NSE: JINDALSAW · BSE: 500378
JINDAL SAW LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED ◆ | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 15.4 | 67 of 105 | 37% |
| P/B | 1.3 | 1.5 | 45 of 101 | 56% |
| ROCE | 6.8 | 9.1 | 70 of 115 | 40% |
| ROE | 7.5 | 8.6 | 56 of 103 | 46% |
| Debt / Equity | 0.4 | 0.2 | 70 of 101 | 31% |
| 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 | 15396 | 216 | 5 of 122 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Jindal Saw schedules virtual meeting with ICICI Prudential Mutual Fund | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Q2 margins fall; confirmed and tentative orders near INR 17,000 crore | investor communications | medium | — | — |
| 22 Oct 2026 · Jindal Saw to meet Equirus Securities on Oct 27 in New Delhi | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Audio recording of Q2FY27 conference call uploaded | investor communications | medium | — | — |
| 16 Oct 2026 · Jindal Saw Q2 FY27: PAT dips, margins fall on MENA conflict | investor communications | medium | — | — |
| 16 Oct 2026 · Jindal Saw Q2 FY27 results: standalone PAT falls 59% YoY to Rs 180 cr | results | high | — | — |
| 14 Oct 2026 · Jindal Saw schedules Q2FY27 earnings call for Oct 19 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Board meeting on 16 Oct 2026 to approve Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · Credit rating reaffirmed at BWR AA/Stable for Rs 500 Cr NCD issue | credit debt | medium | — | — |
| 6 Oct 2026 · RTA compliance certificate for Q2 FY27 under Reg 74(5) | compliance | minimal | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.