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Manufactures large-diameter welded steel pipes and ductile iron pipes for oil & gas and water infrastructure, part of the OP Jindal Group.
Manufactures large-diameter welded steel pipes and ductile iron pipes for oil & gas and water infrastructure, part of the OP Jindal Group.
Sells pipes largely through tenders from water utilities and pipeline operators, so revenue follows an order book of projects. Ductile iron pipes, used mostly for drinking water, tie it to government water-supply programmes, while large welded pipes depend on oil and gas projects and exports. It also has plants in the UAE and the US.
In one line: A large-diameter pipe manufacturer, like a smaller Tenaris.
Moat: narrow (scale, process know-how). Large manufacturing scale and API/quality certifications for critical pipeline projects.
Headquarters: New Delhi, India · Founded: 1984 · Employees: 7,565
Size Jindal Saw (JINDALSAW.NS) is an India Materials company (Steel) with a market value of $1.70B, the 414th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹251.00 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against -23.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +3.0%); the operating margin is 5.9% (peer median 6.0%).
Valuation It trades at 22.7× forward earnings against a peer median of 18.4× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.3 points below its cost of capital (10.5% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹185B | ₹178B | ₹207B | ₹201B | ₹171B |
| Revenue growth | — | -14% | +3% | +17% | — |
| Gross profit | ₹51.0B | ₹40.2B | ₹46.8B | ₹38.3B | ₹23.3B |
| EBITDA | ₹17.5B | ₹21.6B | ₹33.2B | ₹31.1B | ₹15.6B |
| Net income | ₹5.49B | ₹9.73B | ₹17.4B | ₹16.8B | ₹6.44B |
| Free cash flow | n/a | ₹1.89B | ₹7.25B | ₹11.1B | ₹7.23B |
| Capital expenditure | n/a | ₹10.8B | ₹10.3B | ₹8.63B | ₹3.23B |
| Total debt | ₹41.7B | ₹46.9B | ₹48.6B | ₹57.6B | ₹49.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jindal Saw JINDALSAW.NS | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% |
| Ratnamani Metals & Tubes RATNAMANI.NS | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% |
| Welspun WELCORP.NS | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% |
| Man Industries (India) MANINDS.NS | $629M | +49% | +11% | 11% | 19.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JINDALSAW.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.0% | -3.5% | 6th lowest of 21 |
| 6-month return | +3.5% | -23.2% | 2nd highest of 21 |
| Distance from 52-week high | -21.6% | -36.8% | 4th highest of 21 |
| Revenue growth (TTM) | -0.7% | +3.0% | 10th lowest of 21 |
| Operating margin | 5.9% | 6.0% | 10th lowest of 20 |
| Forward P/E | 22.7× | 18.4× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 17.5% | 9.1% | 6th most demanding of 16 |
| Growth delivered (Del g) | +10.9% | +6.3% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | +6.6 pp | +1.9 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | -5.3 pp | -1.5 pp | 8th lowest of 20 |
| EV / EBITDA | 11.1× | 9.8× | 4th cheapest of 7 |
| Net debt / EBITDA | 2.1× | 0.7× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 42.2× | 34.8% | +7.1% |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 12.5× | 21.7% | +6.3% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | n/a | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 10.6× | n/a | n/a |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Fangda Special Steel Technology 600507.SS | China | $1.38B | -32% | +8% | 3% | 23.4× | n/a | n/a |
| Gallantt Ispat GALLANTT.NS | India | $1.36B | -38% | +6% | 11% | n/a | 39.6% | +16.0% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 52.4× | n/a | n/a |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | n/a | 0.3% | +6.0% |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 11.4× | -1.6% | +11.7% |