Jindal Supreme's IPO drew non-anchor subscription of 149.69 times, the strongest among five September 2026 mainboard offers. Grey market premium hit 32–35% above the ₹93 upper band.
The global steel pipes market is projected to grow from $246.00 billion in 2026 to $395.56 billion by 2036. India's pipe market is expected to grow faster, at 7.8–8.6% CAGR, with ERW pipes holding about 70% share.
Incorporated in March 1974 as Janak Steel Tubes, it rebranded to Jindal Supreme in 2017. Its integrated Hisar plant makes MS pipes, galvanized pipes, crash barriers, and GI tubular poles, shifting toward value-added infrastructure products.
MS Black Pipes fell from 48.78% of revenue in FY24 to 42.94% in FY26. Metal beam crash barriers scaled from zero before FY25 to 17.41% of FY26 revenue, and GI poles reached 6.40% by Q1 FY27.
The total offer was oversubscribed 177.03–181.07 times. Retail reached 141.75–149.34x, HNIs 326.84x and QIBs 126.41x ex-anchor. GMP of ₹31–35 implied ₹128 listing, a 37.6% day-one gain.
Revenue dipped from ₹650.88 crore in FY24 to ₹604.74 crore in FY25 on HRC price deflation, then hit ₹675.94 crore in FY26. FY26 operating cash flow was -₹5.69 crore from inventory build; Q1 FY27 generated +₹32.45 crore.
EBITDA margin climbed from 1.73% in FY23 to 6.16% in FY26 and 7.20% in Q1 FY27. Net profit rose from ₹0.63 crore in FY23 to ₹22.53 crore in FY26.
Using ₹71 crore to repay borrowings could cut annual interest costs by ₹5.5–7.1 crore. Modeled debt-to-equity falls from 1.24x to under 0.15x, creating immediate EPS expansion independent of volume growth.
Top 10 suppliers were 76.23% of FY26 purchases; all production sits at one Hisar plant and up to 30.60% revenue comes from Haryana. HRC is 65–75% of raw material costs; legal disputes add risk.
At the upper band, the market cap is ₹473.75 crore. Justifying it requires free cash flow to compound at 19.1% annually over five years, with Jal Jeevan Mission and debt savings as tailwinds. Read the full deep dive.
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