Jindal Saw Limited (JINDALSAW) AI Stock Analysis

• Market Cap: ₹112.46B
• Dividend Yield: 1.18%
• Average Volume (3M): 127.82K
• Price to Earnings (P/E): 10.0
• Beta (1Y): 1.26
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹200.00 ▲(17.20% Upside)

The score is driven primarily by solid financial performance (profitability and cash flow) and attractive valuation (low P/E). This is tempered by mixed technical signals (below longer-term moving averages and slightly negative MACD) and balance-sheet leverage risk.

Positive Factors

Operational profitability and margins

Consistently strong gross and improving net margins with healthy EBIT/EBITDA indicate durable operational efficiency and cost control. Sustained margin strength supports internal cash generation, resilience to price swings, and capacity to fund maintenance capex and strategic initiatives over the medium term.

Cash generation capability

A positive free cash flow trend and high operating-cash-flow-to-net-income ratio demonstrate the company converts earnings into cash reliably. This durable cash conversion underpins debt servicing, reinvestment in plants, and strategic flexibility, improving balance-sheet management across business cycles.

Market position and long-term contracts

As a leading steel pipe manufacturer serving oil & gas, water, and infrastructure, plus long-term contracts and partnerships, the company benefits from a stable orderbook and broad end-market exposure. This structural market position supports steadier revenue streams and competitive scale advantages.

Negative Factors

Recent revenue and EPS declines

Material declines in revenue and EPS growth point to weakening demand or operational headwinds that can be persistent. Over a multi-month horizon, falling top-line and earnings undermine free cash flow expansion, constrain reinvestment or deleveraging plans, and increase execution risk.

Elevated leverage on balance sheet

High leverage reduces financial flexibility and raises refinancing and interest-rate sensitivity. In a cyclical capital-intensive industry, elevated debt levels can limit ability to weather downturns, constrain capex or dividend policy choices, and lengthen the path to sustained deleveraging.

Exposure to raw material prices and industry cyclicality

Dependence on global steel demand and volatile raw material costs creates structural margin and cash-flow variability. Cyclical end-markets like oil & gas and infrastructure mean revenue visibility can swing with macro or policy shifts, complicating medium-term planning and earnings predictability.

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 generates revenue primarily through the manufacturing and sale of steel pipes and related products. Its key revenue streams include the production of large diameter pipes for the oil and gas sector, as well as smaller pipes and fittings for water supply and infrastructure projects. The company benefits from long-term contracts with major industrial clients, contributing to stable revenue inflows. Additionally, JINDALSAW's strategic partnerships with various construction and engineering firms enhance its market reach and support its earnings. Factors such as global demand for steel products, fluctuations in raw material prices, and government infrastructure spending initiatives significantly influence the company's financial performance.

Jindal Saw Limited Financial Statement Overview

Summary

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

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	199.74B	208.29B	209.58B	178.68B	132.98B	106.64B
Gross Profit	85.86B	88.53B	87.01B	65.36B	53.40B	45.86B
EBITDA	32.24B	34.03B	31.68B	15.99B	13.32B	11.62B
Net Income	17.21B	17.38B	16.77B	6.44B	4.12B	3.19B
Balance Sheet
Total Assets	0.00	207.79B	210.22B	182.56B	168.50B	162.25B
Cash, Cash Equivalents and Short-Term Investments	7.66B	7.66B	8.95B	2.43B	5.08B	7.89B
Total Debt	0.00	48.59B	57.61B	49.61B	60.31B	53.35B
Total Liabilities	-109.54B	98.25B	116.54B	109.78B	100.01B	96.86B
Stockholders Equity	109.54B	114.11B	100.93B	79.23B	73.64B	69.83B
Cash Flow
Free Cash Flow	0.00	13.04B	17.30B	12.95B	-3.80B	11.54B
Operating Cash Flow	0.00	23.35B	25.93B	16.17B	734.73M	15.57B
Investing Cash Flow	0.00	-8.99B	-19.17B	-701.60M	-1.91B	-3.46B
Financing Cash Flow	0.00	-15.24B	-123.85M	-19.68B	610.01M	-8.31B

Jindal Saw Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 170.65
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 170.65 is below the 20-day moving average (MA) of 172.63, above the 50-day MA of 167.37, and below the 200-day MA of 201.53, indicating a neutral trend. The MACD of 3.47 indicates Negative momentum. The RSI at 52.91 is Neutral, neither overbought nor oversold. The STOCH value of 45.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JINDALSAW.

Jindal Saw Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JINDALSAW	73 Outperform	₹112.46B	9.96	―	1.18%	-13.69%	-30.57%
RATNAMANI	70 Neutral	₹158.57B	26.15	―	0.60%	9.51%	14.31%
MAHSEAMLES	68 Neutral	₹69.64B	8.29	―	1.82%	0.81%	-7.11%
WELCORP	68 Neutral	₹192.29B	9.88	―	0.61%	-1.19%	96.91%
MANINDS	64 Neutral	₹24.50B	13.15	―	―	10.26%	46.49%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	55 Neutral	₹12.79B	63.78	―	―	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.