Jindal Supreme (India)

ListedListed 23 Sep 2026MainboardNSE: JSIPLCheck allotment

Current price₹ 148.63+59.82% since issue

Listing day+29.03%

Issue price: ₹ 93
Issue size: ₹ 124.88 Cr.
Min. investment: ₹ 14,973
Listing price: ₹ 120
Subscribed: 181.07x
Lot size: 161 shares
P/E: 14.33
RoNW: 8.20%
RoCE: 6.14%
Debt / Equity: 0.88
PAT margin: 4.33%
EBITDA margin: 7.20%
RoE: 8.20%
EPS: ₹ 6.49
NAV: ₹ 26.07
Promoter stake: 73.68%

About

Jindal Supreme (India) Limited was started in March 1974. For more than five decades it has made and supplied steel pipes, tubes and related steel products used in infrastructure and industry. Its range covers mild steel black pipes and tubes, galvanized pipes, metal beam crash barriers and galvanized iron tubular poles. These are made in different sizes to Indian Standards and are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification. The company has been adding new products to catch infrastructure demand. In FY2025 it started making W-beam and Thrie-beam metal crash barriers, which are the guard rails used along highways, and in FY2026 it added GI tubular poles used for street lighting and electrification work. It works mainly on a business to business basis, selling directly to institutional and industrial buyers including infrastructure contractors, and also through its dealer network. Its manufacturing facility is at Hisar in Haryana.

Timeline

Opens
16 Sep
done
Closes
18 Sep
done
Allotment
21 Sep
done
Refunds
22 Sep
done
Demat credit
22 Sep
done
Listing
23 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 30 on 17 Sep 2026
Lowest: ₹ 11 on 9 Sep 2026
First quoted: ₹ 11 on 9 Sep 2026

Subscription

How many times each investor group bid for its share, as of 23 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	161	₹ 14,973
Retail (Max)	13	2,093	₹ 1,94,649
S-HNI (Min)	14	2,254	₹ 2,09,622
B-HNI (Min)	67	10,787	₹ 10,03,191

Company overview

Financials

Financials by year

Assets	232.65	248.41	200.33	181.16
Total Income	191.09	675.94	604.74	650.88
Profit After Tax	8.28	22.53	24.27	12.87
EBITDA	13.76	41.63	25.92	21.11
NET Worth	105.02	96.82	74.64	50.31
Reserves and Surplus	64.56	56.28	72.17	47.9
Total Borrowing	92.46	119.87	95.84	104.92

Strengths

The company has a very long record, having been in this business since March 1974, which is more than 50 years.
EBITDA improved sharply in FY2026, from Rs 25.92 crore to Rs 41.63 crore.
It has added new products in each of the last two years, crash barriers in FY2025 and GI tubular poles in FY2026, both tied to highway and electrification spending.
Net worth has almost doubled in two years, from Rs 50.31 crore in FY2024 to Rs 96.82 crore in FY2026.
The issue is priced moderately at about 14.33 times earnings on an EPS of Rs 6.49.
Its products go into many end uses, from water supply and highways to oil and gas and rural electrification, so demand is not tied to one sector.
Rs 71 crore of the Rs 124.88 crore issue repays borrowings, which should reduce interest cost meaningfully.
It sells both directly to institutional buyers and through a dealer network, which spreads the customer base.

Risks

Profit actually fell in FY2026, from Rs 24.27 crore to Rs 22.53 crore, even though income rose from Rs 604.74 crore to Rs 675.94 crore.
Return ratios are weak. RoCE was only 6.14% and RoNW was 8.20%, which is low for a manufacturing business.
Debt is high. Total borrowing was Rs 119.87 crore as on 31 March 2026 against a net worth of Rs 96.82 crore, and it went up from Rs 95.84 crore the year before.
The profit margin is thin at 4.33%, so small changes in steel prices move the profit sharply.
Sales are not growing steadily. Total income was Rs 650.88 crore in FY2024, fell to Rs 604.74 crore in FY2025 and then rose to Rs 675.94 crore in FY2026.
The entire business runs from one facility at Hisar in Haryana, so any problem at that single location affects everything.
The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.
This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 73.68% after the issue.

What the money is for

Objects of the issue

Repayment/pre-payment, in full or in part, of certain outstanding borrowings	71
General Corporate Purposes	—

Promoters

Abhishek Jindal
Sonam Jindal

Promoter holding100%→73.68%before → after the issue · down 26.32 points

Anchor investors

5 anchors put in ₹ 37.46 Cr..

Anchor investors

CRAFT EMERGING MARKET FUND PCC-ARBITRAGE STRATEGY FUND	13,40,104	12.46	33.27%
CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND	10,75,319	10	26.69%
MINERVA EMERGING OPPORTUNITIES FUND LTD.	5,37,659	5	13.35%
EKAMYA PRAGATI SCHEME 1	5,37,659	5	13.35%
CRAFT EMERGING MARKET FUND PCC-ELITE CAPITAL FUND	5,37,659	5	13.35%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Sarthi Capital Advisors Pvt.Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.