JINDALSAWCapital Goods

Jindal Saw Limited

Iron & Steel Products · ISIN INE324A01032 · BSE 500378 · NSE EQ · FV ₹1
Last price
₹291
+3.54%today
What this company does

Jindal Saw Limited operates in Iron & Steel Products, part of the Capital Goods sector. It booked ₹4,452 cr of revenue in its latest quarter (Q1 FY27) and kept 2.3% of sales as profit. It is the 5th largest of 9 Iron & Steel Products companies we track, by market value.

The Company is a leading manufacturer and supplier of Iron & Steel pipes and pellets having manufacturing facilities in India.
In the report:
48out of 100
Equitytale Health Score
Mixed

Healthier than 48% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 16–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
49

At close. Not part of the score.

Profitability & returns10

How much profit it earns on the money it employs

Balance sheet15

How much it owes, and whether earnings cover the interest

Cash quality81

Whether reported profit actually arrives as cash

Growth & consistency41

Whether sales and profit have grown, and how steadily

Valuation93

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 9% vs last year
Promoters hold 63%
No promoter shares pledged
Watch-outs
! Thin 2.3% net margin
! Profit down 75% vs last year
! Low 3.3% return on equity
! Operating cash flow is negative

What if I invest in JINDALSAW?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹291 +3.54%
latest close · 2026-09-17
52-wk low ₹24742 sessions so far52-wk high ₹320
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio44.7High
LowAverageHigh
P/B ratio1.48Moderate
Below bookModerateHigh
EV / EBITDA13.6Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity3.3%Weak
WeakFairStrong ▸15%
Return on capital6.6%Weak
WeakFairStrong
Net margin2.3%Thin
ThinDecentStrong
EBITDA margin9.4%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.38Comfortable
LowModerateHigh ▸1
Interest cover2.4×Okay
RiskyOkayStrong ▸5×
Current ratio1.61Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹18,622 cr
Book value
₹197
EPS
₹1.63
latest quarter
Net debt
₹4,284 cr
owes more than its cash
Enterprise value
₹22,906 cr
EBITDA
₹1,681 cr
annualised
EBIT
₹1,027 cr
annualised
Operating margin
5.8%
Return on assets
1.9%
Earnings yield
2.24%
P/S
1.05
Sales / share
₹278.5
Tax rate
35.1%
Face value
₹1
Shares
64.0 cr
Working capital
₹3,785 cr
Current assets
₹9,973 cr
Current liabilities
₹6,188 cr
Delivery %
41.6%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2026 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹219 vs market price ₹291 — price is 33% above it
Safety cushion-32.8%(target ≥ +20%)
Models span ₹211₹227, midpoint ₹219
Model ₹219
Price ₹291
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹4,452 cr
Other Income₹24 cr
Total Income₹4,476 cr
Cost of Materials₹2,711 cr
Purchases of Stock-in-Trade₹72 L
Inventory Change (±)₹-26 cr
Employee Benefit Expense₹428 cr
Finance Costs₹108 cr
Depreciation & Amortisation₹164 cr
Other Expenses₹942 cr
Total Expenses₹4,328 cr
Profit before Tax₹148 cr
Tax Expense₹52 cr
Share of JV / Associates₹-5 cr
Net Profit₹91 cr
Net margin on total income2.0%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹2,686 cr60.1%
Employee benefit expense₹428 cr9.6%
Finance costs₹108 cr2.4%
Depreciation & amortisation₹164 cr3.7%
Other expenses₹942 cr21.1%
Tax expense₹52 cr1.2%
Profit for the period₹91 cr2.0%
Total income ₹4,476 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue4,943 cr4,633 cr4,452 cr
Total income4,963 cr4,657 cr4,476 cr
Expenses4,619 cr4,482 cr4,328 cr
Profit before tax345 cr175 cr148 cr
Tax100 cr48 cr52 cr
Net profit (owners' share)258 cr139 cr104 cr
Net margin (owners' share, on revenue)5.2%3.0%2.3%
EPS (₹)4.052.191.63
YoY (latest quarter): total income +9.1% · net profit -75.4%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹21,686 cr
Shareholder equity
₹12,574 cr
parent shareholders
Total debt
₹4,691 cr
Cash
₹407 cr
Cash flow · H1 FY26
Operating
₹-309 cr
Investing
₹-479 cr
Financing
₹281 cr
Peer comparison
Iron & Steel Products · by market value
CompanyPriceMarket capP/E
Welspun Corp Limited₹2,460₹64,903 cr15.5
APL Apollo Tubes Limited₹2,149₹59,664 cr56.7
Shyam Metalics and Energy Limited₹1,077₹29,982 cr21.4
Ratnamani Metals & Tubes Limited₹2,703₹18,943 cr57.6
Jindal Saw Limitedthis company₹291₹18,622 cr44.7
Usha Martin Limited₹496₹15,122 cr26.6
Godawari Power And Ispat limited₹238₹14,709 cr16.6
Gallantt Ispat Limited₹538₹12,974 cr26.2
Maharashtra Seamless Limited₹720₹9,651 cr9.1
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.69%
trailing 12 months
Dividend / share (TTM)
₹2
Last dividend
₹2
ex 22 May 2026
ActionDetailEx-date
Dividend₹2 / share22 May 2026
Dividend₹2 / share5 Jun 2025
Stock splitStock Split From Rs.2/- to Rs.1/-9 Oct 2024
Dividend₹4 / share11 Jun 2024
Dividend₹3 / share13 Jun 2023
Dividend₹2 / share19 Sep 2022
Who owns it · 2026-06-30
No pledge
Promoter
63.3%
FII / Foreign
13.1%
DII / Domestic
8.4%
Retail / others
15.1%
Smart-money activity
Insider trades
SoldSamruddhi Employees Trust · Designated Person8,046 · ₹2.9 L11 Aug 26
SoldSamruddhi Employees Trust · -15,293 · ₹5.5 L20 Mar 26
SoldSamruddhi Employees Trust · -30,124 · ₹10.8 L17 Mar 26
Bulk / block deals
short · NSE10027 Aug 26
short · NSE1,46726 Aug 26
short · NSE4224 Jul 26
Stake changes
BoughtShradha Jatia · promoter→ 0.28% · 19,0044 Jun 24
BoughtShradha Jatia · promoter→ 0.29% · 18,70010 May 24
BoughtShradha Jatia alongwith PAC · promoter→ 0.27% · 41,39629 Dec 23
Promoter pledges
ReleasedHero Fincorp Limited33.50 L · 1.59% held8 Sep 22
ReleasedHero Fincorp Limited33.50 L · 1.59% held8 Sep 22
ReleasedHero Fincorp Limited33.50 L · 1.59% held8 Sep 22
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 12 Jun 2025
See the official result
1
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 and the reports of the Directors and Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
10.01 cr votes for, 69,106 against · 0% of mutual funds and other big investors said no
2
To declare a dividend on equity shares
Backed by 100% of shareholders other than promotersneeded 50%
10.28 cr votes for, 4 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Shri Prithavi Raj Jindal, Director, (DIN: 00005301), who retires by rotation and, being eligible, offers himself for re-appointment.
Backed by 90% of shareholders other than promotersneeded 50%
9.29 cr votes for, 99.36 L against · 10% of mutual funds and other big investors said no
4
To appoint a Director in place of Ms. Tripti Jindal Arya, Joint Managing Director (DIN: 00371397), who retires by rotation and, being eligible, offers herself for re-appointment.
⚑ Passed only because promoters voted yes
Backed by 26% of shareholders other than promotersneeded 50%
2.65 cr votes for, 7.63 cr against · 76% of mutual funds and other big investors said no
5
To consider and approve the reappointment of Ms. Sminu Jindal (DIN: 00005317) as Managing Director of the Company and if thought fit, pass with or without modification(s) the following resolution as a Special Resolution:
⚑ Passed only because promoters voted yes
Backed by 43% of shareholders other than promotersneeded 75%
4.41 cr votes for, 5.86 cr against · 58% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 47 named members
owning 63.3% between them · as of 2026-06-30
NALWA SONS INVESTMENTS LIMITED16.75%
FOUR SEASONS INVESTMENTS LIMITED13.61%
SIDDESHWARI TRADEX PRIVATE LIMITED11.69%
KAPEESH INVESTMENTS LIMITED9.42%
OPJ TRADING PRIVATE LIMITED2.43%
VIRTUOUS TRADECORP PRIVATE LIMITED2.01%
DIVINO MULTIVENTURES PRIVATE LIMITED1.67%
PRJ FAMILY MANAGEMENT COMPANY PRIVATE LIMITED AS TRUSTEE OF PRJ HOLDINGS PRIVATE TRUST1.27%
Business done with them
FY2026 · 1 of the group
The company paid ₹543 cr to companies in the promoter group last year — about 3.0% of its ₹17,895 cr revenue and received ₹500 cr back from them.
Siddeshwari Tradex Private Limited
Other payments to them
also owns 11.69% of the company
₹543 cr
company paid
Siddeshwari Tradex Private Limited
Other income from them
also owns 11.69% of the company
₹500 cr
company received
Siddeshwari Tradex Private Limited
Bought goods from them
also owns 11.69% of the company
₹5.4 L
company paid

The company also transacted with 74 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.