KYC segment analysis of Jindal Supreme, a recently listed steel pipe maker, covering its business model, financials, valuations and peer comparison

Fri 9 Oct 2026

Issue price

93 rupees

Current/listing price

167 rupees

Listing day price

118 rupees

Gain since listing

41 percent

Installed capacity

171,000 tons

Heard on business television between 11:38:10 - 11:41:10 IST.

• Jindal Supreme, operational since 1974, makes mild steel and galvanized pipes, with 71% of revenue from pipes, 17% from metal beam crash barriers and 4% from tubular poles.
• Capacity stood at 171,000 tons with 61% utilization; FY26 sales were just above 100,000 tons; direct sales contributed 68% of revenue versus 31% via dealers.
• Revenue grew slowly FY24-26 but margins expanded from 3.2% to 6.2% and net profit nearly doubled; cash flow from operations turned negative despite positive PAT, requiring continued capex.
• Return on capital employed and return on net worth were maintained at healthy 20-30% levels, earning a thumbs up despite weak cash generation.
• Stock listed at 118 versus issue price of 93 (26% pop) and has risen 41% further since listing; valuation has risen from 21-22x to 38x FY26 PE versus peers Vibor, Samba Steel (65x) and Hi-Tech Pipes.
• Promoters hold 73% post-listing; key watch items include steel price volatility, rising working capital days, and manufacturing concentration in Haryana.

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