Jindal Supreme
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 6 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹27 | +29.03% | ₹3,300 | ₹120 | ₹4,347 |
| 12 Sept 2026 | ₹25 | +26.88% | ₹3,100 | ₹118 | ₹4,025 |
| 11 Sept 2026 | ₹21 | +22.58% | ₹2,600 | ₹114 | ₹3,381 |
| 10 Sept 2026 | ₹19 | +20.43% | ₹2,300 | ₹112 | ₹3,059 |
| 09 Sept 2026 | ₹11 | +11.83% | ₹1,300 | ₹104 | ₹1,771 |
| 08 Sept 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 16 Sept 2026 – 18 Sept 2026
- Listing date
- 23 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹88 – ₹93
- Lot size
- 161 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹125 Cr
- Fresh issue
- ₹99.89 Cr 1,07,41,149 shares
- Offer for sale
- ₹24.99 Cr 26,86,851 shares
- Market cap at offer price
- ₹475 Cr
- Promoter holding
- 100.00% → 73.68% pre-issue → post-issue
- ISIN
- INE1DLO01028
- CIN
- U27109HR1974PLC007126
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- 9th KM, O P Jindal Marg, Hisar Cantt, Hisar - 125006, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | — | — |
| Anchor investor · within QIB | 0 | — | — |
| NII (HNI) | 0 | — | — |
| bNII > ₹10L · within NII | 0 | — | — |
| sNII < ₹10L · within NII | 0 | — | — |
| Retail (RII) | 0 | — | — |
| Employee | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 161 shares per lot, in multiples, at ₹93
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 161 | ₹14,973 |
| Retail (max) | 13 | 2,093 | ₹1,94,649 |
| S-HNI (min) | 14 | 2,254 | ₹2,09,622 |
| S-HNI (max) | 66 | 10,626 | ₹9,88,218 |
| B-HNI (min) | 67 | 10,787 | ₹10,03,191 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹93 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.59 | 6.49 |
| P/E (×) | 16.64 | 14.33 |
| Price to book (×) | 3.87 | — |
| Market cap | — | ₹475 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.28%
- ROCE
- 22.00%
- Debt / equity
- 1.24
- PAT margin
- 3.33%
- EBITDA margin
- 6.16%
- NAV per share
- ₹24.04
- Price to book
- 3.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 675.94 | 604.74 | 650.88 |
| Revenue from operations | 675.39 | 586.4 | 645.44 |
| Other income | 0.55 | 18.34 | 5.44 |
| Total expenses | 645.79 | 572.35 | 635.8 |
| Operating profit | 30.15 | 32.39 | 15.08 |
| Operating margin | 4.46% | 5.36% | 2.32% |
| Profit before tax | 30.15 | 32.39 | 15.07 |
| Profit after tax | 22.53 | 24.27 | 12.87 |
| PAT margin | 3.33% | 4.01% | 1.98% |
| Balance sheet | |||
| Total assets | 248.41 | 200.33 | 181.16 |
| Current assets | 148.94 | 107.51 | 90.03 |
| Current liabilities | 116.91 | 82.26 | 93.44 |
| Total liabilities | 151.59 | 125.7 | 130.85 |
| Net worth | 96.82 | 74.64 | 50.31 |
| Current ratio | 1.27× | 1.31× | 0.96× |
| Return on equity | 23.27% | 32.52% | 25.58% |
| Cash flow | |||
| Operating cash flow | -5.69 | 5.74 | 20.2 |
| Investing cash flow | -9.86 | 11.89 | -43.05 |
| Financing cash flow | 15.54 | -17.66 | 22.87 |
| Net cash flow | 0 | -0.03 | 0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of certain outstanding borrowings ₹71 Cr
The company proposes to utilize Net Proceeds for full or partial repayment or prepayment of certain borrowings to reduce outstanding indebtedness and debt servicing costs, maintain favorable debt to equity ratio and enable utilization of internal accruals for business growth and expansion.
2 General Corporate Purposes —
The company intends to deploy balance Net Proceeds towards general corporate purposes including funding business development, strategic initiatives, strengthening marketing capabilities, meeting corporate contingencies and other purposes as approved by the Board, subject to not exceeding 25% of Gross Proceeds.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Jindal Supreme
Jindal Supreme India Limited is engaged in manufacturing and supplying a diverse range of steel pipes and tubes for multiple infrastructure and industrial applications. The company's product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles manufactured as per Indian Standards. The company operates through direct sales to institutional buyers and a dealer network, with manufacturing facility located in Hisar, Haryana equipped with various machinery, mills, welding plants, and galvanizing plants.
Management
Abhishek Jindal
MD
Madan Gopal Babbar
CEO
Strengths
As stated in the offer document
Led by qualified and experienced Promoter and supported by a professional management team and strong corporate governance
The company is guided by the experience, vision and leadership of its Promoter Abhishek Jindal, having 18 years of experience in the industry. The company is led by a well-qualified, diverse and experienced Board of Directors and SMPs.
Location of Manufacturing Facility
The location of the company's Manufacturing plant enables cost and logistical advantages being in proximity to manufacturing plants of customers and facilitating the servicing of customers with customized Steel Products in a timely manner.
Track record of healthy financial performance
The company has established a track record of healthy revenue growth and profitability. Revenue from operations increased to ₹67,538.72 lakhs in Fiscal 2026 from ₹64,543.98 lakhs in Fiscal 2024, with restated profit increasing to ₹2,252.91 lakhs compared to ₹1,287.28 lakhs in Fiscal 2024.
Risk factors
As stated in the offer document
Single Manufacturing Facility Concentration Risk
The company's operations are concentrated at a single manufacturing facility in Hisar, Haryana, making it vulnerable to local disruptions, natural disasters, machinery breakdowns, or regional adverse developments. The company lacks a formal disaster recovery plan and specific business interruption insurance coverage.
Working Capital Intensive Operations
The company requires significant working capital for continuing growth, with working capital requirements of ₹11,201.95 lakhs as of June 30, 2026. The company depends on a mix of borrowings (₹6,479.30 lakhs) and internal accruals (₹4,722.65 lakhs) to meet these requirements.
High Supplier Concentration Risk
The company's top 10 suppliers contribute 72.31% to 76.23% of total purchases across reporting periods. Any disruption from key suppliers could affect raw material supply, pricing negotiations, and operational continuity, potentially impacting profit margins and financial performance.
Raw Material Price Volatility
The company's production costs are highly vulnerable to fluctuations in prices of key raw materials, especially Mild Steel Coils and Galvanizing Materials, which represent 79.57% to 93.40% of total expenses. Steel price volatility directly impacts profit margins and financial results.
Revenue Concentration in Core Products
The company derives significant revenue from Black Pipes (45.46% of revenue) and Galvanized Pipes (25.07% of revenue) as of June 30, 2026. Heavy dependence on these products exposes the company to demand fluctuations and market concentration risks.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Jindal Supreme (India) Ltd. THIS ISSUE | 5.59 | — | 14.33, computed at the offer price | 3.87, computed at the offer price | 26.28% |
| 4.64 | — | 23.06 | — | 4.57% | |
| 1.81 | — | 65.55 | — | 18.35% | |
| 3.77 | — | 22.31 | — | 6.07% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.