Jindal Supreme (India) Limited

1. Structural & Field-Level Errors in JSON

• Mainboard vs. SME Rule Check (Confirmed Valid):
• Because this is a Mainboard IPO (`"type": "ipo"`), the retail minimum application is correctly set to 1 lot (`161 shares` at ₹93 = ₹14,973), strictly adhering to the standard ₹14,000–₹15,000 mainboard retail ticket size.

• Misclassification of Issue Related Expenses:
• Under `content.issueobjectives`, item 2 ("Issue related expenses") is classified as `"type": "Offer for Sale (OFS)"`. It should be funded from Gross Issue Proceeds / Fresh Issue allocations.

• Unquantified Issue Objectives:
• Items 3 and 4 under `content.issueobjectives` (Borrowings Repayment and General Corporate Purposes) have empty amount strings (`"amount": ""`).
• In `aboutcompany`, Borrowings Repayment is explicitly cited as ₹71.00 Cr. With a Fresh Issue size of $1,07,41,149 \text{ shares} \times ₹93 = \mathbf{₹99.89\text{ Cr}}$, the breakdown should specify ₹71.00 Cr for debt reduction, leaving ~₹28.89 Cr split between GCP and Issue Expenses.

• Valuation Metric Inconsistencies:
• NAV Discrepancy: In `content.valnav`, it is listed as 26.07 (as of 30-06-2026). In `aboutcompany`, the Pre-Issue P/BV of 3.87x is calculated based on an NAV of ₹24.04 as of 31.03.2026.
• EPS Discrepancy: In `content.valeps`, it is recorded as 4.42, whereas in `aboutcompany` it states an average EPS of ₹5.34.
• RoNW Discrepancy: In `content.valronw`, it is recorded as 26.28%, whereas in `aboutcompany` it states an average RoNW of 30.75%.

• Empty Metadata in Overview:
• `companyCode`: `""`
• `BRLM`: `""` (should be populated as `"Sarthi Capital Advisors Private Limited"`).
• `Description`: `""` (unpopulated despite the extensive narrative in `aboutcompany`).

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2. Internal Factual Contradictions in `aboutcompany`

• Discrepancy in Financial Performance Figures:
• In the text of `aboutcompany`:
• FY24: "Rs 65.09 Cr / Rs 12.87 Cr" (vs Total Income of ₹65.08 Cr in `financials` array).
• FY25: "Rs 60.47 Cr / Rs 24.27 Cr" (vs PAT of ₹24.26 Cr in `financials` array).
• FY26: "Rs 67.59 Cr / Rs 22.53 Cr" (vs PAT of ₹22.52 Cr in `financials` array).

• Omission of Q1 FY27 Disclosures:
• The `financials` array includes Q1 FY27 results (Total Income ₹191.09 Cr / PAT ₹8.28 Cr), but the narrative in `aboutcompany` completely ignores this interim period.

• Peer Multiple Inconsistencies:
• In the text of `aboutcompany`:
• Vibhor Steel Tubes Limited P/E: 23.06x
• Sambhv Steel Tubes Limited P/E: 65.55x
• Hi-Tech Pipes Limited P/E: 22.31x

• In the structured `peers` array:
• Vibhor Steel Tubes Limited P/E: 28.2x
• Sambhv Steel Tubes Limited P/E: 23.3x
• Hi-Tech Pipes Limited P/E: 20.8x

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3. Grammatical & Syntactical Errors in `aboutcompany`

• Leading Whitespace in Objective String:
• `content.issueobjectives[1].name`: `" Issue related expenses."` has an unnecessary leading space.

• Paragraph 6 (Missing Article):
• "Company has an average EPS of Rs 5.34..." $\rightarrow$ Missing article ("The company has an average EPS of Rs 5.34...").

• Paragraph 7 (BRLM Section — Subject-Verb Agreement & Repetition):
• "Sarthi Capital Advisors Private Limited are associated with this IPO, and Sarthi Capital Advisors Private Limited has handled 1 IPO..." $\rightarrow$ "are" should be singular ("is"), and repeating the full firm name twice in the same clause is redundant.

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4. Fully Edited & Corrected `about_company` Text

Jindal Supreme (India) Limited is an integrated steel processing enterprise engaged in the manufacturing and supply of Electric Resistance Welded (ERW) black and galvanized steel pipes, pre-galvanized steel tubes, hollow sections, metal beam crash barriers, and solar mounting structural profiles. The company operates a comprehensive business model spanning raw material slitting, tube forming, high-frequency welding, hot-dip galvanizing, and specialized fabrication. Its core value proposition resides in providing high-tensile, corrosion-resistant steel piping and highway safety solutions engineered to strict Bureau of Indian Standards (BIS) norms for critical infrastructure, agriculture, and industrial applications.

The company's primary client segments include infrastructure developers, EPC contractors, highway construction agencies, municipal corporations, public sector undertakings (PSUs), solar project developers, and agricultural equipment manufacturers. In addition to direct institutional sales, the company distributes its products through an established dealer and distributor network across regional trading hubs. Operating primarily in the B2B segment, the company actively bids for government and private infrastructure tenders, particularly for highway protection systems (metal beam crash barriers) and Jal Jeevan Mission water supply initiatives.

Geographically, the company's operational footprint is predominantly concentrated in Northern India, with major sales generated from Haryana (28.55% of FY26 revenue), Rajasthan (13.98%), Punjab (13.67%), Uttar Pradesh (12.36%), and Himachal Pradesh (7.12%). The company also services demand across Delhi, Jammu & Kashmir, Uttarakhand, Madhya Pradesh, and Gujarat, while progressively expanding its sales network into Western and Eastern Indian markets.

The company's manufacturing operations are centralized at a single integrated facility situated in Hisar, Haryana, spanning over 16 acres of freehold industrial land. The facility features an aggregate installed production capacity of 1,71,000 Metric Tonnes Per Annum (MTPA), comprising:

• ERW Black Steel Pipes & Tubes: 1,20,000 MTPA installed capacity (utilization of 61.20% in FY26).
• Galvanized & Pre-Galvanized Steel Pipes: 36,000 MTPA installed capacity (utilization of 54.10% in FY26).
• Metal Beam Crash Barriers & Solar Structure Profiles: 15,000 MTPA installed capacity (utilization of 48.80% in FY26).

Overall plant capacity utilization stood at 58.62% in FY26, providing operational headroom to scale production without immediate factory expansion. Critical operational highlights include an in-house 5 MW rooftop solar power plant installed at the Hisar facility, which offsets manufacturing electricity costs and reduces grid dependency. The plant is equipped with automated tube mills, high-capacity slitting lines, continuous hot-dip galvanizing baths, and advanced testing infrastructure capable of hydrostatic testing, ultrasonic flaw detection, tensile testing, and chemical analysis. The company holds multiple mandatory BIS licenses (including IS 1239, IS 3589, IS 1161, IS 4923, and IS 5986) and employed over 280 personnel as of the RHP date.

In terms of financial performance, Jindal Supreme (India) Limited reported total income / net profits of ₹65.08 Cr / ₹12.87 Cr (FY24), ₹60.47 Cr / ₹24.26 Cr (FY25), and ₹67.59 Cr / ₹22.52 Cr (FY26), with Q1 FY27 delivering ₹191.09 Cr in total income and ₹8.28 Cr in net profit. Over the last three fiscal years, the company demonstrated revenue stability and solid profitability, alongside planned debt reduction (with ₹71.00 Cr earmarked from Fresh Issue proceeds toward the prepayment/repayment of outstanding borrowings). The company reported an average EPS of ₹5.34 and an average RoNW of 30.75% over the last three fiscals. Based on pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.87x against an NAV of ₹24.04 as of March 31, 2026 (or 3.57x against an NAV of ₹26.07 as of June 30, 2026). Factoring in fresh issue proceeds, the Post-Issue P/BV stands at 2.41x. Attributing the earnings of FY24, FY25, and FY26 to the expanded post-issue equity base, the offer is priced at a Post-Issue P/E of approximately 36.86x, 19.55x, and 21.06x, respectively. As per the RHP, listed peers such as Vibhor Steel Tubes Limited (P/E of 28.20x), Sambhv Steel Tubes Limited (P/E of 23.30x), and Hi-Tech Pipes Limited (P/E of 20.80x) trade at comparable multiples, positioning this issue fairly against the industry average.

On the BRLM front, Sarthi Capital Advisors Private Limited is the sole Book Running Lead Manager and has handled 1 public issue in the last three fiscal years (as of September 09, 2026).

• 1 Mr. Abhishek Jindal
• 2 Ms. Sonam Jindal