Jindal Saw Ltd.

“Jindal Saw owns a genuine oligopoly position in India's ductile iron pipe market — a structurally favored segment with a decade-long government-driven demand runway — but the investment case is diluted by persistently weak FCF conversion driven by government receivables, ROCE only now approaching cost of capital, mediocre governance with promoter pledge overhang, and a stock price that has already re-rated from trough levels. The 2.5-3x base-case return over 10 years is credible but not compelling enough to justify high conviction at the current price; a better entry in the INR 180-200 range would provide the margin of safety this governance and FCF profile demands.”