Pipe companies in India

company	marketcap	sales	net profit	interest	NPM	PE
Welspun India Ltd.	384.93	1866.92	115.01	87.01	6.14	3.3469264
Jindal Saw Ltd.	5918.97	6786.73	711.72	184.18	10.47	8.3164306
Maharashtra Seamless Ltd.	2418.15	1604.02	284.6	3.4	17.29	8.496662
PSL Ltd.	398.84	2810.66	88.3	108.99	0.0314161	4.5168743
ISMT Ltd.	753.74	1193.27	74.61	78.66	6.19	10.102399
Oil Country Tubular Ltd.	329.15	332.16	55.84	1.73	16.68	5.8945201
Surya Roshni Ltd.	297.88	1938.93	45.17	48.71	2.33	6.5946425
Prakash Steelage Ltd.	217.79	438.59	17.82	13.9	4.04	12.221661

Welspun seems cheap, but we cannot be sure because of allegations against promoters and heavy debt of the company. Jindal saw and Maharashtra seamless are fully valued. These are good companies though. Oil country seems cheap from these numbers - but need to analyze more. Prakash Steelage and ISMT seem too costly for these NPMs and debt levels.

The below table shows the balance sheet position of the these companies. We can see that Welspun, PSL and Surya Roshini are heavily debted - difficult during a high interest rate, high commodity price situation. ISMT and Prakash medium debted. Maharashtra Seamless, Jindal Saw and Oil Country tubular have good reserves.

company	52 week high	52 week low	reserves	secured loans	unsecured loans
Welspun India Ltd.	116	38.15	539.8	1616.36	41.74
Jindal Saw Ltd.	234.4	170	3481.61	89.19	647.87
Maharashtra Seamless Ltd.	455	326.1	1509.96	1.87	78.23
PSL Ltd.	158.8	64.5	785.09	1887.11	61.29
ISMT Ltd.	70	42	501.2	780.58	218.94
Oil Country Tubular Ltd.	125.95	60.2	132.69	6.95	-
Surya Roshni Ltd.	123.95	67	219.07	573.97	85.58
Prakash Steelage Ltd.	242.85	117	39.63	98.31	42.81

I would say research more on Jindal Saw, Mah Seamless and Oil Country and buy when you find it cheap. remember these dont grow at 30% annually, these are low or medium growth companies.