Jindal Supreme (India) IPO

Strengths · 8

• 01The company has a very long record, having been in this business since March 1974, which is more than 50 years.
• 02EBITDA improved sharply in FY2026, from Rs 25.92 crore to Rs 41.63 crore.
• 03It has added new products in each of the last two years, crash barriers in FY2025 and GI tubular poles in FY2026, both tied to highway and electrification spending.
• 04Net worth has almost doubled in two years, from Rs 50.31 crore in FY2024 to Rs 96.82 crore in FY2026.
• 05The issue is priced moderately at about 14.33 times earnings on an EPS of Rs 6.49.
• 06Its products go into many end uses, from water supply and highways to oil and gas and rural electrification, so demand is not tied to one sector.
• 07Rs 71 crore of the Rs 124.88 crore issue repays borrowings, which should reduce interest cost meaningfully.
• 08It sells both directly to institutional buyers and through a dealer network, which spreads the customer base.

Risks · 8

• 01Profit actually fell in FY2026, from Rs 24.27 crore to Rs 22.53 crore, even though income rose from Rs 604.74 crore to Rs 675.94 crore.
• 02Return ratios are weak. RoCE was only 6.14% and RoNW was 8.20%, which is low for a manufacturing business.
• 03Debt is high. Total borrowing was Rs 119.87 crore as on 31 March 2026 against a net worth of Rs 96.82 crore, and it went up from Rs 95.84 crore the year before.
• 04The profit margin is thin at 4.33%, so small changes in steel prices move the profit sharply.
• 05Sales are not growing steadily. Total income was Rs 650.88 crore in FY2024, fell to Rs 604.74 crore in FY2025 and then rose to Rs 675.94 crore in FY2026.
• 06The entire business runs from one facility at Hisar in Haryana, so any problem at that single location affects everything.
• 07The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.
• 08This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 73.68% after the issue.

Jindal Supreme (India) Limited was started in March 1974. For more than five decades it has made and supplied steel pipes, tubes and related steel products used in infrastructure and industry.

Its range covers mild steel black pipes and tubes, galvanized pipes, metal beam crash barriers and galvanized iron tubular poles. These are made in different sizes to Indian Standards and are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.

The company has been adding new products to catch infrastructure demand. In FY2025 it started making W-beam and Thrie-beam metal crash barriers, which are the guard rails used along highways, and in FY2026 it added GI tubular poles used for street lighting and electrification work. It works mainly on a business to business basis, selling directly to institutional and industrial buyers including infrastructure contractors, and also through its dealer network. Its manufacturing facility is at Hisar in Haryana.

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