Jindal Supreme (India) IPO

Jindal Supreme (India) manufactures steel pipes and tubes for infrastructure and industrial applications. The business commenced operations in 1974 and now supplies mild steel (MS) black pipes and tubes, galvanised pipes, metal beam crash barriers and galvanised iron (GI) tubular poles. Its products serve water supply, construction, roads, agriculture and electrification. Promoter Abhishek Jindal has been associated with the company since 2007 and has over 18 years of industry experience.

Revenue from operations was ₹675.3 crore in FY26. Black pipes contributed ₹290.2 crore, and galvanised pipes ₹179.4 crore. Crash barriers, introduced in FY25, generated ₹117.7 crore, while GI tubular poles, introduced in FY26, contributed ₹31.4 crore. Other operating revenue of ₹56.5 crore came from scrap and manufacturing by-products, including zinc dross, strip sales and zinc ash.

Manufacturing is concentrated at Hisar, Haryana, with pipe mills, welding and galvanising equipment, an in-house maintenance workshop and testing facilities. For FY26, the installed capacity of MS Black Pipe was 90,000 MT with utilisation of 65.1%; the installed capacity for MS Galvanised Pipe was 45,000 MT with utilisation of 60.2% compared to 94.4% in FY24; the installed capacity for Metal Beam Crash Barrier was 24,000 MT with utilisation of 65.2%; and the installed capacity for GI Tubular Poles was 12,000 MT with utilisation of 33.4%. These are product or process capacities: the company uses its own black pipes for galvanising, so they should not be added as independent finished-product capacity. The company sells directly to institutional and industrial customers and through dealers. Direct sales contributed 68.1% of FY26 revenue from operations, and dealers contributed 31.8%. Active dealers increased from 34 in FY24 to 53 in FY26 and remained at 53 in June 2026. Revenue was entirely domestic, concentrated in northern and some western states; Haryana, Rajasthan and Punjab contributed 28.5%, 13.9% and 13.6%, respectively, in FY26.

Steel pipes & tubes are the downstream sector of the steel value chain that links the steel manufacturing process with applications such as infrastructure, water distribution, energy and industrial. Electric resistance welded (ERW) pipes are the most common steel pipes used for water supply, agriculture and construction because of their economical and large-scale usage.

The market size for steel pipes & tubes in India stands at $14,415.83 million in 2026 and is predicted to grow to approximately $23,932.99 million by 2036, with a compound annual growth rate (CAGR) of 5.20%. Factors supporting the growth include the development of infrastructure, water and irrigation schemes, industrial investments and demand for durable galvanised and coated pipes.

Pipes, crash barriers, and tubular poles of Jindal Supreme cater to all these applications in the infrastructure sector. Crash barrier capacity has been raised to 42,000 MTPA by 30 July 2026, along with expansion of the galvanising plant, which raised the capacity to 63,000 MTPA. The firm is targeting increased demand from road construction projects as well as growth in the proportion of galvanised items and geographical expansion among dealerships.

Now, Jindal Supreme (India) is launching its initial public offering (IPO), which consists of a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore. The total issue size of the IPO is ₹124.88 crore. Its shares will be listed on the NSE and BSE.