# DI Pipes/Saw Pipes — company-by-company sector analysis

> DI Pipes/Saw Pipes: Jindal Saw Ltd owns the largest revenue base; Welspun Corp Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

DI Pipes/Saw Pipes has outperformed NIFTY 500 by 1.4% over 52 weeks and 2.3% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself. Jindal Saw Ltd leads with revenue of ₹18,262 crore, based on 4 of 4 comparable companies through Jun 2026.

### Is the DI Pipes/Saw Pipes sector outperforming NIFTY 500?

DI Pipes/Saw Pipes has outperformed NIFTY 500 by 1.4% over 52 weeks and 2.3% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself.

### Which DI Pipes/Saw Pipes company is largest by revenue?

Jindal Saw Ltd leads with revenue of ₹18,262 crore, based on 4 of 4 comparable companies through Jun 2026.

### Which DI Pipes/Saw Pipes company is growing fastest?

Welspun Corp Ltd has the fastest current revenue growth at 20.2%, across 4 of 4 comparable companies.

### Which DI Pipes/Saw Pipes company has the strongest 4-Factor Sector Score?

Welspun Corp Ltd ranks first at 69.3/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which DI Pipes/Saw Pipes company has the least gross debt?

Jai Balaji Industries Ltd has the lowest comparable gross debt at ₹417 crore. Jindal Saw Ltd has the highest at ₹4,691 crore.

### Which DI Pipes/Saw Pipes company has the lowest comparable PEG?

Electrosteel Castings Ltd has the lowest comparable Guarded PEG at 0.35, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this DI Pipes/Saw Pipes comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

DI Pipes/Saw Pipes has outperformed NIFTY 500 by 1.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.3%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Welspun Corp Ltd is the strongest against the sector itself at +38.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 2.3%
52-week sector return versus NIFTY 500: 1.4%
Stocks leading NIFTY: 2/4
Stocks leading sector: 3/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹68.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Welspun Corp Ltd (WELCORP): 69/100 — Favorable setup; evidence 87%
   - Growth & earnings 24.9/35 | Capital efficiency 19.4/25 | Valuation 5.0/20 | Relative strength 20.0/20
   - Exact sum: 24.9 + 19.4 + 5 + 20 = 69.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Jindal Saw Ltd (JINDALSAW): 43/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 2.7/35 | Capital efficiency 9.9/25 | Valuation 12.6/20 | Relative strength 18.2/20
   - Exact sum: 2.7 + 9.9 + 12.6 + 18.2 = 43.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 26.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Jai Balaji Industries Ltd (JAIBALAJI): 39/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 4.5/35 | Capital efficiency 18.8/25 | Valuation 12.3/20 | Relative strength 3.0/20
   - Exact sum: 4.5 + 18.8 + 12.3 + 3 = 38.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Electrosteel Castings Ltd (ELECTCAST): 36/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 4.5/35 | Capital efficiency 9.5/25 | Valuation 11.7/20 | Relative strength 9.8/20
   - Exact sum: 4.5 + 9.5 + 11.7 + 9.8 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Jindal Saw Ltd is the scale leader at ₹18,262 crore, 5.6% ahead of Welspun Corp Ltd. Welspun Corp Ltd's growth is 20.2% from a ₹17,300 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Jindal Saw Ltd is the scale benchmark; Welspun Corp Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Jindal Saw Ltd's growth falls below Welspun Corp Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Jindal Saw Ltd · ₹18,262 crore | 5.6% versus #2 · Welspun Corp Ltd | 2/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Jindal Saw Ltd (JINDALSAW): ₹18.3K Cr
2. Welspun Corp Ltd (WELCORP): ₹17.3K Cr
3. Electrosteel Castings Ltd (ELECTCAST): ₹5.9K Cr
4. Jai Balaji Industries Ltd (JAIBALAJI): ₹5.8K Cr

### Revenue growth — fastest growers
1. Welspun Corp Ltd (WELCORP): 20%
2. Jindal Saw Ltd (JINDALSAW): -8.6%
3. Jai Balaji Industries Ltd (JAIBALAJI): -13%
4. Electrosteel Castings Ltd (ELECTCAST): -19%

### 20-quarter Revenue history
- WELCORP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 ₹4.1K Cr
- JINDALSAW: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 ₹4.5K Cr
- JAIBALAJI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- ELECTCAST: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- WELCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 55% | Dec 2022 94% | Mar 2023 48% | Jun 2023 208% | Sep 2023 107% | Dec 2023 98% | Mar 2024 9.6% | Jun 2024 -23% | Sep 2024 -19% | Dec 2024 -24% | Mar 2025 -12% | Jun 2025 13% | Sep 2025 32% | Dec 2025 25% | Mar 2026 9.9% | Jun 2026 15%
- JINDALSAW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 36% | Dec 2022 49% | Mar 2023 31% | Jun 2023 27% | Sep 2023 35% | Dec 2023 9.7% | Mar 2024 4.6% | Jun 2024 12% | Sep 2024 1.9% | Dec 2024 -6.8% | Mar 2025 -7.0% | Jun 2025 -17% | Sep 2025 -24% | Dec 2025 -6.2% | Mar 2026 -8.2% | Jun 2026 9.0%
- JAIBALAJI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 30% | Dec 2022 20% | Mar 2023 25% | Jun 2023 -0.8% | Sep 2023 13% | Dec 2023 0.1% | Mar 2024 7.1% | Jun 2024 16% | Sep 2024 0.7% | Dec 2024 -3.4% | Mar 2025 -14% | Jun 2025 -21% | Sep 2025 -13% | Dec 2025 -11% | Mar 2026 9.8% | Jun 2026 —
- ELECTCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 53% | Dec 2022 29% | Mar 2023 18% | Jun 2023 -4.6% | Sep 2023 7.6% | Dec 2023 0.9% | Mar 2024 7.1% | Jun 2024 19% | Sep 2024 -4.7% | Dec 2024 -4.8% | Mar 2025 -15% | Jun 2025 -23% | Sep 2025 -24% | Dec 2025 -17% | Mar 2026 -12% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Welspun Corp Ltd leads both opm at 17% and margin change at +2 percentage points.

Investor read: Welspun Corp Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Welspun Corp Ltd · 17% | 88.9% versus #2 · Jindal Saw Ltd | 7/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Welspun Corp Ltd (WELCORP): 17%
2. Jindal Saw Ltd (JINDALSAW): 9.0%
3. Electrosteel Castings Ltd (ELECTCAST): 4.0%
4. Jai Balaji Industries Ltd (JAIBALAJI): 3.5%

### Margin change — fastest expanders
1. Welspun Corp Ltd (WELCORP): +2.0 pp
2. Jai Balaji Industries Ltd (JAIBALAJI): −4.5 pp
3. Electrosteel Castings Ltd (ELECTCAST): −5.0 pp
4. Jindal Saw Ltd (JINDALSAW): −7.0 pp

### 20-quarter OPM history
- WELCORP: Sep 2021 7.5% | Dec 2021 6.6% | Mar 2022 3.5% | Jun 2022 2.2% | Sep 2022 -6.7% | Dec 2022 7.0% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 7.0% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 17%
- JINDALSAW: Sep 2021 13% | Dec 2021 5.9% | Mar 2022 10% | Jun 2022 6.9% | Sep 2022 8.2% | Dec 2022 10% | Mar 2023 12% | Jun 2023 14% | Sep 2023 15% | Dec 2023 17% | Mar 2024 17% | Jun 2024 17% | Sep 2024 16% | Dec 2024 18% | Mar 2025 15% | Jun 2025 16% | Sep 2025 11% | Dec 2025 12% | Mar 2026 10% | Jun 2026 9.0%
- JAIBALAJI: Sep 2021 5.0% | Dec 2021 4.0% | Mar 2022 2.8% | Jun 2022 4.0% | Sep 2022 5.0% | Dec 2022 5.0% | Mar 2023 4.0% | Jun 2023 14% | Sep 2023 14% | Dec 2023 16% | Mar 2024 13% | Jun 2024 18% | Sep 2024 15% | Dec 2024 13% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 5.0% | Dec 2025 1.7% | Mar 2026 3.5% | Jun 2026 —
- ELECTCAST: Sep 2021 11% | Dec 2021 13% | Mar 2022 14% | Jun 2022 12% | Sep 2022 8.7% | Dec 2022 10% | Mar 2023 10% | Jun 2023 10% | Sep 2023 16% | Dec 2023 22% | Mar 2024 16% | Jun 2024 18% | Sep 2024 15% | Dec 2024 14% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 2.0% | Mar 2026 4.0% | Jun 2026 —

### 20-quarter Margin change history
- WELCORP: Sep 2021 −7.0 pp | Dec 2021 −6.8 pp | Mar 2022 −7.8 pp | Jun 2022 −10.5 pp | Sep 2022 −14.2 pp | Dec 2022 +0.4 pp | Mar 2023 +6.5 pp | Jun 2023 +6.8 pp | Sep 2023 +16.7 pp | Dec 2023 +3.0 pp | Mar 2024 −3.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +5.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 +2.0 pp
- JINDALSAW: Sep 2021 +1.1 pp | Dec 2021 −4.9 pp | Mar 2022 −2.5 pp | Jun 2022 −7.7 pp | Sep 2022 −4.5 pp | Dec 2022 +4.1 pp | Mar 2023 +1.9 pp | Jun 2023 +7.2 pp | Sep 2023 +6.8 pp | Dec 2023 +7.0 pp | Mar 2024 +5.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −5.0 pp | Dec 2025 −6.0 pp | Mar 2026 −5.0 pp | Jun 2026 −7.0 pp
- JAIBALAJI: Sep 2021 +1.6 pp | Dec 2021 −3.0 pp | Mar 2022 −3.0 pp | Jun 2022 −2.8 pp | Sep 2022 −0.0 pp | Dec 2022 +1.0 pp | Mar 2023 +1.2 pp | Jun 2023 +10.0 pp | Sep 2023 +9.0 pp | Dec 2023 +11.0 pp | Mar 2024 +9.0 pp | Jun 2024 +4.0 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −5.0 pp | Jun 2025 −9.0 pp | Sep 2025 −10.0 pp | Dec 2025 −11.3 pp | Mar 2026 −4.5 pp | Jun 2026 —
- ELECTCAST: Sep 2021 −0.2 pp | Dec 2021 −1.9 pp | Mar 2022 +0.3 pp | Jun 2022 −3.0 pp | Sep 2022 −2.6 pp | Dec 2022 −3.2 pp | Mar 2023 −3.8 pp | Jun 2023 −1.5 pp | Sep 2023 +7.4 pp | Dec 2023 +12.0 pp | Mar 2024 +6.0 pp | Jun 2024 +8.0 pp | Sep 2024 −1.0 pp | Dec 2024 −8.0 pp | Mar 2025 −7.0 pp | Jun 2025 −7.0 pp | Sep 2025 −8.0 pp | Dec 2025 −12.0 pp | Mar 2026 −5.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Welspun Corp Ltd leads with ₹2,319 crore of TTM profit, 285.2% above Jindal Saw Ltd. Welspun Corp Ltd shows 15.8% growth from a ₹2,319 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Welspun Corp Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Welspun Corp Ltd · ₹2,319 crore | 285.2% versus #2 · Jindal Saw Ltd | 5/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Welspun Corp Ltd (WELCORP): ₹2.3K Cr
2. Jindal Saw Ltd (JINDALSAW): ₹602 Cr
3. Jai Balaji Industries Ltd (JAIBALAJI): ₹292 Cr
4. Electrosteel Castings Ltd (ELECTCAST): ₹161 Cr

### Profit growth — fastest growers
1. Welspun Corp Ltd (WELCORP): 16%
2. Jindal Saw Ltd (JINDALSAW): -59%
3. Jai Balaji Industries Ltd (JAIBALAJI): -66%
4. Electrosteel Castings Ltd (ELECTCAST): -77%

### 20-quarter Net profit history
- WELCORP: Sep 2021 ₹84 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-63 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹240 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹387 Cr | Dec 2023 ₹294 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹283 Cr | Dec 2024 ₹672 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹349 Cr | Sep 2025 ₹444 Cr | Dec 2025 ₹456 Cr | Mar 2026 ₹371 Cr | Jun 2026 ₹1.0K Cr
- JINDALSAW: Sep 2021 ₹108 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹356 Cr | Dec 2023 ₹512 Cr | Mar 2024 ₹480 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹479 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹124 Cr | Jun 2026 ₹91 Cr
- JAIBALAJI: Sep 2021 ₹7 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹273 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- ELECTCAST: Sep 2021 ₹45 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹16 Cr | Jun 2026 —

### 20-quarter Profit growth history
- WELCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -101% | Sep 2022 -175% | Dec 2022 -62% | Mar 2023 19% | Jun 2023 — | Sep 2023 — | Dec 2023 1,178% | Mar 2024 20% | Jun 2024 48% | Sep 2024 -27% | Dec 2024 129% | Mar 2025 144% | Jun 2025 41% | Sep 2025 57% | Dec 2025 -32% | Mar 2026 -47% | Jun 2026 200%
- JINDALSAW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -81% | Dec 2022 14,200% | Mar 2023 144% | Jun 2023 — | Sep 2023 1,595% | Dec 2023 258% | Mar 2024 61% | Jun 2024 70% | Sep 2024 33% | Dec 2024 -6.5% | Mar 2025 -82% | Jun 2025 -0.2% | Sep 2025 -71% | Dec 2025 -48% | Mar 2026 43% | Jun 2026 -78%
- JAIBALAJI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 200% | Dec 2022 133% | Mar 2023 -286% | Jun 2023 673% | Sep 2023 862% | Dec 2023 739% | Mar 2024 — | Jun 2024 23% | Sep 2024 -24% | Dec 2024 -49% | Mar 2025 -73% | Jun 2025 -66% | Sep 2025 -83% | Dec 2025 -90% | Mar 2026 -72% | Jun 2026 —
- ELECTCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 107% | Sep 2022 18% | Dec 2022 -19% | Mar 2023 -21% | Jun 2023 -21% | Sep 2023 230% | Dec 2023 233% | Mar 2024 155% | Jun 2024 201% | Sep 2024 -11% | Dec 2024 -39% | Mar 2025 -26% | Jun 2025 -61% | Sep 2025 -50% | Dec 2025 -114% | Mar 2026 -90% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Welspun Corp Ltd has the clearest covered balance-sheet capacity with ₹1,409 crore net cash and gross debt of ₹2,355 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Jai Balaji Industries Ltd · ₹417 crore | 73.3% versus #2 · Electrosteel Castings Ltd | 0/8 recent comparable periods | 4/4 companies · 77 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Jai Balaji Industries Ltd (JAIBALAJI): ₹417 Cr
2. Electrosteel Castings Ltd (ELECTCAST): ₹1.6K Cr
3. Welspun Corp Ltd (WELCORP): ₹2.4K Cr
4. Jindal Saw Ltd (JINDALSAW): ₹4.7K Cr

### Net debt — lowest net debt
1. Welspun Corp Ltd (WELCORP): ₹-1.4K Cr
2. Jai Balaji Industries Ltd (JAIBALAJI): ₹357 Cr
3. Electrosteel Castings Ltd (ELECTCAST): ₹697 Cr
4. Jindal Saw Ltd (JINDALSAW): ₹4.1K Cr

### 20-quarter Gross debt history
- WELCORP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- JINDALSAW: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.7K Cr
- JAIBALAJI: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹860 Cr | Jun 2023 ₹860 Cr | Sep 2023 ₹660 Cr | Dec 2023 ₹660 Cr | Mar 2024 ₹473 Cr | Jun 2024 ₹473 Cr | Sep 2024 ₹432 Cr | Dec 2024 ₹432 Cr | Mar 2025 ₹559 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹459 Cr | Dec 2025 ₹459 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- ELECTCAST: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —

### 20-quarter Net debt history
- WELCORP: Sep 2021 ₹-983 Cr | Dec 2021 ₹-983 Cr | Mar 2022 ₹-76 Cr | Jun 2022 ₹-76 Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹364 Cr | Mar 2024 ₹476 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹706 Cr | Dec 2024 ₹706 Cr | Mar 2025 ₹-654 Cr | Jun 2025 ₹-654 Cr | Sep 2025 ₹168 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- JINDALSAW: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 ₹4.1K Cr
- JAIBALAJI: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹825 Cr | Jun 2023 ₹809 Cr | Sep 2023 ₹615 Cr | Dec 2023 ₹615 Cr | Mar 2024 ₹419 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹346 Cr | Dec 2024 ₹346 Cr | Mar 2025 ₹461 Cr | Jun 2025 ₹433 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹357 Cr | Jun 2026 —
- ELECTCAST: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹697 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Jai Balaji Industries Ltd leads ROCE at 36.1%, 13.2 percentage points above Welspun Corp Ltd. Welspun Corp Ltd has the strongest latest improvement at +1.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Jai Balaji Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Jai Balaji Industries Ltd · 36.1% | 57.6% versus #2 · Welspun Corp Ltd | 4/8 recent comparable periods | 4/4 companies · 61 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Jai Balaji Industries Ltd (JAIBALAJI): 36%
2. Welspun Corp Ltd (WELCORP): 23%
3. Jindal Saw Ltd (JINDALSAW): 10%
4. Electrosteel Castings Ltd (ELECTCAST): 5.2%

### ROCE change — fastest improvers
1. Welspun Corp Ltd (WELCORP): +1.3 pp
2. Electrosteel Castings Ltd (ELECTCAST): −10.3 pp
3. Jindal Saw Ltd (JINDALSAW): −11.4 pp
4. Jai Balaji Industries Ltd (JAIBALAJI): −24.0 pp

### 20-quarter ROCE history
- WELCORP: Sep 2021 11% | Dec 2021 — | Mar 2022 3.8% | Jun 2022 — | Sep 2022 -2.9% | Dec 2022 — | Mar 2023 3.3% | Jun 2023 — | Sep 2023 15% | Dec 2023 25% | Mar 2024 15% | Jun 2024 24% | Sep 2024 15% | Dec 2024 27% | Mar 2025 15% | Jun 2025 33% | Sep 2025 18% | Dec 2025 31% | Mar 2026 16% | Jun 2026 —
- JINDALSAW: Sep 2021 11% | Dec 2021 — | Mar 2022 9.2% | Jun 2022 — | Sep 2022 6.8% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 16% | Dec 2023 24% | Mar 2024 21% | Jun 2024 27% | Sep 2024 23% | Dec 2024 26% | Mar 2025 21% | Jun 2025 21% | Sep 2025 15% | Dec 2025 14% | Mar 2026 10% | Jun 2026 9.6%
- JAIBALAJI: Sep 2021 -12% | Dec 2021 — | Mar 2022 -17% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 28% | Sep 2023 37% | Dec 2023 56% | Mar 2024 46% | Jun 2024 75% | Sep 2024 43% | Dec 2024 59% | Mar 2025 33% | Jun 2025 31% | Sep 2025 17% | Dec 2025 — | Mar 2026 9.1% | Jun 2026 —
- ELECTCAST: Sep 2021 10% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 12% | Dec 2023 18% | Mar 2024 17% | Jun 2024 23% | Sep 2024 19% | Dec 2024 19% | Mar 2025 13% | Jun 2025 13% | Sep 2025 7.7% | Dec 2025 7.1% | Mar 2026 2.6% | Jun 2026 —

### 20-quarter ROCE change history
- WELCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.5 pp | Dec 2022 — | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 +17.7 pp | Dec 2023 — | Mar 2024 +12.1 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 +2.0 pp | Mar 2025 −0.4 pp | Jun 2025 +9.1 pp | Sep 2025 +3.0 pp | Dec 2025 +4.1 pp | Mar 2026 +1.3 pp | Jun 2026 —
- JINDALSAW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 — | Mar 2023 +2.0 pp | Jun 2023 — | Sep 2023 +9.4 pp | Dec 2023 — | Mar 2024 +9.4 pp | Jun 2024 — | Sep 2024 +6.8 pp | Dec 2024 +1.7 pp | Mar 2025 −0.1 pp | Jun 2025 −6.4 pp | Sep 2025 −8.1 pp | Dec 2025 −11.5 pp | Mar 2026 −10.5 pp | Jun 2026 −11.4 pp
- JAIBALAJI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +29.4 pp | Dec 2022 — | Mar 2023 +37.4 pp | Jun 2023 — | Sep 2023 +19.3 pp | Dec 2023 — | Mar 2024 +25.4 pp | Jun 2024 +46.8 pp | Sep 2024 +6.8 pp | Dec 2024 +2.6 pp | Mar 2025 −12.4 pp | Jun 2025 −43.9 pp | Sep 2025 −26.1 pp | Dec 2025 — | Mar 2026 −24.0 pp | Jun 2026 —
- ELECTCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 — | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 +7.0 pp | Jun 2024 — | Sep 2024 +7.3 pp | Dec 2024 +0.7 pp | Mar 2025 −4.3 pp | Jun 2025 −10.2 pp | Sep 2025 −11.2 pp | Dec 2025 −11.9 pp | Mar 2026 −10.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Electrosteel Castings Ltd has the lowest comparable Guarded PEG at 0.35×, 12.5% below Jindal Saw Ltd. Only 4 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Electrosteel Castings Ltd · 0.35× | 12.5% versus #2 · Jindal Saw Ltd | 0/8 recent comparable periods | 4/4 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Electrosteel Castings Ltd (ELECTCAST): 0.4
2. Jindal Saw Ltd (JINDALSAW): 0.4
3. Jai Balaji Industries Ltd (JAIBALAJI): 1.0
4. Welspun Corp Ltd (WELCORP): 4.7

### P/E — lowest P/E
1. Welspun Corp Ltd (WELCORP): 18.2
2. Jai Balaji Industries Ltd (JAIBALAJI): 19.1
3. Electrosteel Castings Ltd (ELECTCAST): 23.5
4. Jindal Saw Ltd (JINDALSAW): 25.0

### 20-quarter Guarded PEG history
- WELCORP: Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 4.7
- JINDALSAW: Sep 2021 0.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JAIBALAJI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ELECTCAST: Sep 2021 — | Dec 2021 0.3 | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- WELCORP: Sep 2021 4.9 | Dec 2021 7.9 | Mar 2022 9.2 | Jun 2022 12.6 | Sep 2022 19.8 | Dec 2022 26.9 | Mar 2023 25.3 | Jun 2023 33.0 | Sep 2023 28.0 | Dec 2023 17.7 | Mar 2024 12.5 | Jun 2024 12.9 | Sep 2024 16.3 | Dec 2024 19.2 | Mar 2025 15.3 | Jun 2025 16.1 | Sep 2025 18.6 | Dec 2025 17.5 | Mar 2026 17.7 | Jun 2026 23.8
- JINDALSAW: Sep 2021 7.6 | Dec 2021 6.1 | Mar 2022 6.4 | Jun 2022 6.0 | Sep 2022 10.0 | Dec 2022 15.6 | Mar 2023 11.2 | Jun 2023 12.4 | Sep 2023 12.3 | Dec 2023 10.9 | Mar 2024 9.0 | Jun 2024 10.3 | Sep 2024 12.9 | Dec 2024 9.7 | Mar 2025 8.9 | Jun 2025 8.9 | Sep 2025 7.7 | Dec 2025 7.7 | Mar 2026 10.6 | Jun 2026 17.0
- JAIBALAJI: Sep 2021 17.3 | Dec 2021 10.1 | Mar 2022 8.3 | Jun 2022 9.4 | Sep 2022 9.7 | Dec 2022 10.3 | Mar 2023 7.4 | Jun 2023 16.3 | Sep 2023 32.0 | Dec 2023 31.0 | Mar 2024 25.0 | Jun 2024 15.9 | Sep 2024 19.8 | Dec 2024 17.5 | Mar 2025 15.9 | Jun 2025 21.8 | Sep 2025 20.7 | Dec 2025 20.0 | Mar 2026 17.5 | Jun 2026 —
- ELECTCAST: Sep 2021 7.0 | Dec 2021 6.0 | Mar 2022 6.3 | Jun 2022 4.7 | Sep 2022 5.0 | Dec 2022 5.8 | Mar 2023 5.6 | Jun 2023 11.3 | Sep 2023 14.3 | Dec 2023 15.8 | Mar 2024 17.6 | Jun 2024 14.1 | Sep 2024 14.7 | Dec 2024 9.7 | Mar 2025 7.9 | Jun 2025 11.6 | Sep 2025 10.2 | Dec 2025 9.5 | Mar 2026 14.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Jindal Saw Ltd leads ev/ebitda at 8.9×; Electrosteel Castings Ltd leads p/bv at 0.75×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Jindal Saw Ltd · 8.9× | 5.3% versus #2 · Jai Balaji Industries Ltd | 0/8 recent comparable periods | 4/4 companies · 78 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Jindal Saw Ltd (JINDALSAW): 8.9
2. Jai Balaji Industries Ltd (JAIBALAJI): 9.4
3. Electrosteel Castings Ltd (ELECTCAST): 9.8
4. Welspun Corp Ltd (WELCORP): 13.9

### P/BV — lowest P/BV
1. Electrosteel Castings Ltd (ELECTCAST): 0.8
2. Jindal Saw Ltd (JINDALSAW): 1.3
3. Jai Balaji Industries Ltd (JAIBALAJI): 2.5
4. Welspun Corp Ltd (WELCORP): 4.6

### 20-quarter EV/EBITDA history
- WELCORP: Sep 2021 3.5 | Dec 2021 5.1 | Mar 2022 5.5 | Jun 2022 6.6 | Sep 2022 10.1 | Dec 2022 10.5 | Mar 2023 7.3 | Jun 2023 8.9 | Sep 2023 10.6 | Dec 2023 8.9 | Mar 2024 7.1 | Jun 2024 8.0 | Sep 2024 9.6 | Dec 2024 11.3 | Mar 2025 10.1 | Jun 2025 10.4 | Sep 2025 10.7 | Dec 2025 10.4 | Mar 2026 10.6 | Jun 2026 13.9
- JINDALSAW: Sep 2021 4.9 | Dec 2021 4.7 | Mar 2022 4.9 | Jun 2022 4.6 | Sep 2022 6.2 | Dec 2022 7.0 | Mar 2023 6.2 | Jun 2023 7.0 | Sep 2023 7.1 | Dec 2023 7.1 | Mar 2024 6.2 | Jun 2024 6.4 | Sep 2024 7.7 | Dec 2024 6.2 | Mar 2025 5.8 | Jun 2025 5.5 | Sep 2025 5.1 | Dec 2025 5.3 | Mar 2026 6.5 | Jun 2026 8.9
- JAIBALAJI: Sep 2021 18.7 | Dec 2021 16.3 | Mar 2022 15.9 | Jun 2022 16.2 | Sep 2022 14.2 | Dec 2022 14.4 | Mar 2023 14.3 | Jun 2023 14.8 | Sep 2023 17.8 | Dec 2023 21.0 | Mar 2024 19.6 | Jun 2024 14.5 | Sep 2024 16.6 | Dec 2024 13.5 | Mar 2025 11.0 | Jun 2025 13.6 | Sep 2025 12.1 | Dec 2025 10.7 | Mar 2026 9.4 | Jun 2026 —
- ELECTCAST: Sep 2021 4.9 | Dec 2021 4.7 | Mar 2022 5.9 | Jun 2022 4.7 | Sep 2022 6.1 | Dec 2022 6.1 | Mar 2023 5.3 | Jun 2023 7.3 | Sep 2023 8.2 | Dec 2023 9.2 | Mar 2024 11.2 | Jun 2024 10.1 | Sep 2024 10.4 | Dec 2024 7.1 | Mar 2025 5.9 | Jun 2025 8.8 | Sep 2025 8.0 | Dec 2025 7.2 | Mar 2026 9.8 | Jun 2026 —

### 20-quarter P/BV history
- WELCORP: Sep 2021 0.8 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 2.2 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 3.5 | Dec 2024 3.5 | Mar 2025 3.8 | Jun 2025 4.4 | Sep 2025 3.0 | Dec 2025 2.6 | Mar 2026 2.6 | Jun 2026 4.2
- JINDALSAW: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 2.4 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.3
- JAIBALAJI: Sep 2021 -0.3 | Dec 2021 -0.4 | Mar 2022 -0.3 | Jun 2022 -0.3 | Sep 2022 -0.3 | Dec 2022 -0.5 | Mar 2023 -0.3 | Jun 2023 -0.5 | Sep 2023 11.4 | Dec 2023 12.4 | Mar 2024 15.1 | Jun 2024 22.1 | Sep 2024 12.0 | Dec 2024 8.5 | Mar 2025 6.5 | Jun 2025 7.2 | Sep 2025 4.1 | Dec 2025 2.6 | Mar 2026 2.3 | Jun 2026 —
- ELECTCAST: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.4 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 1.6 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —

## Market action

Welspun Corp Ltd has the strongest one-year price move in DI Pipes/Saw Pipes at +72.9%. It also leads on Mansfield relative strength against NIFTY at +61.5%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Welspun Corp Ltd (WELCORP): 73%
2. Jindal Saw Ltd (JINDALSAW): 12%
3. Electrosteel Castings Ltd (ELECTCAST): -38%
4. Jai Balaji Industries Ltd (JAIBALAJI): -49%

### Strongest relative strength versus NIFTY 500
1. Welspun Corp Ltd (WELCORP): 62%
2. Jindal Saw Ltd (JINDALSAW): 27%
3. Electrosteel Castings Ltd (ELECTCAST): -11%
4. Jai Balaji Industries Ltd (JAIBALAJI): -20%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Welspun Corp Ltd (WELCORP) — market value ₹42.1K Cr; latest fundamentals Jun 2026
- Jindal Saw Ltd (JINDALSAW) — market value ₹16.3K Cr; latest fundamentals Jun 2026
- Jai Balaji Industries Ltd (JAIBALAJI) — market value ₹5.6K Cr; latest fundamentals Mar 2026
- Electrosteel Castings Ltd (ELECTCAST) — market value ₹4.5K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 0. Graded companies: 4.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty DI Pipes/Saw Pipes index?

The Nifty DI Pipes/Saw Pipes index tracks India's listed DI Pipes/Saw Pipes companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the DI Pipes/Saw Pipes sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best DI Pipes/Saw Pipes stocks in India?

Ranked by this page's four-factor score, Welspun Corp Ltd places first among 4 listed DI Pipes/Saw Pipes companies, followed by Jindal Saw Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many DI Pipes/Saw Pipes stocks are listed in India?

This comparison covers 4 listed DI Pipes/Saw Pipes companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which DI Pipes/Saw Pipes company is the biggest?

Jindal Saw Ltd is the largest, with trailing-twelve-month revenue of ₹18,262 crore, ahead of Welspun Corp Ltd at ₹17,300 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.

### Which DI Pipes/Saw Pipes company is growing fastest?

Welspun Corp Ltd has the fastest revenue growth at 20.2% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which DI Pipes/Saw Pipes company has the best profit margins?

Welspun Corp Ltd has the highest operating margin at 17%, from 4 of 4 comparable companies. Welspun Corp Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which DI Pipes/Saw Pipes company makes the most profit?

Welspun Corp Ltd earns the most, at ₹2,319 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Welspun Corp Ltd has the fastest profit growth at 15.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which DI Pipes/Saw Pipes company earns the highest return on capital?

Jai Balaji Industries Ltd leads on return on capital employed at 36.1%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which DI Pipes/Saw Pipes stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Electrosteel Castings Ltd screens cheapest at 0.35×. Only 4 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which DI Pipes/Saw Pipes company has the strongest balance sheet?

Jai Balaji Industries Ltd carries the lowest comparable gross debt at ₹417 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the DI Pipes/Saw Pipes sector beating the market?

DI Pipes/Saw Pipes has outperformed NIFTY 500 by 1.4% over the last 52 weeks and 2.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which DI Pipes/Saw Pipes stock has the strongest price momentum?

Welspun Corp Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which DI Pipes/Saw Pipes company scores highest for research priority?

Welspun Corp Ltd scores 69.3 out of 100 with 87% evidence confidence, from 24.9 points on growth and earnings, 19.4 on capital efficiency, 5 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many DI Pipes/Saw Pipes companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the DI Pipes/Saw Pipes sector?

The 4 DI Pipes/Saw Pipes companies on this page carry ₹68,499 crore of combined market value. Welspun Corp Ltd is the largest at ₹42,125 crore, about 61% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the DI Pipes/Saw Pipes sector performing?

2 of the 4 covered DI Pipes/Saw Pipes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 1.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/di-pipes-saw-pipes