Jindal Saw Limited is a leading Indian manufacturer of large-diameter steel pipes, ductile iron (DI) pipes, and iron ore pellets, serving critical sectors like oil & gas, water infrastructure, power, and mining. Headquartered in New Delhi and part of the OP Jindal Group, the company operates integrated manufacturing facilities in India and has a global export presence. As of January 2026, Jindal Saw is delivering strong profit growth despite flat sales, supported by operational efficiency and cost rationalization. With a debt-reduced balance sheet and high return ratios, it offers a compelling value proposition in the capital goods and infrastructure space. This article provides a data-driven outlook on the Jindal Saw share price target 2026–2030.
Jindal Saw: Company Overview
- Founded: 1985
- Chairman & Managing Director: Ms. Sminu Jindal
- NSE Symbol: JINDALSAW
- Core Segments:
- Steel Pipes (LSAW/HSAW – 55%) – for oil, gas, and water transmission
- Ductile Iron Pipes (25%) – for municipal water and sewage systems
- Iron Ore Pellets (20%) – for steelmaking
- Market Position: India’s largest producer of large-diameter steel pipes; key supplier to national projects like PM Gati Shakti and Jal Jeevan Mission
Jindal Saw benefits from India’s $1.3 trillion infrastructure push and rising demand for water security and energy pipelines.
Jindal Saw: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹186 |
| Market Capitalization | ₹11,894.85 Cr |
| No. of Shares Outstanding | 63.95 Cr |
| 52-Week High / Low | ₹384 / ₹196 |
| P/E Ratio (TTM) | 10.40 |
| P/B Ratio | 0.95 |
| EPS (TTM) | ₹17.89 |
| Book Value (TTM) | ₹195.12 |
| ROE | 17.01% |
| ROCE | 20.51% |
| Dividend Yield | 1.08% |
| Face Value | ₹1 |
| Cash | ₹588.72 Cr |
| Debt | ₹3,006.41 Cr |
| Promoter Holding | 63.25% |
| Sales Growth (YoY) | –0.14% |
| Profit Growth (YoY) | 16.13% |
Jindal Saw Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹195 – ₹220 |
| 2027 | ₹205 – ₹240 |
| 2028 | ₹215 – ₹265 |
| 2029 | ₹225 – ₹290 |
| 2030 | ₹235 – ₹320 |
Jindal Saw Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹195 | ₹220 |
Jindal Saw reported 16.13% YoY profit growth in FY2025 despite flat sales (–0.14%), driven by margin expansion and lower input costs. Trading at a P/E of 10.4x and P/B of 0.95x (below book value), the stock is attractively valued. A 2026 target range of ₹195–₹220 assumes continued execution in government pipeline orders and stable pellet realizations.
Jindal Saw Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹205 | ₹240 |
If the company sustains 12–15% earnings growth and benefits from Jal Jeevan Mission and gas pipeline tenders, EPS could reach ₹19–₹20 by FY27. Assuming a P/E of 10.5–11x, the 2027 target range is justified.
Jindal Saw Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹215 | ₹265 |
By 2028, benefits from export diversification and pellet capacity expansion should reflect in cash flows. A P/E of 11–11.5x on projected EPS of ₹20–₹22 supports the ₹215–₹265 band.
Jindal Saw Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹225 | ₹290 |
Long-term tailwinds include India’s water infrastructure push and energy security. If competition doesn’t erode pricing, EPS could reach ₹22–₹24 by FY29. At a P/E of 11–12x, the 2029 target is ₹225–₹290.
Jindal Saw Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹235 | ₹320 |
Over a five-year horizon, Jindal Saw remains a value-plus-growth play in capital goods. A terminal P/E of 12–13x on FY30 EPS (~₹24–₹26) justifies the ₹235–₹320 range.
Jindal Saw: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (OP Jindal Group) | 63.25% |
| Public & Retail | 19.15% |
| Foreign Institutional Investors (FII) | 14.09% |
| Domestic Institutional Investors (DII) | 3.51% |
High promoter holding ensures strategic continuity. Strong FII interest reflects global relevance in pipe manufacturing.
Jindal Saw: Strengths vs Risks
Strengths:
- Trading below book value (P/B: 0.95) with strong ROCE (20.51%)
- Monopoly-like position in large-diameter steel pipes
- Consistent dividend payer (1.08% yield + 60%+ payout)
- Debt/Equity reduced to 0.42x (from 1.2x in 2020)
Risks:
- Exposure to commodity cycles (iron ore, steel scrap)
- Flat sales growth due to project delays
- Contingent liabilities of ₹4,236 Cr require monitoring
- Intense competition from Tata Steel and Welspun
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Higher than market average (Beta: 1.3) |
| Dividend/Income Potential | Moderate (1.08% yield) |
| Best For | Value investors seeking exposure to India’s infrastructure and water security story |
- Debt-to-equity ratio around 0.42x
- Significant deleveraging over recent years
- Profit-taking after a strong rally
- Flat sales growth (–0.14%)
- Broader rotation away from mid-cap industrial stocks
- Large-diameter steel pipes for oil, gas, and water projects
- Ductile iron pipes for urban water supply infrastructure
- Iron ore pellets used in steel manufacturing
- Jindal Saw: Best for infrastructure and value-focused exposure
- Jindal Stainless: Better play on the stainless steel cycle
- JSW Steel: Larger scale but carries higher debt
Final Verdict
Jindal Saw is a high-quality, undervalued player in India’s essential infrastructure ecosystem. While not a high-growth stock, its below-book valuation, strong returns, and strategic relevance offer long-term optionality.
Our Jindal Saw share price target 2026–2030 (₹195 to ₹320) reflects steady earnings growth and multiple re-rating as infrastructure momentum builds. Upside is substantial if order inflows accelerate; downside is cushioned by asset value support.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener – Jindal Saw Consolidated Page
- Finology Ticker – JINDALSAW Financials & Analysis
- Groww– Jindal Saw Stock Profile
- Ministry of Jal Shakti – Jal Jeevan Mission Update 2025
- Ministry of Petroleum – National Gas Grid Expansion Plan
