Key Metrics of Jindal SAW
About Jindal SAW
Sectors
Company details
- Website
- jindalsaw.com
- Registered office
- A-1, Upsidc Industrial Area , Nandgaon Road Mathura, Kosi Kalan, In-up, 281403
- Listed
- NSE: JINDALSAW · ₹228.05
Operational Areas of Jindal SAW
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Sep 2026 | CARE | Reaffirmed | AA | A1+ | Stable | ₹12,024 Cr | View |
| 03 Jul 2026 | CARE | Reaffirmed | AA | A1+ | Stable | ₹12,024 Cr | View |
| 09 Jul 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹11,881 Cr | View |
| 21 Feb 2025 | CARE | Other | — | — | — | — | View |
| 20 Sep 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹12,376 Cr | View |
| 28 Aug 2024 | CARE | Other | — | — | — | — | View |
| 13 Jun 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹11,009 Cr | View |
| 18 Sep 2023 | CARE | Reaffirmed (from AA-) | AA | A1+ | Stable | ₹11,557 Cr | View |
| 26 Dec 2022 | CARE | Other | — | — | — | — | View |
| 19 Sep 2022 | CARE | Reaffirmed (from AA) | AA- | A1+ | Stable | ₹500 Cr | View |
| 21 Sep 2021 | CARE | Reaffirmed | AA | A1+ | Negative | ₹400 Cr | View |
| 02 Jul 2021 | CARE | Other | — | — | — | ₹0 | View |
| 11 Mar 2021 | CARE | Reaffirmed | AA | A1+ | Negative | ₹16,162 Cr | View |
| 09 Nov 2020 | CARE | Assigned | AA | — | Stable | — | View |
| 07 Oct 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹16,202 Cr | View |
| 19 Mar 2020 | CARE | Assigned | AA | — | Stable | ₹1,000 Cr | View |
| 06 Mar 2020 | CARE | Assigned | — | A1+ | — | ₹400 Cr | View |
| 09 Oct 2019 | CARE | Reaffirmed | AA | A1+ | Stable | ₹7,606 Cr | View |
| 18 Mar 2019 | CARE | Reaffirmed (from AA) | AA- | A1+ | Positive | ₹21,900 Cr | View |
| 13 Mar 2019 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Sep 2026)
+ Experienced promoters with long track record and business expertise
JSAW is the flagship company of the well-diversified P.R. Jindal group and has been in operations for ~41 years. It holds a dominant market position in longitudinal and helical submerged arc welded (SAW) steel pipe and ductile iron (DI) pipe, seamless pipes, anti-corrosion coated pipes and hot-pulled induction bends and stainless-steel pipes due to its extensive and geographically diverse capacities, and its established client base. Inorganic expansion includes acquisition of Sathavahana Ispat L
+ Backward integration of business
The company is continuously striving to achieve backward integration in its business vertical. This move aims to provide the parent company with a competitive edge over other market players, while simultaneously expanding its operations. These efforts also consider economies of scale through subsidiaries that cater to market demand beyond the group companies. The company operates a mine-head, integrated beneficiation and pellet production facility of 1.65 million metric tonne per annum (MTPA) in
+ Steady order book position, providing short-to-medium-term revenue visibility
JSAW’s standalone order book stood at ~US$1.17 billion (~₹11,205 crore) as on June 30, 2026, comprising ~1.78 million tonnes of iron and steel pipes and providing revenue visibility for the next 9 -12 months. Export orders accounted for ~30% of the total order book by value (41% by volume), while balance was from the domestic market. The UAE entity had a separate order book of ~US$188 million, comprising ~0.18 million tonnes. Despite slower order inflows arising from delays in domestic infrastru
+ Stable operations despite corrections witnessed
The company’s sales and profitability moderated in FY26 following strong performance in FY24 and FY25. Downturn was mainly attributable to slower government spending under the Jal Jeevan Mission, delayed fund releases and reduced tendering activity, while export volumes were affected by tensions in the MENA region and disruption around the Strait of Hormuz. Completion of certain higher-margin export orders and weaker pricing power, particularly in DI pipes, also affected profitability. Despite t
Credit challenges
− Exposure towards subsidiaries and consequent continued adverse impact on the company’s financial risk profile
JSAW has invested in its subsidiaries and JVs situated domestically and internationally. The company reported an investment of ~₹2,339 crore (unquoted investment) and loans and advances of ₹47 crore only as on March 31, 2026. The company issued a corporate guarantee to Jindal SAW Gulf LLC with outstanding amounting ₹339 crore (a subsidiary of Jindal SAW Holdings FZE). Loans and advances of Jindal ITF Limited amounting to ₹550 crore was returned to JSAW and the remaining ₹800 crore was
− Highly cyclical nature of business
The company’s business remains highly cyclical in nature and significantly depends on government-led infrastructure spending and policy-driven demand. A large portion of revenue is linked to projects such as water supply schemes and public infrastructure initiatives, which are subject to uneven fund allocation, execution delays, and changing budget priorities. As a result, demand visibility can fluctuate sharply across cycles, with periods of strong growth followed by moderation, when government
Could lead to a downgrade
• Incremental cash support towards subsidiaries/group companies impacting its leverage position. • Sizable reduction in order book position. • Deterioration in net debt to profit before interest, lease rentals, depreciation, and taxation (net debt/PBILDT) and adjusted net debt/PBILDT above 2.25x and 2.75x, respectively, on a sustained basis Note: Total debt includes current and non-current liabilities payable by the company inclusive of acceptances. Adjusted total debt includes all such guarantees given by the company towards its subsidiaries, group companies or third party.
Agency-reported financials (CARE, 28 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹17,906 Cr | ₹14,636 Cr | ₹3,756 Cr |
| PBILDT* | ₹3,188 Cr | ₹1,703 Cr | ₹341 Cr |
| Profit after tax (PAT) | ₹1,874 Cr | ₹784 Cr | ₹110 Cr |
| Overall gearing (x) | 0.29× | 0.33× | — |
| Interest coverage (x) | 6.53× | 3.62× | 4.82× |
| Revenue growth (YoY) | — | −18.3% | — |
| PAT margin | 10.5% | 5.4% | 2.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Issuer | Other | — | ₹0 | — | AA (Stable) | Reaffirmed | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹2,124 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹9,000 Cr | — | A1+ | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹500 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹300 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper (Carved out) | Commercial paper | — | ₹100 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE324A14993 | — | Commercial paper | 6.60% | — | — | ₹100 Cr | A1+ | Not stated |
| INE324A07179 | — | Debentures & bonds | — | — | — | ₹500 Cr | AA | Not stated |
| INE324A14969 | Commercial Jun Sep + | Commercial paper | — | — | — | ₹100 Cr | A1+ | Not stated |
| INE324A14936 | Commercial Jun Sep + | Commercial paper | — | — | — | ₹100 Cr | A1+ | Not stated |
| INE324A14944 | Commercial Jun Sep + | Commercial paper | — | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE324A07161 | Debentures | Debentures & bonds | — | — | — | — | — | Not stated |
| INE324A07153 | — | Debentures & bonds | — | — | — | — | — | Not stated |
| INE324A14902 | Commercial paper + | Commercial paper | 6.15% | 23 Aug 2022 | 21 Nov 2022 | ₹100 Cr | A1+ | Matured |
| — | Debentures Non | Debentures & bonds | — | 09 Jul 2012 | 12 Sep 2020 | ₹40.0 Cr | AA | Matured |
| INE324A07146 | — | Debentures & bonds | 10.50% | 07 Sep 2012 | 12 Sep 2019 | ₹30.0 Cr | AA | Matured |
| INE324A07120 | Debentures Non | Debentures & bonds | — | — | — | — | — | Withdrawn |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹9,000 Cr | CARE A1+ |
| Cash Credit | ₹2,100 Cr | CARE AA; Stable |
| Commercial Paper | — | Withdrawn |
| Commercial Paper (Carved out) | ₹100 Cr | CARE A1+ |
| Commercial Paper (Standalone) | ₹300 Cr | CARE A1+ |
| Credit Exposure Limit | — | Withdrawn |
| Issuer Ratings | — | CARE AA; Stable |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹500 Cr | CARE AA; Stable |
| Reedemable | — | Withdrawn |
| Term Loan | ₹23.8 Cr | CARE AA; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based - LT | Term Loan | South Indian Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Bank of India |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Indian Bank |
| Non-fund-based - ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - ST | BG/LC | Punjab National Bank |
| Non-fund-based - ST | BG/LC | RBL Bank Limited |
| Non-fund-based - ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | BG/LC | Union Bank of India |
Credit assessment · Iron & steel
ICRA Rating Methodology – Iron & Steel (Jun 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 61% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 61% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 4.82×
What happened, step by step
- Jul 2025 — ₹682 cr raised
- Jul 2026 — Full repayment of debt
“The company issued a corporate guarantee to these entities amounting ₹682 crore (primarily Jindal SAW Gulf LLC, a subsidiary of Jindal SAW Holdings FZE).”
- Mar 2021 — Full repayment of debt
- Sep 2021 — ₹585 cr raised through NCDs / bonds
“Liquidity: Adequate JSAW has adequate liquidity marked by healthy gross cash accruals of Rs.922 crore projected in FY22 against which it has repayment obligations aggregating to Rs.585 crore in FY22, a part of it is refinanced through the NCDs raised in March 2021.”
Rated limits by facility
Timeline
From the report
The operations have remained supportive for the company, ensuring consistent and stable cash accruals, resulting in JSAW prepaid its debt raised for the acquisition of SIL. 2 CARE Ratings Ltd.
From the report
This exposure is expected to reduce significantly in FY27 due to the prepayment of the term loan, for which the corporate guarantee was issued.
From the report
Liquidity: Adequate JSAW’s liquidity remains adequate, supported by gross cash accruals of over ₹1,000 crore in FY26, free cash and cash equivalents of ₹257 crore as on March 31, 2026, modest scheduled term-debt repayments and available working-capital lines.
From the report
The operations have remained supportive for the company, ensuring consistent and stable cash accruals, resulting in JSAW prepaid its debt raised for the acquisition of SIL.
From the report
The company have annual repayments of ~₹18 crore against its term loan and repayment of NCD worth ₹500 crore repayable in three annual payments of ₹167 crore each starting from March 26, 2029, onwards.
From the report
This exposure is expected to reduce significantly in FY27 due to the prepayment of the term loan for which the corporate guarantee was issued.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by its gross cash accruals of over ₹1,000 crore plus in FY26.
From the report
The company have free cash and cash equivalents of ₹257 crore as on March 31, 2026.
From the report
The operations have remained supportive for the company ensuring consistent and stable cash accruals, resultant the JSAW has prepaid its debt raised for acquisition of SIL. 2 CARE Ratings Ltd.
From the report
The company issued a corporate guarantee to these entities amounting ₹682 crore (primarily Jindal SAW Gulf LLC, a subsidiary of Jindal SAW Holdings FZE).
From the report
The company had free cash and cash equivalents of ₹514 crore as on March 31, 2025 (PY: ₹480 crore).
From the report
The company had free cash and cash equivalents of ₹480.15 crore as on March 31, 2024 (PY: ₹40.58 crore).
From the report
The company had free cash and cash equivalents of ₹480.15 crore as on March 31, 2024 (PY: ₹40.58 crore).
From the report
The company had free cash and cash equivalents of ₹62.55 crore as on March 31, 2023 (PY: ₹439 crore).
From the report
Furthermore, the average utilisation of non-fund-based limits for the trailing 12 months ended July 2023 stood at around 89%.
From the report
To meet the increasing business requirements, the banks have sanctioned additional non fund based working capital facilities to the Company.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by healthy envisaged gross cash accruals of ₹898 crore in FY23 against which it has term debt repayment obligations aggregating to ₹389 crore during the year.
From the report
The company had free cash and cash equivalents of ₹439 crore as on March 31, 2022 (PY: Rs. 434 crore).
From the report
Furthermore, the average utilisation of non-fund-based limits for the trailing 12 months ended July 2022 stood at 77%.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by healthy gross cash accruals of Rs.922 crore projected in FY22 against which it has repayment obligations aggregating to Rs.585 crore in FY22, a part of it is refinanced through the NCDs raised in March 2021.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by healthy gross cash accruals of Rs.922 crore projected in FY22 against which it has repayment obligations aggregating to Rs.585 crore in FY22, a part of it is refinanced through the NCDs raised in March 2021.
From the report
The company had free cash and bank balances of around Rs.430 crore as on March 31, 2021 (PY: Rs.130 crore).
From the report
The improvement in the overall gearing was on account of repayment of debt coupled with accretion of profits to net worth.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by sufficient gross cash accruals of Rs.715 crore projected in FY21 against which it has repayment obligations aggregating to Rs.334 crore in FY21.
From the report
The company had free cash and bank balances of around Rs.133 crore as on March 31, 2020 (PY: Rs.61 crore).
From the report
Furthermore, the average utilization of non- fund-based limits for the trailing 12 months ended June 2020 stood at 80.48% (PY: 88.09%).
From the report
The improvement in the overall gearing was on account of repayment of debt coupled with accretion of profits to net worth.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by sufficient gross cash accruals of Rs.715 crore projected in FY21 against which it has repayment obligations aggregating to Rs.334 crore in FY21.
From the report
The company had free cash and bank balances of around Rs.133 crore as on March 31, 2020 (PY: Rs.61 crore).
From the report
Furthermore, the average utilization of non-fund-based limits for the trailing 12 months ended June 2020 stood at 80.48% (PY: 88.09%).
From the report
The company had availed moratorium till June 2020 extended by banks on its term loans and working capital facilities and did not avail the second moratorium.
From the report
The improvement in the overall gearing was on account of repayment of debt coupled with accretion of profits to net worth.
From the report
Liquidity: Adequate JSAW has adequate liquidity marked by sufficient gross cash accruals of Rs.715 crore projected in FY21 against which it has repayment obligations aggregating to Rs.334 crore in FY21.
From the report
The company ha d free cash and bank balance s of around Rs.133 crore as on March 31, 2020 (PY: Rs.61 crore).
From the report
Further more, the average utilization of non -fund-based limits for the trailing 12 months ended June 2020 stood at 80.48% (PY: 88.09%).
From the report
The company had availed moratorium till June 2020 extended by banks on its term loans and working capital facilities.
From the report
Also, as on March 31, 2019, JSAW has unused line of credit of Rs 790 cr apart from free cash and cash equivalents of Rs 61.27 cr (PY: Rs 9.26 cr).
From the report
Also, as on March 31, 2019, JSAW has unused line of credit of Rs 790 cr apart from free cash and cash equivalents of Rs 61.27 cr (PY: Rs 9.26 cr).
From the report
Also, as on March 31, 2019, JSAW has unused line of credit of Rs 790 cr apart from free cash and cash equivalents of Rs 61.27 cr (PY: Rs 9.26 cr).
From the report
Liquidity The company had generated gross cash accruals of Rs. 550 crore during 9MFY19.
From the report
The company is expected to have accruals of around Rs.800 crore during FY19 against which it has repayment obligation of Rs. 226.30 crore.
From the report
Also the liquidity position is supported by free cash and cash equivalents of Rs.62 crore as on December 31, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Jindal SAW
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 APL Apollo Tubes |
Pipes & Tubes · Steel, Metals & Pipes | aplapollo.com | — | Delhi, India |
| Tube Investments Of India Limited | Pipes & Tubes · Steel, Metals & Pipes | — | — | Chennai, Tamil Nadu, India |
| Pipes & Tubes · Steel, Metals & Pipes | welspuncorp.com | — | Anjar, Gujarat, India | |
| Pipes & Tubes · Steel, Metals & Pipes | surya.co.in | — | Bahadurgarh, India | |
| Maharashtra Seamless | Pipes & Tubes · Steel, Metals & Pipes | — | — | Raigad, India |
| Pipes & Tubes · Steel, Metals & Pipes | ratnamani.com | — | Ahmedabad, India | |
| Hi-Tech Pipes Ltd | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | New Delhi, Delhi, India |
 Prince Pipes And Fittings Limited |
Pipes & Tubes · Steel, Metals & Pipes | princepipes.com | — | Silvassa, Dadra & Nagar Haveli, India |
| Sambhv Steel Tubes Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Chhattisgarh, India |
| Hariom Pipe Industries Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Hyderabad, Telangana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
SAW, seamless and ductile iron pipes
Filings
No filings on record yet.