JINDAL SAWJindal Saw LimitedNSE:JINDALSAWTechnicalAnalystSucritJindal Saw Ltd. (CMP ₹247.09, NSE: JINDALSAW) Prepared by Sucrit Patil | The SmartWay Research Desk | 1 June 2026 A New Delhi‑based steel pipe and manufacturing company, incorporated in 1984. Jindal Saw Ltd. is part of the O.P. Jindal Group, engaged in manufacturing of large‑diameter submerged arc welded (SAW) pipes, ductile iron pipes, seamless tubes, and pellets, serving oil & gas, water supply, and industrial sectors globally. Promoter Holding (Mar 2026): Prithvi Raj Jindal Family — 63.89% stake (no pledges) --- FY22–FY26 Snapshot - Revenue Growth: FY25 revenue ₹16,215 Cr vs ₹14,842 Cr in FY24 (+9.2% YoY). → Good - Net Profit: FY25 PAT ₹1,215 Cr vs ₹1,042 Cr in FY24 (+16.6% YoY). → Good - Operating Margin: FY25 EBITDA ₹2,312 Cr, margin 14.3% vs 13.5% last year (+80 bps). → Good - Equity Capital: Stable, face value ₹2. → Good - Dividend Policy: Dividend ₹3.50/share declared for FY25. → Good - Asset Building: Investments in pellet plants and ductile iron pipe facilities. → Good - Sales: Strong demand from oil & gas pipelines and water infrastructure projects. → Good - Expense: Raw material cost pressures remain; efficiency gains offset. → Neutral/Good - EPS: FY25 EPS ₹24.25 vs ₹20.80 last year (+16.6%). → Good --- Institutional Interest & Ownership Trends (Mar 2026) - Promoter Holding: 63.89% (no pledges) - FII Holding: 4.12% - DII Holding: 7.34% - Retail & Others: 24.65% --- Strategic Moves & Innovations - Expansion in ductile iron pipes and seamless tubes. - Focus on pellet production for captive and external use. - Long‑term contracts with oil & gas majors and water utilities. - Diversification into international pipeline projects. --- Cash Flow & Balance Sheet Strength - Market cap ~₹15,860 Cr. - Debt‑to‑equity ratio ~0.42 (moderate leverage). - Book value per share ₹152.40; P/B ~1.28. - EPS (TTM) ₹15.22; P/E ~16.1. --- Risk Factors - Dependence on oil & gas pipeline demand cycles. - Exposure to steel price volatility. - Competition from global pipe manufacturers. - Margin pressure if infrastructure demand slows. --- Investor Takeaway Jindal Saw has delivered steady FY25 performance, with revenue and profit growth supported by pipeline and ductile iron demand. With strong promoter backing from the Jindal family, dividend payouts, and diversified product portfolio, Jindal Saw remains a mid‑cap industrial play. At CMP ₹247.09, valuations are reasonable (P/E ~16.1, P/B ~1.28), making it attractive for investors seeking exposure to steel pipes and infrastructure.