One of North India’s established steel pipe and infrastructure products manufacturers, Jindal Supreme (India) (JSIL), has filed DRHP with the Securities and Exchange Board of India (SEBI), setting the stage for its IPO. The proposed issue comprises a fresh equity issue of up to 1.07 crore shares and an OFS of 26.86 lakh shares by promoter group entity VVJ Enterprise.
Jindal Supreme IPO will be managed by Sarthi Capital Advisors as the book-running lead manager and Bigshare Services as registrar to the issue.
Jindal Supreme IPO: Company Overview
Jindal Supreme is a long-established manufacturer of a diversified range of steel products used across critical infrastructure sectors. Its core product portfolio includes 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. These products are manufactured in multiple sizes and thicknesses in compliance with key Indian standards, enabling wide application in water supply, plumbing, construction, highways, bridges, oil and gas, and rural and urban electrification projects.
Established in 1974, the Company has evolved under three generations of leadership, with the current promoter driving expansion into crash barriers (FY 2025) and GI poles (FY 2026), both of which cater to fast-growing infrastructure segments in India.
Jindal Supreme IPO: Financial Snapshot
JSIL has shown steady growth in both revenue and profitability over the last three years. A summary of the company’s financial performance is presented below:
| Particulars | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 506.12 | 645.44 | 586.40 | 171.37 |
| Total Expenses | 504.26 | 635.80 | 572.35 | 163.28 |
| Profit After Tax (PAT) | 0.64 | 12.88 | 24.27 | 6.31 |
| Earnings Per Share (INR) | 0.13 | 3.17 | 6.02 | 1.57 |
The company’s EBITDA margin improved to around 4.3% in FY25 from 1.7% in FY23, reflecting efficiency gains and better product mix. PAT margin expanded sharply to over 4%, highlighting improving profitability and operational leverage.
Product and Market Diversification
Product-Wise Revenue Mix (FY25)
| Product Category | Share of Revenue (%) |
|---|---|
| MS Black Pipes/Tubes | 44.9 |
| GI Pipes/Tubes | 34.7 |
| Metal Beam Crash Barriers | 10.3 |
| Others (Scrap, Zinc Dross, etc.) | 7.1 |
Geographic Revenue Concentration (FY25)
| Region / State | Share of Revenue (%) |
|---|---|
| Haryana | 30.6 |
| Rajasthan | 18.4 |
| Punjab | 13.4 |
| Uttar Pradesh | 11.8 |
| Other States | 25.8 |
The company derives most of its sales from Northern India but is expanding distribution through a growing dealer network (51 active dealers as of June 2025) to tap Tier-II and Tier-III markets.
Expansion Plans: Doubling Capacity Through Internal Accruals
JSIL is embarking on two major expansions, fully funded by internal accruals — signaling financial prudence and organic growth.
- Metal Beam Crash Barrier Unit:
- Capacity to double from 24,000 MTPA to 48,000 MTPA by FY27.
- Investment: INR 5.46 cr (INR 2.59 cr already advanced).
- Driven by rising demand from national highway and expressway projects.
- New Galvanising Unit:
- New 18,000 MTPA line to lift total galvanising capacity to 63,000 MTPA.
- Investment: INR 1.74 cr (INR 26.75 lakh advanced).
- Aimed at increasing the share of high-margin galvanised products in the portfolio.
Industry Backdrop: Steel Sector on a Structural Uptrend
India remains the world’s second-largest steel producer, with crude steel output reaching 144.3 MT in FY24 and projected to touch 152 MT in FY25. Finished steel consumption now exceeds production, reflecting robust domestic absorption and an ongoing infrastructure build-out.
Key trends:
- Per capita steel consumption at 97.7 kg in FY24, expected to rise to 160 kg by FY31.
- The private sector accounts for 84% of production, indicating growing efficiency and market orientation.
- Policy support under the National Steel Policy 2017 targets 300 MTPA capacity by 2030–31.
Steel Pipes and Tubes: Rising Demand Engine
The Indian steel pipes and tubes market, valued at USD 13.03 billion (~INR 1.17 lakh crore) in 2024, is projected to reach USD 21.63 billion (~INR 1.94 lakh crore) by 2034 — growing at a CAGR of 5.2%.
Industry Snapshot (FY21–FY25)
| Parameter | FY21 | FY25 | CAGR (%) |
|---|---|---|---|
| Production (MT) | 5.90 | 11.92 | 18.5 |
| Consumption (MT) | 5.41 | 10.93 | 18.4 |
| Exports (MT) | 0.99 | 1.65 | 13.5 |
| Imports (MT) | 0.50 | 0.66 | 7.2 |
Exports are led by UAE (15.4%), USA (13.5%), and Saudi Arabia (10.5%), while imports are dominated by China (47.2%). The trade pattern reflects India’s growing competitiveness in value-added pipe manufacturing.
Competition and Positioning
JSIL competes with listed peers such as APL Apollo Tubes, Hi-Tech Pipes, JTL Industries, Sambhv Steel Tubes, and Hariom Pipe Industries. While these players possess larger national networks, JSIL’s regional dominance, efficiency focus, and value-added product expansion provide a competitive edge in the Northern India infrastructure market.
Final Words
Jindal Supreme IPO DRHP filing highlights a company that combines traditional manufacturing strength with prudent expansion strategy. Jindal Supreme’s steady financial improvement, internal accrual-funded expansion, and entry into high-margin galvanised and crash barrier products make it a promising mid-cap infrastructure materials play.
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