Jindal Saw Ltd(JINDALSAW)

NSE: JINDALSAWBSE: 500378

₹ 233.3-6.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,920 crWebsite: www.jindalsaw.comUpdated: 24 Oct 2026

About

Jindal Saw Ltd manufactures iron and steel pipes and tubes for water, oil and gas and industrial applications, and also runs an iron ore mining and pellets business. It reported revenue of Rs 17,895.17 Cr in FY26 from 16 manufacturing facilities in India and overseas. The company says it is the world's third-largest producer of corrosion-resistant iron pipes, supplying to over 40 countries.^[1][2]

Business segments

Iron and steel pipes revenue was Rs 15,135.91 Cr in FY25, pellets Rs 1,786.72 Cr and others Rs 241.17 Cr.^[3]
Iron & steel made up 99.4% of revenue in FY24.^[4]
Revenue from outside India was Rs 4,177.9 Cr in FY25.^[3]

Products

The company offers more than 30 products and ancillaries, as of FY26.^[1]
Products include ductile iron (DI) pipes for water, large-diameter LSAW pipes, HSAW pipes and seamless pipes for oil and gas.^[5]
Subsidiary Jindal Metals & Alloys at Bahadurgarh, Haryana makes precision stainless steel strips and soft magnetic nickel alloys.^[1]

Plants and capacity

The company runs seven SAW pipe plants with anti-corrosion and concrete weight coating capabilities, as of FY26.^[1]
The integrated DI pipe plant at Samaghogha, Gujarat, near Mundra port, has a total capacity of 580,000 MT, as of FY26.^[1]
The plant acquired from Sathavahana Ispat in Andhra Pradesh via NCLT can produce 2,40,000 MT a year of iron pipes; the Maharashtra fittings unit can make 18,000 MT a year.^[1]
A second seamless piercing mill started in Q3 FY26, taking seamless capacity to ~4 lakh TPA from ~2 lakh+ MT.^[6]
Standalone pipe capability is targeted at ~2.2 mn TPA without new lines; utilisation ran at ~60-65% in FY26/Q1 FY27.^[5]
Jindal SAW USA LLC runs a double jointing and coating facility in Baytown, Texas with 5 million square metres of annual capacity.^[1]
The Abu Dhabi DI pipe plant dispatched 29,000 MT in Q2 FY27 vs 34,000 MT in Q1 FY27 and is running at about 50% utilisation.^[7]

Mining and pellets

At Bhilwara, Rajasthan the company has a mechanised iron ore mine, a beneficiation plant and a 1.65 MTPA pellet plant.^[1]
Low-grade magnetite ore from the captive mine is upgraded from Fe 25% to above Fe 66% before pelletising.^[1]

Key operating numbers

Confirmed order book was USD1.135bn (~INR10,700 cr) in Q2 FY27, plus LOIs of USD625mn; including LOIs the book is about INR17,000 cr.^[7]
Of the USD625mn LOIs in Q2 FY27, USD480mn is export: CIS USD430mn and SE Asia USD50mn.^[7]
Abu Dhabi order book was USD195mn / 177,000 MT in Q2 FY27 vs USD 188 mn / 1,77,000 MT in Q1 FY27.^[7][5]
Gross profit per kg fell to INR41 from INR51 in Q2 FY27, with the sales mix skewed to low-margin domestic water pipes.^[7]
Standalone pipe sales were ~13,76,000 MT in FY26 vs ~16,98,000 MT in FY25.^[8]

Customers and markets

Approvals and customers include NTPC, NPCIL, BARC, IOCL, BPCL, HPCL, Reliance, L&T, Adani Gas and Gujarat Gas.^[1]
The company has reached more than 80 countries, as of FY26.^[1]
About 80% of domestic DI pipe sales go through EPC contractors on Jal Jeevan Mission projects (Q2 FY26).^[9]
The ~6 lakh MT Saudi job-work order remained significantly delayed in Q2 FY27 due to the Middle East war; alternative transport routes are being worked out with the buyer.^[7]
Saudi Arabia imposed anti-dumping duty on Indian DI exporters; Jindal Saw supplies Saudi from Abu Dhabi and is not covered (Q2 FY27).^[7]

Expansion and capex

Abu Dhabi seamless plant (300,000 TPA, ~USD330mn): financial closure expected in coming months, commercial operations in FY28-29 (Q2 FY27).^[7]
Saudi SAW pipe JV with Buhur Altavision (Jindal Saw 51%) for LSAW and HSAW, 3,00,000 MT each: land secured; construction targeted at 18-24 months.^[5]
A Saudi DI pipe finishing JV agreement has been signed; it can start earlier than the greenfield plants.^[8]
New UAE subsidiary Jindal Seamless Pipe Manufacturing LLC was formed w.e.f. August 13, 2025.^[1]
India standalone capex is guided at INR 500-600 cr for FY27 and INR 400-500 cr for FY28.^[8]

Recent developments

The API licence for seamless pipes, suspended in February 2026, was reinstated in June 2026; the company is bidding for new API orders (Q2 FY27).^[7][5]
Standalone net debt fell to INR2,245 cr at Q2 FY27 from INR2,346 cr at 30 June 2026.^[7]
The Strait of Hormuz closure from March 2026 led to force majeure on export shipments from India and Abu Dhabi; ~30,000-40,000 MT of cargo was deferred.^[8]

Market Cap

₹14,920 Cr

High / Low

₹320 / 153

Stock P/E

27.2

Price / Book

1.2

Book Value

₹197

EPS

₹15.2

No. of Shares

63.95 Cr

ROCE

10.3%

ROE

8.1%

OPM

9.3%

Debt / Equity

0.37

Sales

₹17,895 Cr

Net Profit

₹925 Cr

Promoter holding

63.2%

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Jindal Saw Ltd(JINDALSAW)

About

Business segments

Products

Plants and capacity

Mining and pellets

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

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