Jindal Saw Limited (JINDALSAW) AI Stock Analysis

• Market Cap: ₹121.15B
• Dividend Yield: 1.18%
• Average Volume (3M): 127.82K
• Price to Earnings (P/E): 10.4
• Beta (1Y): 0.98
• Revenue Growth: -13.69%
• EPS Growth: -30.57%
• Country: IN
• Employees: 7,517
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 4.00
• Shares Outstanding: 639,508,240
• 10 Day Avg. Volume: 149,437
• 30 Day Avg. Volume: 127,816
• PEG Ratio: 2.83
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 13.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 20.5
• Revenue Forecast (FY): ₹187.69B

• Rating: 69 Neutral
• Price Target: ₹217.00 ▲(27.16% Upside)
• Action: Downgraded Date: 03/12/26
• Date: Action: Downgraded 03/12/26

The score is driven primarily by strong underlying financial performance and reasonable valuation (low P/E). This is meaningfully offset by weak technical momentum signals (negative MACD, low RSI and Stochastic), which indicate near-term trend risk.

Positive Factors

Margin Sustainability

Sustained gross and improving net margins point to durable operational efficiency and pricing power. Over 2–6 months this supports cash earnings stability, helps absorb raw-material swings, and underpins consistent EBITDA generation essential for funding projects and maintaining margins across cycles.

Cash Generation

Consistent free cash flow growth and strong conversion of earnings into cash enhance financial flexibility. This durable cash generation enables the company to fund capex, service debt, and support tender-backed working capital needs, reducing reliance on external financing over the medium term.

Equity Base & ROE

A growing equity base and rising ROE reflect strengthening capital structure and efficient use of shareholders' funds. This provides a longer-term buffer against cyclical downturns, supports investment in capacity or coatings/processing, and improves credibility when bidding large infrastructure contracts.

Negative Factors

High Leverage

Elevated leverage increases interest and refinancing risk and constrains financial flexibility. Over 2–6 months a highly leveraged balance sheet can amplify volatility from project delays or input-cost spikes, limiting the firm's ability to invest or aggressively pursue large tenders without raising more external capital.

Recent Revenue Decline

A meaningful year-over-year revenue decline signals weaker sales momentum or project timing issues. Persisting revenue contraction risks underutilized capacity and pressures on fixed-cost absorption, making it harder to maintain margins and free cash flow consistency over the coming quarters.

Earnings Pressure

A sharp decline in EPS reflects stress on profitability, whether from lower volumes, margin compression, or non-recurring items. Sustained EPS weakness undermines retained earnings growth and limits reinvestment ability and debt reduction, posing a structural risk to earnings recovery timelines.

Jindal Saw Limited Business Overview & Revenue Model

Company Description

Jindal Saw Limited, together with its subsidiaries, engages in the manufacture and supply of iron and steel pipes, pellets, and accessories in India and internationally. It operates through Iron and Steel Products, Waterways Logistics, and Others segments. The company offers submerged arc welded pipes used in the transportation of oil, gas, slurry, and water; ductile iron pipes and fittings for water and waste-water transportation; carbon, alloy, and stainless steel pipes, and tubes primarily used in petroleum, exploration, sugar, steel, bearing, automotive, general engineering, power, and process industries; and operates iron ore mine and pellet plant. It also provides precision stainless steel strips for use in the production of auto components, clocks, watches, and electrical equipment; drill pipes; soft magnetic nickel alloys; anti corrosion coating of pipes; induction bending of pipes; stainless and carbon steel tubes, and welded pipes for the oil and gas, pulp and paper, food, pharmaceuticals, water and sanitation, petrochemical, and boiler and heat exchanger applications, as well as general engineering markets. In addition, the company engages in the waterborne transportation businesses; building and repair of barges and ships; and inland shipping, business process outsourcing, call center and advisory, helical anchor manufacturing, property holding, tools and fittings, deep-sea transloading, and information technology activities. Jindal Saw Limited was incorporated in 1984 and is headquartered in New Delhi, India.

How the Company Makes Money

Jindal Saw Limited makes money mainly by manufacturing and selling pipe products and executing related supply contracts for infrastructure and energy customers. Key revenue streams typically include: (1) Sales of large-diameter steel pipes (including submerged arc welded/SAW pipes) supplied to customers involved in oil and gas transmission and other industrial uses; revenue is recognized from delivering pipes manufactured to standard or project specifications. (2) Sales of ductile iron (DI) pipes and fittings, largely used in water supply, irrigation, and municipal infrastructure projects; revenue is driven by volumes supplied under tenders and project orders, often with specifications tied to public-sector and EPC projects. (3) Project/tender-based order execution where the company supplies pipes (and may provide associated services such as coating/lining and other value-added processing tied to pipe supply); earnings depend on winning tenders, executing order backlog, and raw-material/metal price movements as reflected in contract terms. Significant factors influencing earnings generally include infrastructure and capex cycles (water and energy pipelines), government/municipal spending patterns, the company’s order book and execution capability, export demand, and input costs for steel and iron. Specific details on material partnerships, customer concentration, or segment-wise revenue splits are null.

Jindal Saw Limited Financial Statement Overview

Summary

Strong income statement performance (revenue growth, healthy EBIT/EBITDA margins, improving net margin) and solid cash generation support the score, but elevated leverage on the balance sheet increases risk and caps the overall financial performance rating.

Income Statement

Jindal Saw Limited exhibits a strong financial performance with consistent revenue growth over the past years. The gross profit margin has remained robust, indicating effective cost management. Net profit margin has improved, reflecting a solid bottom line. EBIT and EBITDA margins are healthy, suggesting operational efficiency.

Balance Sheet

The company maintains a strong equity position with an increasing stockholders' equity over the years, leading to a healthy equity ratio. However, the debt-to-equity ratio indicates a high level of leverage, which could pose a risk in volatile market conditions. Return on Equity is improving, showcasing effective use of shareholders' funds.

Cash Flow

Jindal Saw has shown a positive trend in free cash flow growth, indicating good cash generation capabilities. The operating cash flow to net income ratio is strong, suggesting that the company efficiently converts its earnings into cash. However, fluctuations in capital expenditures and free cash flow to net income ratio highlight the need for careful cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	186.36B	208.29B	209.58B	178.68B	132.98B	106.64B
Gross Profit	75.37B	88.53B	87.01B	65.36B	53.40B	45.86B
EBITDA	27.93B	34.03B	31.68B	15.99B	13.32B	11.62B
Net Income	13.74B	17.38B	16.77B	6.44B	4.12B	3.19B
Balance Sheet
Total Assets	211.95B	207.79B	210.22B	182.56B	168.50B	162.25B
Cash, Cash Equivalents and Short-Term Investments	2.10B	7.66B	8.95B	2.43B	5.08B	7.89B
Total Debt	51.94B	48.59B	57.61B	49.61B	60.31B	53.35B
Total Liabilities	93.77B	98.25B	116.54B	109.78B	100.01B	96.86B
Stockholders Equity	120.83B	114.11B	100.93B	79.23B	73.64B	69.83B
Cash Flow
Free Cash Flow	-8.03B	13.04B	17.30B	12.95B	-3.80B	11.54B
Operating Cash Flow	-3.09B	23.35B	25.93B	16.17B	734.73M	15.57B
Investing Cash Flow	-4.79B	-8.99B	-19.17B	-701.60M	-1.91B	-3.46B
Financing Cash Flow	2.81B	-15.24B	-123.85M	-19.68B	610.01M	-8.31B

Jindal Saw Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 170.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JINDALSAW, the sentiment is Positive. The current price of 170.65 is below the 20-day moving average (MA) of 182.95, below the 50-day MA of 180.72, and below the 200-day MA of 194.85, indicating a bullish trend. The MACD of 4.06 indicates Negative momentum. The RSI at 59.80 is Neutral, neither overbought nor oversold. The STOCH value of 76.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:JINDALSAW.

Jindal Saw Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	78 Outperform	₹27.49B	13.17	―	―	10.26%	46.49%
JINDALSAW	69 Neutral	₹121.15B	10.37	―	1.18%	-13.69%	-30.57%
MAHSEAMLES	68 Neutral	₹74.37B	7.74	―	1.82%	0.81%	-7.11%
RATNAMANI	68 Neutral	₹164.71B	37.97	―	0.60%	9.51%	14.31%
WELCORP	66 Neutral	₹209.89B	11.86	―	0.61%	-1.19%	96.91%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	51 Neutral	₹8.57B	176.56	―	―	14.51%	-30.02%

Jindal Saw Limited Corporate Events

Jindal Saw Files December-Quarter Unaudited Results, Auditor Flags Subsidiary Appeal

Jindal Saw Limited has reported its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, in compliance with SEBI’s listing regulations. The results, reviewed (but not audited) by Price Waterhouse Chartered Accountants LLP, were approved by the board in a meeting held on 16 January 2026, with the auditors stating that the financial statements comply in all material respects with applicable accounting standards and disclosure requirements and contain no material misstatements; they also drew attention to an ongoing appeal involving subsidiary Jindal ITF Limited before the Delhi High Court and its potential bearing on the carrying value of that investment, though without modifying their conclusion.

Jindal Saw Files SEBI Depository Compliance Certificate for December Quarter

Jindal Saw Limited has submitted to the BSE and NSE a compliance certificate issued by its registrar and share transfer agent, RCMC Share Registry Private Limited, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The filing underscores the company’s continued regulatory compliance on depository and participant-related matters, providing assurance to investors and regulators about the proper handling of share transfers and related depository processes.