🚫 Avoid
Listed
Iron & Steel Products
Jindal Supreme (India) Limited IPO
₹125 Cr · Fresh Issue & OFS · Iron & Steel Products
Price Band
₹88 – ₹93
Lot: 1200 shares (₹111,600)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹125 Cr
Fresh Issue & OFS
Market Cap
₹474.52 Cr
At upper band
P/E Ratio
21.1x
P/S: 0.7x
Listing Date
23 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
16 Sep 2026
✓
Closes
18 Sep 2026
✓
Allotment
21 Sep 2026
✓
Refund
22 Sep 2026
✓
Listing
23 Sep 2026
IPO India Hub: Strong Avoid
Conviction
3/10
The company faces severe operational distress with revenue collapsing 71.6% in FY0 to ₹191.1 Cr and PAT declining 63.1% to ₹8.3 Cr, signalling fundamental business deterioration that no valuation discount can offset. While the P/E of 21.1x appears reasonable at 0.92× sector midpoint, the underlying earnings are unstable and the company is burning cash to service debt rather than invest for growth.
Listing Performance
Issue Price
₹93
Allotment price
Listing Price
₹121.9
+31.08% on listing day
Current Price (CMP)
₹141.95
+52.6% vs issue
Listed On
23 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Attractive valuation on paper
The P/E ratio of 21.1x stands at 0.92× the niche sector midpoint of 23x, placing it in the Subscribe-eligible range. The P/S ratio of 0.7x is also conservative relative to peers, suggesting the market is pricing in distress.
✓ Strength
Strong SME subscription and GMP signal
The IPO achieved 177.03× subscription with a grey market premium of ₹500 (71.43% above upper band), well above the SME bullish threshold of 25%. This indicates retail confidence and potential listing-day gains.
⚠ Risk
Severe revenue and profit collapse
Revenue crashed 71.6% from ₹675.9 Cr (FY-1) to ₹191.1 Cr (FY0), while net profit fell 63.1% to ₹8.3 Cr. The 2-year revenue CAGR is -43.8% and PAT CAGR is -41.6%, indicating the business is in structural decline, not cyclical downturn.
⚠ Risk
Weak margins and cash generation
Net profit margin of 4.3% and EBITDA margin of 6.16% are dangerously thin for a steel products company, leaving no buffer for operational shocks. The company is using 71 of 102.9 Cr in IPO proceeds to repay debt, confirming it is capital-constrained and unable to self-fund operations.
₹ Valuation
Valuation misleading given earnings instability
Although P/E of 21.1x is 0.92× sector midpoint and appears cheap, it is computed on a severely depressed earnings base of ₹8.3 Cr. If the company continues its -41.6% PAT CAGR trajectory, the true forward P/E will be much higher, and the valuation trap will become apparent within 12 months.
👁 Watch
Monitor quarterly revenue and debt levels
Investors must track Q1 FY27 revenue trends and debt-to-equity movement post-IPO. If revenue remains below ₹200 Cr or debt repayment stalls, the stock will face significant downside as the earnings collapse narrative becomes undeniable.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Jindal Supreme (India) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹675.40 Cr
Net Profit
₹22.53 Cr
Industry
Iron & Steel Products
Issue Type
Fresh Issue & OFS
Promoters
ABHISHEK JINDAL & SONAM JINDAL
Lead Managers
Sarthi Capital Advisors
Quick Actions
Frequently Asked Questions
Avoid. The company faces severe operational distress with revenue collapsing 71.6% in FY0 to ₹191.1 Cr and PAT declining 63.1% to ₹8.3 Cr, signalling fundamental business deterioration that no valuation discount can offset. While the P/E of 21.1x appears reasonable at 0.92× sector midpoint, the underlying earnings are unstable and the company is burning cash to service debt rather than invest for growth.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹93, the minimum investment per retail application is ₹111,600. You can apply for up to 13 lots (₹1,450,800) under the retail category (up to ₹2 lakh).
The IPO opens on 16 Sep 2026. It closes on 18 Sep 2026. Allotment is expected on 21 Sep 2026. Refunds initiate on 22 Sep 2026. Listing on BSE and NSE is on 23 Sep 2026.
The lead managers for the IPO are Sarthi Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 23 Sep 2026 at ₹121.9 against an issue price of ₹93 (+31.08% on listing day). The current market price (CMP) is approximately ₹141.95 (+52.6% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 18 Sep 2026. The minimum investment is ₹111,600 for one lot (1200 shares). The company faces severe operational distress with revenue collapsing 71.6% in FY0 to ₹191.1 Cr and PAT declining 63.1% to ₹8.3 Cr, signalling fundamental business deterioration that no valuation discount can offset. While the P/E of 21.1x appears reasonable at 0.92× sector midpoint, the underlying earnings are unstable and the company is burning cash to service debt rather than invest for growth.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 18 Sep 2026. The IPO is priced at a P/E of 21.1x. Market cap at issue price is ₹474.52 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹93 each, costing ₹111,600 per application. The issue closes on 18 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Jindal Supreme (India) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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