Jindal Supreme (India) IPO

    Summary:


    Jindal Supreme (India) Limited started as Janak Steel Tubes Private Limited in 1974 and has since expanded its operations in steel pipe and tube manufacturing from Hisar, Haryana. The current product range — MS black pipes, galvanised pipes, metal beam crash barriers and GI tubular poles — serves buyers across water supply, highways, construction, electrification and industrial applications, through both direct institutional sales and a dealer network of 53 as of December 31, 2025.

    PAT went from ₹0.63 crore in FY2023 to ₹24.27 crore in FY2025. EBITDA and net worth both improved over the same stretch, while borrowings fell from ₹104.92 crore in FY2024 to ₹95.84 crore in FY2025. On the IPO structure, it is part Fresh Issue, part Offer for Sale, with ₹77.00 crore from the Fresh Issue side going toward debt repayment. 

    The DRHP identifies several business risks, including dependence on the Hisar manufacturing facility, exposure to steel coil and zinc prices, reliance on MS black pipe revenue, the absence of long-term dealer agreements, and competition within the industry. Investors may refer to the DRHP and other publicly available information before making an investment decision on the issue.

    Jindal Supreme

    Steel pipes and tubes are used across infrastructure, construction, industrial, and utility projects in India. Companies operating in this segment supply products for applications such as water distribution, roads, power infrastructure, and structural engineering. 

    Jindal Supreme (India) Limited operates in this space. It filed its Draft Red Herring Prospectus (DRHP) with SEBI for a second time on April 13, 2026, to raise funds through an IPO. A first filing was made on December 9, 2025, but was withdrawn on March 23, 2026. 

    Based in Hisar, Haryana, the company makes MS black pipes and tubes, galvanised pipes, metal beam crash barriers and GI tubular poles for infrastructure and industrial buyers. Key details from the DRHP are set out below.

    IPO Details

    The table below highlights the key details of the proposed public issue based on information available in the DRHP. Certain details such as the price band, lot size and issue dates are yet to be announced.

    Particulars

    Details

    IPO Type

    Book Built Issue

    IPO Open Date

    To be announced

    IPO Close Date

    To be announced

    Face Value

    ₹10 per equity share

    Price Band

    To be announced

    Lot Size

    To be announced

    Fresh Issue

    Up to 1,07,41,149 equity shares

    Offer for Sale

    Up to 26,86,851 equity shares

    Total Issue Size

    Up to 1,34,28,000 equity shares

    Listing Exchange

    NSE and BSE

    The IPO consists of both a Fresh Issue and an Offer for Sale (OFS). Under the Fresh Issue, proceeds will be received by the company and deployed toward debt repayment and general corporate purposes. 

    The Offer for Sale comprises up to 26,86,851 equity shares being sold by the promoter group entity VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited), and the proceeds from that portion will be received by the selling shareholder. The final issue size in rupee terms, price band, lot size and offer dates will be disclosed at a later stage.

    About the Company

    Company Background

    Jindal Supreme (India) Limited was originally incorporated as Janak Steel Tubes Private Limited on March 5, 1974, in Haryana. Through a series of name changes and conversions over the decades, the company was most recently renamed Jindal Supreme (India) Private Limited in August 2017, and subsequently converted into a public limited company in September 2025. Its registered office and manufacturing facility are located at 9th KM, O P Jindal Marg, Hisar Cantt, Hisar – 125006, Haryana. The promoters are Abhishek Jindal and Sonam Jindal.

    The business was started by the late Madan Lal Jindal and has passed through two generations since. Abhishek Jindal, the current promoter and Managing Director, has been associated with the company since 2007, with over 18 years of experience in MS black and galvanised pipe and tube manufacturing.

    Business Overview

    Jindal Supreme manufactures and supplies steel pipes, tubes and related products for infrastructure and industrial customers. Products are manufactured per applicable Indian Standards.

    Its product portfolio includes:

    • MS black pipes and tubes

    • Galvanised iron (GI) pipes and tubes

    • Metal beam crash barriers (W-beam and Thrie-beam)

    • GI tubular poles

    Metal beam crash barrier production commenced in April 2024. GI tubular pole manufacturing began in April 2025, with these poles primarily used in street lighting, electrification and public utility projects. The manufacturing facility at Hisar is equipped with pipe mills, forming rolls, welding plants, galvanising plants, hydrostatic testing and non-destructive testing equipment, and in-house maintenance and testing infrastructure.

    Products serve water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification. Sales go through two channels — direct to institutional buyers such as infrastructure contractors and industrial customers, and through a dealer network. Direct sales made up 65.72% of revenue from operations for the period ended December 31, 2025; the dealer channel contributed the remaining 34.28%. The dealer count has grown from 30 in Fiscal 2023 to 53 as of December 31, 2025, primarily across Northern India. As of December 31, 2025, the company had 244 employees.

    Revenue Model

    Jindal Supreme generates revenue from the sale of MS black pipes, galvanised pipes, metal beam crash barriers, GI tubular poles and other operating income from scrap and manufacturing by-products. MS black pipes contributed 44.48% of revenue from operations for the period ended December 31, 2025, galvanised pipes 26.41%, metal beam crash barriers 17.67% and GI poles 2.97%. The remainder came from scrap sales and other by-products.

    Industry Position

    The company operates in the ERW steel pipes and tubes segment, which covers MS black and galvanised pipe categories. These products dominate industry volumes due to cost efficiency and broad application across water supply, agriculture and construction. Jindal Supreme's manufacturing operations in Hisar, Haryana, place it within a region with established steel processing and infrastructure supply chains. The company operates in a competitive steel pipes and tubes market that includes several organised manufacturers.

    Industry Overview

    India ranks among the world's leading producers and consumers of steel pipes and tubes. At roughly USD 13,026 million in 2024, the domestic market for steel pipes and tubes is on a growth path — Infomerics Analytics & Research, whose report is referenced in the DRHP, puts the figure at around USD 21,625 million by 2034, a decade-long CAGR of 5.20%. 

    On the production side, domestic output nearly doubled between FY2020-21 and FY2024-25, going from 5.90 million tonnes to 11.92 million tonnes. Consumption tracked a similar climb, from 5.41 million tonnes to 10.93 million tonnes over the same years.

    Key factors supporting demand for steel pipes and tubes include:

    • Expansion of water supply and sanitation infrastructure, including the Jal Jeevan Mission

    • Road and highway development, with crash barriers a specific requirement

    • Rural electrification and street lighting programmes

    • Oil and gas pipeline infrastructure

    • Construction and industrial manufacturing activity

    • Renewable energy and city gas distribution projects

    • Government initiatives such as PMAY and Smart Cities

    ERW pipes hold the dominant volume position in the industry due to cost efficiency and wide application in water supply, agriculture and construction — the same categories that account for the bulk of Jindal Supreme's product demand.

    Company Financials

    This section gives an overview of business growth, profitability and balance sheet position of Jindal Supreme (India) Limited based on financial performance reported in the DRHP. The table below summarises the key financial parameters on a restated consolidated basis.

    Financials (₹ Crore)

    FY2025

    FY2024

    FY2023

    Total Income

    604.74

    650.88

    506.57

    EBITDA

    25.92

    21.11

    8.75

    Profit After Tax

    24.27

    12.87

    0.63

    Total Assets

    200.33

    181.16

    134.62

    Net Worth

    74.64

    50.31

    41.70

    Total Borrowings

    95.84

    104.92

    73.01

    Strengths of Jindal Supreme (India) Limited

    Diversified Product Portfolio

    The company now manufactures four product categories — MS black pipes and tubes, galvanised pipes, metal beam crash barriers and GI tubular poles — serving buyers across water supply, highways, construction, electrification and industrial segments. Crash barriers were added in April 2024 and GI poles in April 2025, each serving additional infrastructure-related applications.

    Backward Integration

    MS black pipes are manufactured in-house and are used as an input in the production of galvanised pipes. According to the DRHP, the company manufactures both product categories as part of its operations. 

    Established Operating History

    Manufacturing has been running since 1974, over five decades of continuous operations in steel pipe and tube production. This tenure supports relationships with dealers and institutional buyers built over long periods.

    Regulatory Compliance

    Products are manufactured per applicable Indian Standards, including IS: 1239, IS: 1161, IS: 3601 and IS: 2713. Compliance with these standards supports eligibility for government and institutional procurement contracts.

    Expanding Distribution Network

    The dealer network has grown from 30 in Fiscal 2023 to 53 as of December 31, 2025, with a dedicated sales team managing order generation, dealer relations and payment collection. Plans to extend into Tier II and Tier III cities are outlined in the DRHP.

    Improving Financial Performance

    EBITDA increased from ₹8.75 crore in FY2023 to ₹25.92 crore in FY2025. PAT grew from ₹0.63 crore to ₹24.27 crore over the same period. Return on capital employed was 14.10% and return on net worth was 38.25% for FY2025, per the DRHP.

    Risks Associated with the Business

    Single Manufacturing Location

    All production runs out of one plant in Hisar, Haryana. A machine breakdown, power failure, fire or any regional disruption halts output entirely. Per the DRHP, no formal business continuity or disaster recovery plan exists, and business interruption is not covered under current insurance policies.

    Raw Material Price Volatility

    Mild Steel coils, MS hot-rolled coils and galvanising materials are the key inputs. Steel and zinc prices move with global commodity cycles, largely outside the company's control. The top 10 suppliers accounted for 78.18% of total purchases for the period ended December 31, 2025, adding supplier concentration to the input risk.

    Revenue Concentration in MS Pipes

    MS black and galvanised pipes together dominate product revenue. Weak infrastructure ordering, import-driven price pressure, or project delays in these categories could materially affect revenues and cash flows.

    Customer Concentration

    The top 10 customers contributed 19.35% of revenue from operations for the period ended December 31, 2025. Loss of key accounts or reduced order volumes from them could affect performance.

    Dependence on Dealer Network

    No long-term contracts are in place with dealers. Dealers can shift to competitors offering better terms, and any erosion of the network could reduce market reach and revenue.

    Borrowing Levels and Debt Service

    Total borrowings stood at ₹95.84 crore as of March 31, 2025. .The company is required to service these borrowings in accordance with the terms of its financing arrangements. 

    Competition

    The company operates in a competitive steel pipes and tubes market with several organised manufacturers.

    Key Things Investors May Consider

    Before evaluating the IPO, investors may consider the following factors:

    • The company's position in the ERW steel pipe segment and its product additions in crash barriers and GI poles

    • Single-facility manufacturing risk and the absence of a formal business continuity plan

    • Total income is expected to decline from FY2024 to FY2025, and demand conditions are going forward

    • EBITDA and PAT trajectory and margin trends across the reported periods

    • Raw material cost exposure to Mild Steel coils and galvanising materials

    • Planned capacity expansion in crash barriers and galvanising, targeted for Fiscal 2027, funded through internal accruals

    • Dealer network expansion into Tier II and Tier III cities

    • Total borrowings of ₹95.84 crore and the proposed ₹77.00 crore repayment from IPO proceeds

    • Competition from significantly larger players in the domestic steel pipes and tubes market

    • Demand outlook tied to Jal Jeevan Mission, highway development and rural electrification programmes

    Published Date : 20 Jul 2026

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    Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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