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Jindal Saw Results: Latest Quarterly Results & Analysis

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Jindal Saw Ltd. 14 Jul 2026 15:59 PM
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Q1FY27 Quarterly Result Announced for Jindal Saw Ltd.

Iron & Steel Products company Jindal Saw announced Q1FY27 results

Consolidated Financial Highlights:

  • For Q1FY27, the company reported a Total Income of Rs 44,760 million, representing a YoY growth of 9.09% from Rs 41,030 million in Q1FY26 and a QoQ decline of 3.88% from Rs 46,569 million in Q4FY26.
  • The EBITDA for Q1FY27 stood at Rs 4,204 million, showing a YoY decrease of 38.92% compared to Rs 6,883 million in Q1FY26 and a QoQ decrease of 16.62% from Rs 5,042 million in Q4FY26.
  • The Profit Before Tax (PBT) for Q1FY27 was Rs 1,483 million, reflecting a YoY decline of 59.25% from Rs 3,639 million in Q1FY26 and a QoQ decline of 15.16% from Rs 1,748 million in Q4FY26.
  • Profit After Tax (PAT) for Q1FY27 was recorded at Rs 908 million, which is a YoY decrease of 78.15% from Rs 4,155 million in Q1FY26 and a QoQ decrease of 26.54% from Rs 1,236 million in Q4FY26.
  • Consolidated EBITDA margin for Q1FY27 stood at 9.4% as compared to 16.8% in Q1FY26 and 10.8% in Q4FY26.
  • Financial costs for the quarter Q1FY27 were Rs 1,084 million compared to Rs 1,711 million in Q1FY26 and Rs 1,627 million in Q4FY26.
  • Term Debt-Institutional stood at Rs 5,361 million in Q1FY27 compared to Rs 7,724 million in Q1FY26.
  • Working Capital Debt-Institutional was reported at Rs 19,365 million for Q1FY27, compared to Rs 27,112 million in Q1FY26.

Standalone Financial Highlights:

  • The Total Income for Q1FY27 was Rs 37,557 million, an increase of 12.89% YoY from Rs 33,268 million in Q1FY26 and a decrease of 2.49% QoQ from Rs 38,517 million in Q4FY26.
  • EBITDA for Q1FY27 was Rs 3,410 million, a YoY decline of 39.06% from Rs 5,596 million in Q1FY26 and a QoQ decline of 17.45% from Rs 4,131 million in Q4FY26.
  • Profit Before Tax (PBT) for Q1FY27 stood at Rs 1,450 million, reflecting a YoY decrease of 52.77% from Rs 3,070 million in Q1FY26 and a QoQ decrease of 7.23% from Rs 1,563 million in Q4FY26.
  • Profit After Tax (PAT) for Q1FY27 was Rs 1,098 million, a YoY decline of 69.84% from Rs 3,640 million in Q1FY26 and a QoQ decline of 3.68% from Rs 1,140 million in Q4FY26.
  • The EBITDA margin for the standalone business was 9.1% in Q1FY27 compared to 16.8% in Q1FY26.
  • The Term Debt-Institutional stood at Rs 5,257 million as of June 30, 2026, compared to Rs 5,778 million as of June 30, 2025.

Business Highlights:

  • Order Book Status: The current standalone order book for Pipes and Pellets is approximately USD 1,171 million. Iron & Steel Pipes account for approximately USD 1,164 million, while Pellets account for approximately USD 7 million.
  • Export Performance: Export orders constitute approximately 30% of the total order book in terms of value. However, Q1FY27 export operations remained impacted by persistent geopolitical instability in the MENA region, leading to logistical constraints and a decline in export sales.
  • Iron & Steel Pipes Segment:
    • Production in Q1FY27 was 3,71,000 MT compared to 3,89,000 MT in Q1FY26.
    • Sales in Q1FY27 were 3,62,000 MT compared to 3,26,000 MT in Q1FY26.
    • The water pipe business in India, primarily Ductile, continued to face challenges in FY26 and Q1FY27 despite a backlog of order book for over a year.
  • Pellets Segment:
    • Production in Q1FY27 was 2,90,000 MT compared to 3,21,000 MT in Q1FY26.
    • Sales in Q1FY27 were 2,82,000 MT compared to 2,22,000 MT in Q1FY26.
  • API License Update: The American Petroleum Institute (API) license for seamless pipes at Nashik, which was restricted in January 2026, was reinstated in June 2026.
  • UAE Operations (Jindal Saw Gulf LLC): Operations were impacted by the Middle East conflict, delivering approximately 34,000 MT of Ductile Iron pipes in Q1FY27 compared to 48,000 MT in the previous quarter. The subsidiary's order book stands at USD 188 million (~1,77,000 MT).
  • Joint Venture Performance: Jindal Hunting Energy Services Limited reported revenue of Rs 50 million and a loss after tax of Rs (44) million for Q1FY27.
  • New Projects:
    • Abu Dhabi (UAE): A seamless pipe manufacturing facility with a capacity of 3,00,000 TPA is under development; commercial production is scheduled for FY2028-29.
    • Saudi Arabia (KSA): A joint venture (51% subsidiary) is developing HSAW and LSAW pipe production lines with 3,00,000 TPA capacity each; commercial production is scheduled for FY2028-29.
  • Legal Update: In the Jindal ITF Ltd. vs. NTPC case, the Delhi High Court had set aside an arbitration award of Rs 1,891 crore in January 2025; arguments for the appeal in the Division Bench are completed and the order is reserved.

Result PDF

Result PDF

Iron & Steel Products company Jindal Saw announced Q4FY26 & FY26 results

Q4FY26 Standalone Financial Highlights:

  • Revenue from operations: Rs 3,818.44 crore, showing a decrease of 7.53% QoQ compared to Rs 4,129.47 crore and a decrease of 13.24% YoY compared to Rs 4,401.10 crore.
  • Total income: Rs 3,851.70 crore, a decline of 7.34% QoQ from Rs 4,156.96 crore and a decline of 13.43% YoY from Rs 4,449.46 crore.
  • Net profit after tax: Rs 113.98 crore, a decrease of 49.74% QoQ (compared to Rs 226.77 crore) and a decrease of 75.97% YoY (compared to Rs 474.25 crore).
  • Basic EPS: Rs 1.79, reflecting a 49.72% decrease QoQ from Rs 3.56 and a 75.97% decrease YoY from Rs 7.45.

Q4FY26 Consolidated Financial Highlights:

  • Revenue from operations: Rs 4,633.48 crore, a decrease of 6.27% QoQ compared to Rs 4,943.41 crore and a decrease of 8.19% YoY compared to Rs 5,046.59 crore.
  • Total income: Rs 4,656.85 crore, showing a decline of 6.17% QoQ from Rs 4,963.02 crore and a decline of 8.10% YoY from Rs 5,067.48 crore.
  • Net profit after tax: Rs 123.68 crore, representing a decrease of 50.05% QoQ from Rs 247.62 crore but an increase of 42.29% YoY from Rs 86.92 crore.
  • Basic EPS: Rs 2.19, a decrease of 45.93% QoQ from Rs 4.05 and a decrease of 52.18% YoY from Rs 4.58.

FY26 Standalone Financial Highlights:

  • Revenue from operations: Rs 14,620.13 crore in FY26 compared to Rs 17,936.16 crore in FY25, a decrease of 18.49% YoY.
  • Total income: Rs 14,744.53 crore in FY26 compared to Rs 18,177.70 crore in FY25, a decline of 18.89% YoY.
  • Net profit after tax: Rs 783.98 crore in FY26 compared to Rs 1,874.47 crore in FY25, a decrease of 58.18% YoY.
  • Net cash inflow from operating activities: Rs 1,638.16 crore, a decrease of 11.69% YoY from Rs 1,855.07 crore.
  • Basic EPS: Rs 12.30 compared to Rs 29.44 in FY25, a decrease of 58.22% YoY.
  • Dividend: The Board recommended a payment of dividend at Rs 2 per equity share of Rs 1 each for the year ended March 31, 2026, aggregating to Rs 127.90 crore.

FY26 Consolidated Financial Highlights:

  • Revenue from operations: Rs 17,895.17 crore in FY26 compared to Rs 20,828.89 crore in FY25, a decrease of 14.08% YoY.
  • Total income: Rs 17,986.86 crore in FY26 compared to Rs 20,947.84 crore in FY25, a decline of 14.13% YoY.
  • Net profit after tax: Rs 925.33 crore in FY26 compared to Rs 1,458.04 crore in FY25, a decrease of 36.54% YoY.
  • Net cash inflow from operating activities: Rs 1,771.37 crore, a decrease of 24.14% YoY from Rs 2,335.16 crore.
  • Basic EPS: Rs 15.27 compared to Rs 27.31 in FY25, reflecting a 44.09% decrease YoY.

Business Highlights:

  • Segments: The Company operates primarily in a single business segment: Iron & Steel products.
  • Asset Cover: The asset cover ratio for the secured non-convertible debentures stood at 16.81 as of March 31, 2026, compared to 10.23 as of March 31, 2025.
  • Subsidiary Update: Jindal ITF Limited (JITF), a subsidiary, is currently appealing a court judgment setting aside an arbitral award of Rs 1,891.08 crore plus interest. Management expects a favorable outcome.
  • Consolidation: The Group consolidated financial results include the performance of 6 direct subsidiaries, 13 indirect subsidiaries, and 3 joint ventures.

Result PDF

Industrial Products company Jindal Saw announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income: Rs 50,675 million compared to Rs 54,937 million during Q4FY24, change -8%.
  • EBITDA: Rs 7,571 million compared to Rs 9,888 million during Q4FY24, change -23%.
  • PBT: Rs 4,657 million compared to Rs 6,658 million during Q4FY24, change -30%.
  • PAT: Rs 869 million compared to Rs 4,804 million during Q4FY24, change -82%.

FY25 Financial Highlights:

  • Total Income: Rs 2,09,478 million compared to Rs 2,11,259 million during FY24, change -1%.
  • EBITDA: Rs 35,482 million compared to Rs 34,892 million during FY24, change 2%.
  • PBT: Rs 23,226 million compared to Rs 22,165 million during FY24, change 5%.
  • PAT: Rs 14,580 million compared to Rs 15,929 million during FY24, change -8%.

Result PDF

Industrial Products company Jindal Saw announced Q3FY25 & 9MFY25 results

  • Total Income: Rs 52,933 million in Q3FY25 (-7% YoY); Rs 1,58,804 million in 9MFY25 ( 2% YoY).
  • EBITDA: Rs 9,614 million in Q3FY25 (-7% YoY); Rs 27,912 million in 9MFY25 ( 12% YoY).
  • Financial Costs: Rs 1,729 million in Q3FY25 (down from Rs 1,816 million); Rs 4,847 million in 9MFY25 (down from Rs 5,303 million).
  • Depreciation: Rs 1,506 million in Q3FY25 (up from Rs 1,469 million); Rs 4,495 million in 9MFY25 (up from Rs 4,193 million).
  • Profit Before Tax (PBT): Rs 6,379 million in Q3FY25 (-9% YoY); Rs 18,570 million in 9MFY25 ( 20% YoY).
  • Share of Profit/(Loss) from JV: Rs 74 million in Q3FY25 (up from Rs -11 million); Rs 194 million in 9MFY25 (up from Rs -15 million).
  • PBT after Share of Profit from JV: Rs 6,453 million in Q3FY25 (down from Rs 6,997 million); Rs 18,764 million in 9MFY25 (up from Rs 15,492 million).
  • Profit After Tax (PAT): Rs 4,794 million in Q3FY25 (-6% YoY); Rs 13,711 million in 9MFY25 ( 23% YoY).

Result PDF

Industrial Products company Jindal Saw announced Q1FY25 results:

  • Total Income: Rs 49,848 million, showing a YoY growth of 12.1% compared to Q1FY24 (Rs 44,474 million).
  • EBITDA: Rs 8,853 million, representing a significant YoY increase of 37.3% from Q1FY24 (Rs 6,448 million).
  • Financial Costs: Rs 1,542 million, slightly decreased from Rs 1,597 million in Q1FY24.
  • Depreciation: Rs 1,481 million, an increase from Rs 1,316 million in Q1FY24. 
  • Profit Before Tax (PBT): Rs 5,830 million, up from Rs 3,535 million in Q1FY24, indicating strong growth.

Result PDF

Industrial Products company Jindal Saw announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Standalone:

  • Standalone Total Income Growth: Total income saw a YoY increase of 7%, with a quarterly figure of Rs 50,061 million.
  • Operating Expenses: Showed a moderate increase in raw material costs, a significant rise in staff costs, and a slight decrease in other expenses on a YoY basis.
  • EBITDA Improvement: Experienced a significant increase of 44.4%.
  • Profitability: Profit before tax (PBT) and profit after tax (PAT) noted substantial growth, marking a very successful financial performance.

Consolidated:

  • Consolidated Total Income: Increased by 4.3% compared to Q4FY23.
  • Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA): Surged by 45.7%.
  • Profitability on Consolidated Basis: PAT had a significant rise of 61.5%.

FY24 Financial Highlights:

Standalone:

  • Standalone Total Income Growth: Total income saw an annual increase of 16.1% with FY24 total income being Rs 1,82,330 million.
  • Operating Expenses: Similar trends as Q4FY24, but for the full financial year.
  • EBITDA Improvement: Experienced a significant increase of 76.6% for the full financial year.
  • Profitability: Profit before tax (PBT) and profit after tax (PAT) noted substantial growth, marking a very successful financial performance for the fiscal year.

Consolidated:

  • Consolidated Total Income: Increased by 17% compared to FY23.
  • Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA): Surged by 87.9%.
  • Profitability on Consolidated Basis: PAT had a remarkable rise of 252.6% for the entire fiscal year.

Result PDF

Industrial Products company Jindal Saw announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Total Income: Rs 56,968 million, representing a YoY growth of Rs 4,946 million (9.5%).
  • EBITDA: Rs 10,298 million, showing a substantial YoY growth of Rs 4,904 million (90.8%).
  • Profit before Tax (PBT): Rs 7,000 million, reflecting a remarkable YoY increase of Rs 4,475 million (177.4%).
  • Profit after Tax: Rs 5,117 million, indicating a significant YoY growth of Rs 3,685 million (258.0%).

Consolidated 9MFY24:

  • Total Income: Rs 1,56,336 million, showing a substantial YoY growth of Rs 28,541 million (22.3%).
  • EBITDA: Rs 25,025 million, reflecting a strong YoY increase of Rs 13,377 million (115.0%).
  • Profit before Tax (PBT): Rs 15,488 million, demonstrating a remarkable YoY growth of Rs 12,059 million (346.6%).
  • Profit after Tax: Rs 11,107 million, showing a significant YoY growth of Rs 9,621 million (649.0%).

 

 

 

Result PDF

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