Jindal SAW logo

Jindal SAW

JINDALSAW NSE

Key Fundamentals

SmallcapIron & Steel ProductsIndustrial Products
Market Cap
₹17,177 Cr
Volatility
Moderate
P/E Ratio
26.45
EBITDA
₹2,306 Cr
Return on Equity
7.53%
Debt to Equity
0.37
Book Value
₹196.62
EPS
₹57.92
52W High
₹320
52W Low
₹153

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

4
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company has a low return on equity of 13.9% over last 3 years.
  • Dividend payout has been low at 9.37% of profits over last 3 years
  • Working capital days have increased from 42.0 days to 65.9 days

Growth Rate

Revenue Growth
-14.13% lower than 3Y
Net Income Growth
-36.54% lower than 3Y
Cash Flow Change
-24.14% higher than 3Y
ROE
-43.43% lower than 3Y
ROCE
-49.23% higher than 3Y
EBITDA Margin (Avg.)
-24.32% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Jindal Saw Ltd has a market capitalisation of about ₹18,277 crore and trades at a P/E of 30.1 and a P/B of 1.44. Its longer-term record includes 5-year profit CAGR of 25% and 10-year profit CAGR of 42%. Recent results have weakened sharply: TTM sales are down 9%, TTM profit is down 62%, and ROE for the last year was 8% against a 3-year average of 14%.

Bull Case 7
  • Profit has compounded at 42% over 10 years and 25% over 5 years, well ahead of sales growth of 9% and 11% over the same periods. This points to significant margin expansion and operating leverage across the cycle.
  • Profit grew at a 14% CAGR over 3 years while 3-year sales growth was 0%. The company improved profitability without relying on top-line expansion.
  • Return on equity has risen over time, from a 10-year average of 9% to a 5-year average of 12% and a 3-year average of 14%. Capital efficiency has improved over the longer cycle.
  • The stock trades at a P/B of 1.44, a modest premium to book value for an established pipe manufacturer with a market cap of about ₹18,277 crore.
  • The stock has returned 38% CAGR over 5 years and 26% CAGR over 10 years, a sustained long-term record of shareholder value creation.
  • Sales grew at a 11% CAGR over 5 years and 9% over 10 years, showing the business has expanded its revenue base over multiple cycles.
  • The 3-year dividend payout ratio is only 9.37%, so over 90% of profits are retained. That leaves room for higher payouts or internal funding of growth if earnings recover.
Bear Case 7
  • TTM profit has fallen 62%, a sharp earnings contraction that reverses much of the recent profit momentum.
  • TTM sales have declined 9% and 3-year sales CAGR is 0%, which suggests weak demand or pricing pressure in the core pipes business.
  • Last-year ROE fell to 8% from a 3-year average of 14%, below what is typically considered an adequate return on equity.
  • At a P/E of 30.1 on sharply lower TTM earnings (down 62%), the valuation depends heavily on an earnings recovery rather than current profitability.
  • Working capital days have risen from 42.0 to 65.9, a lengthening of about 57% that ties up more cash and may point to slower collections or inventory build-up.
  • The stock gained 38% over the past year while TTM profit fell 62%, a gap between share price performance and fundamentals.
  • Dividend yield is low at 0.71% and the 3-year payout ratio is just 9.37%, so income-oriented shareholders receive limited cash returns.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

8d ago
Neutral 1
  • Investor meet scheduled Sep 1 Aug 26

    Jindal Saw Ltd will hold a physical meeting with institutional investors in Mumbai on September 1, 2026. The discussion will cover publicly available information only.

TL;DR: With only a single neutral news item — an upcoming investor meet on Sep 1 — there is insufficient recent news flow to assess momentum or risks for Jindal Saw. The investor meeting could provide forward-looking commentary on order books and margins, making it a near-term event worth monitoring.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,410
5,466
5,656
5,425
4,939
5,572
5,271
5,047
4,085
4,234
4,943
4,633
4,452
Expenses
3,803
4,663
4,668
4,505
4,100
4,658
4,332
4,310
3,415
3,782
4,331
4,156
4,061
Operating Profit
608
804
988
920
840
914
939
736
670
451
613
478
391
OPM %
14%
15%
17%
17%
17%
16%
18%
15%
16%
11%
12%
10%
9%
Other Income
37
22
40
69
51
37
29
28
29
40
22
23
24
Interest
160
189
182
174
154
158
173
139
171
153
133
163
108
Depreciation
132
141
147
149
148
151
151
153
153
156
155
167
164
PBT
354
496
700
667
588
643
645
473
374
183
347
172
143
Tax %
31%
28%
27%
28%
29%
26%
26%
82%
-11%
24%
29%
28%
36%
Net Profit
244
356
512
480
416
475
479
87
415
139
248
124
91
EPS in Rs
4.14
5.9
8.34
7.85
6.9
7.81
7.92
4.55
6.63
2.38
4.03
2.18
1.63
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
8,208
7,703
7,070
8,507
12,117
11,627
10,664
13,298
17,868
20,958
20,829
17,895
18,263
Expenses
7,254
6,979
6,393
7,466
10,645
10,116
9,422
11,899
16,192
17,631
17,385
15,666
16,330
Operating Profit
954
723
677
1,041
1,472
1,511
1,242
1,399
1,676
3,326
3,444
2,229
1,933
OPM %
12%
9%
10%
12%
12%
13%
12%
11%
9%
16%
17%
12%
11%
Other Income
76
136
330
24
515
-3
209
155
155
162
130
97
109
Interest
606
679
569
579
615
620
493
460
642
705
623
620
557
Depreciation
335
328
337
363
396
422
459
473
470
568
602
630
641
PBT
89
-148
101
122
975
467
499
621
719
2,216
2,349
1,076
844
Tax %
131%
-46%
62%
109%
22%
1%
34%
40%
37%
28%
38%
14%
—
Net Profit
-27
-80
39
-11
764
461
328
376
452
1,593
1,458
925
601
EPS in Rs
-0.25
-0.66
1.78
2.79
13.29
8.67
4.99
6.44
10.07
26.22
27.18
15.22
10.22
Div. Payout %
-200%
-76%
28%
22%
8%
12%
20%
16%
15%
8%
7%
13%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
58
61
64
64
64
64
64
64
64
64
64
64
Reserves
5,332
5,061
5,322
5,432
6,218
6,700
6,919
7,300
7,857
10,029
11,347
12,510
Borrowings
8,102
7,547
6,222
6,311
5,692
5,649
5,335
6,031
4,961
5,761
4,859
4,691
Other Liabilities
2,507
1,676
1,248
1,389
2,807
2,669
3,497
3,048
5,001
4,824
4,395
4,307
Total Liabilities
15,999
14,346
12,856
13,197
14,781
15,082
15,815
16,443
17,883
20,679
20,665
21,572
Fixed Assets
8,239
7,977
7,455
7,120
7,163
7,491
7,316
7,357
7,484
8,853
9,341
10,409
CWIP
531
254
102
126
260
423
404
293
300
632
641
453
Investments
309
154
119
110
190
129
198
224
175
178
168
105
Other Assets
6,921
5,961
5,180
5,840
7,169
7,039
7,898
8,570
9,924
11,016
10,516
10,606
Total Assets
15,999
14,346
12,856
13,197
14,781
15,082
15,815
16,443
17,883
20,679
20,665
21,572
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-183
917
1,163
565
1,567
1,665
1,570
73
1,616
2,593
2,335
1,771
Investing
-867
-517
-428
-121
-518
-468
-359
-190
-68
-1,917
-897
-947
Financing
1,253
-512
-816
-470
-977
-1,168
-831
61
-1,966
-12
-1,524
-1,073
Net Cash Flow
203
-112
-81
-25
72
28
379
-55
-419
663
-86
-249
Free Cash Flow
-895
434
877
377
1,071
1,107
1,173
-279
1,379
1,741
1,324
706
CFO/OP
-9
137
188
61
118
122
134
16
106
87
86
92
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
91
83
71
83
67
59
73
50
73
60
62
63
Inventory Days
257
210
221
183
156
141
177
173
134
147
152
191
Days Payable
77
42
39
42
88
74
117
71
98
89
78
95
Cash Conversion Cycle
271
250
253
224
134
126
132
152
109
119
136
159
Working Capital Days
26
30
37
42
12
-12
-17
-15
15
19
41
66
ROCE %
6%
4%
4%
7%
11%
10%
8%
9%
11%
21%
19%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.14%Promot.63.25%DIIs8.37%Public12.16%FIIs13.08%As ofJun 2026

Documents

Frequently Asked Questions about Jindal SAW

What does Jindal Saw Ltd do?
Jindal Saw Ltd manufactures LSAW pipes, HSAW pipes, DI pipes, seamless pipes and pellets.[1]
Where is Jindal Saw Ltd (JINDALSAW) listed?
Jindal Saw Ltd trades as JINDALSAW on the NSE and under code 500378 on the BSE.
Which sector does Jindal Saw Ltd belong to?
Jindal Saw Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Jindal Saw Ltd?
Jindal Saw Ltd has a market capitalisation of ₹17,177 Cr, which places it in the Mid Cap band.
What is the PE ratio of Jindal Saw Ltd?
Jindal Saw Ltd trades at a PE ratio of 26.45, on earnings per share of ₹57.92, against a book value of ₹196.62 per share.
What is the 52-week high and low of Jindal Saw Ltd?
Over the last 52 weeks Jindal Saw Ltd has traded between ₹153 and ₹320.
Does Jindal Saw Ltd pay dividends?
Jindal Saw Ltd has a dividend yield of 0.72%.
What is the Return on Equity (ROE) of Jindal Saw Ltd?
Jindal Saw Ltd reported a return on equity of 7.53%. Its debt-to-equity ratio is 0.37.

Company Information

Jindal Saw Ltd manufactures LSAW pipes, HSAW pipes, DI pipes, seamless pipes and pellets.[1]

Website jindalsaw.com
CEO Mr. Vinay Kumar Gupta C.A.
Employees 7,511
Listed 2003-04-29
Face Value ₹ 1
Issued Size 63,95,08,234

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