Jindal Saw Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Iron & Steel Products: 99.4% • Others: 0.6%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 23.1% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.68x)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 40.2% versus prior year
- Valuation is stretched - P/E of 30.5 is well above its own 5-year median (9.9)
- Though reporting repeated profits, the company pays out little dividend (13.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| USHAMART | 494.15 | 29.70 | 15058.83 | 0.76 | 142.04 | 40.90 | 1033.00 | 16.44 | 20.17 | 20.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,410 | 5,466 | 5,656 | 5,425 | 4,939 | 5,572 | 5,271 | 5,047 | 4,085 | 4,234 | 4,943 | 4,633 | 4,452 | |
| 3,803 | 4,662 | 4,667 | 4,505 | 4,100 | 4,658 | 4,332 | 4,310 | 3,415 | 3,782 | 4,331 | 4,153 | 4,328 | |
| Operating Profit | 608 | 804 | 989 | 920 | 840 | 914 | 939 | 736 | 670 | 451 | 613 | 481 | 125 |
| OPM % | 13.78% | 14.71% | 17.48% | 16.96% | 17.00% | 16.41% | 17.82% | 14.59% | 16.41% | 10.66% | 12.39% | 10.38% | 2.80% |
| 37 | 22 | 40 | 69 | 46 | 30 | 22 | 21 | 18 | 30 | 20 | 23 | 24 | |
| Interest | 160 | 189 | 182 | 174 | 154 | 158 | 173 | 139 | 171 | 153 | 133 | 163 | 108 |
| Depreciation | 132 | 141 | 147 | 149 | 148 | 151 | 151 | 153 | 153 | 156 | 155 | 167 | 164 |
| Profit before Tax | 354 | 496 | 701 | 666 | 583 | 636 | 638 | 466 | 364 | 173 | 345 | 175 | 143 |
| Tax % | 30.92% | 28.21% | 26.73% | 27.96% | 29.47% | 26.35% | 26.01% | 82.81% | -11.31% | 25.42% | 28.90% | 27.44% | 36.45% |
| Net Profit | 0 | 0 | 0 | 0 | 416 | 475 | 479 | 87 | 415 | 139 | 248 | 124 | 91 |
| 8.33 | 5.93 | 8.39 | 7.90 | 6.93 | 7.85 | 7.96 | 4.58 | 6.66 | 2.38 | 4.05 | 2.19 | 1.63 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,070 | 8,507 | 12,117 | 11,627 | 10,664 | 13,298 | 17,868 | 20,958 | 20,829 | 17,895 | 18,263 | |
| 6,347 | 7,511 | 10,685 | 10,163 | 9,479 | 11,943 | 16,264 | 17,781 | 17,491 | 15,733 | 16,594 | |
| Operating Profit | 723 | 996 | 1,432 | 1,464 | 1,185 | 1,355 | 1,604 | 3,177 | 3,338 | 2,162 | 1,669 |
| OPM % | 10.22% | 11.71% | 11.82% | 12.59% | 11.11% | 10.19% | 8.98% | 15.16% | 16.03% | 12.08% | 9.14% |
| 385 | 88 | 567 | 44 | 266 | 199 | 228 | 312 | 210 | 145 | 97 | |
| Interest | 569 | 581 | 615 | 620 | 493 | 460 | 642 | 705 | 623 | 620 | 557 |
| Depreciation | 337 | 363 | 396 | 422 | 459 | 473 | 470 | 568 | 602 | 630 | 641 |
| Profit before Tax | 193 | 134 | 988 | 467 | 499 | 621 | 719 | 2,216 | 2,349 | 1,076 | 835 |
| Tax % | 32.50% | 99.54% | 21.43% | 1.14% | 34.36% | 39.52% | 37.21% | 28.11% | 37.93% | 13.98% | 29.17% |
| Net Profit | 130 | 1 | 776 | 461 | 328 | 376 | 452 | 1,593 | 1,458 | 925 | 592 |
| EPS | 3.26 | 5.55 | 26.59 | 17.35 | 10.02 | 12.96 | 20.27 | 52.45 | 27.18 | 15.22 | — |
| Dividend Payout % | 28.11% | 21.50% | 7.52% | 11.53% | 20.06% | 15.53% | 14.90% | 7.63% | 7.36% | 13.14% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 11%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- 28%
- 5 Years:
- 39%
- 3 Years:
- 23%
- 1 Year:
- 54%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 10%
- 3 Years:
- 13%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 |
| Minority Interest | -127 | -296 | -382 | -475 | -444 | -515 | -642 | -726 | -457 | -292 |
| 5,322 | 5,432 | 6,218 | 6,700 | 6,919 | 7,300 | 7,857 | 9,971 | 11,313 | 12,485 | |
| 5,692 | 6,545 | 5,865 | 5,786 | 4,748 | 5,618 | 4,821 | 5,255 | 4,574 | 4,702 | |
| Trade Payables | 411 | 568 | 1,804 | 1,403 | 1,937 | 1,540 | 3,004 | 2,953 | 2,522 | 2,623 |
| 1,493 | 884 | 1,212 | 1,603 | 2,591 | 2,436 | 2,778 | 3,162 | 2,649 | 1,989 | |
| Total Liabilities | 12,856 | 13,197 | 14,781 | 15,082 | 15,815 | 16,443 | 17,883 | 20,679 | 20,665 | 21,572 |
| 7,455 | 7,120 | 7,163 | 7,491 | 7,316 | 7,357 | 7,484 | 8,853 | 9,341 | 10,409 | |
| Capital Work in Progress | 102 | 126 | 260 | 423 | 404 | 293 | 300 | 632 | 641 | 453 |
| 119 | 110 | 190 | 129 | 198 | 224 | 175 | 178 | 168 | 105 | |
| 2,310 | 2,463 | 3,187 | 2,687 | 2,919 | 3,756 | 4,105 | 4,895 | 4,921 | 5,267 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,469 | 3,564 | 3,094 | |
| Cash & Bank | 132 | 144 | 232 | 343 | 724 | 673 | 213 | 895 | 770 | 543 |
| 2,738 | 3,233 | 3,749 | 4,009 | 4,256 | 4,142 | 5,606 | 1,756 | 1,261 | 1,702 | |
| Total Assets | 12,856 | 13,197 | 14,781 | 15,082 | 15,815 | 16,443 | 17,883 | 20,679 | 20,665 | 21,572 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,270 | 635 | 1,734 | 1,850 | 1,669 | 227 | 1,776 | 2,593 | 2,335 | 1,771 | |
| Cash from Investing | -426 | -120 | -516 | -469 | -359 | -191 | -71 | -1,917 | -899 | -955 |
| Cash from Financing | -816 | -470 | -977 | -1,168 | -831 | 61 | -1,966 | -12 | -1,524 | -1,073 |
| -79 | -25 | 74 | 28 | 380 | -57 | -421 | 663 | -87 | -257 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-08-24 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-07-23 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-07-22 - Jindal Saw Limited has informed the Exchange about Transcript
2026-07-17 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-07-17 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-07-16 - Jindal Saw Limited has informed the Exchange about Schedule of meet
2026-07-15 - Jindal Saw Limited has informed the Exchange about Link of Recording
2026-07-14 - Jindal Saw Limited has informed the Exchange about General Updates
News
Recent coverage and analyst commentary for JINDALSAW
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Jindal Saw Ltd.
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