MoneyWorks4Me

Jindal Saw Ltd (JINDALSAW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500378 NSE: JINDALSAW Steel & Iron Products | Small Cap | Jindal Saw Share Price

₹311.85 -5.75 (-1.81%)

As on 11-Sep'26 16:01

Jindal Saw Ltd (JINDALSAW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500378 NSE: JINDALSAW Steel & Iron Products | Small Cap | Jindal Saw Share Price

₹311.85 -5.75 (-1.81%)

As on 11-Sep'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹20,311 Cr.
Current Price
₹311.9
52-Week Low / High
₹153 / 320
TTM EPS
₹10.2
TTM Sales
₹18,263 Cr.
Book Value per Share
₹197.7
P/E Ratio
31.08
Higher than its 5-year historical median
Industry PE
25.3
Price to Book (P/B)
1.61
Higher than its 5-year historical median
Price to Sales (P/S)
1.11
Higher than its 5-year historical median
EV/EBITDA
11.68
Higher than its 5-year historical median
Dividend Yield
0.64%
Profitability Efficiency
Return on Equity (ROE)
7.74%
Underperforms industry median
Return on Capital Employed (ROCE)
10.38%
Underperforms industry median
Return on Assets (ROA)
4.38%
Operating Profit Margin
12.3%
Net Profit Margin
5.17%
Gross Profit Margin
9.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-18.49%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-35.24%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-36.54%
Asset Quality
Promoter Holding
63.25%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹12,581 Cr.
Equity
₹64 Cr.
Face Value
₹1
All Time Low / High
₹1.66 / 383.85

Jindal Saw stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Jindal Saw Ltd a good quality company?
Jindal Saw Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Jindal Saw Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Jindal Saw Ltd vs industry peers?
Jindal Saw Ltd revenue CAGR is 11.11%, compared to the industry median CAGR of 8.38%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Jindal Saw Ltd?
Promoters hold 63.25% of the Jindal Saw Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Jindal Saw Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 27.9% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Jindal Saw Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 9.7%10%11.8%10.4%8.5%9%12.8%21.8%20.5%8.9%-
Value Creation
Index
-0.3-0.3-0.2-0.3-0.4-0.4-0.10.60.5-0.3-

Growth Parameters

Sales 5,6787,3109,82910,1298,63211,02215,28317,96217,93614,62015,041
Sales YoY Gr.-28.7%34.5%3%-14.8%27.7%38.7%17.5%-0.1%-18.5%-
Adj EPS 55.86.9103.95.78.122.828.411.28.3
YoY Gr.-16.5%18.5%46.2%-60.9%44.6%43%180.8%24.8%-60.6%-
BVPS (₹) 8792.599.5107.3111.6117.1126.7158.5186.1196.5198.2
Adj Net
Profit
3183704396412513625191,4561,817715530
Cash Flow from Ops. 1,3175731,2701,4651,3441911,3382,1371,8551,638-
Debt/CF from Ops. 3.27.83.32.62.621.82.51.81.61.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.1%11.1%-1.5%-18.5%
Adj EPS 9.4%23.3%11.3%-60.6%
BVPS9.5%12%15.8%5.6%
Share Price 27.9% 39.2% 17.5% 54%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
5.96.57.29.73.656.715.916.45.84.2
Op. Profit
Mgn %
16.514.412.51310.710.18.815.717.511.59.9
Net Profit
Mgn %
5.65.14.56.32.93.33.48.110.14.93.5
Debt to
Equity
0.80.80.70.60.50.60.40.40.30.2-
Working Cap
Days
285243222229269226189182174203103
Cash Conv.
Cycle
175144112919889759010713935

Valuation of Jindal Saw - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7,0708,50712,11711,62710,66413,29817,86820,95820,82917,895
Operating Expenses + 6,3477,51110,68510,1639,47911,94316,26417,78117,49115,733
Manufacturing Costs1,0139481,1051,0461,2641,5972,1802,2322,1232,120
Material Costs3,8114,9007,4666,9356,0287,90211,19212,15111,84510,053
Employee Cost 7847579149668971,0151,1791,4921,5271,630
Other Costs 7399051,2001,2161,2901,4291,7121,9061,9961,931
Operating Profit 7239961,4321,4641,1851,3551,6043,1773,3382,162
Operating Profit Margin (%) 10.2%11.7%11.8%12.6%11.1%10.2%9.0%15.2%16.0%12.1%
Other Income + 289179189156266199253312210145
Exceptional Items 96-91378-11200-25000
Interest 569581615620493460642705623620
Depreciation 337363396422459473470568602630
Profit Before Tax 1931349884674996217192,2162,3491,076
Tax 631332125172246268623891150
Profit After Tax 13017764613283764521,5931,458925
PAT Margin (%) 1.8%0.0%6.4%4.0%3.1%2.8%2.5%7.6%7.0%5.2%
Adjusted EPS (₹)1.82.813.38.75.06.410.126.227.215.2
Dividend Payout Ratio (%)28.10%21.50%7.50%11.50%20.10%15.50%14.90%7.60%7.40%13.10%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5,3865,4966,2826,7636,9837,3647,92110,03511,37612,549
Share Capital 64646464646464646464
Reserves 5,3225,4326,2186,7006,9197,3007,8579,97111,31312,485
Debt +5,5006,0735,3404,9344,3855,2704,3794,9664,2463,947
Long Term Debt3,3023,3112,6332,3612,2981,8331,8222,1081,5831,490
Short Term Debt2,1982,7622,7072,5742,0873,4372,5562,8582,6632,457
Minority Interest-127-296-382-475-444-515-642-726-457-292
Trade Payables4115681,8041,4031,9371,5403,0042,9532,5222,623
Others Liabilities 1,6851,3551,7372,4552,9542,7843,2213,4512,9782,745
Total Liabilities 12,85613,19714,78115,08215,81516,44317,88320,67920,66521,572

Fixed Assets

Net Fixed Assets +7,4557,1207,1637,4917,3167,3577,4848,8539,34110,409
Gross Block8,4908,4518,8589,6439,83610,30510,72512,59513,55015,262
Accumulated Depreciation1,0351,3311,6952,1522,5212,9483,2403,7424,2094,854
CWIP 102126260423404293300632641453
Investments 119110190129198224175178168105
Inventories2,3102,4633,1872,6872,9193,7564,1054,8954,9215,267
Trade Receivables1,3891,9462,2181,8652,1251,8063,5633,4693,5643,094
Cash Equivalents 132144232343724673213895770543
Others Assets 1,3491,2871,5322,1432,1302,3362,0431,7561,2611,702
Total Assets 12,85613,19714,78115,08215,81516,44317,88320,67920,66521,572
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1,1635651,5671,6651,570731,6162,5932,3351,771
PBT 60909764674996217192,2162,3491,076
Adjustment 8239744701,0977718399991,2061,2661,187
Changes in Working Capital 387-430287287399-123458-534-668-214
Tax Paid -107-70-166-185-99-154-160-296-612-277
Cash Flow From Investing Activity + -426-120-516-469-359-191-71-1,917-899-955
Capex -286-188-496-5570-353-236-852-1,011-1,065
Net Investments 28-394-2-472-24-16-04385
Others -167107-2491114185181-1,0656925
Cash Flow From Financing Activity + -816-470-977-1,168-83161-1,966-12-1,524-1,073
Net Proceeds from Shares 000000002290
Net Proceeds from Borrowing 64-481-153-224-274-466-312530-1,017-410
Interest Paid -536-545-552-572-492-433-628-665-618-529
Dividend Paid -38-35-49-77-63-63-63-100-127-127
Others -307591-223-296-21,023-9622229-7
Net Cash Flow -79-257428380-57-421663-87-257
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)2.480.0113.187.074.775.245.9117.7413.627.74
ROCE (%)6.276.113.4598.198.5810.5320.5818.7310.38
Asset Turnover Ratio0.540.660.870.780.690.821.041.091.010.85
PAT to CFO Conversion(x)8.955652.023.614.790.193.581.631.61.91
Working Capital Days
Receivable Days77.9071.1062.7064.1068.305454.8061.2061.6067.90
Inventory Days118.70101.7085.1092.2095.9091.6080.3078.4086103.90
Payable Days43.6036.505884.40101.1080.3074.1062.8051.2061.20

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Jindal Saw Ltd FAQs

The current trading price of Jindal Saw on 11-Sep-2026 16:01 is ₹311.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Jindal Saw stood at ₹20,310.8 Cr

The latest P/E ratio of Jindal Saw as of 10-Sep-2026 is 38.34.

The latest P/B ratio of Jindal Saw as of 10-Sep-2026 is 1.60.

The 52-week high of Jindal Saw is ₹319.5 and the 52-week low is ₹153.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jindal Saw is ₹15,041 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Jindal Saw Ltd is a average quality company.

The key valuation ratios of Jindal Saw Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Jindal Saw Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Jindal Saw Ltd

Jindal SAW is a part of the $10 billion OP Jindal group, one of the country’s topmost industry houses and the foremost indigenous steel producers and exporters. It started operation in the year 1984, when it became the first company in India to manufacture submerged arc welded (SAW) pipes using the internationally acclaimed U-O-E technology.

Jindal SAW is in a commanding position in India's tubular market, being the undisputed leader with a turnover in excess of Rs 7,000 crore.

With integrated facilities at multiple locations and an ever expanding market opportunity, Jindal SAW diversified from a single product company to a multi-product company, manufacturing large-diameter submerged arc pipes and spiral pipes and bends for the energy transportation sector; carbon, alloy and stainless steel seamless pipes and tubes manufactured by conical piercing process used for industrial applications; and ductile iron (DI) pipes for water and sewage transportation. Besides these, the company also provides various value-added products like pipe coatings, bends and connector castings to its clients.

At the company, the business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes. Every SBU has its own dedicated sales and marketing targets and operations.

In 2006, Jindal SAW realigned itself by disposing off non-core business in the US and focused its energies on the Indian growth story by launching several new initiatives.

The company has consistently created value by creating low-cost capacities in capital-intensive industries in businesses largely overlooked by other corporate. Jindal SAW has recently launched its Jindal ITF (infrastructure, transportation, fabrication) subsidiary.

Products of the company:

Large diameter pipes -

   • Line pipes    • Anti-corrosion coatings   • Conversion casings   • Hot-pulled induction bends

Ductile iron (DI) pipes -

   • Seamless tubes

Milestones:

  •  1986: Country’s first LSAW pipes (U-O-E) mill for line pipes commissioned at Kosi Kalan with API and ISO accreditation. 
  • 1992: Bevelling unit commissioned at Kosi Kalan. SAW pipes, USA incorporated and commissioned. 
  • 1993: First major supply of NACE pipes for offshore line.  
  • 1994: Seamless pipes and tubes division commissioned at Nashik. 3LPE/FBE coating plant commissioned at Kosi Kalan.  
  • 1995: First export order is executed for line pipes. 
  • 1996: CTE mobile coating plant commissioned at Kosi Kalan.  
  • 1997: Hot induction bends unit established at Kosi Kalan. Start-up of four-meter-wide plate mill at Baytown, USA. 
  • 1999: Port-based 100% export oriented LSAW & HSAW line pipe plants commissioned at Mundra with API and ISO accreditation.  internal coating plant  commissioned  at Kosi Kalan. 
  • 2000: 3LPE/FBE coating plant commissioned at Mundra. Internal coating plant commissioned at Mundra. 
  • 2002: Concrete weight coating plant re-commissioned at Mundra. Bevelling unit commissioned at Mundra.  
  • 2003: Additional plant for 3LPE/FBE commissioned at Mundra.  
  • 2004: Third LSAW manufacturing facility commissioned at Samaghogha near Port Mundra with accreditation from API and ISO.  
  • 2005: Start-up of integrated pipe unit ductile iron pipe manufacturing plant of 200,000 MT per annum capacity along with blast furnace of 250,000 MT per annum capacity and a coke-oven plant.
  • 2009- Commissioning of seventh Pipe mill manufacturing LSAW using JCO forming in Nanakapaya - Port Mundra with capacity of 300,000 MT per annum
  • 2010
  • Jindal SAW Ltd receives Environment Clearance for its Dhedwas Mine in Bhilwara, Rajasthan.
  • 2011
  • Commissioning of 8th Pipe mill manufacturing HSAW (Spiral) pipe at Kosi Kalan, Mathura, U.P. with capacity of 150,000 MT per annum This mill is commissioned to cater to the water sector.



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