Near-critical turbulent axisymmetric free-surface flow over a horizontal bottom is investigated. Assuming that undular hydraulic jumps occur at large radii, an asymptotic analysis of the governing equations is performed in the double limit of very large Reynolds numbers and Froude numbers close to the critical value 1. The results are kept free of turbulence modelling due to a specific coupling of the two limiting processes. The final result of the asymptotic analysis is a new steady-state version of an extended Korteweg–de Vries (KdV) equation for the free-surface elevation. The extended KdV equation is derived as a uniformly valid differential equation, describing the flow near the origin of the undular jump as well as far downstream. Numerical solutions of the extended KdV equation show that circular undular jumps can develop if the reference state is located in the region where the effect due to axisymmetry prevails over the effect of friction. In this case, the solution oscillates over a very long distance until the accumulating friction effects force a breakdown. The comparison between the theories of undular jumps in turbulent and inviscid flows shows that friction is of minor importance near the development of the undular jump. However, friction has to be taken into account to describe the flow further downstream. Remarkably, the extended KdV equation is valid and yields undular solutions for both turbulent source and sink flow.