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.
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.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
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 30 Jun 2026
Bad · 0/100PAT -78% YoY · margin compression · Rev +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,452 Cr | +9.0% | -3.9% |
| EBITDA | ₹391 Cr | -41.6% | -18.2% |
| Operating margin | 9.0% | -700 bps | -100 bps |
| PAT | ₹91 Cr | -78.1% | -26.6% |
| PAT margin | 2.0% | -812 bps | -64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
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
70Bullishfull bull SMA stack · SMA20 +10.0% / mo · MACD + · near 52W high
Technical chart
JINDALSAWdaily · 1Y · AUTO+80.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 66. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~9.1% over last month) — short-term momentum positive.
- RSI(14) at 66 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 100% 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.
Relative Strength & Trend Stage
- Price is 30.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 24.6%.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; 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: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 45th percentile of the scored universe and 44th percentile within Industrials. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter holding is 63.3%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 44th pctile, median 68 · Large: 23rd pctile, median 73
70 documents have extracted text, 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 positive at 4.2%.
- ▸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 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 29.90
- P/B
- 1.55
- EV/EBITDA
- 8.44
- Market Cap
- 19524.00Cr
Profitability
- ROE
- 8.20%
- ROCE
- 10.40%
- ROA
- 2.79%
- Dividend Y
- 0.66%
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
- 3.51
- Book Value
- 197.00
Cash Flow
- FCF Yield
- 4.22%
- FCF Positive Y
- 10/5
- OCF
- 1771.00 Cr
- EPS TTM
- 10.22
Shareholding
- Promoter Hold
- 63.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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