Jindal Supreme India IPO GMP, Date, Price Band & Review

Jindal Supreme IPO Details

Jindal Supreme IPO is a book-built mainboard issue of ₹124.88 crore, comprising a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore. The company is offering 1.34 crore equity shares of face value ₹10 each, with a price band of ₹88–₹93 per share. The lot size is 161 shares, requiring a minimum investment of ₹14,973 at the upper price band.

The IPO will open for subscription on Wednesday, September 16, 2026 and close on Friday, September 18, 2026. Sarthi Capital Advisors Private Limited is the book-running lead manager and Bigshare Services Pvt Ltd is the registrar to the issue. The equity shares are proposed to be listed on both BSE and NSE.

Jindal Supreme IPO Date & Timeline

Jindal Supreme (India) Limited filed its draft offer document and received SEBI approval for its proposed mainboard listing. The company has now announced the public-issue terms. The public issue will open on Wednesday, September 16, 2026 and close on Friday, September 18, 2026. The anchor investor bidding date is Tuesday, September 15, 2026.

The basis of allotment is expected to be finalised on Monday, September 21, 2026. Refunds are expected to be initiated and allotted shares credited to eligible investors' demat accounts on Tuesday, September 22, 2026. The equity shares are tentatively scheduled to list on both BSE and NSE on Wednesday, September 23, 2026.

Jindal Supreme IPO GMP

A "grey market premium", or GMP, refers to the unofficial premium at which IPO shares may trade in the unregulated grey market before listing on a stock exchange.

The Jindal Supreme IPO GMP is currently trading at ₹27 reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹120, which is approximately 29.03% above the upper issue price of ₹93. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Jindal Supreme (India) Limited was incorporated in 1974 and is headquartered in Hisar, Haryana. The company is engaged in the manufacture and supply of various types of steel pipes and tubes and allied products, serving diverse end-use sectors including water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture, rural electrification and public utilities.

The company's product portfolio includes MS black pipes and tubes, galvanized pipes and tubes, metal beam crash barriers and GI tubular poles. It has gradually expanded beyond its traditional pipe and tube business, entering metal beam crash barriers in FY2025 and GI tubular poles in FY2026, targeting road safety, street lighting and electrification projects. The company operates from its manufacturing facility in Hisar, Haryana, which is equipped with pipe mills, welding and galvanising plants, machinery, testing equipment and an in-house maintenance workshop.

As of June 30, 2025, the company had 231 employees. The business follows a combination of direct sales and dealer-led distribution, with direct sales accounting for 68.18% of revenue in FY2026 and dealer sales contributing 31.82%. The dealer network has expanded from 34 dealers in FY2024 to 53 by June 2025.

Operations & Product Range

Jindal Supreme (India) Limited manufactures and supplies steel pipes, tubes and infrastructure products for industrial and construction applications. Its principal product offerings include:

• • MS Black Pipes and Tubes: Mild steel pipes and tubes used for water supply, plumbing and industrial applications.
• • Galvanized Pipes and Tubes: Zinc-coated steel pipes for enhanced corrosion resistance in water supply, construction and infrastructure projects.
• • Metal Beam Crash Barriers: Road safety barriers for highways, bridges and infrastructure projects, introduced in FY2025.
• • GI Tubular Poles: Galvanized iron poles for street lighting, rural electrification and public utilities, introduced in FY2026.

The company's manufacturing facility in Hisar, Haryana, is equipped with raw material handling and preparation equipment, including Uncoiler, Shear and End Cutting Machine and Coil Accumulator. The company's products serve sectors such as water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.

Facilities & Capacity

Jindal Supreme (India)'s operating infrastructure is based on its manufacturing facility in Hisar, Haryana. The facility is equipped with pipe mills, welding and galvanizing plants, machinery, testing equipment and an in-house maintenance workshop. The company's business depends on maintaining efficient production, quality standards and raw material supply chains to serve its industrial and institutional customers across multiple sectors.

The company's expansion into metal beam crash barriers (FY2025) and GI tubular poles (FY2026) demonstrates its ability to diversify its product portfolio and capitalize on infrastructure opportunities. Its manufacturing capabilities and quality compliance with Indian Standards support its market presence across diverse end-use sectors.

Brands & Market Presence

Jindal Supreme (India) operates in the Indian steel pipes and tubes market, focusing on both traditional and infrastructure-linked products. Its product portfolio serves diverse sectors, including water supply, construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.

The company's locational advantage of its manufacturing facility in Hisar, Haryana, combined with its expanding dealer network (53 dealers as of June 2025) and direct sales relationships with infrastructure contractors and industrial customers, supports its market presence across northern India and other regions. Its long-standing relationships with steel product dealers and institutional buyers are key operational strengths.

Revenue Streams & Business Model

Jindal Supreme (India) Limited generates revenue principally from the sale of steel pipes, tubes and infrastructure products. Its key revenue streams include:

• • Sale of MS black pipes and tubes: Revenue from mild steel pipes and tubes for water supply, plumbing and industrial applications.
• • Sale of galvanized pipes and tubes: Revenue from zinc-coated steel pipes for enhanced corrosion resistance.
• • Sale of metal beam crash barriers: Revenue from road safety barriers for highways and infrastructure projects.
• • Sale of GI tubular poles: Revenue from galvanized iron poles for street lighting and rural electrification.

The business model relies on maintaining efficient manufacturing operations, quality standards and raw material supply chains to serve industrial and institutional customers. Revenue is affected by raw material prices, demand from key industries (infrastructure, construction, water supply), competition in the steel pipes market and the company's ability to maintain customer relationships and production capacity utilisation. The company follows a combination of direct sales (68.18% of revenue in FY2026) and dealer-led distribution (31.82%).

Financial Performance

Jindal Supreme (India) Limited has reported improving financial performance over the last three completed financial years. Revenue from operations stood at ₹645.44 crore in FY2024, moderated to ₹586.40 crore in FY2025 and recovered to ₹675.39 crore in FY2026, while profit after tax (PAT) rose from ₹13.00 crore to ₹24.33 crore and ₹22.66 crore, respectively.

The company's total borrowings decreased from ₹95.84 crore in FY2024 to ₹119.87 crore in FY2025 and further to ₹92.46 crore as of June 30, 2025 (Q1 FY27). The company's key performance indicators include an ROE of 26.28%, ROCE of 16.78% and PAT margin of 3.33% for FY2026. The company's EPS for FY2026 is ₹5.59 (post-issue, diluted).

Management & Shareholding

Jindal Supreme (India) Limited is promoted by Abhishek Jindal and Sonam Jindal. The IPO comprises a fresh issue of 1.07 crore shares (₹99.89 crore) and an offer for sale of 26.87 lakh shares by promoter entity VVJ Enterprise (₹24.99 crore).

Before the IPO, the promoters and promoter group hold a significant majority of the pre-issue equity share capital. Following the fresh issue and OFS, their holding is expected to be diluted, with the public shareholding increasing to meet mainboard listing requirements. The company has 4.03 crore pre-issue shares and the post-issue share capital will be 5.37 crore shares.

Board & Key Management

The leadership of Jindal Supreme (India) Limited is led by Mr. Abhishek Jindal, Chairman and Managing Director and Mr. Madan Gopal Babbar, Whole-Time Director. Ms. Sonam Jindal serves as a Non-Executive Director. The Board is supported by three Independent Directors: Mr. Abhiram Tayal, Mr. Chiranji Lal Aggarwal and Mr. Vijay Kaushik, ensuring independent oversight and governance. The company's key management also includes Mr. Ashish Chugh, Chief Financial Officer and Mr. Rajbir Sharma, Company Secretary & Compliance Officer.