Jindal Supreme (India) IPO Overview
Jindal Supreme (India) IPO is a ₹124.88 crore mainboard book-built issue opening for subscription on September 16, 2026. The IPO will close on September 18, with shares proposed to list on both NSE and BSE on September 23. The price band is fixed at ₹88 to ₹93 per share, with a lot size of 161 shares.
The issue combines a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore.
| Particular | Details |
|---|---|
| IPO Name | Jindal Supreme (India) IPO |
| IPO Type | Mainboard |
| IPO Dates | Sep 16–18, 2026 |
| Price Band | ₹88–₹93 |
| Issue Size | ₹124.88 Cr |
| Fresh Issue | ₹99.89 Cr |
| OFS | ₹24.99 Cr |
| Lot Size | 161 Shares |
| Minimum Investment | ₹14,973 |
| Allotment | Sep 21, 2026 |
| Refund / Demat | Sep 22, 2026 |
| Listing Date | Sep 23, 2026 |
| Listing Exchange | NSE & BSE |
| Lead Manager | Sarthi Capital Advisors |
| Registrar | Bigshare Services |
At the upper price band of ₹93, one lot of 161 shares requires ₹14,973.
Jindal Supreme (India) IPO GMP Today
The latest reported Jindal Supreme IPO GMP is around ₹27 per share, based on updates available as the IPO opened. At the upper price band of ₹93, this represents an unofficial premium of about 29%.
At a GMP of ₹27, the indicative grey-market price would be around ₹120 per share.
| Particular | Value |
|---|---|
| Upper IPO Price | ₹93 |
| Latest GMP | ₹27 |
| Indicative GMP Price | ₹120 |
| Indicative Premium | ~29.03% |
GMP is unofficial and unregulated. It can change before listing, and the actual listing price may be different from the GMP-based estimate.
Jindal Supreme (India) IPO Subscription
Jindal Supreme IPO received strong bidding on its opening day. Economic Times reported 7.55x overall subscription by 5:00 PM on September 16, with QIB subscription at 1.02x, NII at 6.75x and retail subscription at 11.63x.
| Category | Day 1 Subscription |
|---|---|
| QIB | 1.02x |
| NII | 6.75x |
| Retail | 11.63x |
| Overall | 7.55x |
These figures are Day 1 numbers; final subscription will depend on bidding through September 18.
Jindal Supreme (India) Business
Jindal Supreme (India) is a steel products manufacturer with more than five decades of operating history. The company manufactures MS black pipes and tubes, galvanized pipes, metal crash barriers and GI tubular poles.
Its products are used across water supply and plumbing, construction, roads and highways, bridges, oil and gas, agriculture and rural electrification.
The company operates a manufacturing facility in Hisar, Haryana, with in-house mills, welding and galvanizing facilities, along with maintenance and testing infrastructure. As of June 30, 2026, it had 53 dealers and 242 employees, with its dealer network concentrated largely in northern India.
The company expanded into W-beam and Thrie-beam crash barriers in FY25 and GI tubular poles in FY26, adding new products to its existing steel-pipe business.
Jindal Supreme (India) Financial Performance
Jindal Supreme's total income increased to approximately ₹675.94 crore in FY26, compared with ₹604.74 crore in FY25. However, PAT declined to ₹22.53 crore from ₹24.27 crore during the same period.
| Financial Year | Total Income | PAT |
|---|---|---|
| FY24 | ₹650.88 Cr | ₹12.87 Cr |
| FY25 | ₹604.74 Cr | ₹24.27 Cr |
| FY26 | ₹675.94 Cr | ₹22.53 Cr |
FY26 operating profit was around ₹41.63 crore, while EBITDA was approximately ₹42.18 crore. Material consumed accounted for a significant portion of expenses, highlighting the importance of steel and raw-material costs to the company's profitability.
Jindal Supreme (India) IPO Financial Ratios
| Particular | FY26 |
|---|---|
| Revenue / Sales | ₹675.39 Cr |
| EBITDA | ₹42.18 Cr |
| PAT | ₹22.53 Cr |
| RoNW | 26.28% |
| ROCE | 16.78% |
| Debt/Equity | 1.24 |
| NAV | ₹26.07 |
| P/B | ~3.57x |
| P/E | ~14.33x |
The company's FY26 profitability remained positive, while return ratios were supported by its steel manufacturing operations. The debt-to-equity ratio of around 1.24x indicates that borrowings remain an important part of the capital structure.
Jindal Supreme (India) IPO Objects
The net proceeds from the fresh issue are primarily intended for repayment or prepayment of certain outstanding borrowings.
Approximately ₹71 crore of the net IPO proceeds is proposed to be used for debt repayment or prepayment, with the remaining proceeds intended for general corporate purposes.
Debt reduction can help lower interest obligations and strengthen the company's balance sheet, although the effect will depend on the final utilisation of funds.
Jindal Supreme (India) Growth Prospects
Jindal Supreme operates in several infrastructure-linked steel-product segments. Demand for pipes, tubes, galvanized products, crash barriers and tubular poles is connected with construction, water infrastructure, roads, bridges, agriculture and industrial activity.
The company's expansion into crash barriers and GI tubular poles also broadens its product portfolio.
Its established manufacturing facility and dealer network provide an existing distribution base. However, the company remains substantially exposed to steel prices, infrastructure cycles and regional demand conditions.
Jindal Supreme IPO Strengths
Key factors in the Jindal Supreme IPO include:
- More than five decades of operating history.
- Established steel-pipe and tube manufacturing business.
- Diverse product range including pipes, tubes, crash barriers and GI poles.
- Revenue of approximately ₹675.94 crore in FY26.
- Positive PAT of ₹22.53 crore in FY26.
- Established dealer network in northern India.
- Expansion into new steel-product categories.
- IPO proceeds primarily directed toward debt reduction.
- FY26 RoNW of around 26.28%.
Jindal Supreme IPO Risks
The company operates in a steel-intensive industry, making it sensitive to fluctuations in raw-material prices. Changes in steel prices can affect margins if higher input costs cannot be passed on to customers.
The company also operates primarily from a single manufacturing facility in Hisar, which creates concentration risk.
Other risks include:
- Steel and raw-material price volatility.
- Dependence on infrastructure and construction demand.
- Competition from other steel-product manufacturers.
- Single-facility concentration.
- Regional concentration of dealers and customers.
- Debt and interest-cost exposure.
- Working-capital requirements.
- Cyclicality in infrastructure-related demand.
Investors should also note that FY26 PAT declined from FY25 despite higher total income.
Jindal Supreme IPO Valuation
At the upper price band of ₹93, the IPO valuation works out to approximately 14.33 times FY26 earnings, based on the reported financial metrics.
The valuation should be assessed alongside the company's established operating history, profitability, debt levels and exposure to steel-price fluctuations.
The current GMP of around ₹27 indicates positive grey-market activity, but GMP is not a regulated valuation measure and should not be treated as a forecast of the actual listing price.
Jindal Supreme IPO Review
Jindal Supreme IPO combines an established steel manufacturing business with a fresh capital component primarily aimed at reducing debt.
The company has a long operating history, a diversified steel-product portfolio and positive profitability. Its FY26 total income increased to nearly ₹676 crore, although PAT declined compared with FY25.
The company's main areas to monitor are raw-material costs, debt levels, single-facility dependence and the performance of its newer product categories.
The IPO has also received strong initial subscription demand, with the issue reaching 7.55x overall subscription on Day 1 according to Economic Times.
Jindal Supreme IPO Key Highlights
- IPO Size: ₹124.88 crore
- IPO Type: Mainboard
- Price Band: ₹88–₹93
- IPO Dates: September 16–18, 2026
- Lot Size: 161 shares
- Minimum Investment: ₹14,973
- Allotment: September 21, 2026
- Refund/Demat: September 22, 2026
- Listing: September 23, 2026
- Latest GMP: Around ₹27
- Fresh Issue: ₹99.89 crore
- OFS: ₹24.99 crore
- FY26 Total Income: ₹675.94 crore
- FY26 PAT: ₹22.53 crore
- FY26 EBITDA: ₹42.18 crore
- FY26 Debt/Equity: 1.24x
- Listing Platform: NSE & BSE
Jindal Supreme IPO Conclusion
Jindal Supreme (India) IPO provides exposure to an established steel-products manufacturer with products used in infrastructure, construction, water supply, roads, agriculture and industrial applications.
The company has a long operating history and has expanded its product range into crash barriers and GI tubular poles. The IPO's fresh proceeds are primarily intended for debt repayment, while the company remains profitable.
At the same time, investors should consider steel-price volatility, single-plant dependence, regional concentration, debt exposure and the decline in FY26 PAT compared with FY25.
The latest GMP of around ₹27 indicates positive grey-market sentiment, while Day 1 subscription was strong. However, GMP and subscription data can change and should be considered alongside the company's fundamentals, valuation and risk factors.
Disclaimer: IPO GMP is unofficial and unregulated. It can change rapidly and does not guarantee the actual listing price. Investors should read the company's offer documents and evaluate the financials, valuation and risks before making an investment decision.
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