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Jindal Saw Q2 FY27 Share Price & Earnings Call Analysis

₹228.05-4.02% today
Market cap
₹14,584 Cr
P/E
26.60
ROE
8.20%
PEG
1.86
Price to sales
0.80
Debt to equity
0.33
52W high / low
₹318 / ₹155
Sales growth (5Y)
10.91%
EBITDA margin
9.40%
Net profit margin
5.23%
Promoter holding
63.24%
Sales (last year)
₹18,501 Cr

Jindal Saw Ltd manufactures LSAW pipes, HSAW pipes, DI pipes, seamless pipes and pellets.[1]

Guidance scorecard · Q2 FY27 call

What Jindal Saw's management guided
and where it ranks in Industrial Products

#78of 100 in
Industrial Products
Revenue10–20%MarginsUp 2%+CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

10–20%
  • Jindal Saw expects overall volume growth in FY27 compared to FY26, with H1 volumes already higher than previous year.
  • Sales mix is anticipated to improve in H2, with better margins expected due to increased oil and gas sector sales.
  • Execution of orders, especially in domestic infrastructure and exports (CIS countries, South East Asia), is key to revenue growth.
  • The company is fully booked in ductile pipe facilities for about one year, indicating strong volume demand.
  • New export orders and LOIs (approx. USD625 million excluding MENA) are expected to convert into confirmed orders, with production starting from February-March.

2 more points from Jindal Saw's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 2%+

See what Jindal Saw said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Jindal Saw is progressing with its seamless pipe manufacturing project in KEZAD industrial area, Abu Dhabi, UAE, with a proposed capacity of 300,000 tons per annum and an estimated investment of approximately USD 330 million.
  • Project construction and procurement of critical long-lead equipment are underway, with financial closure expected in coming months.
  • Commercial operations for this project are targeted for FY28-FY29.
  • A strategic joint venture in Saudi Arabia to set up two advanced pipe manufacturing facilities (helical and longitudinal pipes, 300,000 metric tons each) is progressing well; land secured, LCs established, and interim financial closure expected soon.

2 more points from Jindal Saw's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Jindal Saw said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • Confirmed order book stands at approximately INR 16,200 crores as of Q2 FY27.
  • Includes Letter of Intent (LOIs) totaling around USD 575 million (approx. INR 4,700 crores), mix of export and domestic, mostly from oil and gas sector.
  • Additional LOI of USD 50 million received for export to South East Asia, increasing potential order book to INR 17,000 crores.
  • LOIs expected to convert into firm sale orders in next couple of weeks with production starting from February-March 2027.
  • Existing 6 lakh metric ton job work order to Saudi Arabia delayed due to Middle East conflict; efforts ongoing to find alternate logistics solutions.

2 more points from Jindal Saw's call on the order book

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Full Q2 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Jindal Saw rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Jindal Saw

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Jindal Saw

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +63.26%63.27%63.29%63.29%63.28%63.28%63.26%63.25%63.25%63.25%63.25%63.24%
FIIs +15.22%14.66%15.06%16.08%15.73%16.99%15.12%15.35%14.09%13.46%13.08%11.32%
DIIs +2.27%2.99%3.87%4.54%4.69%4.40%4.77%4.35%3.50%5.79%8.36%10.89%
Public +18.66%18.60%17.32%15.65%15.83%14.95%16.48%16.69%18.79%17.20%15.03%14.27%
Others +0.58%0.49%0.46%0.46%0.45%0.38%0.37%0.37%0.36%0.30%0.26%0.26%
No. of Shareholders1,16,1811,19,4221,37,3581,48,6831,72,2091,74,1891,87,1681,96,7602,13,8162,07,7321,78,0271,66,662

Pros & Cons

Jindal Saw

Key positives and risks surfaced from the company insights section.

Pros
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company has a low return on equity of 13.9% over last 3 years.
  • Dividend payout has been low at 9.37% of profits over last 3 years
  • Working capital days have increased from 42.0 days to 65.9 days
Raw Insights
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company has a low return on equity of 13.9% over last 3 years.
  • Dividend payout has been low at 9.37% of profits over last 3 years
  • Working capital days have increased from 42.0 days to 65.9 days

Financials of Jindal Saw

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +5,4665,6565,4254,9395,5725,2715,0474,0854,2344,9434,6334,4524,472
Expenses +4,6634,6684,5054,1004,6584,3324,3103,4153,7824,3314,1564,0614,214
Operating Profit804988920840914939736670451613478391258
OPM %15%17%17%17%16%18%15%16%11%12%10%9%6%
Other Income +22406951372928294022232451
Interest189182174154158173139171153133163108125
Depreciation141147149148151151153153156155167164169
Profit before tax49670066758864364547337418334717214314
Tax %28%27%28%29%26%26%82%-11%24%29%28%36%-145%
Net Profit +356512480416475479874151392481249135
EPS in Rs5.908.347.856.907.817.924.556.632.384.032.181.630.74

Financials of Jindal Saw

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8,2087,7037,0708,50712,11711,62710,66413,29817,86820,95820,82917,89518,501
Expenses +7,2546,9796,3937,46610,64510,1169,42211,89916,19217,63117,38515,66616,762
Operating Profit9547236771,0411,4721,5111,2421,3991,6763,3263,4442,2291,739
OPM %12%9%10%12%12%13%12%11%9%16%17%12%9%
Other Income +7613633024515-320915515516213097121
Interest606679569579615620493460642705623620529
Depreciation335328337363396422459473470568602630654
Profit before tax89-1481011229754674996217192,2162,3491,076676
Tax %131%-46%62%109%22%1%34%40%37%28%38%14%
Net Profit +-27-8039-117644613283764521,5931,458925497
EPS in Rs-0.25-0.661.782.7913.298.674.996.4410.0726.2227.1815.228.58
Dividend Payout %-200%-76%28%22%8%12%20%16%15%8%7%13%

Financials of Jindal Saw

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital58616464646464646464646464
Reserves5,3325,0615,3225,4326,2186,7006,9197,3007,85710,02911,34712,51012,548
Borrowings +8,1027,5476,2226,3115,6925,6495,3356,0314,9615,7614,8594,6914,174
Other Liabilities +2,5071,6761,2481,3892,8072,6693,4973,0485,0014,8244,3954,3074,054
Total Liabilities15,99914,34612,85613,19714,78115,08215,81516,44317,88320,67920,66521,57220,840
Fixed Assets +8,2397,9777,4557,1207,1637,4917,3167,3577,4848,8539,34110,40910,373
CWIP531254102126260423404293300632641453584
Investments309154119110190129198224175178168105137
Other Assets +6,9215,9615,1805,8407,1697,0397,8988,5709,92411,01610,51610,6069,746
Total Assets15,99914,34612,85613,19714,78115,08215,81516,44317,88320,67920,66521,57220,840

Financials of Jindal Saw

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-1839171,1635651,5671,6651,570731,6162,5932,3351,771
Cash from Investing Activity +-867-517-428-121-518-468-359-190-68-1,917-897-947
Cash from Financing Activity +1,253-512-816-470-977-1,168-83161-1,966-12-1,524-1,073
Net Cash Flow203-112-81-257228379-55-419663-86-249
Free Cash Flow-8954348773771,0711,1071,173-2791,3791,7411,324706
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-9%137%188%61%118%122%134%16%106%87%86%92%

Financials of Jindal Saw

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days918371836759735073606263
Inventory Days257210221183156141177173134147152191
Days Payable7742394288741177198897895
Cash Conversion Cycle271250253224134126132152109119136159
Working Capital Days2630374212-12-17-1515194166
ROCE %6%4%4%7%11%10%8%9%11%21%19%10%

Guidance history

How Jindal Saw's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%Up 2%+Planned—Rising
Q1 FY27 call →0–10%FlatPlannedPlannedFlat
Q4 FY26 call →DeclineFlatPlannedPlannedFlat
Q3 FY26 call →10–20%Up 2%+Planned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

32out of 100

Momentum score · price trend

32 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+29.3%79%
Last 6 months+2.4%59%
Last 3 months−11.2%41%

The price is 38.9% below its all-time high of ₹373.13 (27 Sept 2024). Stocks more than 20% below their peak have their score halved, so 64 became 32.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Jindal Saw: 0.4 × 79 + 0.4 × 59 + 0.2 × 41 = 64, halved to 32 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What Jindal Saw's management said in earlier quarters

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