At a Glance
Jindal Saw kicked off Q1 FY26 with revenue of ₹4,085 Cr (↓17% QoQ, ↓7% YoY) and a PAT of ₹415 Cr, flexing its operational muscle despite a revenue dip. EPS clocked ₹6.63, and OPM held at a healthy 16%. The company also announced $428M worth of projects in UAE/KSA, proving it can dig pipelines even when the stock price leaks.
Introduction
Once a struggling steel pipe manufacturer, Jindal Saw now pumps out profits like a fire hydrant on steroids. From DI pipes to LSAW monsters, it’s everywhere – India, Middle East, Africa, you name it. But beneath the glossy steel coating lies the reality of high contingent liabilities, a stock that has fallen 32% in one year, and an industry as cyclical as your New Year gym resolutions.
Business Model (WTF Do They Even Do?)
- Segments: LSAW, HSAW, DI pipes, seamless pipes, and pellets.
- Clients: Oil & gas majors, water supply projects, infrastructure giants.
- Revenue Mix: 70% domestic, 30% export.
- USP: One-stop pipe solution, world’s third-largest rust-free iron pipe producer.
Roast: If India builds a pipeline to Mars, chances are Jindal Saw will quote for it.
Financials Overview
Q1 FY26 Snapshot
- Revenue: ₹4,085 Cr
- EBITDA: ₹670 Cr (16% margin)
- PAT: ₹415 Cr (EPS ₹6.63)
FY25
- Revenue: ₹20,829 Cr
- PAT: ₹1,458 Cr
- ROE: 13.7%
- ROCE: 19.4%
Commentary: Despite lower sales, strong margins and cost control kept profits shining brighter than their DI pipes.
Valuation
1. P/E Method
- EPS ₹26.9 × Fair P/E 12 → ₹323.
2.
