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Jindal SAW

JINDALSAW NSE
₹253.22 +6.24 (+2.53%)
P/E
29.51
View as Markdown
MCP
Close 4 Nov 2026 ₹253.22 +86.30 +51.7% 1Y
Start ₹166.92

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.40%
Debt to Equity
0.33
EPS (TTM)
₹8.58
Book Value
₹197.21
Market Cap
—
P/E (TTM)
29.51
P/B
1.28
ROE
8.20%
Dividend Yield
0.81%
EBITDA
₹2,306 Cr
52W High
₹320.00
52W Low
₹153.00
Day Range
₹242.77 – ₹254.40
Volume
8,15,464

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Jindal SAW peer comparison
Welspun Corp
₹2,400.0027.41₹60,980 Cr5.960.22%19.40%22.90%₹17,300 Cr₹2,319 Cr
APL Apollo Tubes
₹2,199.8049.69₹60,246 Cr10.640.39%25.40%31.80%₹23,065 Cr₹1,229 Cr
Shyam Metalics & Energy
₹1,231.4030.60₹34,478 Cr2.780.15%9.70%13.00%₹19,584 Cr₹1,121 Cr
Ratnamani Metals & Tubes
₹2,449.4039.67₹17,025 Cr4.180.42%12.60%17.90%₹4,314 Cr₹514 Cr
Jindal SAW (this company)
₹253.2229.51₹15,754 Cr1.280.81%8.20%10.40%₹18,501 Cr₹498 Cr
Usha Martin
₹486.0029.21₹14,245 Cr4.490.81%15.10%19.50%₹3,837 Cr₹508 Cr
Gallantt Ispat
₹529.1529.28₹12,939 Cr3.660.38%15.60%18.20%₹4,437 Cr₹436 Cr
Median 7 companies₹1,231.4029.51₹17,025 Cr4.180.39%15.10%18.20%₹17,300 Cr₹514 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

49 Average

Data confidence 100/100

insider_selling

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
76
Strong
Cheap vs sector & own history 24% weight
Growth
18
Poor
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
42
Weak
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish874
OscillatorsBearish270
Moving AveragesStrong Bearish604

Key readings

RSI (14)
45.41
Neutral
MACD (12,26,9)
−11.50
Bearish
SMA (50)
282.05
Bearish
SMA (200)
238.64
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+8.79%
5Y+10.91%
3Y+0.05%
1Y−14.09%
TTM−0.74%

Net profit

Net profit growth by window
10YTurned to profit
5Y+23.04%
3Y+26.96%
1Y−36.56%
TTM−55.54%

Operating cash flow

Operating cash flow growth by window
10Y+6.80%
5Y+2.44%
3Y+3.10%
1Y−24.15%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.07 pp
5Y+0.81 pp
3Y+3.08 pp
1Y−4.07 pp
TTM−5.59 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹7,070 Cr
Mar 2018₹8,507 Cr
Mar 2019₹12,117 Cr
Mar 2020₹11,627 Cr
Mar 2021₹10,664 Cr
Mar 2022₹13,298 Cr
Mar 2023₹17,868 Cr
Mar 2024₹20,958 Cr
Mar 2025₹20,829 Cr
Mar 2026₹17,895 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹39.00 Cr
Mar 2018−₹11.00 Cr
Mar 2019₹764 Cr
Mar 2020₹461 Cr
Mar 2021₹328 Cr
Mar 2022₹376 Cr
Mar 2023₹452 Cr
Mar 2024₹1,593 Cr
Mar 2025₹1,458 Cr
Mar 2026₹925 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,947 Cr −15.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Jindal Saw Ltd trades at ₹253.22 as of 2026-11-04 with a market cap of ₹15,754 crore, a P/E of 29.51x and a P/B of 1.28x. The company has delivered strong long-term stock price appreciation (25% CAGR over 10 years) and maintained a moderate debt-to-equity ratio of 0.37, but faces a sharp TTM profit decline of -60% and deteriorating working capital efficiency.

Bull Case 7
  • Strong long-term wealth creation with stock CAGR of 25% over 10 years and 37% over 5 years, significantly outperforming broader market returns
  • Comfortable leverage position with debt-to-equity ratio at 0.37, providing balance sheet flexibility for future capital allocation
  • Compounded profit growth of 42% over 10 years demonstrates the company's ability to scale earnings over full business cycles
  • Price-to-book ratio of 1.28x suggests the stock trades close to its book value, offering a degree of asset-backed support
  • 5-year compounded profit growth of 25% and 5-year compounded sales growth of 11% indicate a sustained medium-term earnings expansion phase
  • ROCE of 10.94% indicates the company generates reasonable returns on total capital employed despite cyclical headwinds
  • 1-year stock CAGR of 58% reflects significant market re-rating, with the stock rising from a 52-week low of ₹153 to current levels of ₹253.22
Bear Case 8
  • TTM profit has declined by -60% on a compounded basis, signalling a sharp deterioration in recent earnings power despite historical growth
  • TTM sales growth of -1% indicates revenue stagnation, while 3-year compounded sales growth of 0% confirms a prolonged top-line slowdown
  • Working capital days have increased from 42.0 days to 65.9 days, a 57% deterioration that ties up more cash in operations and pressures free cash flow
  • Dividend payout has been low at 9.37% of profits over the last 3 years, with a current yield of only 0.81%, offering limited income return to shareholders
  • ROE stands at 7.53% as of the latest period, down from a 3-year average of 14% and a 5-year average of 12%, indicating declining return efficiency
  • P/E of 29.51x appears elevated given the TTM earnings contraction and near-zero recent sales growth, raising questions about valuation sustainability
  • 5-year sales growth of 10.9% is modest for an industrial products company, suggesting limited pricing power or volume expansion in its core segments
  • Stock currently trades at ₹253.22, about 21% below its 52-week high of ₹320, reflecting market concerns about the earnings trajectory

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

AI News Digest

9h ago

TL;DR: Jindal Saw faces significant near-term earnings pressure with Q2FY27 profit down 69% YoY and margins contracting sharply from 10.7% to 5.8%, driven by expenses growing nearly twice as fast as revenue. The stock sold off ~18% post results but retains a solid credit profile with a BWR AA/Stable rating. Early technical recovery signs are emerging near the 200-DMA around ₹243, though fundamental improvement in cost control and margins will be key for any sustained rebound.

Headwinds 4
  • Q2 profit plunges 69% YoY Oct 16

    Consolidated net profit attributable to owners fell 69% YoY to ₹47.04 crore in Q2FY27, while EBITDA dropped 42% to ₹261 crore and EBITDA margin contracted sharply from 10.7% to 5.8%.

  • Expenses outpacing revenue growth Oct 16

    Total expenses rose 10.13% YoY to ₹4,505.22 crore, significantly outpacing the 5.63% revenue growth to ₹4,471.79 crore, creating a drag on profitability.

  • Shares fall 18% over three sessions Oct 22

    Stock declined ~18% cumulatively over three trading sessions post Q2 results, falling 7.3% intraday on Oct 22 to ₹250.3, trading 21.5% below its 52-week high of ₹320.

Positives 2
  • Credit rating reaffirmed stable Oct 16

    Brickwork Ratings reaffirmed its BWR AA/Stable rating on the company's ₹500 crore NCD issue, citing high degree of safety and very low credit risk, valid until Oct 7, 2027.

  • Revenue continues modest growth Oct 16

    Consolidated revenue from operations grew 5.63% YoY to ₹4,471.79 crore in Q2FY27, indicating sustained top-line demand despite margin compression.

Quarterly Results

₹ Cr
JINDALSAW quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
5,466
5,656
5,425
4,939
5,572
5,271
5,047
4,085
4,234
4,943
4,633
4,452
4,472
Expenses
4,663
4,668
4,505
4,100
4,658
4,332
4,310
3,415
3,782
4,331
4,156
4,061
4,214
Operating Profit
804
988
920
840
914
939
736
670
451
613
478
391
258
OPM %
15%
17%
17%
17%
16%
18%
15%
16%
11%
12%
10%
9%
6%
Other Income
22.75
40.97
69
45.73
37
29
28
29
40
22
23
24
51
Interest
189
181
174
154
158
173
139
171
153
133
163
108
125
Depreciation
143
149
149
148
151
151
153
153
156
155
167
164
169
PBT
496
700
666
583
643
645
473
374
183
347
172
143
14
Tax %
28%
27%
28%
29%
26%
26%
82%
−11%
24%
29%
28%
36%
−145%
Net Profit
356
512
480
416
475
479
87
415
139
248
124
91
35
EPS (₹)
5.9
8.34
7.85
6.9
7.81
7.92
4.55
6.63
2.38
4.03
2.18
1.63
0.74

Profit & Loss

₹ Cr
JINDALSAW profit and loss, annual, ₹ crore
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
18,501
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
16,762
Operating Profit
954
723
677
1,041
1,472
1,511
1,242
1,399
1,676
3,326
3,444
2,229
1,739
OPM %
12%
9%
10%
12%
12%
13%
12%
11%
9%
16%
17%
12%
9%
Other Income
76
136
330
24
515
−3
209
155
155
162
130
97
121
Interest
606
679
569
579
615
620
493
460
642
705
623
620
529
Depreciation
335
328
337
363
396
422
459
473
470
568
602
630
654
PBT
89
−148
101
122
975
467
499
621
719
2,216
2,349
1,076
676
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
497
EPS (₹)
−0.25
−0.66
1.78
2.79
13.29
8.67
4.99
6.44
10.07
26.22
27.18
15.22
8.58
Div. Payout %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
28%
22%
8%
12%
20%
16%
15%
8%
7%
13%
—

Balance Sheet

₹ Cr
JINDALSAW balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
58
61
64
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
12,548
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
4,174
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
4,054
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
20,840
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
10,373
CWIP
531
254
102
126
260
423
404
293
300
632
641
453
584
Investments
309
154
119
110
190
129
198
224
175
178
168
105
137
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
9,746
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
20,840

Cash Flow

₹ Cr
JINDALSAW cash flow, annual, ₹ crore
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/EBITDA
−9
137
188
61
118
122
134
16
106
87
86
92

Ratios

JINDALSAW financial ratios, annual
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

Log in to view Jindal SAW insights

69 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 63.24%
  • Public 11.33%
  • FIIs 11.32%
  • DIIs 10.89%
  • Others 3.22%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Jindal Saw Ltd?
Jindal Saw Ltd trades at a PE ratio of 29.51 as of 4 Nov 2026, on earnings per share of ₹8.58, against a book value of ₹197.21 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 as of 4 Nov 2026.
Does Jindal Saw Ltd pay dividends?
Jindal Saw Ltd has a dividend yield of 0.81%.
What is the Return on Equity (ROE) of Jindal Saw Ltd?
Jindal Saw Ltd reported a return on equity of 8.20%. Its debt-to-equity ratio is 0.33.

Company Information

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

Website jindalsaw.com
CEO Mr. Vinay Kumar Gupta C.A.
Employees 7,511
Listed 29 Apr 2003
Face Value ₹1

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