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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/E37.6
Book Value₹ 198
Price to Book0.93
Dividend Yield0.64 %
ROCE8.9 %
ROE6.4 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • Iron & Steel Products: 99.9% • Waterways Oceangoing: 0.1%

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

  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
  • 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 58.9% versus prior year
  • Valuation is stretched - P/E of 37.6 is well above its own 5-year median (9.2)
  • Expensive relative to growth - PEG of 12.0
  • Growth is decelerating - 3Y profit CAGR (3.1%) trails the 5Y trend (19.0%)
  • Inventory has been piling up - inventory days up from 83 to 109

* 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.JSWSTEEL1310.3512.93320440.060.544696.00112.5847364.0011.5520.6719.60
2.TATASTEEL188.5521.33235375.562.122385.2418.8260794.2915.2612.7015.40
3.SAIL186.2518.0176931.031.261644.05120.8026245.671.257.0815.92
4.WELCORP2607.9529.7968795.280.191047.88200.114081.1214.9123.9432.17
5.JSL782.8019.8764535.570.51768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2167.5048.9760182.460.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1073.3526.6829960.620.423507.301106.6354550.901133.3513.8814.03
8.RATNAMANI2862.5546.3520064.190.35107.03-15.82971.63-15.6318.0116.69
9.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
10.SARDAEN546.7517.0519266.450.37478.139.501608.04-1.0717.7641.59
11.GPIL253.2021.1417046.410.39222.372.751750.4732.2920.2019.36
12.USHAMART498.2529.9515183.770.75142.0440.901033.0016.4420.1720.62
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,7634,5614,7194,9194,3374,7244,4744,4013,3003,3724,1293,8183,721
3,2173,8603,8964,0343,5753,9153,6393,5932,7673,0743,6303,4393,611
Operating Profit546701823885762809835808533298500380111
OPM %14.51%15.37%17.44%18.00%17.57%17.13%18.66%18.36%16.15%8.83%12.10%9.95%2.98%
68506787806647482637273334
Interest1331601501431221311369913110810312771
Depreciation103112117120119119119122122122122129125
Profit before Tax377478623710601625626635307105302156145
Tax %26.04%26.58%26.92%25.52%25.80%23.69%23.82%25.35%-18.55%24.31%24.90%27.07%24.30%
Net Profit27935145552944647747747436479227114110
8.785.527.168.327.017.497.507.455.711.243.561.791.72

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
5,6787,3109,82910,1298,63211,02215,28317,96217,93614,62015,041
4,7496,2738,6158,8317,7089,90913,94315,15214,87812,97113,753
Operating Profit9301,0371,2141,2989231,1141,3392,8103,0581,6491,288
OPM %16.37%14.19%12.35%12.81%10.70%10.10%8.76%15.64%17.05%11.28%8.56%
270227302120334264488416398185132
Interest380420496516404369534586488470410
Depreciation229256281310346372355452479494498
Profit before Tax5915887395925076379382,1882,488870708
Tax %34.62%32.99%32.60%-0.48%35.07%36.35%23.79%26.24%24.66%9.88%25.17%
Net Profit3863944985943294057151,6141,874784530
EPS9.6212.0615.6418.5910.3412.7622.5050.4829.3112.26—
Dividend Payout %8.28%9.73%12.84%10.76%19.44%15.77%13.42%7.92%6.82%16.31%—

COMPOUNDED SALES GROWTH

10 Years:
9%
5 Years:
11%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
13%
5 Years:
19%
3 Years:
3%

STOCK PRICE CAGR

10 Years:
28%
5 Years:
40%
3 Years:
18%
1 Year:
57%

RETURN ON EQUITY

10 Years:
9%
5 Years:
11%
3 Years:
14%
Last Year:
6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
5,5005,8496,3026,7997,0747,4258,03610,06911,84012,503
3,8894,5844,3174,1473,2434,0813,3233,5292,8462,860
Trade Payables2913791,5731,2461,6881,3372,8342,8112,3232,399
1,1939071,0528971,8661,6541,8912,2761,9191,723
Total Liabilities10,93711,78313,30713,15213,93514,56116,14918,74918,99219,549
5,7735,6385,6975,9735,9135,8545,9587,3387,7998,344
Capital Work in Progress65108231205157166206541543308
5916496656387161,0251,1221,1822,0902,339
1,7991,9512,7462,1942,4543,0713,3513,9704,1824,545
00000002,9273,0152,546
Cash & Bank404211125748751763598589247
2,6683,3963,8573,8854,2083,9285,4472,1937741,220
Total Assets10,93711,78313,30713,15213,93514,56116,14918,74918,99219,549

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,4106331,4141,6201,4223301,4742,1371,8551,638
Cash from Investing-111-454-487-393-355-288-46-1,657-303-1,022
Cash from Financing-1,278-137-731-1,001-748161-1,691-40-1,519-892
-72-17527224165-39943934-276

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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