Jindal Supreme (India) IPO

India is the 2nd-largest crude steel producer globally, with production rising to 152.18 MT in FY2025.  

The private sector accounted for 84.08% of crude steel production in FY2025, reflecting its growing role in the industry.  

Domestic finished steel consumption recorded an approximately 11.6% CAGR between FY2021 and FY2026.  

Global steel prices have undergone cycles of normalisation, reaching around US$524.50 per tonne in 2026.  

The global steel pipes and tubes market is projected to grow from US$246.00 billion in 2026 to US$395.56 billion by 2036, at a 4.86% CAGR.  

India’s market is projected to increase from US$14.42 billion in 2026 to US$23.93 billion by 2036, at a 5.20% CAGR.  

ERW pipes remain the volume-led segment, while SAW, seamless and structural hollow sections cater to specialised applications.  

Domestic steel pipe production increased from 5.90 MT in FY2021 to 13.80 MT in FY2026.  

Infrastructure spending through the National Infrastructure Pipeline (NIP), Jal Jeevan Mission and expansion of City Gas Distribution (CGD) networks is supporting demand for steel pipes.  

Make in India, the PLI scheme for specialty steel and BIS Quality Control Orders are supporting domestic manufacturing, standardisation and sector formalisation.  

Steel pipe manufacturers remain exposed to raw material and coking coal price volatility, with HRC accounting for around 65–75% of raw material costs.  

High working capital requirements can place pressure on cash flows.  

Overcapacity in commoditised segments and technological gaps compared with global benchmarks can increase competitive pressure.  

Key SWOT and PESTLE factors include policy support, economic cycles, infrastructure demand, technological adoption, regulatory requirements, and environmental considerations. 

Debt Repayment and Prepayment: ₹7,100 lakh of the Net Proceeds will be used to repay or prepay specified borrowings, helping reduce interest costs and debt levels. 

General Corporate Purposes: The remaining proceeds, capped at 25% of the Gross Proceeds from the Fresh Issue, will fund business development, marketing, operational needs and other general corporate purposes. 

Integrated Manufacturing Facility: The company operates an integrated manufacturing facility in Hisar, Haryana, with in-house slitting, cold forming, ERW welding, galvanisation and finishing capabilities.  

Quality Standards: Its products comply with applicable IS, ASTM and BIS standards, supporting its participation in institutional and infrastructure projects.  

Improving Financial Performance: Revenue from operations increased to ₹67,538.72 lakh in FY26, while EBITDA margin improved from 3.27% in FY24 to 6.16% in FY26.  

Capital Efficiency: The company reported an RoNW of 26.28% in FY26, compared with 4.57% for Vibhor Steel Tubes and 6.07% for Hi-Tech Pipes.  

Established Track Record: Incorporated in 1974, the company has over 50 years of operating experience in the steel pipes and tubes industry.  

Solar Power Capacity: A 5 MW rooftop solar power plant at its manufacturing facility supports its efforts to manage energy costs and reduce dependence on conventional power sources.  

Expansion into Infrastructure Products: The company has expanded into metal beam crash barriers and GI tubular poles, adding products linked to road, urban infrastructure and utility development.  

Higher Galvanising Capacity: Galvanising capacity increased from 45,000 MTPA to 63,000 MTPA, providing scope to increase the contribution of value-added products.  

Dealer Network Expansion: The company can expand its dealer network beyond its existing base of 53 dealers, particularly across Tier-II and Tier-III cities.  

Debt Reduction Through IPO Proceeds: ₹7,100 lakh from the IPO is proposed to be used for repayment or prepayment of borrowings, which could reduce finance costs and leverage.  

Infrastructure Spending: Government initiatives such as the National Infrastructure Pipeline, Jal Jeevan Mission and AMRUT 2.0 may support demand for pipes and related infrastructure products. 

Single-Location Manufacturing Risk: All manufacturing operations are concentrated at a 16-acre facility in Hisar, Haryana. Any disruption due to machinery breakdowns, utility shortages, natural disasters or other local events could affect production.  

Raw Material Price Volatility: Hot-rolled and mild steel coils account for a major share of operating expenses, exposing margins to fluctuations in steel and zinc costs. Delayed pass-through of higher input costs could affect profitability.  

Supplier Concentration: The top 10 suppliers accounted for 76.23% of total purchases in FY26 and 72.31% in Q1 FY27, creating dependence on a limited supplier base.  

Unsecured Loans: As of June 30, 2026, the company had ₹697.19 lakh of unsecured facilities, primarily from promoters and shareholders, which may be repayable on demand.  

Geographical Concentration: The company generates 100% of its revenue from domestic operations, with no export revenue, exposing it to changes in domestic demand and regional economic conditions.  

Product Concentration: MS black pipes and galvanised pipes contributed a major share of product sales in FY26, while newer products such as metal beam crash barriers and GI tubular poles have a shorter operating history.  

Dealer Dependence: Dealers contributed 31.82% of revenue from operations in FY26, but the company does not have long-term agreements with its 53 active dealers, which may affect sales visibility.  

Jindal Brand Perception Risk: Although the promoters belong to the Jindal family, the company has no legal or financial association with other entities using the Jindal name. Negative developments involving such entities could affect stakeholder perception.  

Domain Ownership: The company's primary website domain, jindalsupreme.com, is registered in the personal name of Managing Director Abhishek Jindal. Although a transfer agreement has been executed, delays could affect online brand visibility.  

Limited Asset Creation from IPO Proceeds: A substantial portion of the fresh issue proceeds, ₹7,100 lakh, is proposed for debt repayment or prepayment rather than creating new productive assets.  

Corporate Record Errors: Certain historical Certificates of Incorporation contain incorrect details regarding the company's original incorporation status. A correction request was filed with the RoC in December 2025.  

Trademark Disputes: Rectification applications have been filed against the company's registered trademarks, including its primary logo and the “JSIPL” mark. An adverse outcome could affect its rights over these brand identifiers.  

GST Input Tax Credit Issues: The company received three GST DRC-01C intimations alleging excess ITC utilisation totalling ₹564 lakh. Although explanations have been submitted, an adverse adjudication could result in additional liabilities. 

Jindal Supreme (India) IPO DRHP 

Jindal Supreme (India) IPO RHP 

Sarthi Capital Advisors Private Limited 

Contact Number: 8657578989/8069219065/8069219060 

Email Address: ipo@bigshareonline.com