NSE: JINDALSAW · BSE: 500378 · ISIN INE324A01032
Jindal Saw Limited stock analysis
Jindal Saw Limited ranks #2476 in the TickerSutra evidence-ranked universe with a score of 46/100 and 95% data confidence. The latest captured fundamentals show ROCE of 10.4%, quarterly sales growth of 9.0% and quarterly profit growth of -75.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹13,298cr | ₹1,399cr | ₹376cr | 11.0% |
| 2023 | ₹17,868cr | ₹1,676cr | ₹452cr | 9.0% |
| 2024 | ₹20,958cr | ₹3,326cr | ₹1,593cr | 16.0% |
| 2025 | ₹20,829cr | ₹3,444cr | ₹1,458cr | 17.0% |
| 2026 | ₹17,895cr | ₹2,229cr | ₹925cr | 12.0% |
| TTM | ₹18,263cr | ₹1,933cr | ₹601cr | 11.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Jindal Saw Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineConfirmation of Redemption/Payment of Interest and PrincipalNSE · 27 Sept 2026Confirmation of Redemption/Payment of Interest and Principal
RoutineJindal Saw Ltd - 500378 - Affirmation Of Credit RatingsBSE · 21 Sept 2026As attached
RoutineUpdatesNSE · 21 Sept 2026Jindal Saw Limited has informed the Exchange regarding 'Affirmation of Ratings'.
MANAGEMENT COMMENTARY
Signals from filed documents
In the domestic market, the water segment remained weak as Jal Jeevan mission -linked project execution continued to be affected by delayed release of central funds and title scrutiny of the state projects. Multiple states reported pending dues and slowed p roject time lines, reinforcing a demand slowdown for pipe supply tied to government rural water schemes. However, the company saw a recovery in Q1 of this year, d
3) Cyclicality in end-use sectors such as oil and gas and infrastructure, influencing order inflows and capacity utilisation. 4) Intense competition from domestic and international players, leading to pricing pressure and margin compression. 5) Evolving environmental and regulatory requirements, potentially increasing compliance costs and capital expenditure.
Rajeev Goyal: No domestic capacity additions we are looking for. The capacity expansion projects are in the Middle East, like Abu Dhabi and Saudi Arabia. But in India, there will be no capacity addition, right, sir?
This move bolsters our product portfolio and reinforces our commitment to the MENA region’s energy and water sectors. Strategic Business Priorities The Company’s focused strategy is anchored on the following six pillars: 1) Product Portfolio Expansion: Develop high value niche products suited to complex and challenging environments. Shift toward specialised high margin solutions to stand out in the market and access
By 1994, the Company started exporting globally in addition to meeting domestic demands. It has exported 19,015 kilometres of SAW pipes and boast the largest customer network globally in the industry, maintaining strong customer relationships and receiving repeat orders from top Oil & Gas Sector companies, worldwide. Today, Jindal SAW operates seven advanced pipe manufacturing plants with comprehensive anti- corrosio
Rajeev Goyal: So in terms of ductile iron pipe or water sector, primarily led by DI, as you mentioned, yes, domestic front, there is -- again, JJM is not coming up very prominently. So domestic front -- to mitigate the domestic risk, we have already started exploring the overseas market, primarily the Europe, which is having a peak demand, and we are also getting good inquiries from this market, and we are likely to
4) Intense competition from domestic and international players, leading to pricing pressure and margin compression. 5) Evolving environmental and regulatory requirements, potentially increasing compliance costs and capital expenditure. 6) Supply chain disruptions like armed conflict in MENA region, widespread pandemics and Force Majure events.
The key philosophy of all CSR initiatives of the Company is driven by its core value of inclusion. Pursuant to the CSR Policy, various CSR initiatives were approved by the CSR Committee, which were undertaken by the Company during the year. During the financial year 2025–26, the Company’s CSR obligation was ` 3,426.89 lakh.
ii) Newspapers wherein results normally published : English: Financial Express Hindi: Jansatta iii) Any website, where displayed : The results are displayed on the website of the Company, i.e. jindalsaw.com iv) Whether it also displays official news releases : No v) The presentation made to institutional investors or to the analyst : Nil vi) NSE Electronic Application Processing System (NEAPS):: The NEAPS is a web ba
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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