Jindal Supreme (India) IPO
Jindal Supreme (India) IPO is a mainboard IPO raising ₹125 Cr at ₹88 – ₹93 a share. It listed on 23 Sept 2026 at ₹120, +29.0% against its issue price of ₹93, and trades at ₹138 today (+48.8% since issue). It was subscribed 181× in total.
181.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Jindal Supreme (India) Limited manufactures mild steel (MS) black pipes and tubes, MS galvanized pipes and tubes, metal beam crash barriers (W-beam and Thrie-beam), and galvanized iron (GI) tubular poles from a single plant in Hisar, Haryana. The products are used in water supply, plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, agriculture, rural electrification, and street lighting. The business was set up in 1974 by the grandfather of current promoter Abhishek Jindal and is now led by him.
How it earns
Revenue is earned mainly from direct sales of manufactured steel products to institutional buyers (infrastructure contractors and industrial customers), supplemented by sales through a dealer network, with a small additional slice from sale of manufacturing scrap and by-products such as zinc dross and zinc ash.
Who buys
No individual customer names are disclosed. Customers consist of unnamed institutional buyers (infrastructure contractors and industrial customers) served directly, plus a dealer network of 53 active dealers as of June 30, 2026 (34 in FY2024, 49 in FY2025). Direct sales contributed 79.93% of FY2024, 73.47% of FY2025 and 68.18% of FY2026 revenue from operations (₹515.88 crore, ₹430.85 crore, ₹460.45 crore respectively, where 1 crore = 100 lakh). Dealer contribution over the same period was 20.07%, 26.53% and 31.82%. Revenue is heavily concentrated geographically: top 10 Indian states made up 95.86% to 97.61% of revenue from operations across the periods, with Haryana the largest (28.55% in FY2026, 30.60% in FY2025), followed by Rajasthan (13.98%), Punjab (13.67%), Uttar Pradesh (12.36%) and Delhi (7.95%) in FY2026.
Scale
Single manufacturing facility at 9th KM, O.P. Jindal Marg, Hisar Cantt, Hisar, Haryana (area 3,52,836 sq ft). Installed capacities: 90,000 MTPA MS Black Pipes, 63,000 MTPA Galvanising (post-expansion), 42,000 MTPA Metal Beam Crash Barrier (post-expansion), 12,000 MTPA GI Tubular Poles. Total sales volume of 1,01,100 MT in FY2026. 242 employees as of June 30, 2026.
What it says sets it apart
- Four distinct steel product categories made to multiple Indian Standards (IS 1239, IS 1161, IS 2713, IS 3601), spanning NB sizes from 15 mm to 250 mm and thicknesses from 1.4 mm to 10 mm
- In-house vertical integration where the company uses its own MS black pipe output as feedstock for its galvanized pipe line, supported by three in-house galvanizing plants (added 18,000 MTPA expansion taking galvanizing capacity from 45,000 MTPA to 63,000 MTPA)
- Recent product diversification into crash barriers (production started April 2024; capacity expanded from 24,000 MTPA in FY2026 to 42,000 MTPA by July 30, 2026) and GI tubular poles (production started April 2025; 12,000 MTPA capacity)
- Manufacturing footprint built across nine slitting machines, six tube mills, three galvanizing plants and dedicated crash barrier/GI pole equipment, all located within a single integrated plant at Hisar
- Strengthening northern India dealer footprint, with active dealers rising from 34 (FY2024) to 53 (FY2026) and revenue through dealers growing from ₹129.56 crore to ₹214.93 crore (1 crore = 100 lakh) over the same period
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs93 / stated EPS Rs5.59 (FY2026 (Fiscal 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended 30 June 2026 | ₹191 Cr | ₹8 Cr | 4.3% | ₹105 Cr | ₹92 Cr |
| FY2026 (year ended 31 March 2026) | ₹675 Cr | ₹23 Cr | 3.3% | ₹97 Cr | ₹120 Cr |
| FY2025 (year ended 31 March 2025) | ₹586 Cr | ₹24 Cr | 4.1% | ₹75 Cr | ₹96 Cr |
| FY2024 (year ended 31 March 2024) | ₹645 Cr | ₹13 Cr | 2.0% | ₹50 Cr | ₹105 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 328× their allocation. QIB: 126×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Sarthi Capital Advisors Private Limited — median +37.5% across the 6 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 30 Oct 2026.
What to watch
- Priced at 16.6× earnings — 28% below the median of the peers the issuer itself names.
- Its cohort's record: median +9.8% since issue price, 39.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track JINDAL SUPREME (INDIA) L
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.