Ratnaveer Precision Engineering Ltd. Share Price

Jindal Supreme (India)

• Jindal Supreme (India) is coming out with a 100% book building; initial public offering (IPO) of 1,34,28,000 shares of face value Rs 10 each in a price band Rs 88-93 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 16, 2026 and will close on September 18, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 8.80 times of its face value on the lower side and 9.30 times on the higher side.
• Book running lead manager to the issue is Sarthi Capital Advisors.
• Compliance officer for the issue is Rajbir Sharma.

Profile of the company

Jindal Supreme (India) is engaged in the manufacturing and supply of a different range of steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Its product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. These products are manufactured in various dimensions, thus meeting a wide range of customer needs. Each of its products is manufactured as per the Indian Standards, ensuring consistent quality, durability, and compliance with both domestic and international benchmarks. Its products find application in various industry segments like, Water Supply and Plumbing, Infrastructure & Construction, Road & Highways, Bridges, Oil & Gas, Chemicals, Agriculture, rural electrification and others.

In Fiscal 2025, it commenced the manufacturing of metal beam crash barriers with W-beam and Thrie-beam crash barriers, which are primarily utilized for road safety and highway infrastructure projects. Following this, in Fiscal 2026, it furthers diversified into the production of GI tubular poles, which are commonly used for street lighting, electrification projects, and other public utility infrastructure. Over the years, it has expanded its product offerings to tap into emerging opportunities in infrastructure development projects. Its business model is primarily focused on direct sale, primarily to institutional buyers for specific projects or applications like infrastructure contractors, and industrial customers. Its manufacturing facility is located in Hisar, Haryana, the manufacturing facility is equipped with various machinery, mills, welding plants, and galvanizing plants, supported by in-house maintenance workshop and testing equipment. Its product portfolio includes Mild Steel (MS) black pipes, tubes and galvanized pipes, tubes metal beam crash barriers, and galvanized iron (GI) tubular poles.

Proceed is being used for: 

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Indian steel pipes and tubes industry is a key downstream segment of the steel value chain, serving diverse sectors including infrastructure, oil & gas, automotive, power, water supply, and general engineering. The sector plays a strategic role, supporting core domestic industries while contributing to India’s export basket. Steel pipes and tubes form the vital link between primary steel production and downstream industrial applications, reinforcing India’s position as both a domestic infrastructure powerhouse and a growing global manufacturing hub.

The Indian steel pipes and tubes market was estimated at $14415.83 million in 2026 and is projected to reach approximately USD 23932.99 million by 2036, reflecting a compound annual growth rate (CAGR) of 5.20% over the period. This trajectory underscores sustained domestic demand momentum and increasing export integration. The Indian steel pipes and tubes industry has demonstrated strong growth during FY2020-21 to FY2025-26, with domestic production increasing from 5.90 MT to 13.80 MT, representing a CAGR of approximately 18.5%. Domestic consumption increased from 5.41 MT to 12.32 MT over the same period, representing a CAGR of around 17.9%, supported by demand from construction, water supply, oil and gas, and industrial infrastructure.

The Steel Pipes and Tubes industry is positioned for sustained expansion, driven by rising infrastructure investment, industrial activity, and public utility modernization. The segment’s evolution from commodity manufacturing toward value-added and application-specific products is reshaping its growth trajectory. Demand is being shaped by multiple structural and policy-linked enablers, spanning construction, energy, mobility, and exports. The National Infrastructure Pipeline (NIP), Smart Cities Mission, and state-level infrastructure programs continue to drive demand for structural and hollow-section steel pipes. Over the next 5–7 years, urban expansion and industrial corridor projects will sustain high consumption in bridges, flyovers, and public utilities. Policy-led initiatives encouraging domestic manufacturing and import substitution are supporting capacity expansion in downstream steel processing. Localization of inputs and vendor ecosystem strengthening are expected to enhance cost competitiveness and support export-led growth.

Pros and strengths 

Track record of healthy financial performance: The company has established a track record of healthy revenue growth and profitability. Its revenue from operations increased to Rs 67,538.72 lakh in Fiscal 2026 from Rs 64,543.98 lakh in Fiscal 2024, increase in revenue was resulted from increase in volume of quantity sold. Its restated profit for Fiscal 2026 increased to Rs 2,252.91 lakh compared to Rs 1,287.28 lakh in Fiscal 2024, increase in profit for Fiscal 2026 was primarily attributed by fall in overall expenses as percent of total revenue from 97.68% in fiscal 2024 to 95.54% in fiscal 2026. Its total equity increased to Rs 9,682.48 lakh as of March 31, 2026 from Rs 5,031.09 lakh as of March 31, 2024 and its total assets increased to Rs 24,841.33 lakh as of March 31, 2026 from Rs 18,115.76 lakh as of March 31, 2024. It focuses on efficiency, productivity improvements and cost rationalization have enabled it to keep its operating costs under control and improve its margins. Its EBITDA (excluding other income) increased to Rs 4,162.90 lakh in Fiscal 2026 from Rs 2,110.86 lakh in Fiscal 2024 and its total sales volume increased to 1,01,100 MT in fiscal 2026 from 9,8351 MT in fiscal 2024. It has utilized its resources prudently, and that its operational and financial performance will allow it to take advantage of the growth opportunities in its industry.

Location of manufacturing facility: The location of its manufacturing plant enables cost and logistical advantages being in proximity to manufacturing plants of its customers and facilitating the servicing of its customers with customized Steel Products in a timely manner and closer to their end-use locations.

Led by qualified and experienced Promoter and supported by a professional management team: The company has a dedicated experienced management team within the company. It is guided by the experience, vision and leadership of its Promoter i.e. Abhishek Jindal, having 18 years of experience in the industry. Its Promoter has played an active role in its development and expansion, and it benefits from his educational qualifications and significant experience in the industry. In addition, it is led by a well-qualified, diverse and experienced Board of Directors and SMPs.  In addition, continued talent development is a key focus area for the company. The skills and diversity of its Promoters, Directors, KMPs and SMPs and employees gives it the flexibility and agility to adapt to the future needs of its business.

Diversified product portfolio: Its product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. These products are manufactured in various dimensions, thus meeting a wide range of customer needs. Each of its products is manufactured as per the Indian Standards, ensuring consistent quality, durability, and compliance with both domestic and international benchmarks.

Risks and concerns

Dependence on key suppliers: Its manufacturing processes require supply of raw materials from various suppliers. Its top 10 suppliers contribute 72.31%, 76.23%, 70.92% and 75.73%, of its purchase during the period ended June 30, 2026 and for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Its reliance on a select group of suppliers may also constrain its ability to negotiate its arrangements, which may have an impact on its ability to procure an uninterrupted supply of raw material, which in turn may affect its profit margins and financial performance. It may also be required to replace a supplier if its products or services do not meet its safety, quality or performance standards. Further, any disruption of supply of raw materials from these suppliers could disrupt its operations, which could have a material adverse effect on its reputation, business, financial condition and results of operations.

Revenue is significantly dependent on sales of black pipes and galvanized pipes: A significant portion of its revenue from operations is derived from the sale of Black Pipes and Galvanized Pipes. These products have historically contributed a significant share of its revenue from operations due to their use across various infrastructure and industrial sectors. The company’s Black Pipes contributed 45.46%, 42.98%, and 49.19% of revenue from operations for the period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively. The company’s Galvanised Pipe contributed 25.07%, 26.57%, and 35.75% of revenue from operations for the period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively. It expects that the sale of Black Pipes and Galvanized Pipes will continue to constitute a major portion of its revenue from operations. Consequently, its performance is highly dependent on the demand for these products, which in turn is influenced by factors outside its control, including changes in customer preferences, overall demand fluctuations, increased competition and volatility in raw material prices.

High customer concentration: The company derives a significant portion of its revenue from operations from its key customers and its top 10 customers contributed to 24.09%, 20.32%, 15.96% and 15.90%, of its revenue from operations during period ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any decrease in revenue from operations from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

Geographic Concentration in Haryana: The company derived 24.19% of its revenue for the period June 30, 2026 and 28.55%, 30.60% and 29.44% of its revenue from operation from Haryana for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As per current business trends, its operations are exposed to revenue concentration risk, as a substantial portion of its revenues is derived from the state of Haryana. Any adverse changes in demand, customer preferences, procurement requirements or policies of the state or local governments in Haryana, or a slowdown in economic activity in the state, could adversely affect its ability to grow or sustain its sales, earnings and cash flows.

Outlook

Jindal Supreme (India) is engaged in the manufacturing and supply of a different range of steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Its manufacturing facility is located in Hisar, Haryana, the manufacturing facility is equipped with various machinery, mills, welding plants, and galvanizing plants, supported by in-house maintenance workshop and testing equipment. Its product portfolio includes Mild Steel (MS) black pipes, tubes and galvanized pipes, tubes metal beam crash barriers, and galvanized iron (GI) tubular poles. On the concern side, operations at its Manufacturing Facility are concentrated at a single location in Hisar, Haryana, and its business is dependent on this facility; any disruption, breakdown, shutdown or adverse local or regional developments could materially and adversely affect its business, financial condition, results of operations and cash flows.

The issue has been offering 1,34,28,000 shares in a price band of Rs 88-93 per equity share. The aggregate size of the offer is around Rs 118.17 crore to Rs 124.88 crore based on lower and upper price band respectively. Minimum application is to be made for 161 shares and in multiples thereof thereafter. On performance front, total revenue for fiscal 2026 was amounting to Rs 67,594.04 lakh which has increased by 11.77% compared to Rs 60,474.07 lakh in fiscal 2025. The company’s net profit stood at Rs 2,252.91 million in Fiscal 2026, as compared to Rs 2,426.84 million in Fiscal 2025, representing a decrease of 7.17%.

Meanwhile, the company has continuous focus to strengthen its market reach and penetration by expanding its network of dealers across key regions of India. Currently, the company caters to its customers through an established dealer channel; however, with the planned increase in manufacturing capacity and product offerings, the need to widen the distribution footprint has become important for company. By adding more distributors and dealers, the Company aims to enhance Market Coverage; and Build Long-term Partnerships. The systematic expansion of the company’s distributor and dealer network will not only support higher volumes but also provide a strong competitive edge in an increasingly demand-driven market.