IPO will list on 23 Sep'26
Jindal Supreme (India) Limited
Minimum Investment
₹ 14,973 / 161 shares
Our Verdict:
Neutral
- Jindal Supreme (India) is a Hisar, Haryana-based steel tubes and pipes manufacturer with a multi-decade history, producing MS Black Pipes, MS Galvanized Pipes, Metal Beam Crash Barriers and GI Tubular Poles; revenue from operations moved from ₹645.44 crore (FY24) to ₹586.40 crore (FY25) to ₹675.39 crore (FY26), while EBITDA grew steadily from ₹21.11 crore to ₹41.63 crore over the same period.
- Profit trend is worth understanding separately from revenue: PAT actually declined slightly in FY26 (₹22.53 crore, down from ₹24.27 crore in FY25) even as EBITDA and revenue both grew — a divergence that's worth investigating rather than assuming profit tracks the topline automatically.
- Manufacturing is entirely single-site: all operations run from one facility in Hisar, Haryana, and the Company has disclosed it has no formal disaster recovery or business continuity plan and no specific business-interruption insurance — a concentrated operational risk profile even though no major disruption has occurred to date.
- Capacity utilisation trends are mixed across the product portfolio: MS Galvanized Pipe utilisation fell sharply from 94.49% (FY24) to 60.25% (FY26), while newer product lines (Metal Beam Crash Barriers, GI Tubular Poles) are still ramping up from a low base — meaning the overall growth story depends on newer, less-proven products offsetting softening demand in an established one.
- A long operating history, diversifying product range, improving EBITDA, and a comparatively low customer concentration (24.09% for the top 10) support the fundamentals, but the single-site manufacturing risk, softening core-product utilisation, rising working-capital needs, and a FY26 PAT that didn't grow alongside revenue and EBITDA are all real considerations before assuming the operating trajectory is fully on an upward path.
About the company
Founded in
5 Mar'76
Managing director
Abhishek Jindal
- Jindal Supreme (India) is a steel tubes and pipes manufacturer based in Hisar, Haryana, producing MS Black Pipes/Tubes, MS Galvanized Pipes/Tubes, Metal Beam Crash Barriers and GI Tubular Poles for construction, infrastructure and industrial applications.
- The Company was originally incorporated in 1974 as Janak Steel Tubes Private Limited and has operated under the 'Jindal Supreme' name since 2017; it recently expanded into Metal Beam Crash Barriers (commercial production from April 2024) and GI Tubular Poles (commercial production from April 2025).
- All manufacturing operations run from a single facility located at 9th KM, O P Jindal Marg, Hisar Cantt, Hisar, Haryana; the Company served a diversified customer base with its top 10 customers contributing 24.09% of FY26 revenue from operations.
- Promoters: Abhishek Jindal (Managing Director) and Sonam Jindal.
STRENGTHS
- Diversified Steel Tube and Infrastructure Product Range: Manufactures MS Black Pipes/Tubes, MS Galvanized Pipes/Tubes, Metal Beam Crash Barriers and GI Tubular Poles, serving construction, infrastructure and industrial applications.
- Long Operating History: Originally incorporated in 1974, with a multi-decade track record in the steel tubes and pipes industry under the Jindal Supreme name since 2017.
- Improving EBITDA and Low Customer Concentration: EBITDA grew from ₹21.11 crore (FY24) to ₹41.63 crore (FY26); top 10 customers contributed just 24.09% of FY26 revenue, a comparatively diversified customer base relative to peers.
- New Product Lines Ramping Up: Recently launched Metal Beam Crash Barriers (April 2024) and GI Tubular Poles (April 2025) are scaling utilisation, diversifying the Company’s product mix beyond core pipe manufacturing.
- Improving Net Worth Base: Net worth grew from ₹50.31 crore (FY24) to ₹96.82 crore (FY26), strengthening the balance sheet alongside the Company’s growth.
RISK FACTORS
- Single-Location Manufacturing Concentration: All manufacturing operations are concentrated at a single facility in Hisar, Haryana; the Company has no formal disaster recovery or business continuity plan and no specific business-interruption insurance, so any disruption at this site could materially affect operations.
- Supplier Concentration: Top 10 suppliers contributed 76.23% of FY26 purchases (70.92% FY25, 75.73% FY24); delays or shortages from key suppliers could adversely affect operations.
- Raw Material Price Volatility: Production costs are vulnerable to fluctuations in the prices of Mild Steel Coils, MS Hot-Rolled Coil and Galvanizing Materials, which can significantly affect production expenses and financial results.
- § Declining Utilisation in Core Galvanized Pipe Capacity: Capacity utilisation for MS Galvanized Pipes/Tubes fell sharply from 94.49% (FY24) to 60.25% (FY26), even as newer product lines (Metal Beam Crash Barriers, GI Tubular Poles) ramped up utilisation from a low base.
- Rising Working Capital Requirements: Working capital needs grew from ₹72.39 crore (FY24) to ₹131.47 crore (FY26), funded substantially through borrowings; continued increases could adversely affect financial condition if not managed effectively.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹124.88 crore
Fresh Issue
₹ ₹99.89 crore
OFS
₹ ₹24.99 crore
Price range
₹ 88 - 93
Lot size
161 shares
Issue Objective
- Net Proceeds from the Fresh Issue (~₹99.89 crore) are proposed to be used for: (i) repayment/prepayment of certain outstanding borrowings (~₹71 crore); and (ii) general corporate purposes (~₹7.1 crore and balance amount, capped at 25% of Gross Proceeds).
Dates
Bidding open
16 Sep'26
Bidding close
18 Sep'26
Allotment date
19 Sep'26
Refund date
22 Sep'26
Listing
23 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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