Jindal Saw Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Jindal Saw Ltd trades at ₹269, in a confirmed uptrend and 12 weeks into that stage. That is +22.3% against its own 200-day average. It sits at 95% of a 52-week range of ₹155 to ₹276. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 30 straight weeks.

Today the stock is in a confirmed uptrend — week 12 of stage 2, confirmed. At ₹269 it trades +22.3% versus its 200-day average and sits at 95% of its 52-week range (₹155–₹276).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,258% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 30 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 89th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Jindal Saw Ltd trades at 25.0× P/E, at the pricey end of its own range (89th percentile). Its long-run median P/E is 10.8×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 25.0× is at the pricey end of its own range (89th percentile), against a long-run median of 10.8× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −44.0% against a +17.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +33.0%/yr price move, ~+15.5%/yr came from earnings growth and ~+17.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Jindal Saw Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −8.6% latest against +35.1% at its 12-quarter best), ROCE slipping at 9.6%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

44.9/100 — rank 2 of 4 in DI Pipes/Saw Pipes · 97% evidence confidence

Jindal Saw Ltd scores 44.9 out of 100 against the 4 companies it is compared with in DI Pipes/Saw Pipes, ranking 2. Price leads the evidence: RS versus the benchmark is 31.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 2.7 + 9.9 + 12.6 + 19.7 = 44.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Jindal Saw Ltd reported ₹4,452 Cr of revenue in the Jun 26 quarter, +9.0% year on year. Over 10 years it has compounded at 8.8% a year. The last full year, FY26, came in at ₹17,895 Cr. The last four reported quarters add to ₹18,262 Cr.

Jindal Saw Ltd reported ₹4,452 Cr of revenue in the Jun 26 quarter, +9.0% year on year. Over 10 years it has compounded at 8.8% a year. The last full year, FY26, came in at ₹17,895 Cr. The last four reported quarters add to ₹18,262 Cr.

FY26 revenue came in at ₹17,895 Cr (−14.1% on the year), capping 10 years at 8.8% compound. The latest quarter (Jun 26) printed ₹4,452 Cr, +9.0% year on year.

Pace check: the last four quarters averaged −7.3% growth against the decade's 8.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −8.6% over the last 4 quarters against −7.8%/yr over the last 8 — stabilising; TTM profit −58.7% vs −41.6%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 9.0% this quarter (−7.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Jindal Saw Ltd's operating margin is 9.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 17.0%. The current quarter sits inside that band.

Jindal Saw Ltd's operating margin is 9.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 17.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, −7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–17.0%.

🚨 Why the margin moved: operating margin went −7.6 pp year on year while gross margin went −7.9 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit −78.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Jindal Saw Ltd earned ₹91.0 Cr of net profit in the Jun 26 quarter, −78.1% year on year. Full-year FY26 profit was ₹925 Cr. That is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹415 Cr.

Jindal Saw Ltd earned ₹91.0 Cr of net profit in the Jun 26 quarter, −78.1% year on year. Full-year FY26 profit was ₹925 Cr. That is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹415 Cr.

Jun 26 profit was ₹91.0 Cr, −78.1% year on year. On the full year, FY26 printed ₹925 Cr (−36.6%).

🚨 Why profit moved: revenue contributed +9.0% and the margin −7.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −38.6% vs revenue −7.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 168% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 168% of Jindal Saw Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,771 Cr of operating cash against ₹925 Cr of profit. After ₹1,510 Cr of capital spending, ₹261 Cr was left as free cash.

FY26: operating cash of ₹1,771 Cr against reported profit of ₹925 Cr, leaving free cash of ₹261 Cr after ₹1,510 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 168% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 168%: the cash cycle stretched 27 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹4,878 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Jindal Saw Ltd's cash conversion cycle runs 159 days in FY26, up from 132 days in FY21. Capital spending ran ₹4,878 Cr over the last 3 years. At FY26 sales of ₹17,895 Cr each day of that cycle holds about ₹49.0 Cr, so roughly ₹7,795 Cr sits inside the business at any moment.

FY26: debtors at 63 days, inventory at 191 days — roughly 6.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 159 days, looser than FY21's 132.

The full loop: cash goes out to suppliers and production on day 0; stock waits 191 days to sell; customers pay about 63 days after that; and suppliers themselves are paid at 95 days — netting out to the 159-day cycle.

In money terms: at FY26 sales of ₹17,895 Cr, each day of the cycle holds about ₹49.0 Cr — so the 159-day loop keeps roughly ₹7,795 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,878 Cr over the last 3 fiscal years against ₹1,800 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹453 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 10% and the ROIC − WACC spread is −6.5 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Jindal Saw Ltd earns a ROCE of 10% in FY26. That is up from a trough of 4% in FY14. Return on invested capital clears the cost of that capital by −6.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 5.2% net margin on 0.83× asset turns.

FY26 ROCE is 10%, recovered from a FY14 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 5.2% net margin × 0.83× asset turns × 1.72× balance-sheet leverage ≈ 7.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 5.5% − 12.0% = a −6.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.37.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Jindal Saw Ltd carries total debt of ₹4,691 Cr against shareholder equity of ₹12,283 Cr as of Jun 26, a debt-to-equity of 0.38. On the annual view that ratio went from 0.88 in FY22 to 0.38 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹4,691 Cr against shareholder equity of ₹12,283 Cr — a debt-to-equity of 0.38. On the annual view, debt-to-equity went from 0.88 (FY22) to 0.38 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 4.5 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 4.5 points of Jindal Saw Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 8.4% of the company. Foreign institutions moved −2.0 points over the same window, to 13.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +4.5 points over 8 quarters to 8.4%; Foreign institutions: −2.0 points over 8 quarters to 13.1%; Promoters: +0.0 points over 8 quarters to 63.3%.

Why the register moved: rotation — foreign institutions −2.0 points against domestic institutions +4.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Jindal Saw Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions