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Jindal Saw Ltd.

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jindalsaw.comBSE: 500378NSE: JINDALSAW
Market Cap₹ 19,943 Cr.
Current Price
High / Low₹ 320 / 153
Stock P/E30.5
Book Value₹ 198
Price to Book0.93
Dividend Yield0.64 %
ROCE10.4 %
ROE7.7 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Iron & Steel Products: 99.4% • Others: 0.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

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

Capital GoodsIron & SteelSteel & Iron Products
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.423507.301106.6354550.901133.3513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.36107.03-15.82971.63-15.6318.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.USHAMART494.1529.7015058.830.76142.0440.901033.0016.4420.1720.62
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4,4105,4665,6565,4254,9395,5725,2715,0474,0854,2344,9434,6334,452
3,8034,6624,6674,5054,1004,6584,3324,3103,4153,7824,3314,1534,328
Operating Profit608804989920840914939736670451613481125
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%
37224069463022211830202324
Interest160189182174154158173139171153133163108
Depreciation132141147149148151151153153156155167164
Profit before Tax354496701666583636638466364173345175143
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 Profit00004164754798741513924812491
8.335.938.397.906.937.857.964.586.662.384.052.191.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7,0708,50712,11711,62710,66413,29817,86820,95820,82917,89518,263
6,3477,51110,68510,1639,47911,94316,26417,78117,49115,73316,594
Operating Profit7239961,4321,4641,1851,3551,6043,1773,3382,1621,669
OPM %10.22%11.71%11.82%12.59%11.11%10.19%8.98%15.16%16.03%12.08%9.14%
385885674426619922831221014597
Interest569581615620493460642705623620557
Depreciation337363396422459473470568602630641
Profit before Tax1931349884674996217192,2162,3491,076835
Tax %32.50%99.54%21.43%1.14%34.36%39.52%37.21%28.11%37.93%13.98%29.17%
Net Profit13017764613283764521,5931,458925592
EPS3.265.5526.5917.3510.0212.9620.2752.4527.1815.22—
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

Corporate actions

2026

May 22

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2025

Jun 5

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2024

Jun 11

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2023

Jun 13

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2022

Sep 19

₹ 1

Rs.2.0000 per share(100%)Dividend

2021

Jul 8

₹ 1

Rs.2.0000 per share(100%)Dividend

2018

Sep 18

₹ 0.60

Rs.1.2000 per share(60%)Dividend

2017

Sep 15

₹ 0.50

Rs.1.0000 per share(50%)Dividend

2016

Dec 14

₹ 0.50

Rs.1.0000 per share(50%)Dividend

2015

Sep 10

₹ 0.50

Rs.1.0000 per share(50%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital64646464646464646464
Minority Interest-127-296-382-475-444-515-642-726-457-292
5,3225,4326,2186,7006,9197,3007,8579,97111,31312,485
5,6926,5455,8655,7864,7485,6184,8215,2554,5744,702
Trade Payables4115681,8041,4031,9371,5403,0042,9532,5222,623
1,4938841,2121,6032,5912,4362,7783,1622,6491,989
Total Liabilities12,85613,19714,78115,08215,81516,44317,88320,67920,66521,572
7,4557,1207,1637,4917,3167,3577,4848,8539,34110,409
Capital Work in Progress102126260423404293300632641453
119110190129198224175178168105
2,3102,4633,1872,6872,9193,7564,1054,8954,9215,267
00000003,4693,5643,094
Cash & Bank132144232343724673213895770543
2,7383,2333,7494,0094,2564,1425,6061,7561,2611,702
Total Assets12,85613,19714,78115,08215,81516,44317,88320,67920,66521,572

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,2706351,7341,8501,6692271,7762,5932,3351,771
Cash from Investing-426-120-516-469-359-191-71-1,917-899-955
Cash from Financing-816-470-977-1,168-83161-1,966-12-1,524-1,073
-79-257428380-57-421663-87-257

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
63.2863.2863.2863.2863.2663.2563.2563.2563.25
15.0616.0815.7316.9915.1215.3514.0913.4613.08
3.874.544.694.404.774.353.505.798.36
Government0.000.000.000.000.000.000.000.000.00
17.7716.1116.2815.3416.8617.0519.1517.4915.31

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-08-24
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-07-23
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-23 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-07-22
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-22 - Jindal Saw Limited has informed the Exchange about Transcript

2026-07-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-17 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-07-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-17 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-07-16
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-16 - Jindal Saw Limited has informed the Exchange about Schedule of meet

2026-07-15
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-15 - Jindal Saw Limited has informed the Exchange about Link of Recording

2026-07-14
General Updates

2026-07-14 - Jindal Saw Limited has informed the Exchange about General Updates

News

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