Jindal Supreme (India) Limited IPO

01At a glance

What the company does: makes mild-steel black pipes, galvanised pipes and tubes, and since FY25 metal-beam crash barriers and since FY26 galvanised tubular poles, at a single plant in Hisar (AP p.3, AP p.4).

Who pays it: buyers in water supply and plumbing, construction, roads and bridges, oil and gas, agriculture and rural electrification; customers are spread out, with the top ten at 19.35% of revenue in the period to December 2025 (AP p.4, AP p.9).

Why it is raising money: ₹770.00 million to repay borrowings, and the rest for general purposes (AP p.6).

How fast it has grown: revenue rose from ₹5,061 million in FY23 to ₹6,454 million in FY24, fell to ₹5,864 million in FY25, and was ₹4,897 million in the period to December 2025 (AP p.4).

The one thing to understand: a thin-margin pipe maker whose FY25 profit depended on non-operating income. Other income was ₹183.42 million in FY25, about 57% of profit before tax (our arithmetic, AP p.4, AP p.8). EBITDA margin was 4.42% that year and 6.19% in the latest period (AP p.8).

02The business, in plain words

A pipe maker buys steel coil, forms it into welded pipes, galvanises some of them, and supplies distributors, contractors and project buyers. Its margin is a thin spread over steel prices.

A water-supply contractor needs galvanised pipes → it orders from Jindal Supreme or its dealer → the company forms and galvanises the pipes at Hisar from bought steel coil → it is paid per tonne.

The company was founded by the late Madan Lal Jindal and is now led by Abhishek Jindal (AP p.3). Its top ten suppliers were 78.18% of purchases in the latest period (AP p.9).

Earnings equation: Profit ≈ tonnes × (pipe price − steel coil and galvanising material − conversion cost) − interest. EBITDA margin was 6.19% in the period to December 2025 (AP p.8).

03Where the money comes from

Source: AP p.3, AP p.4. Converted from ₹ lakh; other operating revenue makes up the rest.

Haryana was 27.65% of revenue in the latest period (AP p.9).

04The growth record

Source: AP p.4, AP p.7, AP p.8. Converted from ₹ lakh.

05What the growth is made of

Not volume in pipes: black and galvanised pipe revenue together fell from ₹6,055 million in FY24 to ₹4,811 million in FY25 (our arithmetic, AP p.3). New products filled part of the gap, crash barriers and poles were 20.64% of revenue in the latest period (AP p.3). Margins improved from 1.73% in FY23 to 6.19% (AP p.8).

06Earnings quality

In FY25 operating profit before working-capital changes was ₹273.03 million, but cash generated from operations was ₹57.40 million after an increase of ₹175.07 million in current assets (DRHP p.299). The document reports delays in paying statutory dues (AP p.9). The auditors made no qualifications (AP p.10).

07The balance sheet

Source: AP p.7, AP p.8. Converted from ₹ lakh.

Equity share capital fell from ₹23.57 million to ₹19.18 million in FY24 and rose to ₹402.83 million by December 2025 (AP p.7). The pages read do not explain the FY24 reduction.

08What the money is for

Source: AP p.6. Converted from ₹ lakh.

09Who is selling

Source: AP p.1.

VVJ Enterprise was previously named J J Jindal Infin (AP p.1).

10Promoters

The promoters are Abhishek Jindal, chairman and managing director, and Sonam Jindal, non-executive director (AP p.5). Abhishek Jindal was appointed a director on 2 April 2025 and managing director from 17 November 2025, with over 18 years in welded pipes and tubes; Sonam Jindal joined the company on 26 September 2025 and was earlier a director of VVJ Enterprise (AP p.5).

11Who already owns it

Source: AP p.6.

12What changed just before the IPO

• Leadership: the current chairman joined the board in April 2025 (AP p.5).
• Products: crash barriers from FY25 and poles from FY26 (AP p.3).
• Capital: share capital raised twentyfold in the latest period (AP p.7).
• Margins: EBITDA margin up to 6.19% (AP p.8).

13Capacity and expansion

A single plant at Hisar (AP p.4, AP p.9). No capacity is funded from the proceeds, which repay debt (AP p.6).

14Market size and industry structure

The industry report cited in the offer document estimates India's steel pipes and tubes market at $13,025.91 million in 2024 and projects about $21,625.46 million by 2034 (AP p.5). Those projections are the report's, and newboard has not tested them.

15Competitive position

What the document claims, and what it rests on:

• A long history, since 1974 (AP p.3).
• A broader range into crash barriers and poles (AP p.3).

Against that: one plant, heavy dependence on a few steel suppliers, and larger listed competitors (AP p.9, DRHP p.110).

16Peers the company named

Source: DRHP p.110. Converted from ₹ lakh. Peer P/E uses prices on 30 March 2026.

The peer table gives the company a 38.85% return on net worth for FY25; the KPI table gives 32.52% (DRHP p.110, AP p.8). No P/E is possible for the company until a price band is set.

17Risks, in plain words

• One plant. All production at Hisar (AP p.9).
• Steel prices. Coil and galvanising-material costs swing (AP p.9).
• Suppliers. Ten suppliers were 78% of purchases (AP p.9).
• Products. Black and galvanised pipes are most of revenue (AP p.9).
• Cash flow. Past negative investing and financing cash flows (AP p.9).
• Statutory dues. Past payment delays (AP p.9).

18Litigation and regulatory matters

Source: AP p.11. Converted from ₹ lakh.

A promoter has filed one criminal case involving ₹5 million (AP p.11).

19Related-party transactions

Not read in detail for this study. The selling shareholder is a promoter-group company (AP p.1).

20What the offer document does not say

In the sections read for this study, the document does not give:

• What made up FY25's ₹183 million of other income, in the pages read.
• Why share capital was reduced in FY24.
• Why the promoter joined the board only in April 2025, and who ran the company before.
• Capacity and utilisation at Hisar, in the pages read.
• The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

1. What was the ₹183 million of other income in FY25?
2. Why did pipe revenue fall 21% in FY25?
3. What happened to share capital in FY24?
4. How much of the crash-barrier and pole revenue comes from government projects?
5. What is the Hisar plant's capacity and utilisation?

2Sources and cited facts

This study was read from 2 documents the company filed. The 46 figures it cites are listed under the document each came from, with the page and the sentence as printed.