Jindal Supreme IPO

Jindal Supreme (India) Limitedjindalsupreme.com

ListedMainboardMaterialsNSE · BSE

Price band: ₹88 – ₹93
Issue size: ₹125 Cr
Lot size: 161 sh
Bidding: 16 – 18 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Jindal Supreme (India) buys steel coil and converts it into mild steel black pipe, galvanised pipe, W-beam and Thrie-beam crash barriers and GI tubular poles at a single plant in Hisar, Haryana, and employed 242 people as on 30 June 2026. Revenue was Rs 645.44 Cr in FY24, Rs 586.40 Cr in FY25 and Rs 675.39 Cr in FY26 — a fall of 9.15% and then a rise of 15.18%, leaving FY26 4.64% above FY24 — while EBITDA was Rs 21.11 Cr, Rs 25.92 Cr and Rs 41.63 Cr, margins on those revenues of 3.27%, 4.42% and 6.16%. Profit after tax was Rs 12.87 Cr in FY24, Rs 24.27 Cr in FY25 and Rs 22.53 Cr in FY26, the last a fall of 7.17%. The Rs 124.88 Cr issue, priced at Rs 88 to Rs 93, was subscribed 181.07 times on its closing day of 18 September 2026; it listed on 23 September 2026 at Rs 120 against the band top of Rs 93 and last traded at Rs 138.40 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

57Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Jindal Supreme, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1974 · Hisar, Haryana · 242 employees

Jindal Supreme (India) Limited makes steel pipes and tubes at a single plant in Hisar, Haryana. The range covers mild steel black pipes, hot-dip galvanised pipes, W-beam and Thrie-beam metal crash barriers, and galvanised iron tubular poles, in nominal bores from 15 mm to 250 mm. Buyers are infrastructure contractors and industrial customers, who use the products in water supply and plumbing, construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification. The company started trading in 1974 as Janak Steel Tubes Private Limited, founded by Madan Lal Jindal, and is now run by his grandson Abhishek Jindal. Crash barrier production began in April 2024 and GI tubular poles in April 2025. It employed 242 people as on June 30, 2026.

Jindal Supreme buys steel coil and converts it into pipe, so earnings track the coil-to-pipe spread rather than steel itself. Cost of materials consumed was Rs 57,860.36 lakhs in Fiscal 2026 against revenue from operations of Rs 67,538.72 lakhs, leaving an EBITDA margin of 6.16%. Sales are mostly direct to institutional buyers - 68.18% of Fiscal 2026 revenue from operations - with the balance through 53 dealers, mainly in northern India. Black pipe contributed 42.98% of Fiscal 2026 revenue from operations and galvanised pipe 26.57%. The Hisar plant ran at 61.66% of its 171,000 MTPA installed capacity that year, and the top 10 suppliers accounted for 76.23% of purchases.

The company on paper

Legal name: Jindal Supreme (India) Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 5 Mar 1974
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U27109HR1974PLC007126
Sector: Materials · Steel pipes, tubes, crash barriers and GI tubular poles for infrastructure and industrial use
Employees: 242
Registered office: Hisar, Haryana
Promoters: Abhishek Jindal, Sonam Jindal
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.7%
Website: jindalsupreme.com

The numbers

Financial performance

Revenue has compounded at 2.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹99.89 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹24.99 Cr
Total issue size: ₹125 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.3% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription181.07×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹93.00
Listed at: ₹120.00
Listing gain: up 29.0%
Since listing: up 36.6%
Against the issue price: up 76.2%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 161
At cut-off price: ₹93.00
Amount blocked: ₹14,973

One lot is 161 shares at ₹14,973. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.7%

chance of one lot, per application

Retail subscription: 149.34×
Applicants per share available: 149.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹120.00

listed at, 29.0% against the issue price

Issue price: ₹93.00
Premium said: —
If allotted 161 shares: ₹4,347

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA was Rs 21.11 Cr in FY24 and was higher in each of the two years that follow on the record: Rs 25.92 Cr in FY25, 22.79% more, and Rs 41.63 Cr in FY26, 60.61% more again. Against revenue of Rs 645.44 Cr, Rs 586.40 Cr and Rs 675.39 Cr, that is an EBITDA margin of 3.27%, 4.42% and 6.16%.
Net worth was Rs 50.31 Cr in FY24 and higher in each later year on record, Rs 74.64 Cr in FY25 and Rs 96.82 Cr in FY26. Set against total borrowings of Rs 104.92 Cr, Rs 95.84 Cr and Rs 119.87 Cr, borrowings per rupee of net worth were 2.09x, 1.28x and 1.24x across the same three years.
On the closing day, 18 September 2026, each category of the book was bid more than a hundred times over: QIB 126.41 times, NII 327.99 times and retail 149.34 times, for 181.07 times overall.
The shares listed at Rs 120 against the band top of Rs 93, a gain of 29.03%, closed the first day at Rs 126 and stood at Rs 138.40 as at 23 October 2026, 48.82% above Rs 93.

What to weigh against it

Revenue fell 9.15%, from Rs 645.44 Cr in FY24 to Rs 586.40 Cr in FY25, then rose 15.18% to Rs 675.39 Cr in FY26. Over the two years, the FY26 figure is 4.64% above FY24.
Profit after tax was Rs 22.53 Cr in FY26 against Rs 24.27 Cr in FY25, a fall of 7.17%, on revenue 15.18% higher. The PAT margin on the recorded revenues was 1.99% in FY24, 4.14% in FY25 and 3.34% in FY26.
Total borrowings were Rs 119.87 Cr in FY26, above both earlier years on record (Rs 104.92 Cr in FY24, Rs 95.84 Cr in FY25) and above FY26 net worth of Rs 96.82 Cr.
Cost of materials consumed was Rs 57,860.36 lakhs in Fiscal 2026 against revenue from operations of Rs 67,538.72 lakhs, or 85.67% of it. The record also puts the top 10 suppliers at 76.23% of purchases, and production at one plant, at Hisar, which ran at 61.66% of its 171,000 MTPA installed capacity that year.

Easy to miss in the prospectus

Utilisation alongside margin: the Hisar plant ran at 61.66% of its 171,000 MTPA installed capacity in Fiscal 2026, the year EBITDA of Rs 41.63 Cr on revenue of Rs 675.39 Cr gave a 6.16% margin, against 4.42% in FY25 and 3.27% in FY24.
Mix and channel: black pipe was 42.98% of Fiscal 2026 revenue from operations and galvanised pipe 26.57%; 68.18% of that revenue was direct to institutional buyers, the balance through 53 dealers, mainly in northern India. Crash barrier production began in April 2024 and GI tubular poles in April 2025.
Issue structure: the fresh issue of Rs 99.89 Cr was 79.99% of the Rs 124.88 Cr total, with an offer for sale of Rs 24.99 Cr, and promoter holding goes from 100% before the issue to 73.68% after it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Jindal Supreme — Prospectus dated 2026-09-2121 Sep 2026Filed after pricing, with every placeholder filled in.Opens on sarthi.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Sarthi Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Jindal Supreme's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Prospectus dated September 21, 2026 (full 400-page filing, via BRLM Sarthi Capital) · read 15 Oct 2026
NSE India - IPO detail / final bid book for JSIPL · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 16 Sep 2026
Closes: 18 Sep 2026
Allotment: 21 Sep 2026
Lists: 23 Sep 2026
Revenue (FY26): ₹675 Cr
Profit (FY26): ₹22.53 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.