Jindal Saw Limited (JINDALSAW) AI Stock Analysis

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Jindal Saw Limited

(NSE:JINDALSAW)

Select Model

Rating:66.75Neutral

Price Target:INR 269.00▲(8.38% Upside)

Action:reiterated

Date:10/19/26

The score is driven mainly by above-average financial performance despite a clear FY2026 slowdown and weaker cash generation. Technicals are supportive with price above key moving averages and positive MACD, but valuation is a headwind due to a high P/E and low dividend yield. Earnings call commentary adds cautious support via improving H2 guidance and a strong order pipeline, offset by sharp recent profitability declines and execution/geopolitical risks.

Positive Factors

Lower leverage and stronger equity baseDeleveraging and steady equity growth strengthen Jindal Saw’s ability to withstand cyclical steel conditions. Lower leverage can reduce financing pressure and preserve capacity to fund operations, strategic projects, and future growth while earnings recover.

Negative Factors

FY2026 earnings and revenue slowdownThe reversal in revenue and earnings after several years of improvement shows heightened sensitivity to industry conditions. Sustained weakness would reduce internal funding capacity, make margins harder to rebuild, and increase dependence on execution of the order pipeline.

Jindal Saw Limited (JINDALSAW) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 155.55B
Dividend Yield: 0.81%
Average Volume (3M): 130.66K
Price to Earnings (P/E): 28.9
Beta (1Y): 1.10
Revenue Growth: -0.73%
EPS Growth: -60.06%
Country: India
Employees: 7,565
Sector: General
Sector Strength: 55
Industry: Steel

Jindal Saw Limited Business Overview & Revenue Model

Company Description

Jindal Saw Limited, along with its associated companies, stands as a leading global manufacturer and supplier of iron and steel piping, pellets, and related accessories, with operations spanning India and international markets. The company's business...

Jindal Saw Limited Earnings Call Summary

Earnings Call Date:Oct 16, 2026(Q2-2027)|% Change Since:-17.02%|Next Earnings Date:Feb 14, 2027

Earnings Call SentimentNeutral

The call presented strong revenue growth, a sizeable order book, new export and oil-and-gas LOIs, lower finance costs, debt reduction, and progress on strategic projects. However, these positives were offset by sharp EBITDA and PAT declines, lower margins, geopolitical disruption, delayed execution, Abu Dhabi underutilization, pellet-sector pressure, and ongoing uncertainty in the MENA region. Management expects H2 to be better than H1 and margins to improve as the product mix shifts toward export and oil-and-gas orders, but current operating performance remains under significant pressure.

Positive Updates

Revenue Growth in Q2 FY2027

Standalone gross revenue reached INR 3,870 crore, increasing 3% quarter-on-quarter and 14% year-on-year. Consolidated gross revenue was INR 4,512 crore, stated as up 8.8% sequentially and 5.8% year-on-year.

Negative Updates

Sharp Q2 EBITDA Decline

Standalone Q2 EBITDA declined to INR 254 crore from INR 341 crore in Q1 FY2027 and INR 334 crore in Q2 FY2026. Consolidated EBITDA fell to INR 312 crore from INR 420 crore in Q1 FY2027 and INR 482 crore in Q2 FY2026.

Company Guidance

Management said “H2” should be “better than H1,” with “overall volumes in FY 2027” expected to be “higher than FY 2026 volumes”; new LOIs of “$625 million,” including “$480 million” of exports, comprising “$430 million” from CIS countries and “$50 million” from Southeast Asia, could bring the total order book to “approximately INR 17,000 crore,” with production expected to start “sometime in February, March.” Margins may show “some upward trend” from Q3, move “towards double digits” from “Q3, Q4 onward,” and execution improvement is expected “Q4 onwards,” while the best-case execution level was described as “75%.” The Abu Dhabi DI backlog provides visibility for “the next nine to 12 months,” its seamless project has proposed capacity of “300,000 tons per annum,” estimated investment of “approximately $330 million,” and is expected to commence commercial operations in “FY 2029”; the Saudi facilities are targeted for commercial operation in “2028, 2029.” Management also expects further reduction in inventory and receivables, improved liquidity, reduced bank borrowings, and “better volumes and thereby better margins.”

Jindal Saw Limited Financial Statement Overview

Summary

Above-average fundamentals with improved profitability and reduced leverage through FY2025, but FY2026 showed a cyclical slowdown: revenue and earnings weakened and cash conversion deteriorated sharply, with free cash flow dropping materially.

Income Statement

72Positive

Balance Sheet

74Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	185.01B	178.95B	208.29B	209.58B	178.68B	132.98B
Gross Profit	45.41B	55.82B	88.53B	87.01B	65.36B	53.40B
EBITDA	17.21B	23.26B	34.24B	31.88B	16.17B	13.61B
Net Income	5.49B	9.73B	17.38B	16.77B	6.44B	4.12B
Balance Sheet
Total Assets	208.40B	216.86B	207.79B	210.22B	182.56B	168.50B
Cash, Cash Equivalents and Short-Term Investments	4.89B	5.55B	7.66B	8.95B	2.43B	5.08B
Total Debt	41.74B	46.91B	48.59B	57.61B	49.61B	60.31B
Total Liabilities	85.44B	94.03B	98.25B	116.54B	109.78B	100.01B
Stockholders Equity	126.12B	125.74B	114.11B	100.93B	79.23B	73.64B
Cash Flow
Free Cash Flow	0	1.89B	13.04B	17.30B	12.95B	-3.80B
Operating Cash Flow	0	12.65B	23.35B	25.93B	16.17B	734.73M
Investing Cash Flow	0	-9.78B	-8.99B	-19.17B	-701.60M	-1.91B
Financing Cash Flow	0	-5.44B	-15.24B	-123.85M	-19.68B	610.01M

Jindal Saw Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price248.20

Price Trends

50DMA278.61Negative

100DMA272.60Negative

200DMA239.69Positive

Market Momentum

MACD-8.26Negative

RSI43.53Neutral

STOCH66.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JINDALSAW, the sentiment is Negative. The current price of 248.20 is below the 20-day moving average (MA) of 258.33, below the 50-day MA of 278.61, and above the 200-day MA of 239.69, indicating a neutral trend. The MACD of -8.26 indicates Negative momentum. The RSI at 43.53 is Neutral, neither overbought nor oversold. The STOCH value of 66.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JINDALSAW.

Jindal Saw Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:JINDALSAW against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:RATNAMANI	75Outperform	INR 169.66B	40.50	―	0.40%	-16.84%	-34.34%
IN:WELCORP	74Outperform	INR 580.55B	24.64	―	0.23%	13.62%	9.05%
IN:MANINDS	70Outperform	INR 59.66B	30.73	―	―	10.75%	9.71%
IN:MAHSEAMLES	69Neutral	INR 77.68B	10.39	―	1.75%	-12.21%	-16.07%
IN:SURYAROSNI	69Neutral	INR 43.97B	14.67	―	2.37%	15.04%	-4.20%
IN:JINDALSAW	67Neutral	INR 161.19B	28.88	―	0.81%	-0.73%	-60.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:JINDALSAW and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:JINDALSAW	Jindal Saw Limited	248.20	78.56	46.31%
IN:MAHSEAMLES	Maharashtra Seamless Limited	571.50	17.24	3.11%
IN:MANINDS	Man Industries (India) Limited	840.70	456.95	119.07%
IN:RATNAMANI	Ratnamani Metals & Tubes Ltd.	2501.40	43.28	1.76%
IN:SURYAROSNI	Surya Roshni Limited	211.65	-59.05	-21.81%
IN:WELCORP	Welspun Corp Limited	2213.70	1289.37	139.49%

Jindal Saw Limited Corporate Events

CARE Reaffirms Jindal Saw’s Top Short-Term Credit Rating on Rs 400 Crore CP

Sep 21, 2026

CARE Ratings Limited has reaffirmed Jindal Saw Limited’s highest short-term credit rating of CARE A1+ on commercial paper issuances aggregating Rs 400 crore, after reviewing the firm’s latest operational and financial performance. This confirmation,...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 19, 2026

Jindal Saw Limited AI Stock Analysis