A 50-year-old Hisar-based steel-pipes-and-tubes maker opens its Rs 124.88 crore mainboard issue on September 16
Jindal Supreme (India) Ltd (JSIL) has been engaged in manufacturing and supplying steel pipes, tubes and other steel products for infrastructure and industrial applications for over five decades — a straightforward but essential steel-products business riding India’s infrastructure spend.
Its portfolio primarily comprises Mild Steel (MS) black pipes and tubes, MS galvanized pipes and tubes, metal beam crash barriers, and galvanized iron (GI) tubular poles.
Operations run from a single manufacturing facility in Hisar, Haryana, using processes such as coil slitting, forming, degreasing, fluxing and galvanizing, with a total installed capacity of 1,71,000 MTPA.
Its products are used across infrastructure, construction, plumbing and rural-electrification sectors. Importantly, despite the name, JSIL has no connection with the existing listed Jindal group entities or the group.
The strategic story is the shift up the value chain. Alongside its core MS black and galvanized pipes, JSIL is expanding into higher-margin infrastructure products — metal beam crash barriers (W-beam and Thrie-beam, capacity recently expanded by 75%) for road safety, and GI tubular poles for street lighting and electrification.
The model is B2B and dealer-led. JSIL boosts direct institutional sales while serving its customer base through an established dealer network of 53 dealers, primarily in Northern India.
It procures mild-steel coils, hot-rolled coils and galvanizing materials from multiple suppliers. Its strengths include a founder-led management team, a diversified product portfolio, robust manufacturing (1,71,000 MTPA), and a strategically located Hisar facility. The promoters are Abhishek Jindal and Sonam Jindal.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 16, 2026 |
| Issue Closes | September 18, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | September 23, 2026 |
| Price Band | Rs 88 – Rs 93 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 124.88 crore (1,34,28,000 shares) |
| Fresh Issue | Rs 99.89 crore |
| Offer for Sale | Rs 24.99 crore |
| Lot Size | 161 shares |
| Min. Retail Investment | Rs 14,973 |
| Market Cap (Pre-IPO) | Rs 474.52 crore |
| Lead Manager | Sarthi Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is majority fresh (Rs 99.89 crore) with a Rs 24.99 crore OFS. From the fresh proceeds, JSIL will utilise the bulk (around Rs 71 crore) for repayment or prepayment of certain outstanding borrowings, with the rest for general corporate purposes — a substantial deleveraging that should reduce finance costs, optimise the capital structure and improve profitability. Post-IPO, paid-up equity rises to Rs 51.02 crore.
Price Band
At the upper band of Rs 93, on FY26 earnings the issue is valued at a pre-IPO P/E of about 16.64x, with RoNW of ~23.06% — priced, per Swastika, at a discount to peers with strong return ratios. Reviewers elsewhere put the FY26 P/E nearer 21x on a different EPS base; either way, the valuation sits below its listed steel-tube peers, lending it relative cover.
GMP Watch
Grey-market interest has been modest. In tracked data, the Jindal Supreme IPO GMP stood at around ₹8 — implying a listing gain of only about 9% over the Rs 93 upper band (an indicative listing near ₹101).
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 645.43 | 586.39 | 675.38 |
| EBITDA Margin (%) | 3.27 | 4.42 | 6.16 |
| Net Profit | 12.87 | 24.26 | 22.52 |
| Net Worth | 50.31 | 74.63 | 96.82 |
The financials show inconsistency alongside improving margins — the crux of the caution. Revenue from operations actually dipped in FY25 (Rs 586.39 crore, from Rs 645.43 crore in FY24) before recovering to Rs 675.38 crore in FY26, while net profit rose to Rs 24.26 crore (FY25) then eased to Rs 22.52 crore (FY26). So both the top and bottom lines have been uneven across the reported periods.
EBITDA margin improved steadily from 3.27% (FY24) to 6.16% (FY26) — but the bigger structural point is that this remains a low-margin commodity business, with PAT margins of just ~3–4%, characteristic of steel-pipe manufacturing where raw-material (steel/HR coil) costs dominate and pricing power is limited. Net worth has grown healthily to Rs 96.82 crore, RoNW is a strong ~23%, and the value-added shift into crash barriers and GI poles is precisely aimed at lifting these thin margins over time.
Peer Comparison
| Company | EPS (Rs) | P/E | Revenue (Rs cr) | RoNW (%) |
|---|---|---|---|---|
| Jindal Supreme (India) | 5.59 | 16.64 | 675.97 | 23.06 |
| Vibhor Steel Tubes | 4.64 | 26.28 | 1,152.26 | 4.57 |
| Sambhv Steel Tubes | 1.81 | 65.55 | 2,420.46 | 18.35 |
| Hi-Tech Pipes | 3.77 | 22.31 | 4,202.66 | 6.07 |
According to a note by Swastika Investmart Ltd, which assigns a Subscribe rating, JSIL is an “established steel-pipe/tube manufacturer with a diversified product mix (MS pipes, GI pipes, crash barriers, tubular poles) and a 50+ year operating history in Hisar,” “priced at a discount to peers, with strong RoNW.”
It flags “thin absolute margins (PAT margin ~3–4%) and heavy dependence on steel/raw-material cost movements, plus declining GI-pipe capacity utilisation,” but concludes: “Transitioning towards higher-margin crash barriers (recently expanded capacity by 75%) and GI poles provides tailwinds from highway and utility tendering. The company operates in a low-margin commodity market, [but] the shift into value-added crash barriers combined with aggressive balance sheet de-leveraging post-IPO creates a solid fundamental case for medium-term tracking.”
Risks to Consider
Thin, commodity margins are the headline structural risk. PAT margins of ~3–4% mean earnings are highly sensitive to steel-price fluctuations and competitive pricing, with limited pricing power in a fragmented market — the value-added shift is a mitigant, not yet a solve.
Steel raw-material dependence and price volatility. Profit margins are highly vulnerable to price movements in key steel inputs, and JSIL relies on its top 10 suppliers for over 70% of total raw-material purchases — a concentration risk.
Single-plant / geographic concentration. All manufacturing runs from one Hisar facility, exposing operations to location-specific disruption.
Product and customer concentration. Significant revenue depends on demand for black and galvanized pipes, and top buyers contribute a substantial portion of total revenue — so a shift in either could hit the top line; declining GI-pipe capacity utilisation is a further monitorable.
Earnings inconsistency and cyclicality. Revenue and profit have been uneven across FY24–FY26, and the business is tied to the steel and infrastructure-capex cycles.
