Jindal Saw zooms 22% in 2 days on huge volumes in weak market; here's why

Jindal Saw outlook: The improving QoQ performance, healthy order book and commissioning of the piercing mill at the seamless pipes facility support earnings stability in the near term, analysts.

Share price of Jindal Saw today

 

Shares of Jindal Saw hit an over two-month high of ₹188.50, as they rallied 5 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes in an otherwise weak market. The stock was quoting at its highest level since October 24, 2025.

 

In the past two trading days, the stock price of the iron & steel company has zoomed 22 per cent after the company reported a strong operational performance for the third quarter (October to December) of the financial year 2025-26 (Q3FY26). 

 

At 11:17 PM; Jindal Saw stock was quoting 4 per cent higher at ₹186.70, as compared to 0.42 per cent decline in the BSE Sensex. The average trading volumes at the counter more-than-doubled with a combined 42.51 million equity shares changing hands on the NSE and BSE. The stock had hit a 52-week high of ₹286.50 on March 20, 2025 and a 52-week low of ₹153.20 on December 9, 2025.  CATCH STOCK MARKET UPDATES TODAY LIVE

 

Jindal Saw Q3 results

 

The company’s operations in Q3FY26 improved over the past two quarters. The Iron & Steel Pipe business reported a rise in its total order book volume, reaching 1.96 million MT in Q3FY26 compared to 1.93 million MT in Q2FY26. The water pipe business in India, primarily Ductile, continued to face challenges in Q3, despite a strong order backlog of over a year.

 

Jindal Saw reported Q3FY26 revenue of ₹4,963 crore, down 6 per cent year-on-year and up 17 per cent quarter-on-quarter (QoQ). Profit after tax rose 79 per cent QoQ at ₹247.6 crore.

 

EBITDA was up 36 per cent QoQ at ₹610 crore with an EBITDA margin of 12.4 per cent, up 170bps QoQ, indicating an operational recovery from the weaker performance seen earlier in the year. However, EBITDA margins declined compared to 17.8 per cent last year, largely due to adverse market conditions, with management expecting a gradual improvement going forward.

 

The company closed Q3FY26 with a consolidated net debt of ₹3,345 crore versus ₹3,860 crore as of September 2025, of which only ₹690 crore is long term debt.

 

For Q3 FY26, the company reported an order book of $1,481 million for Iron & Steel Pipes and Pellets. Iron & Steel Pipes account for $1,442 million and Pellets for $39 million.  ALSO READ | GMDC rises 5%; co gets rare-earth processing technology from BARC

Systematix Institutional Equities sees 25 per cent more upside in stock price

 

The improving QoQ performance, healthy order book and commissioning of the piercing mill at the seamless pipes facility support earnings stability in the near term and add medium term operating leverage. Order book visibility across India and UAE operations provide execution comfort over the next few quarters, as profitability is likely to have bottomed out in Q2FY26, analysts at Systematix Institutional Equities said in the Q3 result update. The brokerage firm values Jindal Saw at 5.5x FY28E EV/EBITDA with a revised target price of ₹235/share.

 

Management expects Q4FY26 to perform better than Q3FY26, supported by continued improvement in EBITDA margins; however, margins are not expected to re-attain the 18 per cent-20 per cent in the near term. The management also anticipates sustained volume growth in FY27, driven by a strong sales pipeline and large inquiries from both domestic and international markets. The company continues to explore export opportunities in both DI pipes and seamless pipe segments, the brokerage firm said.

 

Jindal Saw has been materially impacted by low utilisation levels, primarily due to funding curtailments across key government led infrastructure schemes. The recovery seen in Q3FY26 provides near-term relief and is expected to sustain over the coming quarters. Growth visibility in the medium term remains contingent on revival of JJM funding and ramp up at the seamless pipe facility. Meanwhile, the MENA expansions remain at an early stage with meaningful profitability contribution expected only from FY29, scaling up further in FY30, analysts said.  ============================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.