, debt levels and the company’s relatively modest PAT margin before making an investment decision.
Jindal Supreme IPO Strengths
• More than five decades of operating experience in steel-pipe and related manufacturing.
• Established manufacturing facility located in Hisar, Haryana.
• Diversified product portfolio covering MS pipes, GI pipes, hollow sections, crash barriers and GI poles.
• Exposure to infrastructure, construction, water supply, roads, highways and rural electrification.
• Integrated manufacturing capabilities including pipe mills, galvanizing lines, coil slitting and quality testing.
• 53 dealers as of June 30, 2026.
• Strong institutional and industrial customer base.
• Direct institutional and industrial sales contributed 68.18% of FY2026 revenue.
• Revenue from operations increased to ₹675.39 crore in FY2026.
• EBITDA increased substantially to ₹41.63 crore in FY2026.
• Net worth increased to ₹96.82 crore in FY2026.
• Proposed ₹71 crore debt repayment can reduce outstanding borrowings and finance costs.
Jindal Supreme IPO Risk Factors
• The company operates in a competitive steel-products manufacturing industry.
• Fluctuations in steel prices can affect raw-material costs and profit margins.
• The business requires significant working capital to fund inventory, receivables and operations.
• The company has outstanding borrowings, creating finance-cost and leverage-related risks.
• Demand is linked to infrastructure, construction, industrial and government-related spending.
• Changes in infrastructure project activity could affect order volumes.
• Competition from larger and established steel manufacturers may put pressure on prices and margins.
• Dependence on institutional and industrial customers exposes the company to customer concentration and order-cycle risks.
• Dealer-network performance can influence market reach and sales.
• The company operates primarily from its Hisar manufacturing facility, creating concentration risk.
• Changes in steel, environmental, safety and manufacturing regulations could increase compliance costs.
• Expansion into value-added products such as crash barriers and GI poles may involve execution and market-acceptance risks.
• The company’s PAT declined in FY2026 despite revenue and EBITDA growth.
Jindal Supreme IPO Promoters
The promoters of Jindal Supreme (India) Limited are Abhishek Jindal and Sonam Jindal. Sonam Jindal was added as a promoter with effect from December 22, 2025, following a board resolution and corresponding updates to the IPO documentation.
Abhishek Jindal serves as the Managing Director and is part of the company’s promoter-led leadership. The company has been associated with the Jindal family’s steel-manufacturing legacy since its establishment in 1974.
Jindal Supreme IPO Promoters Details
| Promoter | Designation |
|---|---|
| Abhishek Jindal | Promoter & Managing Director |
| Sonam Jindal | Promoter & Non-Executive Director |
The promoters held 100% of the company before the IPO. Following the issue, promoter and promoter-group holding is expected to reduce to approximately 73.68%, with the public holding approximately 26.32%.
Jindal Supreme IPO Management Team
The company is managed by a promoter-led team supported by executive, non-executive and independent directors.
| Name | Designation |
|---|---|
| Abhishek Jindal | Chairman & Managing Director |
| Madan Gopal Babbar | Whole-Time Director |
| Sonam Jindal | Non-Executive Director |
| Abhiram Tayal | Independent Director |
| Chiranji Lal Aggarwal | Independent Director |
| Vijay Kaushik | Independent Director |
| Ashish Chugh | Chief Financial Officer |
| Rajbir Sharma | Company Secretary & Compliance Officer |
The management team includes experienced directors and key managerial personnel responsible for manufacturing, financial management, corporate governance and regulatory compliance.
Jindal Supreme IPO Registrar Details
Bigshare Services Private Limited is the registrar to the Jindal Supreme IPO. The registrar will process IPO applications, finalise the basis of allotment, facilitate refunds and coordinate credit of shares to successful applicants.
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Private Limited |
| Website | bigshareonline.com |
| IPO Allotment Status | Bigshare IPO Allotment Status Portal |
| Email ID | [email protected] |
| Contact Number | +91 22 6263 8200 |
Bigshare Services Private Limited is disclosed as the registrar to the offer, with Mr. Babu Raphael identified as the contact person in the IPO documentation.
Jindal Supreme IPO Lead Manager Details
Sarthi Capital Advisors Private Limited is the Book Running Lead Manager for the Jindal Supreme IPO.
| Particular | Details |
|---|---|
| Lead Manager | Sarthi Capital Advisors Private Limited |
| Contact Person | Pankaj Chaurasia |
| Email ID | [email protected] |
| Contact Number | +91 22 2652 8671 / 72 |
| Website | www.sarthi.in |
Sarthi Capital Advisors is responsible for managing the public issue and coordinating the IPO process with the company, regulators, stock exchanges and other intermediaries.
Jindal Supreme Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Jindal Supreme (India) Limited |
| Registered Office | 9th KM, O P Jindal Marg, Hisar Cantt, Hisar – 125006, Haryana |
| Website | www.jindalsupreme.com |
| Email ID | [email protected] |
| Contact Number | 01662 236500 |
The company’s registered and corporate office is located at 9th KM, O P Jindal Marg, Hisar Cantt, Haryana. Rajbir Sharma is the Company Secretary and Compliance Officer.
How to Check Jindal Supreme IPO Allotment Status
Investors can check the Jindal Supreme IPO allotment status after the basis of allotment is finalised through Bigshare Services or the BSE IPO platform.
Through Bigshare Services Private Limited
- Visit the official Bigshare IPO allotment portal.
- Select Jindal Supreme IPO from the available IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Jindal Supreme IPO from the list of IPOs.
- Enter the PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
The basis of allotment is scheduled for September 21, 2026, with refunds and credit of shares scheduled for September 22 and listing on September 23, 2026.
Jindal Supreme IPO Conclusion
Jindal Supreme IPO provides investors with an opportunity to participate in a steel-products manufacturer with more than five decades of operating history and an established presence in infrastructure-oriented markets.
The company manufactures MS black pipes, galvanized pipes, hollow sections, metal beam crash barriers and GI tubular poles. Its diversified product portfolio allows it to serve water supply, construction, roads and highways, infrastructure, agriculture, rural electrification and industrial applications.
Financial performance has shown improvement in revenue and EBITDA. FY2026 revenue from operations reached ₹675.39 crore, while EBITDA increased to ₹41.63 crore. PAT, however, declined to ₹22.53 crore from ₹24.27 crore in FY2025, making profitability and margin sustainability important factors for investors to monitor.
The IPO proceeds also have a clear balance-sheet objective. The company proposes to use ₹71 crore for repayment or prepayment of borrowings. This could help reduce debt-servicing costs and strengthen the financial position following the IPO.
The company’s integrated Hisar manufacturing facility, infrastructure exposure, dealer network and institutional customer base are positive factors. At the same time, investors should consider steel-price volatility, competition, working-capital requirements, debt levels and dependence on infrastructure and industrial demand.
The IPO price band of ₹88 to ₹93 implies a pre-issue P/E of approximately 16.64 times at the upper band based on reported FY2026 EPS. Investors should compare this valuation with the company’s earnings growth, return ratios, debt position and listed peers before making an investment decision.
Jindal Supreme IPO FAQs
What is Jindal Supreme IPO?
Jindal Supreme IPO is a mainboard book-built public issue of Jindal Supreme (India) Limited comprising a fresh issue and an offer for sale of equity shares.
What is the price band of Jindal Supreme IPO?
The Jindal Supreme IPO price band is ₹88 to ₹93 per equity share.
What is the issue size of Jindal Supreme IPO?
The total issue size is approximately ₹124.88 crore at the upper price band, comprising up to 1,07,41,149 fresh shares and up to 26,86,851 shares offered through the OFS.
When will Jindal Supreme IPO open?
Jindal Supreme IPO will open for subscription on September 16, 2026.
When will Jindal Supreme IPO close?
Jindal Supreme IPO will close for subscription on September 18, 2026.
What is the lot size of Jindal Supreme IPO?
The Jindal Supreme IPO lot size is 161 shares. At the upper price band of ₹93, the minimum investment is ₹14,973.
What is the Jindal Supreme IPO allotment date?
The tentative Jindal Supreme IPO allotment date is September 21, 2026.
When will Jindal Supreme IPO be listed?
Jindal Supreme shares are scheduled to be listed on BSE and NSE on September 23, 2026.
Who is the registrar for Jindal Supreme IPO?
Bigshare Services Private Limited is the registrar to the Jindal Supreme IPO.
What does Jindal Supreme (India) Limited do?
Jindal Supreme (India) Limited manufactures and supplies MS black pipes, galvanized pipes and tubes, hollow sections, metal beam crash barriers and GI tubular poles for infrastructure, construction, water supply, roads, highways, agriculture and industrial applications.
