Jindal Saw Limited
The flagship company of the PR Jindal group, JSAW was incorporated in 1984 as SAW Pipes Limited. The company got its present name in February 2005. JSAW’s product portfolio constitute of longitudinal submerged arc welded (LSAW) pipes, helical SAW (HS...
Key Metrics
EPS
26.22
Current ratio
1.24
Debt/Equity
1.20
Debt/EBITDA
3.23
Interest coverage ratio
4.14
Operating Cashflow to total debt
0.34
Financials
Pros & Cons
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Here's what we like about this company and potential risks we have identified.
Pros
Experienced promoters with long track record and business expertise
Backward integration of business
Geographically diversified operations, prominent customer base with healthy product portfolio for diversified business applications
Healthy order book position, providing short-medium term revenue visibility
Improved operational performance
Moderate financial risk profile
Improved return ratios with optimum management working capital
Liquidity: Adequate
Cons
Exposure towards subsidiaries and consequent continued adverse impact on the financial exposure of the company
Protracted litigation between JITF and NTPC
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About Jindal Saw Limited bond.
This comprehensive profile covers key factual information about Jindal Saw Limited. The flagship company of the PR Jindal group, JSAW was incorporated in 1984 as SAW Pipes Limited. The company got its present name in February 2005. JSAW’s product portfolio constitute of longitudinal submerged arc welded (LSAW) pipes, helical SAW (HSAW) pipes, ductile iron (DI) pipes, seamless and stainless tubes / pipes and pellets, produced from seven manufacturing facilities, respectively, at Kosi Kalan (UP), Mundra (Gujarat), Nashik and Nagothane (Maharashtra), Bellary (Karnataka), Haresamudram (Andhra Pradesh), Indore (MP) and Bhilwara (Rajasthan). JSAW has an installed capacity of ~2.45 million tonnes per annum (MTPA) of pipes as on March 31, 2024. It also has an iron ore mine at Bhilwara (Rajasthan) with a beneficiation plant and pellet plant, with an installed capacity of 1.65 MMTPA as on March 31, 2024. JSAW has an installed capacity of 0.55 MTPA of LSAW, 0.84 MTPA of HSAW, 0.71 MTPA of DI Pipes (Mundra + South Unit), 0.35 MTPA of seamless pipes/SS pipes and 1.65 MTPA of Pellets. It also has a captive iron ore mine with total reserves of 180 million tonnes, the output from which, is beneficiated and utilised for manufacturing pellets. After acquisition of Sathavahana Ispat Limited, the company has acquired additional DI Pipes capacities of 0.21 MTPA (South unit) which is already included in the above-mentioned capacities. EPS in Mar-2024 was 26.22. Current ratio in Mar-2024 was 1.24. Debt/Equity in Mar-2024 was 1.20. Debt/EBITDA in Mar-2024 was 3.23. Interest coverage ratio in Mar-2024 was 4.14. Operating Cashflow to total debt in Mar-2024 was 0.34. Total revenue for Mar-2025(E) was ₹22,841.74. Net income for Mar-2025(E) stood at ₹1,492.66. Total assets as of Mar-2024 were ₹20,678.72. Operating cash flow for Mar-2024 was ₹2,592.90. The company’s borrowing relationships include Axis Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), Indian Bank (₹N/A Cr), Induslnd Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), RBL Bank Limited (₹N/A Cr), Standard Chartered Bank (₹N/A Cr), State Bank of India (₹N/A Cr), Union Bank of India (₹N/A Cr), Aditya Birla Finance Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), DBS Bank India Limited (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), SBM Bank (India) Limited (₹N/A Cr), South Indian Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), Axis Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), Indian Bank (₹N/A Cr), Induslnd Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), RBL Bank Limited (₹N/A Cr), Standard Chartered Bank (₹N/A Cr), State Bank of India (₹N/A Cr), Union Bank of India (₹N/A Cr). Peers and comparison entities consist of Jindal Saw Limited, APL Apollo Tubes Limited, Astral Limited, Ratnamani Metals and Tubes Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Experienced promoters with long track record and business expertise; Backward integration of business; Geographically diversified operations, prominent customer base with healthy product portfolio for diversified business applications ; Healthy order book position, providing short-medium term revenue visibility; Improved operational performance; Moderate financial risk profile; Improved return ratios with optimum management working capital; Liquidity: Adequate. Key risks include: Exposure towards subsidiaries and consequent continued adverse impact on the financial exposure of the company; Protracted litigation between JITF and NTPC . Leadership team details include Abhiram Tayal (Independent Director), Ajit Kumar Hazarika (Independent Director), Girish Sharma (Independent Director), Hawa Singh Chaudhary (Whole Time Director), Narendra Mantri (President - Commercial & CFO), Neeraj Kumar (WholeTime Director & Group CEO), Prithavi Raj Jindal (Chairman & Non-Exe.Director), Raj Kamal Agarwal (Independent Director), Ravinder Nath Leekha (Independent Director), Sanjeev Shankar (Independent Director), Savitri Devi Jindal (Chairperson Emeritus), Shradha Jatia (Joint Managing Director), Sminu Jindal (Managing Director), Sunil K Jain (Company Secretary & Compliance Officer), Tripti Puneet Arya (Joint Managing Director), Vinita Jha (Independent Director). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.