Jindal Supreme (India) Limited

This section primarily provides context on the industry analysis by referencing an external report and outlining various global and regional economic scenarios. It details projections from the IMF regarding global GDP growth, inflation trends, and the impact of geopolitical events. Furthermore, it discusses the specific macroeconomic scenario for India, noting its expected growth trajectory and its ranking among the world's largest economies.

This section provides macroeconomic data related to India's economy, including Gross Value Added (GVA) and Consumer Price Index (CPI) inflation rates. It also covers forecasts for India's per capita GDP growth and details trends in the Index of Industrial Production (IIP) across various industrial segments. Furthermore, it discusses demographic factors such as population and the labour force in India, along with recent reforms in labour laws and related portals.

The provided text covers macroeconomic indicators, government budget highlights, and an industry definition for the steel pipe and tube sector. It details trends in disposable income and consumer spending, the focus of the Union Budget on infrastructure, MSME support, and agriculture, and the structure of the steel pipe industry, including its various product types, end-uses, material types, and geographic demand.

The provided section details various environmental, social, and governance (ESG) performance indicators for the steel industry, highlighting efforts in reducing emissions, improving material and energy efficiency, and strengthening management systems. It also covers global steel production trends, market dynamics, and the structure of the steel pipes and tubes industry. Key aspects include the cyclical nature of global steel prices, the sectoral distribution of steel consumption, and the global trade patterns for steel products.

The Indian steel industry shows sustained growth, with crude steel production increasing and domestic consumption rising, supported by expected long-term growth drivers. The industry benefits from abundant raw materials and cost-effective labor, with iron ore reserves providing a cost advantage. The production mix involves various furnace types, including BOF, EAF, and Induction Furnaces, reflecting a diversified production base. Furthermore, the steel pipe and tubes industry is a key downstream segment, serving diverse sectors like infrastructure and oil & gas, and is projected for significant market growth.

The steel pipes and tubes industry involves a value chain spanning from raw material transformation into various pipe types, which are then processed through cutting, welding, galvanizing, and quality testing. These pipes serve diverse downstream sectors such as infrastructure, industrial machinery, energy, and automotive applications, with a high-value segment focusing on specialized products for premium oil and gas, high-rise construction, and export markets. The industry is experiencing strong growth driven by infrastructure investment and government initiatives, although it faces constraints related to raw material volatility, working capital intensity, and technological gaps.

The Indian Steel Pipes and Tubes industry operates within a structured policy and regulatory ecosystem that drives medium- to long-term growth. This growth is fueled by sustained demand from government infrastructure programs like the National Infrastructure Pipeline (NIP) and the Jal Jeevan Mission, alongside expansion in the oil and gas sector. Key competitive factors include cost efficiency, adherence to stringent quality standards (like BIS and API), technological innovation in manufacturing, and alignment with government policies such as the Make in India initiative. Furthermore, there is a growing push towards sustainability, requiring the industry to adopt greener manufacturing practices to meet global ESG standards.

The Indian Steel Pipes and Tubes industry is characterized by a competitive landscape defined by cost leadership, technological capability, regulatory compliance, and strategic market positioning. Key competitive strategies involve vertical integration, strategic partnerships, capacity expansion, digitalization, and offering aftermarket services. Barriers to entry include high capital requirements, specialized technological expertise, and navigating complex regulatory compliance. Consolidation trends show leading manufacturers acquiring smaller players to achieve economies of scale and dominate market share. The industry is led by major players like APL Apollo Tubes Limited, Hariom Pipe Industries Limited, Hi-Tech Pipes Limited, and JTL Industries Limited, who leverage backward integration and modern manufacturing to serve diverse sectors.

The text describes several entities within the steel pipe and tubes sector, detailing their operational aspects, product offerings, and market positioning. JTL Industries focuses on scaling production capacity using Double Flow Technology to improve efficiency and expand its export footprint. Sambhv Steel Tubes Limited is a backward-integrated manufacturer specializing in Electric Resistance Welded (ERW) steel pipes across various sectors. Jindal Supreme Limited operates a fully backward-integrated production model, covering raw material sourcing to finished products, and demonstrates progressive operational scaling across different product segments. The analysis also compares product capabilities across several companies and outlines various competitive strengths and market opportunities in the infrastructure sector.

Jindal Supreme India Limited is engaged in the manufacturing and supply of a diverse range of steel pipes and tubes for various infrastructure and industrial applications. The product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles, manufactured to meet various dimensions. These products serve sectors such as Water Supply, Plumbing, Infrastructure & Construction, Road & Highways, Bridges, Oil & Gas, Chemicals, Agriculture, and rural electrification. The company's manufacturing facility is located in Hisar, Haryana, and the products adhere to Indian Standards to ensure quality and compliance.

The company manufactures various metal products, including MS black pipes, galvanised pipes, metal beam crash barriers, and GI tubular poles. The manufacturing process involves several stages such as raw material preparation, slitting, tube forming, welding, sizing, cutting, surface finishing, and packaging. The company operates a manufacturing facility located in Hisar, Haryana, and has necessary power and water connections for its operations.

The company manufactures several products, including MS galvanized pipes/tubes, metal beam crash barriers, and GI tubular poles. MS galvanized pipes are made by coating mild steel with zinc through a galvanization process to prevent corrosion, which is crucial for applications exposed to moisture. The manufacturing process involves several steps, starting from raw material preparation like hot-rolled steel coils, followed by slitting, tube forming, surface preparation, and finally, galvanizing in a molten zinc bath. Metal beam crash barriers are manufactured to act as guard rails, typically made of high-strength, galvanized steel, designed to absorb vehicle impact and redirect energy. GI tubular poles are produced from steel sheets, which are cut, formed, and welded into various shapes for street lighting and infrastructure support. The procurement process for raw materials is rigorous, involving requirement identification, quantity estimation, supplier selection, negotiation, and quality standard evaluation.

The section details various aspects of the company's operational and procurement processes, including purchase requisition, order creation, delivery, quality control, and payment procedures. It outlines the geographical concentration of revenue, noting that the majority of operations come from northern and western Indian states. Furthermore, the text describes the company's sales and distribution strategy, which relies on both direct sales and a dealer network to reach customers across different regions. The dealer network is crucial for product introduction and market penetration, and the sales team is responsible for order generation, relationship building, and payment collection.

This section details various aspects of the company's manufacturing and operational capabilities, including different types of plant equipment, capacity expansions, market strategy, and competitive landscape. The company has undertaken expansions in product lines like metal beam crash barriers and galvanizing units, driven by rising demand and product diversification. Furthermore, the company focuses on improving capacity utilization and operational efficiency to enhance profitability. The company acknowledges competition from domestic manufacturers across various product segments and outlines its logistics and maintenance procedures.

The section details various aspects related to the company's operations, including employee welfare, insurance coverage, corporate social responsibility (CSR) activities, ownership of properties, intellectual property rights, and compliance with various Indian laws and regulations. It outlines the company's adherence to standards set by various acts concerning steel products, legal metrology, and environmental protection.

This section provides an overview of various Indian laws and regulations pertaining to environmental standards, public liability, industrial safety, labor relations, intellectual property, and foreign investment. It details numerous acts that mandate compliance concerning pollution control, hazardous waste management, worker welfare, and the protection of intellectual property rights. Furthermore, it outlines the regulatory framework for foreign investment in Indian companies under FEMA and related rules.

This section primarily outlines the various laws and regulations applicable to the company's operations, covering taxation, securities, and general commercial laws. It details several key acts such as the Income Tax Act, Customs Act, GST laws, and various provisions related to securities markets, including SEBI regulations. Furthermore, it mentions laws concerning contracts, stamp duties, and the framework for various industrial activities.

The company, originally incorporated in 1974, has undergone several name and company type conversions over the years, including changes to a public limited company status. Key milestones include various name changes, conversions to private and public limited companies, and significant capacity expansions and product launches. The company has not undertaken any material mergers, acquisitions, or divestments in the last ten years, nor have there been any defaults or restructuring of borrowings. The company currently does not have any holding company, subsidiaries, or associates as of the prospectus date.

This section provides various definitions and abbreviations used throughout the Prospectus. It defines terms related to the company, such as the legal name, registered office, and key personnel. It also defines terms related to the offer process, including different types of investors, bid procedures, and relevant circulars. The definitions clarify the meaning of terms used in the document to ensure consistent understanding.

This section details various terms related to the offer process, including the relevant circulars, agreements, and parties involved. It specifies the agreement for cash escrow and sponsor bank(s) to collect bid amounts and transfer funds. It defines various types of bidders, such as Retail Individual Bidder(s) (RIBs), Qualified Institutional Buyers (QIBs), and Non-Institutional Investors (NIBs). It also outlines the structure of the fresh issue, the price band, and the parties responsible for the offer.

This section primarily defines various terms related to the offering process, including different types of bidders, necessary documentation, and relevant regulatory mechanisms. It specifies how applications can be made through UPI, the roles of various parties like Sponsor Banks and Syndicate Members, and the agreements involved in the process. It also details definitions for various technical terms and abbreviations used in the prospectus.

This section primarily defines various financial and legal terms used within the document, such as Net Worth, various account types (like NRE and NRO), and financial metrics. It also details conventions regarding the presentation of financial data, including the use of Indian Rupees and US Dollars, and the exchange rates for different periods. Furthermore, it specifies the source of industry and market data used in the prospectus, which is from a report commissioned by the company.

The provided text discusses various risks and disclosures related to the company's operations and the use of data in the Prospectus. It details that market and industry data used in the document may vary due to different methodologies, and investment decisions should not rely solely on such information. Furthermore, the text outlines several material risks, including the concentration of manufacturing operations at a single location, dependency on key customers and suppliers, vulnerability of production costs to raw material price fluctuations, and dependence on demand for specific products. The company also lacks a formal, documented disaster recovery plan and specific insurance coverage for business interruption.

The provided section details various operational and financial aspects of the company, including production capacity utilization, working capital requirements, supplier dependencies, raw material cost vulnerability, and revenue sources. Production of GI Tubular poles commenced in April 2025, and the company faces risks from raw material price fluctuations and demand changes for its products. A significant portion of revenue is derived from the sale of Black Pipes and Galvanized Pipes, and the company relies heavily on its key customers for revenue generation.

The company has faced negative cash flows from operating, investing, and financing activities in some previous years, and negative cash flows may be expected in the future. The company is required to pay certain statutory dues, and delays in payment could result in financial penalties. The company has entered into related party transactions, including directors' remuneration and loans, and there is no assurance that these transactions will always be in the best interests of minority shareholders. Furthermore, the company does not own the land for its manufacturing plant but has obtained it on a leave and license basis, which could be adversely affected if the lease is not renewed on acceptable terms.

The company has faced issues regarding its Certificate of Incorporation, including clerical errors that required rectification with the MCA, which resulted in the inability to generate the Certificate of Incorporation. Furthermore, there is a risk related to past non-compliance with trade license renewal requirements under a specific section of the Haryana Municipal Corporation Act, 1994. The company also faces risks concerning the perception of its association with the Jindal family due to the use of the word "Jindal" in its name. The company is highly dependent on its Promoters, Key Managerial Personnel, and Senior Management for day-to-day operations and strategy. Finally, the company is exposed to counterparty credit risk related to trade receivables and the potential for delays in receiving payments from customers.

The provided section details various risks and operational aspects of the company's business, including exposure to macroeconomic conditions, quality requirements, and potential delays in payments from clients. The company specializes in producing various metal products for industrial applications, facing risks related to product quality and timely delivery. Furthermore, the text discusses risks associated with the distribution network, including issues with dealers and inventory, and potential issues with legal approvals and intellectual property protection. The section also covers risks related to financial arrangements, such as reliance on third-party appraisals for fund utilization and potential issues with insurance coverage and contractual covenants with lenders.

The provided text discusses various risks and dependencies impacting the company's operations and financial health. Risks include exposure to natural or man-made disasters, political instability, and changes in laws and regulations. The company's business performance is also closely linked to the health of the domestic and global economies, including fluctuations in demand and steel prices. Furthermore, there are concerns regarding potential labor disruptions and the reliability of power supply for manufacturing.

This section details various risks that could adversely affect the business, operations, financial condition, cash flows, and results of operations, including macroeconomic factors like interest rate changes, political instability, and changes in tax or trade policies. It also discusses risks related to competition law, including agreements that might be void, and the potential impact of government actions and new regulations. Furthermore, the text covers issues concerning foreign investment restrictions, the limitations on shareholder rights under Indian law, and the potential for future dilution due to new equity issuances. Finally, it outlines risks related to the trading of equity shares, such as market fluctuations, the nature of the offer price determination, and the potential for delays in listing and trading commencement.

This section details the structure of an offer for equity shares, specifying the breakdown into Fresh Issue and Offer for Sale components. The offer is categorized into QIB, Non-Institutional, and Retail portions, with various allocations and reservation rules for different bidder types. The offer was authorized by a Board resolution and approved by a special resolution of the Shareholders.

This section details various corporate history and identifies the key intermediaries involved in the offer process. The company's incorporation history shows several name and company type changes over the years, including conversions between private and public limited companies. It lists the Board of Directors, the Company Secretary and Compliance Officer, and various parties such as the Book Running Lead Manager, Registrar to the Offer, and Statutory Auditors.

This section details various disclosures related to expert opinions, the process for conducting the book-building, and the underwriting arrangements for the equity shares. It specifies the consent obtained from a Statutory and Peer Review Auditor, as well as an Independent Chartered Engineer, concerning different aspects of the company's information. Furthermore, it outlines the eligibility of brokers, the nature of the offer regarding credit ratings and trustees, and the monitoring agency appointed for the gross proceeds. The process for collecting bids, including the role of different investor types, is also described.

This section details the authorized and issued equity share capital of the company as of the date of the Prospectus. It outlines the structure of the capital, including the total authorized shares, the capital issued before the issue, and the proposed offer details. Furthermore, it specifies the details of the promoter group selling share, confirming that the offered shares were held by the promoter group for at least one year prior to the filing, making them eligible for the offer.

The provided section details various allotments and buy-backs of equity shares across different dates, including cash allotments and a bonus issue. The data shows transactions involving numerous individuals and entities, with the total number of shares and paid-up capital being tracked. Furthermore, the section includes a detailed shareholding pattern as of the date of the Prospectus, indicating a high concentration of shares among the promoter group.

This section details the equity shareholding of major shareholders of the company, providing data on holdings as of the date of the Prospectus, 10 days prior, and one year prior. It also outlines provisions regarding the history of promoter shareholding build-up and lock-in periods for promoter contributions. Furthermore, it specifies conditions under which the company may alter its capital structure and details the process for locking in promoter's contribution as defined by SEBI ICDR Regulations.

The section details various lock-in requirements for equity shares, including different periods for shares allotted to Anchor Investors, and conditions for pledging shares by Promoters. It outlines specific regulations regarding the transferability of locked-in shares between promoters and other parties. Furthermore, it confirms that the Promoter's contribution does not include funds from certain financial institutions. The text also provides a detailed breakdown of the shareholding of Promoters and the Promoter Group, showing their ownership percentage before and after the offer, and discloses recent transactions involving shares.

The Offer involves a combination of a Fresh Issue and an Offer for Sale of equity shares. The Offer for Sale component is by the Promoter Group Selling Shareholder, and the proceeds from this sale will not be received by the Company. The Net Proceeds from the Offer are intended for specific purposes, primarily debt repayment and general corporate purposes. The utilization of funds is subject to various factors and compliance requirements set by regulations. The company also intends to use the listing of equity shares to enhance visibility and market for its shares.

The section details the process for the Promoter Group Selling Shareholder to sell Equity Shares in the Fresh Issue on a pro rata basis. It outlines procedures for fee payment, including reimbursement of expenses paid by the Company from the Public Offer Account. Various details are provided regarding the breakdown of estimated offer expenses, such as fees for underwriters, advertising, and regulatory bodies. Furthermore, the text specifies different commission structures and processing fees depending on the type of bidder (Retail Individual, Non-Institutional, etc.) and the mechanism used for the bid.

This section provides various financial metrics and comparisons related to the company's performance, including Price/Earnings ratios, Return on Net Worth, Net Asset Value, and comparisons with industry peers. It details performance metrics for different fiscal years and compares the company's results against listed industry peers across different time periods. Furthermore, it outlines Key Performance Indicators (KPIs) approved by the Audit Committee and provides operational parameters such as total installed capacity and capacity utilization.

This section provides details regarding the geographical revenue breakdown for several peer companies, including Vibhor steel Tubes Limited, Sambhv Steel Tubes Limited, and Hitech Pipes Limited. It details the revenue from operations, domestic revenue, and export revenue as a percentage of total revenue from operations for each peer. Furthermore, the section covers weighted average cost of acquisition, floor price, and cap price related to past equity transactions, along with information on the offer price determination.

This section details the possible special tax benefits available to the company and its equity shareholders under the Income Tax Act, 1961 and the Income Tax Act 2025. The document clarifies that no such special tax benefits are available to the company under the relevant tax laws and rules. Furthermore, it states that no special tax benefits are available to the shareholders under the same acts. The text includes several notes clarifying the scope and limitations of the statement, such as not considering general tax benefits or discussing tax consequences outside of India.

This section presents summary financial information derived from restated financial statements for Fiscal 2026, Fiscal 2025, and Fiscal 2024, as of June 30, 2026. The data includes statements of assets and liabilities, profit and loss, and cash flows. The information is presented in accordance with IND AS and the Companies Act 2013, and should be read alongside the detailed financial statements and management's discussion and analysis.

The section confirms that as of the date of the Prospectus, there are no outstanding criminal proceedings, regulatory actions, disciplinary actions by SEBI or stock exchanges against the promoters in the last five financial years, or consolidated claims related to direct and indirect taxes. The section details several specific pending litigations, including complaints filed by the company against individuals for non-fulfillment of consultancy agreements and outstanding payments, and a dispute regarding the cancellation of a purchase order. Furthermore, it outlines various tax proceedings involving the company, the promoter, and directors, including appeals and notices from the Income Tax Department.

The section details outstanding dues to creditors, noting that as of June 30, 2026, the company had ₹767.33 lakhs payable or outstanding to creditors. Material creditors were defined as those with dues exceeding ₹76.73 lakhs, with an aggregate of ₹496.74 lakhs outstanding to four such creditors as of October 11, 2025. The section also lists various material approvals, including authorizations for offers, various corporate name changes, and numerous tax registrations, factory licenses, and regulatory consents.

The section details various registrations, licenses, and approvals, including pending applications and existing intellectual property matters. There are thirteen applications pending for approval, and the company has proactively followed up with authorities. The section also lists several existing trade mark registrations and domain name issues, including disputes over rectification applications and agreements regarding domain name usage.

This section primarily details various approvals and compliance confirmations related to the issuance of the Draft Red Herring Prospectus, including resolutions from the Board and Shareholders. It also includes confirmations regarding compliance with various regulations, such as SEBI ICDR Regulations, and declarations that the company and its promoters are not prohibited from accessing the capital market or have not been declared as fraudulent borrowers. Furthermore, it outlines eligibility criteria for the offer and restrictions concerning the transfer and offering of equity shares, including jurisdiction-specific limitations.

The section primarily details various disclaimers, consents obtained from various parties, and procedures related to the listing of equity shares. It outlines conditions under which persons may apply for or acquire securities and the responsibilities of the company regarding the listing process. Furthermore, it specifies procedures for the redressal of investor grievances and the appointment of key personnel.

This section details the legal framework governing the offer, including adherence to various laws and regulations such as the Companies Act, SEBI ICDR Regulations, and various SEBI guidelines. It outlines the structure of the offer, which includes a Fresh Issue by the Company and an Offer for Sale by the Promoter Group Selling Shareholder. The text specifies the terms for the ranking of equity shares, the mode of dividend payment, the face value and price band details, and the procedures for allotment, including the use of dematerialized forms and agreements with Depositories and Registrars.

This section details various procedural aspects related to the Offer structure, including working days, handling of discrepancies in data, conditions for minimum subscription levels, and procedures for refunds or interest payments for delays. It outlines the structure of the offer, including the total size of the Fresh Issue and Offer for Sale, and specifies the rules for allocation across different investor categories like Qualified Institutional Buyers (QIBs), Non-Institutional Bidders, and Retail Individual Bidders. Furthermore, it details the process for handling under-subscription and the allocation basis for various portions of the offer.

This section details various procedural aspects related to the offer process, including bid allocation, investor eligibility, and the phased implementation of the Unified Payments Interface (UPI) mechanism. It outlines rules regarding bid collation, representation by bidders, and the transition from the traditional ASBA process to the UPI mechanism for certain investors. Furthermore, it specifies timelines for listing based on different SEBI circulars and introduces requirements for grievance redressal concerning UPI applications.

This section details various procedural requirements and restrictions concerning the bidding process for equity shares, including different investor categories and methods. It outlines rules for UPI bidders, ASBA bidders, the handling of various investor types like Mutual Funds, Eligible NRIs, HUFs, and Anchor Investors. Specific rules are provided regarding the submission of forms, the blocking of funds, the handling of bid modifications, and restrictions on participation by promoters and related parties.

This section details various compliance requirements and restrictions concerning different categories of investors and entities participating in the offer, such as FPIs, VCFs, AIFs, limited liability partnerships, banking companies, insurance companies, and various funds. It outlines specific documentation, such as certificates of registration, required for various bidders, and sets investment limits based on applicable laws and regulations. Furthermore, it specifies rules regarding the aggregation of bids, the handling of derivative instruments, and the consequences for exceeding investment limits.

This section details numerous instructions and requirements for investors and bidders when submitting bids, particularly concerning documentation, account details, and payment mechanisms. It covers requirements for obtaining stamped acknowledgments, matching names with beneficiary accounts, rules for UPI bidders, and compliance with PAN requirements based on investor residency. Furthermore, it outlines various grounds for technical rejection of bids, such as submitting bids on plain paper, using unlisted UPI handles, or using third-party bank accounts, and specifies compensation clauses for delays in fund unblocking.

This section details various procedural aspects related to the offer, including bid timelines, investor grievance redressal, and the process for finalizing the basis of allotment. It outlines rules regarding the allotment of equity shares across different investor categories, such as Retail Individual Bidders, Non-Institutional Bidders, and Anchor Investors. Furthermore, it specifies procedures for pre-offer and allotment advertisements, the signing of underwriting agreements, and various undertakings provided by the Company and the Promoter Group Selling Shareholder. Finally, it discusses restrictions on foreign ownership of Indian securities and the rules governing foreign investment in the offer.

The section discusses recent regulatory changes concerning foreign exchange management, specifically the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026, which relaxed certain investment limits for individuals residing outside India. It clarifies that certain transactions involving the purchase, sale, or transfer of equity instruments might require government approval if the transfer results in the ownership or control shifting to entities or citizens of countries sharing land borders with India. Furthermore, the text details various provisions regarding the Articles of Association, including definitions for terms like 'Company' and 'Director', and rules on share capital, including the ability to increase or reduce capital, and the process for dealing with share transfers and forfeiture.

This section primarily outlines various procedural and substantive provisions related to the company's governance, including share forfeiture, general meetings, director appointments, and the powers of the Board of Directors. It details rules concerning the calling of meetings, quorum requirements, the conduct of directors, the signing of instruments, and the powers the Board has to exercise regarding the company's capital, investments, and borrowing activities. It also covers director responsibilities concerning the company's assets and liabilities.

This section primarily details compliance requirements related to statutory filings, audit appointments, and the disclosure of material contracts and documents for inspection. It outlines various agreements, including offer, syndicate, and underwriting agreements, as well as various corporate documents and certificates. It also mentions several documents related to the company's incorporation history and various consents from professionals and regulatory bodies. Furthermore, it references a legal opinion concerning a litigation against a specific company and correspondence from the Ministry of Corporate Affairs regarding the Certificate of Incorporation.

The provided section primarily consists of declarations by various Directors and Independent Directors certifying compliance with various provisions of the Companies Act and regulations issued by the Government of India or SEBI. These declarations confirm that no statement in the Prospectus is contrary to the provisions of the Companies Act, SCRA, SCRR, or SEBI Act, each as amended or rules notified thereunder, and that all disclosures made are true and correct.

The provided section primarily consists of declarations certifying compliance with various provisions of the Companies Act and regulations issued by the Government of India or SEBI. These declarations confirm that no statement in the Prospectus is contrary to the provisions of the Companies Act, SCRA, SCRR, or the SEBI Act, as amended or with rules/guidelines notified thereunder. The declarations are signed by the Chief Financial Officer, the Company Secretary and Compliance Officer, and the Promoter Group Selling Shareholder.

This section summarizes related party transactions and balances for various financial years, detailing payments made to individuals such as Sh. Kailash Sharma, Sh. Krishan Kumar Taneja, Sh. J.P. Sharma, and Sh. Abhishek Jindal, covering salaries and provident fund contributions. It also details interest on lease liabilities for certain parties, including Sh. Janak Raj Jindal. Significant transactions involve VVJ Enterprise Pvt Ltd, including purchases and interest received. A separate table details loans and advances to directors, promoters, KMPs, and related parties, noting a 100.00% percentage of total loan and advances in the nature of loan related to Jindal Retail India Pvt. Ltd.

The company's Board consists of six Directors, including one Managing Director, one Whole Time Director, one Woman Director, and three Independent Directors, in compliance with corporate governance norms. The key managerial personnel include Abhishek Jindal as the Chairman & Managing Director, Madan Gopal Babbar as the Whole Time Director, Sonam Jindal as a Non-executive Director, and three Independent Directors: Abhiram Tayal, Chiranji Lal Aggarwal, and Vijay Kaushik. Various details regarding their directorships, experience, and remuneration terms are disclosed.

The section details various aspects of director interests, payments, and changes to the Board over the preceding three years. It clarifies that no payments or benefits have been made to company officers in the last two years, and outlines the extent to which directors may be deemed interested in the company based on remuneration, equity holdings, or contracts. Furthermore, it lists recent changes in the Board composition, including appointments and resignations of various directors. The text also describes the establishment and composition of the Audit Committee and the Stakeholders Relationship Committee, detailing their respective scopes and functions.

The company outlines various functions related to shareholder communications, share transfers, and compliance with statutory requirements. The Nomination and Remuneration Committee was constituted and later reconstituted, involving an Independent Director, an Independent Director, and a Non-Executive Director. The Corporate Social Responsibility Committee was also established to formulate and recommend CSR policies and annual action plans. Key managerial personnel include the Managing Director, Whole Time Director, Chief Financial Officer, Company Secretary and Compliance Officer, and other heads for Commercial, Plant/Production, and Human Resources. Details regarding the profiles, remuneration, and service contracts of these key personnel are provided.

The company's promoters are Abhishek Jindal and Sonam Jindal, who collectively hold 82.03% of the pre-offered, subscribed, and paid-up equity share capital. Abhishek Jindal is identified as the Promoter and Managing Director, while Sonam Jindal is the Promoter and Non-Executive Director. The document details various aspects concerning their interests, including transactions, related party relationships, and confirmations regarding their compliance with regulatory requirements. The company has entered into a leave and license agreement with the promoters for property leasing, and there are disclosures regarding the company's group companies.

The provided text primarily covers disclaimers regarding liability, related party transactions, and the status of litigation involving the Group Companies. It confirms that the Group Companies are not currently involved in pending litigation that would materially impact the Company. Furthermore, it states that there are no significant related business transactions between the Company and its Group Companies, except as disclosed in specific notes. The text also details the dividend policy, noting that dividend payments are subject to various financial parameters, and clarifies that past dividend declarations do not guarantee future payments. Finally, the text includes a summary of restated financial statements and the responsibilities of the auditors regarding the financial information presented in the Draft Red Herring Prospectus.

This section primarily details the financial statements, including the Statement of Profit and Loss and the Statement of Changes in Equity, for the company across different reporting periods. The data shows various components such as revenue, expenses, profit before tax, and various items related to equity, such as reserves, retained earnings, and other comprehensive income. The financial figures are presented for dates as of June 30, 2026, March 31, 2026, March 31, 2025, and March 31, 2024.

This section primarily details the financial statements' basis, accounting policies, and classifications according to Indian Accounting Standards (Ind AS). It outlines the treatment for various items such as property, plant, and equipment, intangible assets, and the recognition of development expenditures for individual products or projects as intangible assets. The text specifies the criteria for classifying assets and liabilities as current or non-current based on their expected realization or settlement within a specified timeframe.

This section details various accounting treatments related to the financial statements, including the recognition and derecognition of assets, revenue recognition principles, and treatment of various financial items. It outlines rules for investment property, impairment of non-financial assets, revenue recognition based on control transfer, and the accounting for interest income and other income. Furthermore, it specifies rules for classifying investments, valuing inventories, handling cash and cash equivalents, accounting for employee benefits, borrowing costs, and provisions for contingencies. Finally, it covers the recognition of current and deferred taxes.

This section primarily details the accounting standards and principles related to financial instruments, including the recognition, measurement, and subsequent measurement of financial assets and liabilities. It outlines specific criteria for classifying debt instruments, equity investments, and the treatment of financial liabilities. Furthermore, it discusses impairment provisions for financial assets based on expected credit loss models and the treatment of foreign exchange transactions.

This section primarily details various financial movements, including additions, disposals, and depreciation over different periods, as well as the status of Capital Work in Progress (CWIP). The data shows fluctuations in asset values and depreciation charges across several fiscal years. Specific details on promoters' identities, shareholding percentages, or regulatory actions are not explicitly detailed in the provided text.

The provided text details various financial statements and capital structure information, including movement in capital work in progress, balances of financial assets and liabilities, inventories, trade receivables, cash and cash equivalents, and equity share capital. It also lists details of shareholders holding more than 5% of the company's shares.

The provided text details the shareholding structure of the company as of various dates, including the breakdown of shares held by key individuals and corporate entities. It also includes notes regarding equity share buybacks, the utilization of security premium accounts, and various financial liabilities such as term loans, lease liabilities, trade payables, and provisions for employee benefits. The data shows historical trends in shareholding, liabilities, and other financial aspects.

The provided text primarily contains financial data related to the company's outstanding payables, current provisions, revenue, cost of material consumed, and various expenses. It details figures for different time periods, including projections for various future dates (e.g., June 30, 2026, March 31, 2026, March 31, 2025, and March 31, 2024). The section also includes details on revenue streams, cost components, inventory changes, employee benefits, finance costs, depreciation, other expenses, tax expenses, and various other operational and selling expenses. Furthermore, the text mentions details regarding earnings per share and contingent liabilities.

This section details various financial and operational aspects of the company, including employment benefit plans, segment reporting, and related party transactions. The company operates in a single primary segment, which is the manufacturing of steel tubes and pipes. The reporting includes historical data for different reporting dates for various financial metrics. Furthermore, the section lists several promoters and directors, along with details on their appointments or retirements, and transactions conducted with related parties.

The provided section details various financial and related party information, including salary details for several individuals, loan and advance balances with related parties, and information regarding payments to Micro, Small and Medium Enterprises (MSME) suppliers. It also includes reconciliation of current tax expenses and profit/loss, as well as details on Corporate Social Responsibility (CSR) spending.

The provided section details various compliance and financial aspects of the company, including provisions related to environmental protection, women's empowerment, and cultural promotion. It also covers aspects of loan management, asset valuation, and legal compliance. The text includes various accounting ratios and notes on the transition to Indian Accounting Standards (Ind AS), including exemptions and reconciliations between Previous GAAP and Ind AS.

This section primarily details the financial performance, equity reconciliation, and various risk management aspects of the company, including capital structure and financial risk policies. It presents a Profit and Loss statement summary, notes on the transition to Indian Accounting Standards (Ind AS), and various risk assessments such as market, credit, and liquidity risks. The text also includes details on the contractual maturities of financial liabilities and a capitalization statement.

This section provides details regarding the financial performance and capitalization structure of the company for the period ended June 30, 2026, based on restated financial information. It includes various financial metrics such as Basic/Diluted EPS, Return on Net Worth, Net Asset Value Per Share, EBITDA, and various margins. The capitalization statement details the borrowings, shareholder's funds, and the resulting debt/equity ratios. The document also outlines the basis of preparation for the financial statements according to Indian Accounting Standards (Ind AS).

This section details various accounting treatments and recognition principles for different aspects of the financial statements, including plant and equipment, intangible assets, investment property, revenue recognition, investments, inventories, cash, employee benefits, borrowings, and tax provisions. It outlines specific rules for capitalizing certain costs, recognizing revenues, handling various asset disposals, and accounting for different types of liabilities and assets according to Indian Accounting Standards (Ind AS).

This section details various accounting treatments and financial reporting aspects, including the initial recognition and subsequent measurement of financial assets, the classification of equity instruments, and various aspects of revenue, expenditure, and profit calculation. It outlines specific rules for debt instruments, equity investments, foreign exchange transactions, leases, and the components of total revenue and expenses. The text also provides detailed breakdowns of income statement items, including revenue from operations, various income streams, and total expenses, concluding with the profit/loss results and earnings per equity shares.

This section details the financial performance comparison across different fiscal periods, including comparisons between fiscal years and three-month periods. Key operational metrics show fluctuations in revenue, revenue from operations, and the impact of various costs and income streams. The comparison between fiscal 2026 and 2025 indicates changes in revenue growth, product sales, and the performance of other income components. Furthermore, the section provides a comparison between fiscal 2025 and 2024, highlighting trends in revenue decline, volume changes, and the impact of market conditions.

The provided text details various financial performance metrics and cash flow activities for the company across different fiscal years. Key operational highlights include increased production and sales of metal beam crash barriers, which contributed to revenue growth. The company also reported significant increases in other income, primarily from the gain on disposal of buildings. Financial costs and expenses showed fluctuations, with some costs decreasing due to lower material consumption, while finance costs increased due to higher long-term borrowings. The analysis also includes reconciliation tables for various financial measures and cash flow statements.

The provided text details various financial metrics, including cash flows from financing activities for Fiscal 2025 and 2024, and summarizes the company's capital structure. It also outlines the company's financial risk management policies concerning market, credit, and liquidity risks. Furthermore, the text lists numerous sanctioned loans from various institutions, including HDFC Bank and ICICI Bank, detailing the type, tenure, and interest rates, along with notes on the security and repayment status of these borrowings.

The company has secured various financial facilities, including term loans and credit lines, from several banks. A term loan was taken from HDFC Bank for the purchase of a TATA Commercial Vehicle, and another term loan was secured for new plant & machinery. Various credit limits, including a CC limit from HDFC Bank, letters of credit from ICICI Bank, working capital facilities from Kotak Mahindra Bank Limited, and a Cash Credit limit from Kotak Mahindra Bank Limited, have been sanctioned. All these limits were secured by a pari-passu charge on the company's and directors' properties, and the charges for these facilities have been registered with the Registrar of Companies (NCT) New Delhi.