About the Business
Incorporated in March 1974, Jindal Supreme (India) Limited brings over five decades of manufacturing expertise in steel pipes, tubes, and engineered steel products catering to infrastructure, municipal, and industrial segments.
Operating out of its integrated facility in Hisar, Haryana, the company manufactures Mild Steel (MS) black pipes, galvanized pipes, and tubular structures according to strict Indian Standards. The facility houses tube mills, high-capacity welding units, and galvanizing lines supported by an in-house testing setup.
- Diversified Product Basket: Core portfolio spans MS black pipes, GI pipes, water distribution tubing, construction casings, and specialized industrial conduit solutions.
- Strategic Infrastructure Pivot: Expanded into high-margin highway crash barriers (W-beam and Thrie-beam) in FY25, followed by GI tubular poles for street lighting and rural electrification in FY26.
- Hybrid Distribution Engine: Operates a direct B2B institutional delivery pipeline supplying leading EPC contractors, paired with an expanding dealer network comprising 53 authorized dealers across northern India.
- Multi-Sector Demand: Products deployed across water supply schemes, national highway barriers, bridge engineering, oil and gas piping, irrigation, and power transmission grids.
The company’s promoters are Abhishek Jindal and Sonam Jindal.
Financial Overview
Jindal Supreme (India) Ltd. has maintained consistent top-line momentum, with total income expanding to ₹675.94 Cr in FY26. Profitability strengthened further in Q1 FY27, recording ₹8.28 Cr in net profit on revenues of ₹191.09 Cr.
| Metric (₹ Cr) | Q1 FY 2027 | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Total Income | ₹191.09 | ₹675.94 | ₹604.74 | ₹650.88 |
| Operating EBITDA | ₹13.76 | ₹41.63 | ₹25.92 | ₹21.11 |
| PAT (Profit After Tax) | ₹8.28 | ₹22.53 | ₹24.27 | ₹12.87 |
| Net Worth | ₹105.02 | ₹96.82 | ₹74.64 | ₹50.31 |
| Reserves & Surplus | ₹64.56 | ₹56.28 | ₹72.17 | ₹47.90 |
| Total Borrowings | ₹92.46 | ₹119.87 | ₹95.84 | ₹104.92 |
| Total Assets | ₹232.65 | ₹248.41 | ₹200.33 | ₹181.16 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Objects of the Issue
The net proceeds from the fresh capital issue (₹99.89 Cr) are proposed to be deployed towards:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company ₹71.00 Cr
- General corporate purposes Balance
Jindal Supreme (India) Limited brings a credible 50-year operating heritage in steel fabrication and tubular manufacturing. Recent product diversifications into highway crash barriers and GI utility poles position the company to capture direct tailwinds from national infrastructure and electrification budgets.
A key positive of the transaction is that over 70% of the fresh issue proceeds (₹71 Cr) will be utilized to retire high-cost debt, significantly reducing finance costs and de-risking the balance sheet (Debt/Equity improved from 1.24x in FY26 to 0.88x in Q1 FY27). At the upper price band of ₹93, the stock trades at an undemanding post-IPO P/E of 14.33x based on annualized Q1 FY27 earnings (16.64x on FY26 earnings) against a modest market capitalization of ₹474.52 Cr. Investors seeking an established steel conversion play tied to domestic capital expenditure can consider subscribing with a medium-to-long-term perspective.
