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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

₹240.05 4.00 (1.69%)

As on 09-Jun'26 10:38

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

₹240.05 4.00 (1.69%)

As on 09-Jun'26 10:38

Key Metrics
Valuation Multiples
Market Cap
₹15,096 Cr.
Current Price
₹240.1
52-Week Low / High
₹153 / 268
TTM EPS
₹12.3
TTM Sales
₹14,620 Cr.
Book Value per Share
₹196.5
P/E Ratio
19.25
Higher than its 5-year historical median
Industry PE
24.9
Price to Book (P/B)
1.20
Higher than its 5-year historical median
Price to Sales (P/S)
1.03
Higher than its 5-year historical median
EV/EBITDA
9.57
Higher than its 5-year historical median
Dividend Yield
1.09%
Profitability Efficiency
Return on Equity (ROE)
6.41%
Underperforms industry median
Return on Capital Employed (ROCE)
8.86%
Underperforms industry median
Return on Assets (ROA)
4.07%
Operating Profit Margin
11.5%
Net Profit Margin
5.36%
Gross Profit Margin
9.3%
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
-46.06%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-58.18%
Asset Quality
Promoter Holding
63.25%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹12,503 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 7.56%, 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 26.8% 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 5,6787,3109,82910,1298,63211,02215,28317,96217,93614,62014,620
Sales YoY Gr.-28.7%34.5%3%-14.8%27.7%38.7%17.5%-0.1%-18.5%-
Adj EPS 55.86.9103.95.78.122.828.411.212.3
YoY Gr.-16.5%18.5%46.2%-60.9%44.6%43%180.8%24.8%-60.6%-
BVPS (₹) 8792.599.5107.3111.6117.1126.7158.5186.1196.5196.5
Adj Net
Profit
3183704396412513625191,4561,817715784
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 25.3% 33.4% 25.8% 3.5%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
5.96.57.29.73.656.715.916.45.86.2
Op. Profit
Mgn %
16.514.412.51310.710.18.815.717.511.511.7
Net Profit
Mgn %
5.65.14.56.32.93.33.48.110.14.95.4
Debt to
Equity
0.80.80.70.60.50.60.40.40.30.20
Working Cap
Days
285243222229269226189182174203103
Cash Conv.
Cycle
175144112919889759010713935

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5,6787,3109,82910,1298,63211,02215,28317,96217,93614,620
Operating Expenses + 4,7496,2738,6158,8317,7089,90913,94315,15214,87812,971
Manufacturing Costs8007338858309001,2441,4981,5651,8031,743
Material Costs3,0084,2806,2716,2775,1106,6009,82110,71410,4258,611
Employee Cost 4655135776836857708771,1201,1911,230
Other Costs 4757468821,0421,0131,2941,7461,7531,4591,388
Operating Profit 9301,0371,2141,2989231,1141,3392,8103,0581,649
Operating Profit Margin (%) 16.4%14.2%12.4%12.8%10.7%10.1%8.8%15.6%17.0%11.3%
Other Income + 267227302254334271488416398185
Exceptional Items 300-1350-70000
Interest 380420496516404369534586488470
Depreciation 229256281310346372355452479494
Profit Before Tax 5915887395925076379382,1882,488870
Tax 204194241-317823222357461386
Profit After Tax 3863944985943294057151,6141,874784
PAT Margin (%) 6.8%5.4%5.1%5.9%3.8%3.7%4.7%9.0%10.5%5.4%
Adjusted EPS (₹)6.06.27.89.35.26.311.225.229.312.3
Dividend Payout Ratio (%)8.30%9.70%12.80%10.80%19.40%15.80%13.40%7.90%6.80%16.30%

Valuation of Jindal Saw - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5,5645,9136,3666,8637,1387,4898,10010,13311,90412,567
Share Capital 64646464646464646464
Reserves 5,5005,8496,3026,7997,0747,4258,03610,06911,84012,503
Debt +3,7534,2193,9423,5052,9443,8203,0093,3692,6842,702
Long Term Debt1,7531,7961,6191,3271,3921,0319221,279563531
Short Term Debt2,0002,4222,3232,1791,5522,7892,0872,0902,1212,171
Minority Interest0000000000
Trade Payables2913791,5731,2461,6881,3372,8342,8112,3232,399
Others Liabilities 1,3291,2721,4271,5382,1651,9142,2052,4362,0811,880
Total Liabilities 10,93711,78313,30713,15213,93514,56116,14918,74918,99219,549

Fixed Assets

Net Fixed Assets +5,7735,6385,6975,9735,9135,8545,9587,3387,7998,344
Gross Block6,4356,5016,8057,3837,6317,9058,2109,98010,80711,771
Accumulated Depreciation6628631,1081,4101,7172,0512,2522,6433,0083,427
CWIP 65108231205157166206541543308
Investments 5916496656387161,0251,1221,1822,0902,339
Inventories1,7991,9512,7462,1942,4543,0713,3513,9704,1824,545
Trade Receivables1,2081,6431,8621,5331,7311,4443,1492,9273,0152,546
Cash Equivalents 404211125748751763598589247
Others Assets 1,4601,7531,9952,3522,4772,4852,2992,1937741,220
Total Assets 10,93711,78313,30713,15213,93514,56116,14918,74918,99219,549

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1,3175731,2701,4651,3441911,3382,1371,8551,638
PBT 4715487425925076379382,1882,488870
Adjustment 500539495806505586496845740864
Changes in Working Capital 440-453177223410-89440-638-802130
Tax Paid -93-60-143-155-78-138-136-258-572-225
Cash Flow From Investing Activity + -111-454-487-393-355-288-46-1,657-303-1,022
Capex -151-194-444-338-251-323-187-782-927-849
Net Investments 125-000-6357-15-1,098-120
Others -85-260-44-55-41-22156224637-173
Cash Flow From Financing Activity + -1,278-137-731-1,001-748161-1,691-40-1,519-892
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -292-127-144-175-127-347-388615-916-324
Interest Paid -353-384-448-475-388-345-517-556-494-436
Dividend Paid -38-35-49-77-63-63-63-100-127-127
Others -594410-90-274-171917-723119-5
Net Cash Flow -72-17527224165-39943934-276

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)7.116.878.118.994.75.549.1717.7117.016.41
ROCE (%)9.7110.0411.8210.448.549.0212.7721.7820.518.86
Asset Turnover Ratio0.530.650.780.770.640.7711.030.950.76
PAT to CFO Conversion(x)3.411.452.552.474.090.471.871.320.992.09
Working Capital Days
Receivable Days86.2070.7065.1061.206952.6054.8061.7060.5069.40
Inventory Days110.909387.208998.3091.5076.7074.4083108.90
Payable Days35.7028.6056.8082104.8083.6077.5065.9052.2062.40

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Jindal Saw Ltd FAQs

The current trading price of Jindal Saw on 09-Jun-2026 10:38 is ₹240.1.

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 08-Jun-2026 the market cap of Jindal Saw stood at ₹15,095.6 Cr

The latest P/E ratio of Jindal Saw as of 08-Jun-2026 is 19.25.

The latest P/B ratio of Jindal Saw as of 08-Jun-2026 is 1.20.

The 52-week high of Jindal Saw is ₹267.5 and the 52-week low is ₹153.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jindal Saw is ₹14,620 ( 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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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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