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Indian Pipemakers Target Oil, Gas, and Water Infrastructure Orders
Pipe companies may receive many new orders as countries build oil, gas, and water pipelines.
The global market for large welded pipes is expected to become much bigger by 2034.
Jindal Saw makes several kinds of pipes and sells them in more than 80 countries.
It is building new facilities in Abu Dhabi and Saudi Arabia, but its recent profit fell sharply.
Man Industries makes large pipes and bought a Saudi company to gain access to more projects.
Its sales and profit increased strongly in the latest quarter described.
Man is also building facilities for pipe coating and specialized stainless-steel pipes.
The companies could benefit from large projects, but they must execute orders on time and protect their profit margins.
Investors are advised to watch capacity use, new orders, and financial risks rather than treat the article as a recommendation.
The global submerged arc welded line-pipe market is projected to grow from $12.8 billion in 2025 to $21.4 billion by 2034.
Jindal Saw is expanding ductile iron, seamless, and welded-pipe capacity in India, Abu Dhabi, and Saudi Arabia.
Jindal Saw reported a 78.1% year-over-year decline in Q1FY27 net profit to ₹91 crore.
Man Industries acquired Saudi Arabia’s National Pipe Company for ₹1,000 crore and reported 122.5% Q1FY27 profit growth.
Both companies face execution, margin, geopolitical, and order-conversion risks despite strong oil, gas, and water infrastructure demand.
- Who
- Jindal Saw and Man Industries, two Indian pipe manufacturers.
- What
- The companies are expanding their oil, gas, water, and infrastructure businesses to pursue growing domestic and international pipe demand.
- Where
- India, Saudi Arabia, Abu Dhabi, the wider Middle East, Europe, Southeast Asia, and Commonwealth of Independent States countries.
- When
- The article covers Q1FY27 performance and projects targeted for completion in March 2027 or commercial operation in FY29.
- Why
- Demand is being supported by oil and gas transmission, water networks, desalination, irrigation, and infrastructure projects.
Growth Opportunity
Execution and Risk Concerns
Energy and water demand
Growth Opportunity
Oil and gas pipelines, desalination, water transmission, and infrastructure projects could create substantial orders in India and the Middle East.
Execution and Risk Concerns
The opportunity depends on projects progressing, and the article notes weak execution in India’s water-infrastructure program and delays under the Jal Jeevan Mission.
Regional expansion
Growth Opportunity
Jindal Saw’s planned Gulf facilities and Man Industries’ Saudi acquisition could improve access to local customers and major projects.
Execution and Risk Concerns
New facilities and the Saudi expansion add execution responsibilities, while geopolitical conflict and delayed shipments could affect results.
Margin potential
Growth Opportunity
In-house coating, double-jointing, and specialized stainless-steel production could help Man Industries pursue higher-value turnkey work and its 14-16% EBITDA-margin goal.
Execution and Risk Concerns
Jindal Saw’s Q1FY27 margin declined to 9.4% from 16.8%, and both companies trade at premiums to the industry median P/E multiple, increasing the importance of delivery and profitability.
Key facts
- Global SAW line-pipe market
- Projected to increase from $12.8 billion in 2025 to $21.4 billion by 2034.
- SAW demand sources
- Oil and gas transmission accounts for about 55% of demand, while water transmission contributes about 25%.
- Jindal Saw Q1FY27
- Revenue rose 9.1% year over year to ₹4,476 crore; EBITDA fell 38.8% to ₹421 crore; net profit fell 78.1% to ₹91 crore.
- Jindal Saw expansion
- The company is planning 300,000 MTPA seamless capacity in Abu Dhabi and 300,000 MTPA LSAW and HSAW capacity in Saudi Arabia.
- Man Industries acquisition
- National Pipe Company in Saudi Arabia was acquired for ₹1,000 crore, adding 430,000 MTPA capacity.
- Man Industries Q1FY27
- Revenue increased 37.7% to ₹1,065 crore, EBITDA rose 92.6% to ₹155 crore, and net profit grew 122.5% to ₹61 crore.
- Man Industries pipeline
- The company reported a ₹3,600 crore order book and a ₹24,000 crore global bid pipeline.
Sources
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