Manufactures pipes used in water, oil and gas pipeline infrastructure. The product mix spans seamless pipes (API-monogram certified for global oil and gas majors), ductile iron pipes for water supply, and large-diameter welded pipes (LSAW/HSAW). Iron & Steel accounted for 99.4% of segment revenue in the most recent reported quarter, with the remainder in 'Others'. The standalone order book stood at about 1.78 million tons, with roughly 30% from exports. The company is expanding overseas capacity through a wholly-owned Abu Dhabi seamless pipe project and a Saudi Arabia JV with Buhur Group; near-term volumes were hit by the suspension of MENA export shipments due to a Strait of Hormuz disruption, a five-month API license suspension (reinstated June 2026), and slow domestic Jal Jeevan Mission execution. Materials at 59.4% of revenue are the dominant cost, followed by other operating expenses at 22.3% and employees at 9.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & Steel (99%), Others (1%). Cyclical, capital-intensive pipe manufacturer with overseas expansion
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,298 | 17,868 | 20,958 | 20,829 | 17,895 |
| EBITDA (ex other income) | 1,402 | 1,640 | 3,321 | 3,429 | 2,215 |
| margin % | 10.5 | 9.2 | 15.8 | 16.5 | 12.4 |
| Owners' profit | 412 | 632 | 1,691 | 1,738 | 973 |
| EPS, as reported (₹) | 12.96 | 19.91 | 52.75 | 27.31 | 15.27 |
| ROE % · ROCE % | 5.5 · 11.1 | 6.1 · 13.2 | 17.0 · 23.0 | 13.3 · 21.4 | 7.5 · 10.8 |
| Debt / equity (x) | 0.88 | 0.68 | 0.61 | 0.44 | 0.38 |
| Cash from operations | 73 | 1,617 | 2,593 | 2,335 | 1,771 |
| Capex | (453) | (323) | (863) | (1,031) | (1,076) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,572 | 5,271 | 5,047 | 4,085 | 4,234 | 4,943 | 4,633 | 4,452 |
| Profit before tax | 636 | 638 | 466 | 364 | 173 | 345 | 175 | 148 |
| Net profit | 475 | 479 | 87 | 415 | 139 | 248 | 124 | 91 |
| EPS (₹) | 7.85 | 7.96 | 4.58 | 6.66 | 2.38 | 4.05 | 2.19 | 1.63 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED ◆ | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 26 Aug 2026 · Notice of Investor Meet scheduled for September 1, 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Jindal Saw to meet Mirae Mutual Fund virtually on August 27 | board shareholder meetings | low | — | — |
| 23 Jul 2026 · Jindal Saw to meet ICICI Prudential MF on 28 July | board shareholder meetings | low | — | — |
| 22 Jul 2026 · Jindal Saw Q1 FY27 call: weak results, MENA projects on track | investor communications | medium | — | — |
| 17 Jul 2026 · Jindal Saw schedules investor meet with UTI Mutual Fund | board shareholder meetings | low | — | — |
| 17 Jul 2026 · Jindal Saw to meet WFM Asia Hong Kong Fund virtually on 22 July 2026 | board shareholder meetings | low | — | — |
| 16 Jul 2026 · Investor Meet Notice: Jindal Saw to Meet Guardian Capital Partners | board shareholder meetings | low | — | — |
| 15 Jul 2026 · Q1FY27 earnings call audio recording uploaded on company website | investor communications | low | — | — |
| 14 Jul 2026 · Jindal Saw Q1 FY27: PAT drops 70 percent YoY on weak exports and margin pressure | results | high | — | — |
| 14 Jul 2026 · Board Committees Reconstituted at Jindal Saw | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.5 | 16.2 | 87 of 118 | 27% |
| P/B | 1.6 | 1.7 | 46 of 99 | 52% |
| ROCE | 6.8 | 8.7 | 71 of 120 | 41% |
| ROE | 7.5 | 8.6 | 62 of 114 | 46% |
| Debt / Equity | 0.4 | 0.1 | 83 of 114 | 27% |
| EBITDA margin | 9.4 | 11.0 | 56 of 100 | 44% |
| Revenue growth | 9.0 | 13.7 | 57 of 97 | 42% |
| Profit growth | (78.2) | 29.3 | 95 of 105 | 10% |
| Market cap | 20016 | 247 | 4 of 120 | 98% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
