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The rating continues to reflect the company's strong market position in the submerged arc welded (SAW) and ductile iron (DI) pipe segments in India, diversified revenue profile, and favourable capital structure. These strengths are partially offset by its entry into the unrelated coastal shipping business, entailing large capital expenditure (capex) funded mainly through debt, high dependence of the SAW pipes business of the oil and gas industry, and the company's large working capital requirements.
CRISIL believes that Jindal Saw will maintain its credit risk profile backed by stable cash accruals from the pipe business over the medium-term. More-than-expected increase in the company's cash accruals from the pipes business could result in a "positive" outlook. Conversely, Jindal Saw's inability to increase its order book and control its losses on foreign currency-related derivative contracts, and lower cash accruals from its infrastructure business, may result in a revision in outlook to "negative".
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