Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Jindal Saw Ltd.
NSE: JINDALSAWBasic MaterialsSteel
- Last close
- ₹232.15
- Day change
- −₹17.45 (−6.99%)vs
- Market cap
- ₹19,227 crIndian rupees
- Research updated
- 1 report
Follow Jindal Saw
Create an account, then follow this company for weekday briefs. You will return to Jindal Saw after signing in.
About Jindal Saw
Jindal Saw Ltd. is a prominent player in the manufacturing sector, specializing in producing iron and steel pipes and tubes. The company's primary function is to supply a diverse range of products, including large diameter submerged arc pipes and seamless pipes, which are crucial for fluid transportation in various industries. These products cater to the energy, infrastructure, agricultural, and mining sectors, ensuring efficient movement of oil, gas, water, and slurry. Jindal Saw Ltd. holds a significant position in the market, supported by its state-of-the-art facilities in India and its international reach. Its operations include all stages from raw material sourcing to final product delivery, maintaining a consistent high quality. The company's integration across the value chain and commitment to technological advancement have cemented its role as a key contributor to the global piping industry, providing solutions essential for several applications worldwide.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: JINDALSAW
- Chief executive
- Mr. Neeraj Kumar
- Employees
- 7,511
- Headquarters
- New Delhi, India
- ISIN
- INE324A01032
- Website
- jindalsaw.com
Public research · Report of
Business model & financial foundation
Jindal Saw (NSE: JINDALSAW), Steel pipes (SAW, ductile iron, seamless, stainless) and iron ore pellets: revenue of ₹17,895 crore in FY26 (-14.1% on FY25), an EBITDA margin of 12.4%, net profit of ₹973.4 crore and net debt of ₹3,485 crore.
- Revenue, FY26 (₹ crore)
- 17,895
- consolidated
- Revenue growth, FY26
- -14.1%
- on FY25
- EBITDA margin, FY26
- 12.4%
- EBITDA (revenue less materials, employee, other expenses; excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 973.4
- to owners
- Return on equity, FY26
- 8.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,485
- Net debt incl. related-party loans
- Market capitalisation (₹ crore)
- 17,933
- at the close of 16 Oct 2026
Company profile
Jindal Saw is India's largest ductile iron pipe maker and a leading producer of LSAW/HSAW line pipe, seamless and stainless pipes, with ~2.6 MTPA of pipe capacity across seven Indian states, a 0.3 MTPA DI plant in Abu Dhabi and a captive iron ore mine and 1.65 MTPA pellet plant at Bhilwara. Water supply (Jal Jeevan Mission and municipal) and oil & gas pipelines are the main end-markets; exports, mostly MENA, are ~30% of the order book. It is building a seamless plant in Abu Dhabi and a SAW JV in Saudi Arabia for FY29.
| Item | Value |
|---|---|
| Legal name | Jindal Saw Limited (formerly Saw Pipes Ltd) |
| Exchange and ticker | NSE: JINDALSAW; BSE: 500378 |
| ISIN | INE324A01032 |
| CIN | L27104UP1984PLC023979 |
| Sector | Industrials / Iron & Steel Products |
| Industry | Steel pipes (SAW, ductile iron, seamless, stainless) and iron ore pellets |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since FY22) |
| Market capitalisation | ₹17,933 crore (16 Oct 2026) |
| Shares outstanding | 63.72 crore shares (FY26) |
| Price | ₹299.2 (close, 16 Oct 2026) |
| 52-week range | ₹153.0 - ₹320.0 (to 16 Oct 2026) |
| Website | https://www.jindalsaw.com |
Corporate structure and shareholding
Parent: Promoter group (Nalwa Sons, Four Seasons, Siddeshwari, Kapeesh) holds 63.25%.
| Entity | Holding | Business |
|---|---|---|
| Jindal Saw Gulf LLC (UAE) | 100% | DI pipes and fittings, Abu Dhabi; FY26 revenue 2,357.7 cr, PAT 152.4 cr |
| Jindal Seamless Pipe Manufacturing LLC (UAE) | 100% | 0.3 MTPA seamless pipe plant under construction, KEZAD Abu Dhabi |
| Jindal Saw USA LLC | 100% | Oil & gas pipes, USA; FY26 revenue 420.2 cr |
| World Transload & Logistics LLC (USA) | 100% | Logistics and pipe services, USA; FY26 revenue 334.8 cr |
| Jindal ITF Ltd | 56.42% | Waterborne transport; loss-making; NTPC arbitration award of 1,891 cr set aside, appeal pending |
| Jindal Metals & Alloys Ltd | 80.71% | Precision stainless strip; FY26 revenue 377.3 cr |
| Jindal Hunting Energy Services Ltd (JV) | 51% | Premium thread OCTG connections, equity-accounted JV |
| Jindal Saw and Buhur Altavision Company (KSA JV) | 51% | 0.3 MTPA each HSAW/LSAW plant in Saudi Arabia, equity-accounted JV |
| Jindal Intellicom / iCom Analytics | 89.82% | BPO / call centre |
Sathavahana Ispat (DI plant, Andhra Pradesh) was acquired via NCLT and merged; 7 direct and 14 indirect subsidiaries per FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.25% | 63.25% | 63.25% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 14.10% | 13.46% | 13.08% | |
| Domestic institutions | 3.50% | 5.80% | 8.37% | |
| of which mutual funds | 3.19% | 5.40% | 6.59% | |
| Retail | 15.81% | 13.97% | 12.16% | |
| Other | 3.35% | 3.53% | 3.14% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jindal Saw Limited (NSE:JINDALSAW) manufactures SAW, ductile iron, seamless and stainless pipes and iron ore pellets. Water infrastructure and oil/gas pipeline customers are the principal end-markets. Consolidated reporting includes Abu Dhabi DI pipes, US pipe/logistics operations and non-core Jindal ITF. The group has one reportable business segment; product operating profits are not disclosed. Geography revenue FY26: India11,337.6cr, outsideIndia6,557.6cr.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Revenue - within India (geographic) | 11,338 | 63.4% |
| Revenue - outside India (geographic) | 6,558 | 36.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Welspun Corp (WELCORP) | Largest Indian SAW line-pipe maker; same oil & gas and water end-markets, US exposure |
| Electrosteel Castings (ELECTCAST) | Main domestic DI pipe competitor; same JJM water exposure |
| Man Industries (MANINDS) | LSAW/HSAW line-pipe exporter to MENA |
| Ratnamani Metals & Tubes (RATNAMANI) | Stainless and carbon steel pipes for oil & gas, process industries |
| Maharashtra Seamless (MAHSEAMLES) | Seamless and ERW pipes, OCTG; competes with Nashik seamless |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,692 | 17,093 | 20,958 | 20,829 | 17,895 |
| Cost of revenue (vendor classification) * | 8,953 | 12,346 | 13,454 | 13,116 | 11,309 |
| Other operating costs (vendor classification) * | 1,952 | 2,686 | 2,777 | 2,706 | 2,707 |
| EBITDA (vendor classification) * | 1,443 | 1,674 | 3,341 | 3,419 | 2,183 |
| EBIT * | 992.5 | 1,192 | 2,787 | 2,818 | 1,500 |
| Finance costs | 371.0 | 473.0 | 704.7 | 623.5 | 619.6 |
| Profit before tax (after JV share) | 621.5 | 719.5 | 2,216 | 2,349 | 1,076 |
| Total tax expense | 245.6 | 267.7 | 622.8 | 890.9 | 150.4 |
| Profit for the year | 375.9 | 451.8 | 1,593 | 1,458 | 925.3 |
| Diluted EPS (INR, Re 1 FV) | 6.48 | 10.14 | 26.33 | 27.22 | 15.23 |
| Other income | 168.2 | 119.0 | 91.7 | ||
| Materials (consumed + traded purchases + inventory change) | 12,151 | 11,845 | 10,053 | ||
| Employee benefits expense | 1,492 | 1,527 | 1,630 | ||
| Other expenses | 3,993 | 4,028 | 3,998 | ||
| EBITDA (revenue less materials, employee, other expenses; excl. other income) | 3,321 | 3,429 | 2,215 | ||
| Depreciation and amortisation | 568.0 | 602.1 | 630.5 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of joint ventures | -0.81 | 26.3 | 19.3 | ||
| Profit attributable to non-controlling interest | -84.2 | -280.3 | -48.0 | ||
| Profit attributable to owners of the parent | 1,677 | 1,738 | 973.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Owners equity | 6,849 | 7,279 | 10,093 | 11,411 | 12,574 |
| Borrowings excl. leases | 6,031 | 4,927 | 5,587 | 4,646 | 4,040 |
| Cash + bank balances | 495.2 | 75.5 | 894.6 | 770.3 | 543.0 |
| Trade receivables * | 1,806 | 3,563 | 3,470 | 3,564 | 3,094 |
| Inventories * | 3,756 | 4,105 | 4,895 | 4,921 | 5,267 |
| Trade payables * | 1,540 | 3,004 | 2,953 | 2,522 | 2,623 |
| Net property, plant and equipment * | 63.1 | 51.9 | 51.9 | 48.6 | 52.4 |
| Capital work in progress * | 293.1 | 299.9 | 632.2 | 687.6 | 583.0 |
| Total assets * | 16,850 | 18,240 | 21,022 | 20,779 | 21,686 |
| Net debt incl. related-party loans | 4,688 | 3,874 | 3,485 | ||
| Current investments | 3.73 | 1.80 | 12.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 186.1 | -368.9 | 2,593 | 2,335 | 1,771 |
| Free cash flow (vendor definition) * | -380.0 | 1,293 | 1,730 | 1,304 | 695.4 |
| Dividends paid (the provider's sign: an outflow is negative) * | -63.1 | -63.1 | -100.1 | -127.3 | -127.1 |
| Purchase of PPE and intangibles | -352.5 | -236.4 | -863.0 | -1,031 | -1,076 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 63.56 | 63.53 | 63.58 | 63.66 | 63.72 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,271 | 5,047 | 4,085 | 4,234 | 4,943 | 4,633 | 4,452 | 4,472 |
| Cost of revenue (vendor classification) * | 2,944 | 2,950 | 2,141 | 2,912 | 2,639 | 2,686 | ||
| Other operating costs (vendor classification) * | 1,004 | 982.7 | 865.8 | 1,012 | 1,115 | 942.3 | ||
| EBITDA (vendor classification) * | 968.8 | 763.9 | 698.8 | 634.9 | 501.1 | 415.0 | ||
| EBIT * | 818.1 | 611.3 | 545.4 | 480.0 | 334.4 | 251.3 | ||
| Finance cost | 172.9 | 138.8 | 171.1 | 152.9 | 132.8 | 162.7 | 108.4 | 125.5 |
| Profit before tax (after JV share) | 645.3 | 472.5 | 374.3 | 182.6 | 347.2 | 171.7 | 142.9 | 14.4 |
| Tax expense | 165.9 | 385.6 | -41.2 | 44.0 | 99.6 | 48.0 | 52.1 | -20.9 |
| Profit for the period (incl. NCI) | 479.4 | 86.9 | 415.5 | 138.6 | 247.6 | 123.7 | 90.8 | 35.3 |
| Diluted EPS (₹) | 7.92 | 4.56 | 6.63 | 2.38 | 4.04 | 2.18 | 1.63 | n.r. |
| Other income | 22.0 | 20.9 | 18.3 | 30.4 | 19.6 | 23.4 | 23.7 | n.r. |
| COGS (materials + stock-in-trade purchases + change in inventories) | 2,944 | 2,950 | 2,141 | 2,361 | 2,912 | 2,639 | 2,686 | n.r. |
| Employee benefits expense | 383.5 | 377.9 | 407.5 | 416.4 | 407.0 | 398.8 | 427.6 | n.r. |
| Other expenses | 1,004 | 982.7 | 865.8 | 1,006 | 1,012 | 1,115 | 942.3 | n.r. |
| EBITDA excl. other income | 939.4 | 736.2 | 670.1 | 451.1 | 612.6 | 480.9 | 396.7 | 261.0 |
| EBITDA as company presents it (incl. other income) | 961.4 | 757.1 | 688.4 | 481.6 | 632.2 | 504.3 | 420.4 | 312.3 |
| Depreciation and amortisation | 150.7 | 152.6 | 153.3 | 155.5 | 154.9 | 166.7 | 163.7 | 169.0 |
| Exceptional | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of joint ventures | 7.40 | 6.85 | 10.4 | 9.43 | 2.67 | -3.16 | -5.37 | -3.40 |
| NCI share | -27.0 | -204.4 | -8.57 | -13.3 | -10.4 | -15.8 | -13.4 | n.r. |
| PAT to owners | 506.4 | 291.3 | 424.0 | 151.9 | 258.0 | 139.4 | 104.2 | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.5% | 34.7% | 22.6% | -0.6% | -14.1% |
| EBITDA margin | 15.8% | 16.5% | 12.4% | ||
| Net margin | 8.0% | 8.3% | 5.4% | ||
| Return on equity | 19.3% | 16.2% | 8.1% | ||
| Return on capital employed | 8.0% | 9.5% | 20.0% | 17.8% | 9.2% |
| Return on assets | 8.5% | 8.3% | 4.6% | ||
| Net debt (₹ crore) | 4,688 | 3,874 | 3,485 | ||
| Net debt / EBITDA | 1.41x | 1.13x | 1.57x | ||
| Interest cover | 2.68x | 2.52x | 3.96x | 4.52x | 2.42x |
| Asset turnover | 0.77x | 0.97x | 1.07x | 1.00x | 0.84x |
| Receivable days | 52 | 76 | 60 | 62 | 63 |
| Inventory days (on revenue) | 108 | 88 | 85 | 86 | 107 |
| Payable days (on revenue) | 44 | 64 | 51 | 44 | 54 |
| Cash conversion | 1.55x | 1.34x | 1.82x | ||
| Capex intensity | 2.8% | 1.4% | 4.1% | 5.0% | 6.0% |
| Free cash flow (₹ crore) | -166.4 | -605.2 | 1,730 | 1,304 | 695.4 |
| Dividend payout | 6.0% | 7.3% | 13.1% | ||
| EPS, diluted (₹) | 6.48 | 10.14 | 26.33 | 27.22 | 15.23 |
| Book value per share (₹) | 107.8 | 114.6 | 158.7 | 179.2 | 197.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less materials, employee, other expenses; excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl. related-party loans; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less materials, employee, other expenses; excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, Re 1 FV)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Jindal Saw includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Jindal Saw
- Research reportLatest
Same sector
More research in Basic Materials
JSW Steel Ltd.
NSE: JSWSTEEL
Basic Materials · Steel
₹1,185.50 last close on 23 Oct 2026 −2.83%Research updated
Asian Paints Ltd.
NSE: ASIANPAINT
Basic Materials · Specialty Chemicals
₹2,307.00 last close on 23 Oct 2026 +0.97%Research updated
Hindustan Zinc Ltd.
NSE: HINDZINC
Basic Materials · Other Industrial Metals & Mining
₹496.00 last close on 23 Oct 2026 −4.25%Research updated
Tata Steel Ltd.
NSE: TATASTEEL
Basic Materials · Steel
₹167.67 last close on 23 Oct 2026 −2.70%Research updated
Hindalco Industries Ltd.
NSE: HINDALCO
Basic Materials · Aluminum
₹869.85 last close on 23 Oct 2026 −1.78%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.