Jindal Supreme IPO Analysis: Should You Apply? GMP, Review & Details

Jindal Supreme is a MAINBOARD IPO in the Iron & Steel Products sector. The issue price band is ₹88.0–₹93.0 per share. Issue size is ₹124.88 crore. Current GMP is +31.18% over the issue price (unofficial, subject to change).

Jindal Supreme IPO — Key Details

Company Overview

Jindal Supreme (India) Ltd, incorporated in 1974, manufactures and supplies a diverse range of steel pipes, tubes, and related products for various infrastructure and industrial applications. Its product offerings include MS black pipes, galvanized pipes, metal beam crash barriers, and GI tubular poles. These products are utilized in sectors such as water supply, plumbing, construction, roads, highways, oil and gas, and agriculture. The company operates a manufacturing facility in Hisar, Haryana, and has a dealer network that has seen fluctuations over the years, with 51 dealers as of June 2025.

Financial Performance

Total income was ₹650.88 Cr in the period ending 31 Mar 2024, decreasing slightly to ₹604.74 Cr by 31 Mar 2025, then rising to ₹675.94 Cr by 31 Mar 2026. The most recent figure was ₹191.09 Cr as of 30 Jun 2026, though this is a 9-month figure, not a full year, so isn't directly comparable. Profit After Tax was ₹12.87 Cr in the period ending 31 Mar 2024, increasing to ₹24.27 Cr by 31 Mar 2025, and then rising further to ₹22.53 Cr by 31 Mar 2026. The most recent figure was ₹8.28 Cr as of 30 Jun 2026, though this is a 9-month figure, not a full year, so isn't directly comparable.

Objects of the Issue

The company plans to use the net proceeds from the issue for the following purposes: ₹71.00 Cr for repayment/pre-payment of certain outstanding borrowings, ₹16.85 Cr for general corporate purposes, and ₹15.05 Cr for issue expenses.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading in the grey market. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite. However, GMP is not a guaranteed indicator of performance and can fluctuate.

Subscription Status

As of 18th September 2026, the IPO has received strong subscription interest, with a total subscription of 177.03 times. The breakdown includes QIBs at 126.41 times, NIIs at 326.84 times, and Retail investors at 141.75 times.

Peer Comparison

• Hi-tech Pipes Ltd: P/E 22.31, RoNW 6.07%
• Sambhv Steel Tubes Ltd: P/E 65.55, RoNW 18.35%
• Vibhor Steel Tubes Ltd: P/E 23.06, RoNW 4.57%
• Jindal Supreme (India) Ltd: P/E 16.64, RoNW 26.28%

IPO Timeline

The IPO process includes several key dates: the issue opens on 16th September 2026 and closes on 18th September 2026. Allotment of shares will be done by 21st September 2026, and the listing is expected to occur on 23rd September 2026.

Should You Apply for Jindal Supreme IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's fundamentals and market conditions.

Investors who are risk-averse or uncomfortable with potential fluctuations in stock prices may want to avoid this IPO. Additionally, those looking for guaranteed returns should be cautious, as IPO investments can be unpredictable.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing-day gains can be unpredictable, as they depend on market conditions and investor sentiment. While some IPOs may experience a surge in price on their debut, others may not perform as well. It's important to be aware of the risks involved and not to rely solely on listing gains as a measure of success.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.