JINDALSAW
Jindal Saw share price & financials
- Price
- ₹260.88
- Market cap
- ₹17.0k Cr
- Sector
- Capital Goods
- Calls analysed
- 8
Jindal Saw Q1 FY27
What went well
- Consolidated Total Income increased by approximately 9% YoY to INR 4,476 crores in Q1 FY27.
- Standalone Total Income increased by approximately 13% YoY to INR 3,756 crores in Q1 FY27.
- Standalone net debt narrowed to INR 2,345 crores as of June 30, 2026, from INR 2,453 crores as of March 31, 2026.
What to watch
- Consolidated EBITDA declined by approximately 39% YoY to INR 421 crores in Q1 FY27.
- Consolidated PAT declined by approximately 78% YoY to INR 91 crores in Q1 FY27.
What Jindal Saw does
Jindal Saw manufactures a wide range of iron and steel pipes and tubes - Helical & Longitudinal Submerged Arc Welded (SAW/LSAW) pipes, centrifugal-cast ductile iron (DI) pipes and fittings, carbon/alloy steel seamless pipes, and stainless steel seamless & welded pipes and tubes - serving oil & gas, water supply and sanitation (WSS), and industrial customers. It also mines low-grade magnetite iron ore and processes it into pellets at its own beneficiation and pelletisation plant. The company earns from a mix of domestic and export project orders, with a large share of exports directed to the MENA region and Latin America, and roughly a quarter of revenue coming from the Oil & Gas sector.
Segments
- Iron & Steel Pipes
- Pellets & Mining
- Manufacturing facilities
- 16 (India and overseas)
- Market position
- World's 3rd-largest producer of corrosion-resistant (ductile iron) pipes
- Employees
- 20,000+
- Export footprint
- Products supplied to 80+ countries
- Samaghogha (Gujarat) integrated pipe plant capacity
- 580,000 MT/annum (near Mundra port; includes coke oven battery, sinter plants, blast furnaces and DI pipe units)
- Abu Dhabi (UAE) DI pipe facility capacity
- 300,000 MT/annum installed capacity
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 1 delivered 8 missed 9 open- Long-term Debt delivered said Q3 FY25 Promised: Further reduction from ₹930 crores by March 31, 2025 Q1 FY27: Standalone long-term debt further reduced to ₹526 crores as of June 30, 2026.
- EBITDA Margin missed said Q2 FY25 Promised: Maintain 18-19% EBITDA Margin Q1 FY27: Reported consolidated EBITDA of ₹421 cr on income of ₹4,476 cr, yielding a margin of 9.4%, far below the target range. Management expects H2 to improve over H1.
- GCC Projects Commissioning delayed said Q3 FY26 Promised: February 2028 Q1 FY27: Revised timeline for Abu Dhabi project to commence commercial operations in FY29. Overall production for all facilities to start in '28, '29.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.0%, net profit down 78.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,572 | 5,271 | 5,047 | 4,085 | 4,234 −24% | 4,943 −6% | 4,633 −8% | 4,452 +9% |
| EBITDA | 914 | 939 | 736 | 670 | 451 −51% | 613 −35% | 478 −35% | 391 −42% |
| Net profit | 475 | 479 | 87 | 415 | 139 −71% | 248 −48% | 124 +43% | 91 −78% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +54.5% 1Y
1Y: ₹201.91 on 10 Sept 2025 → ₹311.95. High ₹317.5 (10 Sept 2026), low ₹154.64 (16 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.3%
- 15 Jul
- Q4 FY26
- −2.0%
- 28 Apr
- Q3 FY26
- +15.9%
- 19 Jan
- Q2 FY26
- −2.1%
- 23 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 0.1% a year over 3 years, FY23 to FY26. Operating margin widened to 12.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹17.9k Cr | ₹21.0k Cr | ₹20.8k Cr | ₹17.9k Cr |
| Operating profit | ₹1.7k Cr | ₹3.3k Cr | ₹3.4k Cr | ₹2.2k Cr |
| Operating margin | 9.3% | 15.8% | 16.5% | 12.4% |
| Interest | ₹639 Cr | ₹705 Cr | ₹624 Cr | ₹620 Cr |
| Depreciation | ₹471 Cr | ₹569 Cr | ₹603 Cr | ₹631 Cr |
| Net profit | ₹446 Cr | ₹1.6k Cr | ₹1.5k Cr | ₹926 Cr |
| Net margin | 2.5% | 7.6% | 7.0% | 5.2% |
| ROCE | 11.0% | 21.0% | 19.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr |
| Reserves | ₹6.9k Cr | ₹7.3k Cr | ₹7.9k Cr | ₹10.0k Cr | ₹12.0k Cr | ₹12.5k Cr |
| Borrowings | ₹5.3k Cr | ₹6.0k Cr | ₹5.0k Cr | ₹5.8k Cr | ₹5.2k Cr | ₹4.7k Cr |
| Other liabilities | ₹3.5k Cr | ₹3.0k Cr | ₹5.0k Cr | ₹4.8k Cr | ₹3.9k Cr | ₹4.3k Cr |
| Total liabilities | ₹15.8k Cr | ₹16.4k Cr | ₹17.9k Cr | ₹20.7k Cr | ₹21.2k Cr | ₹21.6k Cr |
| Fixed assets | ₹7.3k Cr | ₹7.4k Cr | ₹7.5k Cr | ₹8.9k Cr | ₹9.5k Cr | ₹10.4k Cr |
| Capital work in progress | ₹404 Cr | ₹293 Cr | ₹300 Cr | ₹632 Cr | ₹660 Cr | ₹453 Cr |
| Investments | ₹198 Cr | ₹224 Cr | ₹175 Cr | ₹178 Cr | ₹197 Cr | ₹105 Cr |
| Other assets | ₹7.9k Cr | ₹8.6k Cr | ₹9.9k Cr | ₹11.0k Cr | ₹10.8k Cr | ₹10.6k Cr |
| Total assets | ₹15.8k Cr | ₹16.4k Cr | ₹17.9k Cr | ₹20.7k Cr | ₹21.2k Cr | ₹21.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +3.59 pp while FIIs trimmed −2.04 pp. The shareholder count shrank 5% to 1,78,027.
- Promoters
- 63.3%
- FIIs
- 13.1%
- DIIs
- 8.4%
- Public
- 15.0%
- Others
- 0.3%
Since Jun 2025
- DIIs +3.59 pp
- FIIs −2.04 pp
- Public −1.45 pp
How it drifted, 12 quarters
Over this window DIIs went from 1.7% to 8.4% — +6.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.3%, FIIs 17.7%, DIIs 1.7%, Public 16.8%, Others 0.6%.Dec '23: Promoters 63.3%, FIIs 15.2%, DIIs 2.3%, Public 18.7%, Others 0.6%.Mar '24: Promoters 63.3%, FIIs 14.7%, DIIs 3.0%, Public 18.6%, Others 0.5%.Jun '24: Promoters 63.3%, FIIs 15.1%, DIIs 3.9%, Public 17.3%, Others 0.5%.Sep '24: Promoters 63.3%, FIIs 16.1%, DIIs 4.5%, Public 15.7%, Others 0.5%.Dec '24: Promoters 63.3%, FIIs 15.7%, DIIs 4.7%, Public 15.8%, Others 0.5%.Mar '25: Promoters 63.3%, FIIs 17.0%, DIIs 4.4%, Public 14.9%, Others 0.4%.Jun '25: Promoters 63.3%, FIIs 15.1%, DIIs 4.8%, Public 16.5%, Others 0.4%.Sep '25: Promoters 63.3%, FIIs 15.3%, DIIs 4.3%, Public 16.7%, Others 0.4%.Dec '25: Promoters 63.3%, FIIs 14.1%, DIIs 3.5%, Public 18.8%, Others 0.4%.Mar '26: Promoters 63.3%, FIIs 13.5%, DIIs 5.8%, Public 17.2%, Others 0.3%.Jun '26: Promoters 63.3%, FIIs 13.1%, DIIs 8.4%, Public 15.0%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kapeesh Investment Limited newly disclosed 9.42% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.33% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Jindal Saw above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nalwa Sons Investments Ltd | 16.75% | unchanged |
| Four Seasons Investments Limited | 13.61% | unchanged |
| Siddeshwari Tradex Private Limited | 11.69% | unchanged |
| Kapeesh Investment Limited | 9.42% | newly disclosed |
| OPJ Trading Private Limited | 2.43% | unchanged |
| Theleme India Master Fund Limited FPI fund | 2.26% | −0.16 pp |
| Virtuous Tradecorp Private Limited | 2.01% | unchanged |
| HSBC mutual fund- HSBC value fund Mutual fund | 1.92% | unchanged |
| Divino Multiventures Private Limited | 1.67% | unchanged |
| Mahindra Manulife Multi Cap Fund Mutual fund | 1.57% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 1.33% | newly disclosed |
| PRJ Family Management Company Private Limited (as trustee of PRJ Holdings Private Trust) | 1.27% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JINDALSAW
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.07 L shares (+0.1%).
- Held by funds
- ₹253 Cr
- 6 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹234 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹234 Cr | held | Jan '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.05 L | Sep '23 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.02 L | Sep '23 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +6,659 shares (+0.1%)
- Funds are sitting on
- +6%
- vs est. average cost
- Held by funds
- ₹253 Cr
- 6 schemes · ≈ 1.3% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹234 Cr · 0.3% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 3y · since Sep '23
Shares held by these funds +3970%
Sep '23 81.71 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Jindal Saw
Guides on how to read this kind of business and the numbers that matter.