Jindal Saw logo

Jindal Saw share price

NSE: JINDALSAWBSE: 500378Industrial ProductsSmall Cap

Jindal Saw Limited · Formerly Saw Pipes · Face value ₹1 · Listed Oct 1986 on BSE, Apr 2003 on NSE
Last close ₹228.05down ₹9.55 (4.02%)BSE ₹228.35

Share price at the NSE close on 30 Oct 2026. Previous close ₹237.60.

30 Oct: open ₹238.20, high ₹238.50, low ₹227.05

52-week range of traded prices to 30 Oct 2026
₹153.00Low, 9 Dec 2025₹320.00High, 10 Sep 2026
Market cap
₹14,584 Cr471st largest listed
P/E
26.58
P/B
1.16
Dividend yield
0.88%
ROE
4.4%
ROCE
6.7%
Debt to equity
0.34
Volume, NSE
6,77,99548.6% delivered

Jindal Saw share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+29.3%over a year · Nifty Smallcap 250 −3.7% · Nifty 500 −8.2%

ResultsDividend20-session average 19,92,854 shares a day, 45.8% delivered

About Jindal Saw

Jindal Saw Limited makes iron and steel pipes and tubes for water, oil and gas and industrial uses, in India and abroad.1 Its pipes come with anti-corrosion and protective coatings and ancillaries such as fittings, bends and flanges.2 It also runs a magnetite iron ore mine in Rajasthan, with plants that upgrade the ore and turn it into pellets.2

Its pipes and tubes are made by submerged arc welding, centrifugal casting, piercing and extrusion, in carbon, alloy and stainless steel and ductile iron.2 In the year to Mar 2026 it became the first in India to make stainless steel coil tubing, it says.3 It reports as a single business, iron and steel pipes and pellets, with no separate segments.4 Its operations are in Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, Andhra Pradesh and Karnataka, and in the USA and the UAE; it reaches more than 80 countries.546

Jindal Saw was founded in 1984 by Prithavi Raj Jindal and is headquartered in New Delhi.78 It acquired Sathavahana Ispat's iron pipe plant in Andhra Pradesh through insolvency proceedings.9 Its principal operating subsidiaries include Jindal SAW Gulf, which makes iron pipes in Abu Dhabi; Jindal SAW USA, held 100% through another subsidiary, which coats pipes in Baytown, Texas; and Jindal Hunting Energy Services, a 51% joint venture that threads oil and gas well pipes at Nashik.1011

Its promoter, Prithavi Raj Jindal, is the non-executive chairperson and a brother of Naveen Jindal, promoter of Jindal Steel; Sminu Jindal is the managing director.121314

Jindal Saw key points

Results

  • In the quarter to Sep 2026, consolidated total income, net of foreign exchange effects as the company presents it, was ₹45,231 million against ₹42,640 million a year earlier; EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹3,123 million against ₹4,816 million.1516
  • Consolidated profit after tax for the quarter to Sep 2026 was ₹353 million against ₹1,386 million a year earlier, after a ₹266.7 million tax adjustment for earlier years decided in the company's favour.1516
  • For the year to Mar 2026, consolidated total income, also net of foreign exchange effects, was ₹1,79,869 million, EBITDA ₹23,063 million and profit after tax ₹9,253 million.1516
  • Consolidated net institutional debt (borrowings from lenders, less cash) was ₹2,174 crore at the end of September 2026, against ₹2,473 crore at the end of June 2026.17

Where revenue comes from

  • Consolidated revenue from operations by customer location, ₹ lakh18
    Itemyear to Mar 2026year to Mar 2025
    Within India11,33,761.6714,19,668.71
    Outside India6,55,754.856,63,220.77
    No single customer accounted for more than 10% of revenue.
  • Most exports go to the Middle East and North Africa (MENA) and Latin America, and oil and gas accounts for about one fourth of total revenue, the company says.5

Plants and capacity

  • Installed capacity, metric tonnes (MT)919
    Itemyear to Mar 2026
    Samaghogha, Gujarat, integrated project (blast furnaces, pipe units), total580,000 MT
    Abu Dhabi iron pipe plant300,000 MT a year
    Andhra Pradesh iron pipe plant2,40,000 MT a year
    Bhilwara, Rajasthan, pellet plant1.65 million tonnes a year
  • In the quarter to Sep 2026, standalone production was about 3,30,000 metric tonnes (MT) of iron and steel pipes, including pig iron and job work (processing for a customer), and 3,13,000 MT of pellets.20
  • Jindal SAW Gulf's Abu Dhabi ductile iron pipe volumes were about 29,000 tonnes in the quarter to Sep 2026, against 34,000 in the previous quarter; on its call, the company said the plant runs at around 50% utilisation.2122

Order book

  • At the end of September 2026, the standalone order book (orders received but not yet delivered) was about $1,135 million (about ₹10,700 crore): $1,122 million of pipes, about 1.8 million metric tonnes, and $13 million of pellets.2324
  • Exports were about 28% of the order book by value, much of it for MENA; Middle East export orders are on hold, and the balance is projected to run over the next 9 to 12 months.2523
  • Letters of intent (commitments before a firm order) for about $575 million, including $430 million of exports, none from MENA, are outside the order book; a further $50 million South East Asia letter took them to $625 million.252426

Middle East disruption

  • As of its presentation of 16 Oct 2026, shipments to the Middle East through the Strait of Hormuz had been suspended since March 2026, with force majeure (a clause excusing delays beyond a party's control) invoked on affected orders.25
  • On its call of 19 Oct 2026, the company said a 6 lakh metric tonne job-work water pipe order for Saudi Arabia, using raw material from the buyer, its Saudi joint venture partner, was delayed significantly; the parties are seeking a transport solution.272628

Expansion and capital spending

  • On its earnings call of 19 Oct 2026, the company said its planned 300,000 tonnes a year seamless pipe plant in Abu Dhabi's KEZAD zone, estimated at $330 million, expects financial closure in coming months and commercial operations in the year to Mar 2029.2930
  • In its presentation of 16 Oct 2026, the company said its 51% Saudi joint venture with Buhur plans helical and longitudinal welded pipe plants of 300,000 tonnes a year each, with commercial production scheduled for the year to Mar 2029.31

Recent events

  • The American Petroleum Institute reinstated the company's API licences for its seamless pipe facility effective 24 Jun 2026, letting it again supply certified seamless pipes; the company had disclosed their suspension after audit non-conformances on 18 Feb 2026.3233

Litigation and regulatory matters

  • Jindal ITF, a subsidiary, won an arbitration award of ₹1,891 crore plus interest and taxes against NTPC on 27 Jan 2019; a single judge of the Delhi High Court set it aside on 30 Jan 2025.34
  • Jindal ITF's appeal ended in a 1:1 split verdict by a Division Bench on 2 Sep 2026 and went to a third judge; as of the presentation of 16 Oct 2026, the next hearing was set for 22 Jan 2027.34
  • The auditor's report for the year to Mar 2026 lists Jindal ITF's asset recoverability as a key audit matter: it has had no significant operations since its contract was suspended and its net worth is substantially eroded; management considers the carrying amounts fully recoverable.35

Results

Standalone, as consolidated accounts are on record for only 9 of the last ten years; ₹ crore.Jindal Saw quarterly results

Revenue growth, 12 months
−0.7%
Net profit growth, 12 months
−60.1%

Quarter to Sep 2026, against the quarter before

Revenue
₹3,824 Crup 2.75%
Net profit
₹71 Crdown 35.60%
Net margin
1.8%

Revenue by quarter

₹4,474 CrDec 24₹4,401 CrMar 25₹3,300 CrJun 25₹3,372 CrSep 25₹4,129 CrDec 25₹3,818 CrMar 26₹3,721 CrJun 26₹3,824 CrSep 26
Peak revenue ₹4,474 Cr, quarter to Dec 2024; lowest ₹3,300 Cr, quarter to Jun 2025

Net profit by quarter, a loss in red

₹477 CrDec 24₹474 CrMar 25₹364 CrJun 25₹79 CrSep 25₹227 CrDec 25₹114 CrMar 26₹110 CrJun 26₹71 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue4,4744,4013,3003,3724,1293,8183,7213,824
Net profit4774743647922711411071
Net margin10.7%10.8%11.0%2.4%5.5%3.0%2.9%1.8%
Standalone. The last eight quarters. The latest is shaded.

Business segments

In the year to Mar 2026 the company reports one business segment, Iron & Steel Product, which carries all its revenue.

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Jindal Saw PE ratio and valuation

Price to earnings

At or below today's level on 98% of 2,118 trading days over the last 10 years.

LowestHighest
Its median7.78Industry median17.36
Price to book

At or below today's level on 67% of 1,975 trading days since Nov 2018.

LowestHighest
Its median0.54Industry median1.58
Dividend yield

At or below today's level on 28% of 2,416 trading days over the last 10 years.

LowestHighest
Its median1.35%Industry median0.43%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−31.1%−58.2%+62.3%1.1%
3 years+36.8%+3.3%+31.6%0.9%
5 years+39.0%+18.9%+15.7%1.4%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Jindal Saw shareholding pattern

Shareholding by group

  • Promoters63.24%
  • Foreign institutions11.32%
  • Indian institutions10.89%
  • Individuals and others14.29%
  • Employee trusts0.26%
Holder
NALWA SONS INVESTMENTS LIMITEDPromoter16.75%
FOUR SEASONS INVESTMENTS LIMITEDPromoter13.61%
SIDDESHWARI TRADEX PRIVATE LIMITEDPromoter11.69%
KAPEESH INVESTMENTS LIMITEDPromoter9.42%
OPJ TRADING PRIVATE LIMITEDPromoter2.43%
VIRTUOUS TRADECORP PRIVATE LIMITEDPromoter2.01%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters −0.01 pts, foreign institutions −1.76 pts, Indian institutions +2.52 pts, mutual funds +1.73 pts.

Mutual fund holdings

71 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 45 of the 52 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 71 funds holding Jindal Saw

Bought for the first time
2
Added
18
Cut
34
Held unchanged
17
Sold out
2
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 31 Oct 2025.Jindal Saw insider trading

Bought on the market Sold on the market
  • Others0 purchases, 1 saleNo purchase₹0.20 CrNet−₹0.20 Cr7 pledge filings of unclear kind · 17 off-market moves
  • Promoters and promoter group: no market trade
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Jindal Saw competitors and peers

Iron & Steel Products, 145 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to Jindal Saw in market cap.Capital goods stocks

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Welspun Corp logoWelspun CorpWELCORP61,76926.095.81+13.6%+9.5%25.2%17.8%0.21%
APL Apollo Tubes logoAPL Apollo TubesAPLAPOLLO60,11645.8910.47+15.8%+24.9%25.3%26.0%0.39%
Shyam Metalics and Energy logoShyam Metalics and EnergySHYAMMETL32,460–2.82+22.8%––11.8%0.39%
Ratnamani Metals & Tubes logoRatnamani Metals & TubesRATNAMANI16,25637.553.95−16.3%−24.1%11.2%13.2%0.43%
Usha Martin logoUsha MartinUSHAMART13,58826.804.12+8.5%+25.4%16.8%18.8%0.84%
Gallantt Ispat logoGallantt IspatGALLANTT13,46533.053.86+5.5%−17.3%12.4%12.3%0.36%
Godawari Power and Ispat logoGodawari Power and IspatGPIL12,98216.092.24+8.4%+8.9%15.1%17.2%0.52%
Jayaswal Neco Industries logoJayaswal Neco IndustriesJAYNECOIND8,45412.282.55+18.3%+82.8%23.4%25.3%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Jindal Saw dividend history

Dividend per share, ₹, restated for later splits and bonuses

0.5Mar 170.6Mar 181Mar 191Mar 201Mar 211Mar 221.5Mar 232Mar 242Mar 252Mar 26
Highest ₹2.00 a share, years to Mar 2024, Mar 2025 and Mar 2026.
Ex-dateTypePer share
22 May 2026Final₹2.00
5 Jun 2025Final₹2.00
11 Jun 2024Final₹4.00
13 Jun 2023Final₹3.00
19 Sep 2022Final₹2.00
8 Jul 2021Final₹2.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Jindal Saw announcements

  1. Oct 2026

Jindal Saw annual report, year to Mar 2026

Jindal Saw share price by year

Each calendar year to 2025.Jindal Saw share price history

YearClose at year endChangeHighest closeLowest close
2025167.94−42.4%284.60157.05
2024291.40+41.4%373.88195.53
2023206.03+297.9%253.4053.68
202251.78+4.8%56.8538.13
202149.43+30.3%71.2035.28
202037.93+3.8%49.8520.60
201936.53−13.9%47.5831.85
201842.43−39.3%87.5834.78
201769.93+152.7%69.9328.10
201627.68−11.7%33.5017.98
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
29 Oct 2026240.25243.20236.00237.60239.288,19,36346.5%
28 Oct 2026244.85245.65239.50241.05242.085,88,13543.5%
27 Oct 2026232.70250.05231.50244.85243.8041,20,83439.9%
26 Oct 2026232.15236.60228.30231.80232.7515,57,11834.0%
23 Oct 2026250.00251.60230.80232.15235.5329,08,45846.3%
22 Oct 2026266.40266.40247.25249.60254.0631,92,07434.8%
21 Oct 2026295.20298.00269.40270.40275.0631,87,22538.5%
19 Oct 2026287.00299.05278.70295.60292.9735,10,54939.8%
16 Oct 2026300.70312.50294.00301.55305.0435,97,36236.9%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
9 Oct 2024Split0.5000Each share became 2.
10 Dec 2009Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chairperson
Prithavi Raj Jindal
At the end of the quarter to Sep 2026
Managing director
Sminu Jindal
At the end of the quarter to Sep 2026
NSE symbol
JINDALSAW
BSE code
500378
ISIN
INE324A01032
Industry
Industrial Products
Former symbols
SAWPIPES
CIN
L27104UP1984PLC023979
Corporate identity number, the registrar of companies' code for it
Incorporated
1984
Registered office
A-1, Nandgaon Road, UPSIDC Industrial Area, Kosi Kalan, Mathura 281403, Uttar Pradesh
Share registrar
RCMC Share Registry Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments