JINDALSAW
Large CapJindal Saw Limited
Industrials
Jindal Saw manufactures iron & steel pipes and pellets, offering a wide range of welded and non-welded pipes. It has diversified operations across India and a strong overseas presence, particularly in MENA and Latin America, serving Water Supply & Sanitation (WSS) and Oil & Gas sectors.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 17/100Rev -8% YoY · margin compression · PAT +43% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,633 Cr | -8.2% | -6.3% |
| EBITDA | ₹478 Cr | -35.1% | -22.0% |
| Operating margin | 10.0% | -500 bps | -200 bps |
| PAT | ₹124 Cr | +42.5% | -50.0% |
| PAT margin | 2.7% | +96 bps | -234 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 standalone Total Income declined 13.4% YoY to Rs 38,517 Mn, with EBITDA down 51.8% YoY to Rs 4,131 Mn. FY26 Total Income fell 18.9% YoY to Rs 1,47,445 Mn, and EBITDA dropped 46.9% YoY to Rs 18,347 Mn. Consolidated results show similar declines.
The company's Q4 and FY26 performance was significantly impacted by geopolitical conflicts in the MENA region, leading to deferred export shipments and operational constraints. Domestic water pipe business also faced challenges. While the order book remains robust, execution and margin pressure are key concerns.
Infrastructure Development in India
India's infrastructure pipeline remains large, with Rs 39.25 lakh crore earmarked for developmental works as of January 2026, sustaining multi-year demand.
Oil and Gas Sector Expansion
Sizeable domestic oil and gas infrastructure opportunity, supported by regulatory reforms and energy-security initiatives, with multiple long-distance pipelines underway.
Investment in Water Infrastructure
Jal Jeevan Mission 2.0, AMRUT 2.0, and Namami Gange Phase II continue to drive demand for water supply, sewerage, and wastewater management systems.
Government Policy Support
Government initiatives like Make in India, Aatmanirbhar Bharat, and PLI Schemes promote domestic manufacturing and industrial growth, supporting capacity build-out.
Seamless Pipe Facility, Abu Dhabi (UAE)
Wholly-owned step-down subsidiary incorporated, land lease secured, negotiations for long-lead items advanced, initial orders placed.
SAW Pipe Facility, Kingdom of Saudi Arabia (KSA)
Joint venture company established (51% step-down subsidiary), suitable land identified, lease arrangements being finalized, initial equity infused.
Ductile Iron (DI) Pipe Facility, KSA
JV agreement signed by partners, other corporate actions in process.
Debottlenecking and Efficiency
Company is incurring capital expenditures in debottlenecking to enhance operational efficiency and productivity, expecting incremental gains.
Rapid Urbanization in India
India's urban population projected to reach 675 million by 2035, increasing need for housing and related infrastructure.
Smart Cities Mission & AMRUT Program
These programs are driving upgradation of urban infrastructure, with Smart Cities Mission reaching ~93% completion by March 2026.
Jal Jeevan Mission 2.0 Extension
Approved through December 2028, extending rural tap-water build-out and sustaining demand for water infrastructure.
New Pipeline-Enabling Order in India
India notified a new pipeline-enabling order in March 2026 to speed laying and expansion of oil, gas, and petroleum-product pipelines.
Middle East Conflict Impact
Conflict in MENA region (began Feb 2026) created serious logistical constraints, resulting in notable decline in export sales and deferred shipments.
UAE Operations Affected
Company’s operations in Abu Dhabi impacted due to closure of key maritime routes, leading to supply chain disruptions and operational constraints.
Domestic Water Pipe Business Challenges
The water pipe business in India, primarily Ductile, continued to face challenges in FY26, including Q4, despite a backlog of orders.
API License Suspension at Nashik
API audit identified Non-Compliances, leading to a suspension letter. Company submitted corrective actions, resolved NCs, and awaits facility audit in May 2026.
Geopolitical Conflicts
Ongoing conflict in the MENA region has directly impacted Q4 FY26 operations, exports, and the UAE subsidiary, posing a risk to future performance.
Supply Chain and Logistics Disruptions
Closure of key maritime routes in the MENA region led to supply chain disruptions and operational constraints for the company's exports and UAE business.
Domestic Market Execution Challenges
The water pipe business in India faced challenges in FY26 despite a backlog, indicating potential issues in project execution or demand conversion.
Legal Dispute with NTPC
Jindal ITF's arbitration award of ₹1,891 crores plus interest was set aside by Delhi High Court; an appeal is filed, with an order expected in next couple of months.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the full-year performance against the previous fiscal year and account for seasonality. QoQ comparison is crucial to understand the immediate impact of the MENA conflict and sequential operational momentum.
Order Book (Standalone)
Current order book for Pipes and Pellets is ~US$ 1,317 million. Iron & Steel Pipes account for ~US$ 1,293 million and Pellets for ~US$ 24 million. Execution is projected to span the next 9–12 months.
Iron & Steel Pipe Order Book (Volume)
Order book is maintained at ~1.9 million MT as of March 2026. Export orders are ~0.77 million MT (~30% of total quantity).
EBITDA Margin (Standalone)
Q4 FY26 EBITDA margin was 10.7% (vs 19.2% in Q4 FY25). FY26 EBITDA margin was 12.4% (vs 19.0% in FY25).
Working Capital Debt (Standalone)
Net Short Term/Working Capital Debt decreased to Rs 19,239 million as of March 31, 2026, from Rs 26,199 million as of December 31, 2025.
Balanced Presence
Management aims to have a balanced presence across segments, geographies, and end-user industries.
Leverage Government Investments
Company expects to benefit from higher investments by the government in creation and renewal of infrastructure projects.
Sustain Order Flow Momentum
Management intends to sustain order flow momentum with a scale-up in executable orders.
Focus on Value-Added Portfolio
Company plans to drive newer opportunities in the value-added portfolio and focus on specialized offerings.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution Rate | Execution of outstanding order book projected to span 9–12 months. | Timely execution of the ~US$ 1,317 million order book, especially export orders, given past deferrals. |
| MENA Conflict Resolution/Mitigation | Q4 FY26 operations and exports impacted; Force Majeure invoked. | Signs of de-escalation, resumption of normal logistics, and recovery in export sales and UAE operations. |
| API License Re-certification | Non-Compliances resolved, awaiting facility audit in May 2026. | Successful re-certification of the API license for the Nashik seamless pipe unit to ensure full operational capability. |
| New KSA/UAE Project Progress | Seamless Pipe (UAE), SAW Pipe (KSA), DI Pipe (KSA) projects are in development stage. | Concrete progress on commissioning timelines, capital expenditure deployment, and initial revenue contribution from these new facilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
New seamless plant piercing mill enables a capacity increase to approximately 4 lakh tons per annum.
"enables a capacity increase to approximately 4 lakh tons per annum"
Seamless pipe plant in Abu Dhabi, HSAW pipe unit, and DI pipe facility in KSA are expected to be commissioned by February 2028, with financial impact from FY29.
"All these projects are expected to be commissioned in next 24 months approximately, that is by February 28. And we can expect the impact on the financials from FY '29."
We anticipate continued support for the Jal Jeevan Mission in the upcoming union budget, laying a strong foundation for future business growth.
"anticipate continued support for the Jal Jeevan Mission, laying a strong foundation for future business growth"
We are expecting a few tenders to come, which will help increase our production and sale of seamless pipe in the next year.
"expecting a few tenders to come, which will help us to increase our production and sale of seamless pipe in, let's say, next year."
Trend score and candlestick chart
56NeutralSMA20 +23.8% / mo
Technical chart
JINDALSAWweekly · 3Y+103.3%Technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~19.2% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 10% off 52W high · 57% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.7%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 53rd percentile within Industrials. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter holding is 63.3%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 53rd pctile, median 68 · Large: 34th pctile, median 74
80 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.5%.
- ▸10 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -6.3%.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.40
- P/B
- 1.20
- EV/EBITDA
- 6.92
- Market Cap
- 15100.00Cr
Profitability
- ROE
- 8.20%
- ROCE
- 10.40%
- ROA
- 4.29%
- Dividend Y
- 0.85%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 0.05%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 3.60×
- Altman Z
- 3.20
- Book Value
- 197.00
Cash Flow
- FCF Yield
- 5.46%
- FCF Positive Y
- 10/5
- OCF
- 1771.00 Cr
- EPS TTM
- 15.22
Shareholding
- Promoter Hold
- 63.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.