Jindal Supreme IPO: Price, Financials, Business, IPO Details and Key Risks
Jindal Supreme IPO: Jindal Supreme is raising around ₹124.88 crore through its initial public offering (IPO). The mainboard IPO opened for subscription on September 16, 2026, and will close on September 18, 2026.
The IPO has a price band of ₹88 to ₹93 per equity share and will be listed on both the BSE and NSE. The company operates in the steel products segment, manufacturing pipes, tubes, crash barriers, and GI tubular poles for infrastructure, construction, roads, oil and gas, agriculture, and other applications.
Jindal Supreme IPO: Key Details
| Particular | Details |
|---|---|
| IPO Open Date | September 16, 2026 |
| IPO Close Date | September 18, 2026 |
| IPO Type | Mainboard, Book Building |
| Price Band | ₹88 to ₹93 |
| Face Value | ₹10 per share |
| Issue Size | ₹124.88 crore |
| Fresh Issue | ₹99.89 crore |
| Offer for Sale | Up to 26,86,851 shares |
| Lot Size | 161 shares |
| Minimum Investment | ₹14,973 |
| Retail Quota | 35% |
| NII Quota | 15% |
| QIB Quota | 50% |
| Listing | BSE and NSE |
| Basis of Allotment | September 21, 2026 |
| Listing Date | September 23, 2026 |
| Registrar | Bigshare Services |
The IPO comprises a fresh issue of approximately ₹99.89 crore and an offer for sale of up to 26,86,851 shares. At the upper price band, the issue represents a post-issue market capitalisation of approximately ₹474.52 crore, according to IPOWatch’s IPO review.
What Does Jindal Supreme Do?
Jindal Supreme, established in March 1974, manufactures and supplies a range of steel products.
Its portfolio includes:
- Mild Steel (MS) black pipes and tubes
- Galvanized pipes
- Metal beam crash barriers
- GI tubular poles
The company’s products are used across several sectors, including:
- Water supply and plumbing
- Infrastructure and construction
- Roads and highways
- Bridges
- Oil and gas
- Chemicals
- Agriculture
- Rural electrification
The company started manufacturing W-beam and Thrie-beam metal crash barriers in FY25 and added GI tubular poles in FY26, according to the IPOWatch company overview.
Jindal Supreme IPO: Where Will the Money Go?
One of the most important points for IPO investors is the utilisation of the fresh issue proceeds.
Jindal Supreme plans to use approximately ₹71 crore from the fresh issue for repayment/prepayment of certain outstanding borrowings.
The remaining proceeds are intended for general corporate purposes.
This means the IPO is not primarily structured as a large capacity-expansion fundraising exercise. A significant portion of the fresh capital is intended to reduce outstanding borrowings.
Jindal Supreme Financial Performance
The company’s financial performance has shown growth in revenue, but profitability has been less consistent.
According to the IPO review, Jindal Supreme reported:
- FY24 revenue: ₹650.88 crore
- FY24 PAT: ₹12.87 crore
- FY25 revenue: ₹604.74 crore
- FY25 PAT: ₹24.27 crore
- FY26 revenue: ₹675.94 crore
- FY26 PAT: ₹22.53 crore
- Q1 FY27 total income: ₹191.09 crore
- Q1 FY27 PAT: ₹8.28 crore
Revenue was therefore recovered in FY26 after declining in FY25. However, profit declined from ₹24.27 crore in FY25 to ₹22.53 crore in FY26.
This makes profitability and margins important factors for investors to monitor after listing.
Profit Margins
The company’s reported PAT margins were:
- FY24: 1.98%
- FY25: 4.01%
- FY26: 3.33%
- Q1 FY27: 4.33%
The IPO review also reports RoCE of 13.92% in FY24, 22.37% in FY25, 16.78% in FY26, and 6.14% for Q1 FY27.
The relatively thin PAT margin reflects the competitive nature of the steel pipes and tubes business, where raw-material prices, selling prices, and operating efficiency can materially affect profitability.
Valuation at IPO Price
At the upper price band of ₹93, IPOWatch’s review calculates a P/E of approximately 21.04 times based on FY26 earnings.
Using annualised FY27 earnings, the review calculates a P/E of approximately 14.33 times.
The review also reports a post-issue price-to-book value of approximately 2.35 times at the upper price band.
Investors should note that valuation based on annualised quarterly earnings assumes that the quarterly performance is representative of the full financial year. Actual FY27 results may differ.
Jindal Supreme IPO Market Lot
The minimum IPO application is 161 shares.
At the upper price band of ₹93:
161 × ₹93 = ₹14,973
Therefore, a retail investor applying for one lot would need approximately ₹14,973.
The retail category can apply for up to 13 lots, equivalent to 2,093 shares and an application amount of ₹1,94,649 at the upper price band.
IPO Reservation
The issue has the following reservation structure:
- Qualified Institutional Buyers (QIB): 50%
- Non-Institutional Investors (NII): 15%
- Retail Investors: 35%
The company also had an anchor investor portion of approximately ₹37.46 crore, according to the IPO details published by IPOWatch.
Jindal Supreme IPO Subscription Status
On the first day of the issue, the IPO received strong overall subscription according to the subscription data reported by IPOWatch.
The Day 1 figures were approximately:
- QIB: 1.02x
- NII: 6.75x
- Retail: 11.64x
- Total: 7.56x
Subscription figures can change substantially before the issue closes, so investors should use the final subscription numbers rather than Day 1 data when assessing demand.
Key Strengths of the Business
Diversified Steel Product Portfolio
Jindal Supreme is not limited to one steel product. Its portfolio includes pipes, tubes, galvanized products, crash barriers and GI poles.
Infrastructure Exposure
Its products are used in infrastructure, highways, water supply, construction, agriculture, and rural electrification, giving the company exposure to several infrastructure-related markets.
New Product Categories
The company entered W-beam and Thrie-beam crash barriers in FY25 and GI tubular poles in FY26, expanding beyond its traditional pipe and tube products.
Debt Reduction
A significant portion of the fresh IPO proceeds is intended for repayment/prepayment of borrowings, which could change the company’s financial structure after the IPO.
Key Risks to Watch
Steel Price Volatility
Steel is a major input for the business. Changes in steel prices can affect margins and working capital requirements.
Competitive Industry
The steel pipes and tubes market is competitive and fragmented, according to the IPO review.
Inconsistent Profitability
Revenue increased in FY26, but PAT declined compared with FY25. Investors therefore need to monitor whether future revenue growth translates into sustainable profit growth.
Low Profit Margins
The company’s PAT margin was 3.33% in FY26, highlighting the sensitivity of earnings to input costs and operating conditions.
Borrowings
The company is using ₹71 crore of the fresh issue proceeds for repayment/prepayment of borrowings. Investors should examine the company’s debt position and interest costs before and after the IPO.
Jindal Supreme IPO: Important Dates
The IPO timeline is:
IPO Opens: September 16, 2026
IPO Closes: September 18, 2026
Allotment: September 21, 2026
Refunds: September 22, 2026
Demat Credit: September 22, 2026
Listing: September 23, 2026
What Investors Should Track
Instead of looking only at IPO subscription numbers or grey market premium, investors should track the company’s:
- Revenue growth
- EBITDA and PAT margins
- Steel/raw-material costs
- Working capital
- Borrowings after IPO
- Interest costs
- Capacity utilisation
- Growth in crash barriers and GI poles
- Infrastructure-sector demand
- Cash-flow generation
- Post-listing valuation
Jindal Supreme IPO: Key Takeaways
Jindal Supreme is a long-established steel-products manufacturer with exposure to infrastructure and industrial applications.
The ₹124.88-crore IPO includes a ₹99.89-crore fresh issue and an OFS component of up to 26.87 lakh shares. A major portion of the fresh proceeds — ₹71 crore — is earmarked for repayment/prepayment of borrowings.
The company has increased revenue to ₹675.94 crore in FY26, but FY26 profit of ₹22.53 crore was lower than the ₹24.27 crore reported in FY25. This makes margin improvement, debt reduction, and sustainable earnings growth important factors to monitor.
The company is also expanding its product portfolio through crash barriers and GI tubular poles, giving it additional exposure to infrastructure and road-related demand.
Overall, the IPO provides investors with exposure to a steel-products manufacturer with infrastructure-related applications, but the key factors to evaluate are profit consistency, margins, debt, working capital, and valuation rather than subscription demand alone.
Disclaimer: This article is for informational and educational purposes only and is based on information available in the IPOWatch IPO page and review. It should not be considered investment advice or an IPO application recommendation. Investors should read the company’s RHP and other official offer documents and evaluate the risks before making any investment decision.