Jindal Saw Ltd – ₹19,974 Cr Sales, ₹1,721 Cr Profit, and Still Fighting NTPC in Court
1. At a Glance
Jindal Saw Ltd makes pipes. Not Instagram reels, not memes—literal big fat steel pipes that carry oil, gas, and water while carrying the company’s market cap on their shoulders. With ₹20,000+ Cr in sales, ₹1,700+ Cr in profit, and a 7.5x P/E, this is no startup fairy tale. It’s old-school industrial muscle. But like every desi family drama, there’s always litigation (hello NTPC arbitration case) and a debt hangover.
2. Introduction
Pipes. That’s the business. While you scroll reels, someone is laying kilometers of Jindal Saw pipes underground so that your bathroom tap doesn’t run dry and oil refineries keep belching profits.
Founded in the early ’80s, Jindal Saw quietly became a global pipe powerhouse, with customers across India, MENA, and Latin America. It produces everything—LSAW, HSAW, DI, seamless, stainless steel, coated, and anti-corrosion pipes. If it’s hollow and carries fluid, Jindal Saw probably makes it.
But here’s the twist: it’s not just pipes. They also make pellets, run iron ore mines in Rajasthan, and even experiment with green energy JVs. Basically, they’re the “thali meal” of heavy industries.
And yet, despite its global size and scale, the share price has been behaving like a bored cricket fan—down 43% in one year. Investors are left scratching their heads: is this undervalued steel royalty or just another cyclical trap?
3. Business Model – WTF Do They Even Do?
Let’s break this pipe puzzle:
Iron & Steel Pipes (Core Biz): LSAW, HSAW, DI, seamless—supplying to oil, gas, water, infra, and utilities worldwide.
Pellets: 16.5 lakh MT sold in FY25, because if you own a mine, you might as well monetize the dust.
Exports: 33% of FY24 revenues came from MENA and Latin America—because pipes, like Bollywood, travel well overseas.
Value Add: Coatings, bends, flanges, sound fancy but basically ensure pipes don’t rust or burst under pressure (unlike investors in bear markets).
Mining: Low-grade iron ore mines in Rajasthan with 180 Mn tons of reserves. 50-year lease = one lifetime of mining memes.
Joint Ventures: Hunting Energy Services JV for threading OCTG accessories. If you don’t know what that means, just assume “oilfield bling.”
In short: Jindal Saw doesn’t just sell pipes, it sells the backbone of infrastructure.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹4,085 Cr
₹4,939 Cr
₹5,047 Cr
-17.3%
-19.0%
EBITDA
₹670 Cr
₹840 Cr
₹736 Cr
-20.2%
-9.0%
PAT
₹415 Cr
₹416 Cr
₹87 Cr
-0.3%
377%
EPS (₹)
6.63
6.90
4.55
-3.9%
+45.7%
Commentary: Revenue fell, EBITDA slipped, but PAT bounced back like Rohit Sharma after trolls.
