Jindal Saw Limited (JINDALSAW.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+218.8%

₹787.37

vs ₹247.00 price

Levered DCF

₹690.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.99×	9.95×	8.98×	7.2×	6.95×	7.4×	2.64×	3.22×
P/B	0.93×	1.52×	1.49×	0.59×	0.39×	0.34×	0.22×	0.44×
P/S	0.65×	0.83×	0.72×	0.26×	0.22×	0.22×	0.13×	0.23×
EV / EBITDA	6.8×	6.3×	6.3×	5.88×	6.17×	6×	4.73×	5.72×
Gross margin	31.2%	42.5%	41.5%	36.6%	40.2%	43.0%	39.9%	37.9%
Operating margin	8.9%	34.9%	34.2%	29.8%	32.3%	34.3%	31.4%	30.0%
Net margin	5.4%	8.3%	8.0%	3.6%	3.1%	3.0%	4.8%	7.0%
Current ratio	1.61×	1.45×	1.24×	1.12×	1.02×	1.04×	1×	1.11×
Debt / equity	0.37×	0.43×	0.57×	0.63×	0.82×	0.76×	0.84×	0.91×
Interest coverage	2.56×	12.67×	10.58×	9.46×	9.93×	7.69×	6.44×	6.47×
Dividend yield	1.1%	0.7%	0.7%	1.4%	2.2%	2.7%	5.2%	1.8%
Payout ratio	13.1%	7.3%	6.0%	9.8%	15.3%	19.8%	13.8%	5.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.7%	15.2%	16.6%	8.1%	5.6%	4.6%	8.2%	13.5%
Return on invested capital	7.5%	26.8%	31.8%	25.2%	19.1%	19.1%	28.5%	23.0%
Return on assets	4.5%	8.4%	8.0%	3.5%	2.4%	2.0%	3.6%	5.6%
Free cash flow yield	1.6%	7.5%	11.5%	27.9%	-13.3%	48.9%	74.6%	38.3%
Earnings yield	8.3%	10.0%	11.1%	13.9%	14.4%	13.5%	37.9%	31.1%
Enterprise value	₹158.2B	₹215.6B	₹200.8B	₹95.2B	₹84B	₹71.5B	₹69.4B	₹82.9B
Net debt / EBITDA	1.78×	1.23×	1.57×	3.02×	4.07×	4.02×	3.73×	3.83×
Cash conversion cycle (days)	146	138	122	114	157	136	128	138