AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Aug - Jindal Saw to hold virtual investor meeting with Mirae Mutual Fund on 27 August 2026.
Source: Bse
Jindal Saw Limited (JINDALSAW)
Large CapIndustrials stocks · Large cap · NSE
Jindal Saw Limited manufactures steel pipes, including SAW pipes (LSAW, HSAW), seamless pipes, and ductile iron (DI) pipes. It caters to oil & gas, water infrastructure, and other industrial sectors, with operations in India and the MENA region.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result16 Oct, 04:00 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 -5.9% / mo · MACD + · near 52W high
Stock trend: 56
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JINDALSAWD candles · FIT view+23.3%Latest close ₹295.60 on 2026-10-19
Bar
+3.0%
RSI
56
MACD hist
2.58
52W pos
85%
2026-10-19O ₹287.00H ₹299.05L ₹278.70C ₹295.60Vol 35.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JINDALSAWNifty India ManufacturingNifty 500
- JINDALSAW
- +11.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +16.7 pp
Chart stats
19 Oct 2026- From 52W high
- -7.6%
- 52W range position
- 85%
- ATR (14)
- 4.2%
- Volume vs 20D
- 2.35x
- Avg traded value
- ₹45 Cr
- 20D price channel
- ₹260.6 - ₹312.5
₹320
₹153 - ₹320
₹12.3
Latest completed session
20-session average
39.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +5.6% · PAT -74.6% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+12.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100PAT -75% YoY · margin compression · Rev +6% YoY
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,471.8 Cr | +5.6% | +0.4% |
| EBITDA | ₹261 Cr | -42.1% | -34.2% |
| Operating margin | 5.8% | -516 bps | -307 bps |
| PAT | ₹35.3 Cr | -74.6% | -61.1% |
| PAT margin | 0.8% | -249 bps | -125 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.15
- P/B
- 1.51
- EV/EBITDA
- 8.25
- Market Cap
- 19284.12Cr
Profitability
- ROE
- 8.20%
- ROCE
- 10.40%
- ROA
- 2.79%
- Dividend Y
- 0.67%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- -4.48%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 4.00×
- Altman Z
- 3.48
- Book Value
- 197.00
Cash Flow
- FCF Yield
- 4.34%
- FCF Positive Y
- 10/5
- OCF
- 1771.00 Cr
- EPS TTM
- 8.58
Shareholding
- Promoter Hold
- 63.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 17.9k-14.1% vs prev
Net Profit
₹ CrLatest: 925-36.6% vs prev
Return on Equity
%Latest: 7.4-42.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily 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 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 8% off 52W high · 93% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+2.1%
3M return
+11.1%
6M return
+20.7%
1Y return
+64.2%
RS 1D
-1
RS 20D
+4
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 16.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
27 Apr 2026
S2 age
124 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 147.64-0.95%
RS vs Nifty 500148
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation8/30
Growth12/25
Quality0/20
Balance Sheet10/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
-1
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 4.3%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 12.3%.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
35.1
PB
1.5
EV/EBITDA
8.3
ROE
8.2%
ROCE
10.4%
FCF Yield
4.3%
Debt/Equity
0.4
MoS
+12.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 41
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+12.3%
Previous: +12.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
44
44
43
41
41
41
41
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹195.01
-51.6% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹337.19
+12.3% MoS
PEG
1.71
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANINDS
Small
Man Industries (India) Limited
Steel Pipes
match 77
37
32.6
9.2%
+26%
WATCHLIST
SKIPPER
Micro
Skipper Limited
Steel Pipes
match 76
61
27.8
16.6%
+33%
UNDERVALUED
WELCORP
Small
Welspun Corp Limited
Steel Pipes
match 65
56
29.6
19.4%
+25%
FAIR VALUE
GOODLUCK
Small
Goodluck India Limited
Steel Pipes
match 48
45
23.5
13.0%
+27%
WATCHLIST
MAHSEAMLES
Micro
Maharashtra Seamless Limited
Steel Pipes
match 47
77
10.7
10.7%
+73%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-23T07:45:30.606Z
Management commentary snapshot
Q1 FY27 sees sharp decline in consolidated PAT (-78%) and EBITDA (-39%) despite revenue growth, impacted by MENA geopolitical issues, domestic water infra delays, and API license suspension.
Q1 FY27 saw sharp declines in EBITDA and PAT due to MENA geopolitical conflict blocking exports, domestic Jal Jeevan Mission delays, and API license suspension for seamless pipes. Management expects H1 FY27 to be soft, with potential recovery in H2 if external issues resolve.
Growth engines
MENA Energy Infrastructure Shift
Heightened geopolitical risk drives a decisive shift towards more secure overland energy infrastructure, creating a strong pipeline of opportunities.
India Energy Security Priority
India is prioritizing energy security with new pipeline tenders expected, following a March '26 government mandate to fast-track nationwide piped gas rollout.
MENA Local Manufacturing Expansion
Actively pursuing opportunities by expanding and manufacturing locally in Abu Dhabi (seamless, DI) and Saudi Arabia (LSAW, HSAW, DI).
De-risking DI Pipe Exports
Exploring overseas markets, primarily Europe, for ductile iron pipes to mitigate domestic demand slowdown and increase export order book.
Capacity and execution
Seamless Pipe Plant, Abu Dhabi
3 lakh ton manufacturing facility with an estimated project cost of approximately USD300 million. Project execution commenced, commercial operation expected in FY29.
SAW Pipe Plant, Saudi Arabia (JV)
Strategic joint venture to establish LSAW and HSAW pipe mills (300,000 MTPA each). Project land secured, interim financial closure expected in months. Production expected in FY28/29.
Ductile Iron Pipe Facility, Abu Dhabi
Part of a dual pipe platform strategy, anchoring a full-fledged regional hub for energy and water infrastructure.
Ductile Iron Plant, Saudi Arabia
Part of the JV-driven local content-rich capacity to lock in infrastructure demand.
Tailwinds
MENA Energy Infrastructure Shift
Heightened geopolitical risk is driving investments in routes that bypass high-risk areas, creating major opportunities for pipe manufacturers.
India's Energy Security Focus
New pipeline tenders are expected in coming quarters, following a landmark March '26 government mandate to fast-track nationwide piped gas rollout.
API License Reinstatement
API reinstatement enables the company to resume API-certified seamless pipe supplies and participate in tenders requiring the API monogram.
Headwinds
MENA Geopolitical Situation
Geopolitical situation between U.S. and Iran brought MENA region trade to a standstill, blocking the Strait of Hormuz and suspending outward shipments since March 2026.
Domestic Water Segment Weakness
Jal Jeevan Mission-linked project execution continued to be affected by delayed release of central funds and title scrutiny of state projects.
Indian Port Traffic
Due to heavy traffic at Indian ports, a few export shipments have been deferred to Q2 of financial year '27.
Abu Dhabi DI Operations Disrupted
Regional conflicts in MENA regions disrupted operations at the ductile iron pipe facility in Abu Dhabi, with sales restricted to within trucking range.
Risk radar
Geopolitical Instability
Ongoing MENA region conflicts block trade routes and limit short-term visibility, impacting export execution and regional operations.
Domestic Project Execution Delays
Government rural water schemes face demand slowdown due to delayed central funds and slowed project timelines in multiple states.
Currency Volatility Impact on Costs
Sharp depreciation of the rupee in previous quarters significantly impacted interest costs, though stable in Q1 FY27.
Large Overseas Capex & Project Risks
Significant investments in Abu Dhabi and Saudi Arabia projects (USD300M seamless, JV SAW/DI) carry execution and geopolitical risks.
Management accountability
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.
Analyst reading lens
Compare YOY
The company explicitly compares Q1 FY27 results to Q1 FY26, indicating a preference for year-over-year comparison, likely due to potential seasonality or the project-based nature of the business.
Sector KPIs management disclosed
Consolidated Total Income
INR4,476 crores in Q1 FY27 against INR4,103 crores in Q1 FY26, representing an increase of approximately 9%.
Consolidated EBITDA
INR421 crores in Q1 FY27 against INR688 crores in Q1 FY26, representing a decline of approximately 39%.
Consolidated PAT
INR91 crores in Q1 FY27 against INR415 crores in Q1 FY26, representing a decline of approximately 78%.
Consolidated Net Institutional Debt
Reduced to INR2,472 crores as of June 30, 2026, compared to INR2,528 crores as of March 31, 2026.
Management forward view
H1 FY27 Soft Performance
Performance in Q1 FY27 remained muted, broadly similar to the weak trend seen in Q4 FY26, and H1 is expected to be softer.
H2 FY27 Recovery Expectation
Management is hopeful that if everything works well, H2 FY27 would start showing improvements over H1.
FY27 Volume Outlook
Volumes in FY27 are likely to remain at the same level as FY26, assuming the current scenario persists.
Peak Term Debt Estimate
Term debt is estimated to increase from the current INR500+ crores to approximately INR3,500 crores once the Middle East projects are completed.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| MENA Geopolitical Resolution | Strait of Hormuz blocked, peace talks collapsed, limiting short-term visibility. | Diplomatic breakthroughs, resumption of normal trade routes, and execution of large Saudi order book. |
| Jal Jeevan Mission Funding & Execution | Delayed central funds and slowed project timelines affecting domestic water segment demand. | Timely release of central funds and acceleration of state-driven project execution. |
| Seamless Nashik Utilization | API license reinstated in mid-June 2026 after suspension from January 2026. | Ramp-up to 70,000-80,000 tons quarterly volume starting from October onwards. |
| Overseas Project Progress | Abu Dhabi seamless and Saudi SAW/DI projects commenced, with financial closures pending. | Finalization of interim financial closures and adherence to FY29 (Abu Dhabi) and FY28/29 (Saudi) commissioning timelines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
operational efficiencynot yet verifiablequantified
New seamless plant piercing mill enables a capacity increase to approximately 4 lakh tons per annum.
Timeframe: ongoingDirection: increaseConfidence: factual
"enables a capacity increase to approximately 4 lakh tons per annum"
project executionnot yet verifiablequantified
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.
Timeframe: by February 2028, from FY29Direction: positiveConfidence: expected
"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."
macro expectationnot yet verifiable
We anticipate continued support for the Jal Jeevan Mission in the upcoming union budget, laying a strong foundation for future business growth.
Timeframe: upcoming union budget, futureDirection: positiveConfidence: anticipate
"anticipate continued support for the Jal Jeevan Mission, laying a strong foundation for future business growth"
order inflownot yet verifiable
We are expecting a few tenders to come, which will help increase our production and sale of seamless pipe in the next year.
Timeframe: next yearDirection: increaseConfidence: expecting
"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."
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 44th percentile within Industrials. Main check: results consistency is weak at 27/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
77 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Industrials: 44th pctile, median 68 · Large: 23rd pctile, median 73
Evidence depth
Financial-only
77 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
42
weak · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 63.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.3%.
- ▸10 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -6.3%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸Profit margin is 2.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jindal Saw Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jun
Source: Bse
Announcement
Shareholder Meeting / Postal Ballot-Outcome of AGM 29 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.