DI and SAW Pipe Stocks and Companies in India

The largest DI and SAW Pipe stocks in India by market value are Welspun Corp (₹61,081 crore), Jindal Saw (₹15,795 crore) and Jai Balaji Industries (₹6,358 crore), at prices of 3 Nov 2026.

• Welspun Corp: ₹2,315.50 | market value ₹61,081 crore | P/E 25.8
• Jindal Saw: ₹246.98 | market value ₹15,795 crore | P/E 28.8
• Jai Balaji Industries: ₹69.70 | market value ₹6,358 crore | P/E 43.5
• Electrosteel Castings: ₹66.67 | market value ₹4,121 crore | P/E 25.9

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 3 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian DI Pipes/Saw Pipes companies are named here, largest first. This is the set of companies people mean when they search for a Nifty DI Pipes/Saw Pipes index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Welspun Corp Ltd₹61,800 cr
2. Jindal Saw Ltd₹14,600 cr
3. Jai Balaji Industries Ltd₹5,610 cr
4. Electrosteel Castings Ltd₹3,930 cr

4 DI and SAW Pipe companies in the DI Pipes/Saw Pipes industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Welspun Corp (₹61,769 crore) and the smallest with a market value is Electrosteel Castings.

Download all 4 DI and SAW Pipe companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 17% behind NIFTY 500. Earnings across its companies fell 53% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 12 weeks running.

Price down, no fundamental support. 1 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 12 weeks running; 1 of the 4 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 1 of the 4 that report earnings.

Participation is shrinking, 2 → 1 of 4 over four weeks, after being ahead of NIFTY 500. Earnings-led fade, only 1 of 4 members have higher trailing twelve-month earnings than a year ago, so the fade has the earnings behind it. The largest member is more than half the sector's market value and is moving the other way.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

DI Pipes/Saw Pipes has done better than the NIFTY 500 by 32.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.5%. Welspun Corp Ltd is the strongest against the sector itself at +53.4%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 47.3 as of 30 October 2026 (consolidation, falling).

DI Pipes/Saw Pipes has done better than the NIFTY 500 by 32.4% over 52 weeks and by 15.5% over 13 weeks. 1 of 4 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 3 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Welspun Corp Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.

Welspun Corp Ltd has the strongest one-year price move in DI Pipes/Saw Pipes at +141.7%. It also leads on relative strength against the NIFTY, at +74.0%. 2 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against DI Pipes/Saw Pipes itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

The quarterly curve is already turning down hard: quarterly profit has slid from ₹1,120 crore (Sep-2023) to ₹511 crore (Mar-2026) and quarterly operating margin from ~15% to 10%. In the week of 13 July 2026, 50% of 4 DI Pipes/Saw Pipes companies were beating the Nifty 500, against 0% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover DI Pipes/Saw Pipes, so this is the latest we have.

2 of 4 DI Pipes/Saw Pipes companies held a results call for July to September 2026. Welspun Corp guided: FY27 ROCE framework above 20% returns threshold.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters raised theirs by 1.0 points.

• Spending on new plants and equipment was ₹5,022 crore in the last 12 months, 218% more than a year before.
• Projects still being built grew 13% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 DI Pipes/Saw Pipes companies, in percentage points.

Ownership and spending as of 10 October 2026.

If the Jal-Jeevan fund release resumes and sequential (quarterly) margins turn back up from the current ~10% operating margin, reversing the profit slide from ₹511 crore, while the record order books (WELCORP ₹23,600 crore, JINDALSAW 19.64 lakh t) start converting, then this stops being a rolling peak and becomes a genuine trough-and-turn worth a fresh look.

From our industry review of 19 July 2026.

This is the written read behind the DI Pipes/Saw Pipes figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 22 Jul 2026, so the words are older than the numbers. 3 themes are live here, 2 of them rated high severity.

The DI Pipes/Saw Pipes sector shows signs of stress in Q4 FY26, driven primarily by external disruptions affecting JINDALSAW. The sole constituent analyzed reported consolidated income falling to ₹ 4,656.9 cr, down 8.1% YoY. EBITDA margins contracted significantly to 10.8% from 14.9% in the prior year quarter.

How old this read is: OLD: this read comes from our DI Pipes/Saw Pipes sector brief dated 22 Jul 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our DI Pipes/Saw Pipes sector brief, 22 Jul 2026 · company earnings-call transcripts.

Jindal Saw Ltd has the highest Revenue among the 4 DI Pipes/Saw Pipes companies compared here, at ₹18,500 crore. Welspun Corp Ltd is next at ₹17,570 crore. Welspun Corp Ltd has the highest Revenue growth at 13.6%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jindal Saw Ltd is the largest at ₹18,500 crore, 5.3% ahead of Welspun Corp Ltd. Welspun Corp Ltd's growth is 13.6% from a ₹17,570 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Jindal Saw Ltd is the size to compare against; Welspun Corp Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Welspun Corp Ltd has the highest OPM among the 4 DI Pipes/Saw Pipes companies compared here, at 16%. Jai Balaji Industries Ltd is next at 9%. The same company also has the highest Margin change, at +2 percentage points. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Welspun Corp Ltd leads both opm at 16% and margin change at +2 percentage points.

What this means: Welspun Corp Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Welspun Corp Ltd has the highest Net profit among the 4 DI Pipes/Saw Pipes companies compared here, at ₹2,370 crore. Jindal Saw Ltd is next at ₹498 crore. The same company also has the highest Profit growth, at 9.5%. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Welspun Corp Ltd earns the most, ₹2,370 crore of profit over the last 12 months, 375.9% above Jindal Saw Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Welspun Corp Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Welspun Corp Ltd has the highest ROCE among the 4 DI Pipes/Saw Pipes companies compared here, at 22.9%. Jindal Saw Ltd is next at 10.4%. The same company also has the highest ROCE change, at −0.3 percentage points. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Welspun Corp Ltd leads ROCE at 22.9%, 12.5 percentage points above Jindal Saw Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Welspun Corp Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Jindal Saw Ltd has the lowest PEG among the 4 DI Pipes/Saw Pipes companies compared here, at 0.21×. Electrosteel Castings Ltd is next at 0.35×. Electrosteel Castings Ltd has the lowest P/E at 24.7×, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jindal Saw Ltd has the lowest comparable PEG at 0.21×, 40% below Electrosteel Castings Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

DI Pipes/Saw Pipes companies show up on 3 of our India lists. The most are on the small & mid cap stocks list (2 companies).

This DI Pipes/Saw Pipes comparison names 4 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

This comparison is built from the reported filings of 4 DI Pipes/Saw Pipes companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

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

These 23 answers restate the DI Pipes/Saw Pipes comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.