JSIPL · Steel & Iron Products · INE1DLO01028
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Jindal Supreme (India) Limited is an established manufacturer of steel pipes, tubes, and infrastructure solutions. Originally founded in 1974 by Late Madan Lal Jindal, the company operates an integrated manufacturing facility spread over 16 acres in Hisar, Haryana, with an aggregate installed capacity of 1,71,000 MTPA as of Fiscal 2026. Its product portfolio comprises Mild Steel (MS) Black Pipes/Tubes (90,000 MTPA capacity), MS Galvanized Pipes/Tubes (45,000 MTPA capacity), Metal Beam Crash Barriers for highways (24,000 MTPA capacity, introduced in Fiscal 2025), and Galvanized Iron (GI) Tubular Poles for lighting and electrification (12,000 MTPA capacity, introduced in Fiscal 2026). The company serves infrastructure contractors, industrial clients, and public sector projects through direct sales (68.18% of Fiscal 2026 revenue) alongside an active network of 53 dealers across Northern and Western India (31.82% of Fiscal 2026 revenue). Geographically, revenue is concentrated in domestic markets, led by Haryana (28.55% of Fiscal 2026 revenue), Rajasthan (13.98%), Punjab (13.67%), and Uttar Pradesh (12.36%). The supply chain relies on mild steel coils and strips procured from top domestic steel suppliers, with the top 10 suppliers accounting for 76.23% of raw material purchases in Fiscal 2026. Manufacturing processes encompass slitting, cold forming, high-frequency ERW welding, hot-dip galvanizing, and automated testing. In Fiscal 2026, the company generated ₹ 675.39 crore (₹ 67,538.72 lakhs) in revenue from operations with total sales volume of 1,01,100 MT.
Fully backward-integrated 16-acre manufacturing facility in Hisar, diversified infrastructure product portfolio (pipes, crash barriers, poles), established dealer network in Northern India, and a 50-year operating legacy under multi-generational promoter leadership.
Jindal Supreme (India) Limited is an India-based steel pipe and tube manufacturing company specializing in Mild Steel (MS) black pipes, galvanized pipes, metal beam crash barriers, and GI tubular poles. Operating from an integrated manufacturing facility in Hisar, Haryana, the company serves institutional buyers, EPC contractors, and a regional dealer network across infrastructure, water supply, and construction sectors.
Source: p.161, p.164, p.174, p.180
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| MS Black Pipes & Tubes | 42.98 | p.29, p.164 |
| MS Galvanized Pipes & Tubes | 26.57 | p.29, p.164 |
| Metal Beam Crash Barriers | 17.43 | p.29, p.164 |
| Other Operating Revenue (Scrap, Zinc Dross & By-Products) | 8.37 | p.29, p.164 |
| GI Tubular Poles | 4.66 | p.29, p.164 |
The global steel pipes and tubes market is estimated at USD 245,999.02 million in 2026 and is projected to reach USD 395,563.29 million by 2036 at a CAGR of 4.86%, while the Indian market is estimated at USD 14,415.83 million in 2026 and is projected to reach USD 23,932.99 million by 2036 at a CAGR of 5.20%. Growth in India is driven by the National Infrastructure Pipeline, Jal Jeevan Mission water supply programs, urban development, and energy network expansion. As a mid-sized domestic manufacturer of ERW black pipes, galvanized tubes, crash barriers, and GI poles, Jindal Supreme (India) Limited is positioned to benefit from sustained government infrastructure spending and rising demand for value-added steel products.
Sector slug: steel-pipes-and-tubes
Source: p.131, p.136, p.140
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Vibhor Steel Tubes Limited | 0.76 | 23.06 | 4.57 | p.103, p.105 | |
| Sambhv Steel Tubes Limited | 5.87 | 65.55 | 18.35 | p.103, p.105 | |
| Hi-Tech Pipes Limited | 1.81 | 22.31 | 6.07 | p.103, p.105 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0.05 | 22.53 | 3.34% | 675.39 | yes | 15.54 |
| standalone | FY25 | 37.36 | 24.27 | 4.14% | 586.4 | yes | -17.66 |
| standalone | FY24 | 40.36 | 12.87 | 1.99% | 645.44 | yes | 22.87 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why is the entire net fresh issue debt allocation directed toward debt prepayment rather than new capital expenditure?
Prepaying ₹ 71.00 crore of high-cost working capital and term borrowings directly reduces annual finance costs (₹ 8.60 crore in FY26), strengthens net worth (₹ 96.82 crore in FY26), and creates debt capacity to support future working capital needs as plant utilization expands.
p.61, p.92, p.114
How does the company address single-location risk and regional sales concentration in Haryana?
While all manufacturing is housed at the 16-acre Hisar plant, sales are geographically diversifying through 53 dealers across Rajasthan (13.98%), Punjab (13.67%), and Uttar Pradesh (12.36%), alongside direct institutional sales to EPC highway contractors across India.
p.24, p.29, p.174
What caused the jump in PAT margin from 1.99% in FY24 to 3.33% in FY26?
Margin expansion was driven by a product mix shift toward higher-value crash barriers (17.43% of sales) and GI poles, higher capacity utilization across pipe mills (over 60%), and improved operating leverage over fixed factory overheads.
p.25, p.29, p.103
Why did operating cash flow turn negative (-₹ 5.69 crore) in FY26 despite reporting ₹ 22.53 crore in net profit?
Operating cash flow was impacted by a temporary working capital lock-up, as inventory expanded to ₹ 100.31 crore to support crash barrier production and trade receivables increased to ₹ 33.24 crore due to revenue growth.
p.63, p.300, p.306
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2023-09-29 | Abhishek Jindal | 43278 | 100 | Secondary Transfer | p.85, p.90 |
| 2023-09-29 | Abhishek Jindal | 39409 | 100 | Secondary Transfer | p.85, p.90 |
| 2025-08-30 | Existing Shareholders | 1726398 | Share Split | p.79, p.85 | |
| 2025-11-12 | Existing Shareholders | 38364400 | 0 | Bonus Issue | p.79, p.85 |
| 2025-12-05 | Janak Raj Jindal to Abhishek Jindal | 5295000 | 0 | Gift Transfer | p.85, p.89 |
| 2026-03-26 | Janak Raj Jindal to Abhishek Jindal | 1005950 | 0 | Gift Transfer | p.85, p.89 |
| 2026-03-26 | Jayshree Jindal to Abhishek Jindal | 2944100 | 0 | Gift Transfer | p.85, p.89 |
| 2026-03-26 | Janak Raj Jindal & Sons HUF to Abhishek Jindal | 1859891 | 0 | Gift Transfer | p.85, p.89 |
Ceo: Abhishek Jindal
1 direct tax proceeding against Company (₹ 0.05 crore); 1 statutory demand/notice against Promoters; Personal guarantees provided by Abhishek Jindal for Company credit facilities.
Auditor name: M/s D. S. Mehta & Co., Chartered Accountants
Skin in game: Promoters hold 82.03% (33,043,941 Equity Shares) of pre-issue paid-up equity share capital.
Auditor rpt flags: None; unmodified audit opinion with no reservations, qualifications, or adverse remarks.
Auditor changed last 3y: No; M/s D. S. Mehta & Co. has served as statutory auditor throughout the three-year reporting period.
Source: p.73, p.203, p.215, p.324
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| A M Overseas (Proprietorship of Promoter Sonam Jindal) | 0.05 | Purchase/Sale of goods & Job work | Proprietorship firm of Promoter | Trade purchases and sales of steel products | p.288, p.289 |
| Abhishek Jindal | 0.54 | Promoter Remuneration & Unsecured Loan | Chairman and Managing Director / Promoter | Executive management remuneration and working capital support | p.203, p.288 |
| Sonam Jindal | 0.36 | Director Remuneration | Whole-time Director / Promoter | Executive management remuneration | p.203, p.288 |
None disclosed. CARO reports confirm no undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees' State Insurance, Income Tax, and Duty of Customs were outstanding for a period of more than six months as at March 31, 2026.
Defaults disclosed: No
Source: p.262, p.324
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Reporting Period | Fiscals 2026, 2025, and 2024 (and period ended June 30, 2026) | Fiscals 2025, 2024, and 2023 (and period ended December 31, 2025) | Restated financial statements were updated in the RHP to include full Fiscal 2026 audited financials and the three-month period ended June 30, 2026, replacing Fiscal 2023. | p.11 (DRHP); p.51 (RHP) |
| Restated Financials | FY26 Revenue from operations of ₹ 675.39 crore, PAT of ₹ 22.53 crore, Basic EPS of ₹ 5.59 | FY25 Revenue from operations of ₹ 586.40 crore, PAT of ₹ 24.27 crore, Basic EPS of ₹ 6.02 | Financial tables updated to reflect full Fiscal 2026 restated performance, showing revenue growth to ₹ 675.39 crore. | p.108, p.111 (DRHP); p.158, p.163 (RHP) |
| Litigation | Material creditors outstanding revised to ₹ 4.97 crore across 4 material creditors as at October 11, 2025 | Material creditors outstanding stood at ₹ 5.25 crore across 4 material creditors as at October 13, 2025 | Outstanding dues to material creditors updated in RHP disclosures. | p.281 (DRHP); p.315 (RHP) |
| Risk Factors | Expanded risk disclosures explicitly clarifying independent corporate governance and operation from other 'Jindal' group entities | Standard risk disclosures regarding ERW pipe manufacturing, raw material price volatility, and single-location risk | Added explicit disclosures regarding independent operation and brand usage relative to other listed/unlisted entities carrying the 'Jindal' name. | p.24 (DRHP); p.21, p.22 (RHP) |
| Statutory Dues | 13 pending applications updated with disclosures of proactive follow-up communications sent to HSPCB and BIS | 13 pending applications before regulatory authorities for updating company name on consents and licenses | Disclosures updated regarding ongoing procedural follow-ups for statutory license name changes post conversion to public company. | p.292 (DRHP); p.324 (RHP) |
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
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The same read, applied to the companies this one competes with.