Jindal Saw Limited (JINDALSAW)
₹301.55 +0.79% last close, 16 Oct
Q2 FY27 results
Jindal Saw Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹4,472 Cr (+5.6% year on year, +0.4% on the previous quarter), and net profit ₹35.3 Cr (-74.5% year on year); the operating margin was 5.8%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,472 | +5.6% | +0.4% |
| Operating profit | ₹261 | -42.1% | -34.2% |
| Net profit | ₹35.3 | -74.5% | -61.1% |
| EPS (₹) | 0.74 | -68.9% | -54.6% |
| Operating margin | 5.8% | — | — |
- Profit -49% below its own trend
- Operating margin contracted 482 bps YoY
- All of pre-tax profit came from other income or one-off items
Quality of profit: none of the pre-tax profit of ₹14.4 Cr came from the core business; all of it came from other income and one-off items.
Against its own trend: net profit of ₹35.3 Cr was -49.1% against the ₹69.3 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
JINDALSAW delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.91% of the JINDALSAW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.29%. That is lower than usual for this stock. It traded 2.2 times its average daily volume.
Delivery in the last 5 sessions: 47.8% · 51.5% · 36.0% · 52.2% · 36.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jindal Saw reported its Q2 FY27 results, showing consolidated revenue growth to ₹4,523.1 crore (up 6.1% YoY from ₹4,264.0 crore), but consolidated PAT dropped sharply by 74.5% YoY to ₹35.3 crore. Standalone EBITDA margin contracted to 6.8% from 9.8% in Q2 FY26, pressured by JJM payment delays and halted MENA exports due to regional conflict. Standalone order book stood at ~$1,135 million (~1.8 million MT) with additional LOIs of ~$575 million. The company is advancing expansions in Abu Dhabi (300,000 TPA seamless pipes) and KSA (600,000 TPA HSAW/LSAW pipes), targeted for FY28-29.
- Consolidated revenue rose 6.1% YoY to ₹4,523.1 crore, but consolidated PAT declined 74.5% YoY to ₹35.3 crore
- Standalone EBITDA dropped 20.8% YoY to ₹265.4 crore with margin compressing to 6.8% from 9.8% in Q2 FY26
- Order book for pipes and pellets stands at ~$1,135 million (~1.8 million MT), with pending execution spanning 9-12 months
- Additional LOIs worth $575 million received, including $430 million of non-MENA export business
- Capex updates: 300,000 TPA Abu Dhabi seamless pipe and 600,000 TPA KSA HSAW/LSAW projects scheduled for commercial production in FY28-29
Jindal Saw reported standalone revenue from operations of ₹3,823.80 crore for Q2 ended September 30, 2026, marking a 13.4% YoY increase from ₹3,371.85 crore in Q2 FY26. Standalone net profit after tax declined 10.8% YoY to ₹70.69 crore (down from ₹79.29 crore), supported by a ₹26.67 crore tax write-back from earlier years. Standalone operating margins compressed sharply to 2.10% from 5.28% in the year-ago period. Separately, the Delhi High Court delivered a split verdict regarding subsidiary Jindal ITF's ₹1,891.08 crore arbitral award, referring it to a third judge.
- Standalone revenue from operations increased 13.4% YoY to ₹3,823.80 crore in Q2 FY27
- Standalone profit before tax fell 58.1% YoY to ₹43.93 crore vs ₹104.75 crore in Q2 FY26
- Standalone operating margin shrank to 2.10% in Q2 FY27 from 5.28% in Q2 FY26
- Net profit of ₹70.69 crore was aided by ₹26.67 crore prior-period tax adjustments
- Subsidiary Jindal ITF's arbitral award of ₹1,891.08 crore received a split verdict, referred to a third judge
Brickwork Ratings has reaffirmed Jindal Saw Limited's credit rating at 'BWR AA/Stable' for its ₹500.00 crore Non-Convertible Debentures (NCDs). The NCDs carry an 8.25% coupon payable semi-annually and have a maturity date of March 31, 2031. The rating reaffirmation is valid until October 7, 2027, reflecting high credit safety and very low credit risk. The ₹500 crore facility accounts for approximately 18.1% of the company's total debt of ₹2,756 crore.
- Reaffirmed credit rating of 'BWR AA/Stable' by Brickwork Ratings
- Covers ₹500.00 crore NCD issue maturing on March 31, 2031
- Fixed coupon rate of 8.25% payable semi-annually
- Current rating validity extends until October 7, 2027
CARE Ratings has reaffirmed the credit ratings for Jindal Saw Limited's various debt instruments and banking facilities. Non-Convertible Debentures (NCDs) aggregating ₹500.00 crore were reaffirmed at 'CARE AA; Stable', while Commercial Paper (CP) limits of ₹400.00 crore (including ₹100 crore carved out) were reaffirmed at 'CARE A1+'. Total rated bank facilities evaluated stand at ₹11,123.79 crore, comprising ₹2,123.79 crore of long-term and ₹9,000.00 crore of short-term limits. The affirmation reflects stable operational performance despite recent margin pressure.
- CARE reaffirmed Non-Convertible Debentures of ₹500.00 crore at CARE AA; Stable
- Commercial Paper rating of CARE A1+ reaffirmed for aggregate ₹400.00 crore (₹300 cr standalone and ₹100 cr carved out)
- Total bank facilities reviewed aggregate ₹11,123.79 crore (Long-Term: ₹2,123.79 cr; Short-Term: ₹9,000.00 cr)
- State Bank of India forms the largest banking limit exposure with ₹950.00 crore fund-based and ₹2,903.00 crore non-fund based limits
Jindal Saw Limited has informed the exchanges of a scheduled physical meeting with various institutional investors on Tuesday, September 01, 2026, in Mumbai starting at 10:00 AM IST. The company affirmed that discussions will rely strictly on publicly available information and no unpublished price-sensitive information (UPSI) will be shared. This represents a standard investor relations interaction and entails no operational or financial restructuring.
- Physical meeting scheduled with various institutional investors on September 01, 2026
- Meeting to take place in Mumbai starting from 10:00 AM IST onwards
- No unpublished price sensitive information (UPSI) intended to be discussed
Jindal Saw Limited has informed the exchanges of a scheduled virtual interaction with Mirae Mutual Fund on Thursday, August 27, 2026, at 04:00 PM IST. The company confirmed that discussions will be restricted to publicly available information without sharing any unpublished price-sensitive information (UPSI). This is a standard regulatory disclosure under Regulation 30 of the SEBI LODR Regulations, 2015.
- Meeting scheduled with institutional investor Mirae Mutual Fund
- Scheduled date and time: Thursday, August 27, 2026, at 04:00 PM (IST)
- Meeting mode: Virtual
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Jindal Saw Limited has scheduled a virtual meeting with ICICI Prudential Mutual Fund for July 28, 2026. This is a routine investor interaction conducted under SEBI (LODR) Regulations. The company has stated that only publicly available information will be discussed, ensuring no unpublished price sensitive information (UPSI) is shared. This comes at a time when the company holds a significant standalone order book of 19 lakh tons valued at USD 1.45 billion.
- Meeting scheduled for July 28, 2026, at 03:00 PM IST
- Institutional participant: ICICI Prudential MF
- Company TTM revenue stands at Rs 17,895 Cr
- Standalone order book remains robust at 19 lakh tons (USD 1.45 billion)
Jindal Saw reported a sharp 78% YoY decline in consolidated PAT to ₹91 cr for Q1 FY27, despite a 9% revenue growth to ₹4,476 cr. Performance was severely hampered by the suspension of MENA region shipments due to the Strait of Hormuz blockage and a temporary suspension of the company's API license for seamless pipes from January to June 2026. Domestically, the water infrastructure segment faced headwinds from delayed Jal Jeevan Mission funding and title scrutiny. The company is pivoting towards local manufacturing in the Middle East with a USD 300 million seamless plant in Abu Dhabi to mitigate maritime risks.
- Consolidated PAT fell 78% YoY to ₹91 cr from ₹415 cr in the previous year
- Consolidated EBITDA declined 39% YoY to ₹421 cr, reflecting margin compression
- Abu Dhabi seamless pipe project estimated at USD 300 million (~₹2,500 cr) with commercial operations expected in FY29
- API license for seamless pipes was suspended for nearly 6 months, impacting oil and gas order participation
- Consolidated net debt reduced slightly to ₹2,472 cr as of June 30, 2026, from ₹2,528 cr in March 2026
Jindal Saw Limited has scheduled a virtual meeting with UTI Mutual Fund for July 22, 2026, at 4:00 PM IST. The company clarified that the discussions will be based strictly on publicly available information and no unpublished price-sensitive information (UPSI) will be shared. This interaction is part of routine institutional engagement for the company, which currently holds a standalone order book of 19 lakh tons valued at approximately USD 1.45 billion. Investors should note that such meetings are standard for companies of this market capitalization (Rs 16,334 Cr).
- Virtual meeting scheduled with UTI Mutual Fund for July 22, 2026
- Company maintains a robust standalone order book of 19 lakh tons (USD 1.45 billion)
- TTM revenue stands at Rs 17,895 Cr with an operating profit margin of 12.4%
- Promoter holding remains stable at 63.25% as of March 2026
Jindal Saw Limited has scheduled a virtual meeting with WFM Asia Hong Kong Fund for July 22, 2026, at 3:00 PM IST. This is a routine institutional interaction conducted under SEBI Regulation 30. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be discussed, and the conversation will be based on publicly available data. Such meetings are standard for a company of this size (Market Cap: Rs 16,249 Cr) to maintain investor relations.
- Virtual meeting scheduled with WFM Asia Hong Kong Fund for July 22, 2026
- Company maintains a robust standalone order book of 19 lakh tons valued at USD 1.45 billion
- TTM revenue stands at Rs 17,895 Cr with an operating profit margin of 12.4%
- Promoter holding remains stable at 63.25% as of March 2026
- Meeting is strictly based on publicly available information as per regulatory filings
Jindal Saw Limited (Market Cap: Rs 16,249 Cr) has scheduled a physical one-on-one meeting with Guardian Capital Partners in New Delhi on July 21, 2026. The company currently operates with a robust standalone order book of 19 lakh tons valued at approximately USD 1.45 billion. This meeting is a routine investor engagement and will focus on publicly available information, following a period where TTM revenue reached Rs 17,895 Cr. No unpublished price-sensitive information is intended to be shared during the session.
- Physical one-on-one meeting scheduled for July 21, 2026, at 02:30 PM
- Meeting participant identified as Guardian Capital Partners
- Company maintains a standalone order book of 19 lakh tons (USD 1.45 billion)
- TTM revenue of Rs 17,895 Cr with a current market capitalization of Rs 16,249 Cr
Jindal Saw has published the audio recording of its Q1 FY27 analyst and investor conference call held on July 15, 2026. The call followed the release of the company's unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure under SEBI LODR Regulations to ensure transparency. Investors can access the recording to understand management's perspective on the current standalone order book of USD 1.45 billion and the 19 lakh ton volume target.
- Conference call conducted on July 15, 2026, at 16:00 Hrs IST following Q1 FY27 results.
- Audio recording made available on the company website as per SEBI Regulation 30(6).
- Discussion covers the quarter ended June 30, 2026, involving both standalone and consolidated performance.
- Company maintains a significant standalone order book of USD 1.45 billion (approx. 67% of TTM revenue).
Jindal Saw reported a significant decline in profitability for Q1 FY27, with consolidated PAT falling to Rs 90.8 Cr from Rs 415.5 Cr in the year-ago period. Standalone EBITDA margins contracted sharply to 9.1% from 16.8% YoY, driven by geopolitical instability in the MENA region and challenges in the domestic water pipe sector. Despite the earnings dip, the standalone order book remains robust at US$ 1.17 billion (approx. Rs 9,800 Cr), though execution of Middle East orders is currently on hold.
- Consolidated PAT dropped to Rs 90.8 Cr in Q1 FY27, a 78% decline compared to Rs 415.5 Cr in Q1 FY26.
- Standalone EBITDA margin contracted by 770 bps YoY to 9.1% from 16.8%.
- Standalone order book stands at US$ 1.17 billion, with Iron & Steel pipes accounting for US$ 1.16 billion.
- Abu Dhabi sales volumes fell to 34,000 MT from 48,000 MT QoQ due to regional conflict disruptions.
- API license for the Nashik seamless pipe facility was successfully reinstated in June 2026.
Jindal Saw Limited has announced the reconstitution of its Audit, Risk Management, and Nomination and Remuneration Committees effective July 14, 2026. The Audit Committee and the Nomination and Remuneration Committee (NRC) are now composed entirely of Independent Directors, aligning with high governance standards. Shri Satyakam Mishra, an Independent Director, has been appointed as the Chairperson for all three committees. This is a routine administrative update to the company's governance structure.
- Reconstitution of 3 key board committees effective from July 14, 2026
- Audit Committee composed of 4 members, all of whom are Independent Directors
- Nomination and Remuneration Committee consists of 3 Independent Directors
- Risk Management Committee includes 5 members, including the CFO and Head of Treasury
- Shri Satyakam Mishra appointed as Chairperson for all three reconstituted committees
Jindal Saw reported a standalone revenue of ₹3,721.44 Cr for Q1 FY27, a 12.7% increase compared to ₹3,300.37 Cr in Q1 FY26. However, net profit plummeted by 69.8% YoY to ₹109.77 Cr, down from ₹363.94 Cr, primarily due to severe operating margin compression. Operating margins shrank to 5.10% from 12.55% a year ago, reflecting significant pressure on profitability despite higher top-line growth. A positive note was the reduction in finance costs, which fell 46% YoY to ₹70.72 Cr.
- Revenue from operations increased 12.7% YoY to ₹3,721.44 Cr
- Net profit after tax declined 69.8% YoY to ₹109.77 Cr from ₹363.94 Cr
- Operating margin compressed significantly by 745 bps to 5.10% from 12.55% YoY
- Finance costs reduced by 46% to ₹70.72 Cr compared to ₹131.01 Cr in the previous year
- Debt-to-equity ratio improved to 0.20 from 0.29 in the year-ago period
Financial Performance
Revenue Growth by Segment
Standalone revenue for Q2 FY26 was INR 3,409.1 Cr, representing a 28.8% YoY decline from INR 4,790.2 Cr. Abu Dhabi operations (JSGL) grew 15.6% QoQ to INR 607 Cr in Q2 FY26 from INR 525 Cr in Q1 FY26. USA operations revenue was INR 173 Cr in Q2 FY26, down 8% from INR 188 Cr in Q1 FY26.
Geographic Revenue Split
Domestic and export markets are well-balanced. USA operations contributed approximately 4% of consolidated revenue (INR 173 Cr out of INR 4,264 Cr). Abu Dhabi operations contributed approximately 14.2% of consolidated revenue (INR 607 Cr).
Profitability Margins
Standalone PAT for Q2 FY26 was INR 79.3 Cr, an 83.4% YoY decrease from INR 477.0 Cr. Standalone PAT margin fell to 2.3% from 10.0% YoY. Consolidated PAT for Q2 FY26 was INR 138.6 Cr, a 70.8% YoY decrease from INR 475.3 Cr.
EBITDA Margin
Standalone EBITDA margin for Q2 FY26 was 9.8%, down from 18.3% YoY, primarily due to lower production volumes (3 lakh tons vs 4 lakh tons) and poor overhead absorption. Consolidated EBITDA margin was 11.3% in Q2 FY26 vs 16.9% in Q2 FY25.
Capital Expenditure
Standalone maintenance and debottlenecking capex is planned at INR 600-700 Cr for FY26. MENA region expansion (Abu Dhabi and KSA) is expected to require $20-30 million (INR 165-250 Cr) in the current year, with higher spending over the next two years.
Credit Rating & Borrowing
CARE reaffirmed 'CARE AA; Stable' for long-term bank facilities and 'CARE A1+' for short-term facilities. Brickwork reaffirmed 'BWR AA (Stable)' for NCDs. Standalone finance costs were INR 108.4 Cr in Q2 FY26, a 17.1% YoY reduction from INR 130.8 Cr.
Operational Drivers
Raw Materials
Steel coils, iron ore, and scrap are the primary raw materials for SAW, DI, and seamless pipes. Specific percentage of total cost for each is not disclosed.
Import Sources
Not specifically disclosed in available documents, though the company operates in India, USA, and the MENA region.
Capacity Expansion
Current standalone production volume was 3 lakh tons in Q2 FY26, down from 4 lakh tons in the previous year. Planned expansion includes debottlenecking 12 facilities in India and MENA region capex for capacity improvement.
Raw Material Costs
Raw material price declines in 9MFY25 previously supported margins, but current Q2 FY26 performance was impacted by lower volume absorption rather than raw material spikes. Procurement strategies include natural hedging for forex exposure.
Manufacturing Efficiency
Gross profit to EBITDA conversion stood at 24% in Q2 FY26 on a standalone basis, significantly lower than the 40% achieved in the previous year due to low utilization (3 lakh tons).
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth is driven by a robust order book of 19 lakh tons (USD 1.45 billion standalone) and USD 240 million in Abu Dhabi. Strategy focuses on the water infrastructure sector, MENA region expansion (Abu Dhabi and KSA), and specialized offerings like rust-free pipes.
Products & Services
Longitudinal and helical SAW steel pipes, ductile iron (DI) pipes, seamless pipes, anti-corrosion coated pipes, hot-pulled induction bends, and stainless steel pipes.
Brand Portfolio
Jindal SAW, Jindal Hunting (JV).
New Products/Services
Rust-free pipes manufactured in Abu Dhabi; specialized oil country tubular goods (OCTG) through the Jindal Hunting JV.
Market Expansion
Expansion in the MENA region (Abu Dhabi and KSA) with modular capex and a focus on the domestic water infrastructure sector.
Market Share & Ranking
Dominant market position in domestic steel pipe manufacturing with over 40 years of track record.
Strategic Alliances
Joint venture with Hunting Energy Services (Jindal Hunting) which contributed INR 9.4 Cr in Q2 FY26.
External Factors
Industry Trends
The water infrastructure sector is seeing robust demand, leading to the company's highest-ever order book in this segment. The industry is evolving toward specialized, corrosion-resistant products.
Competitive Landscape
Competitors are reporting higher gross profit to EBITDA conversion rates of 45-48% compared to JSAW's current 24% during low utilization periods.
Competitive Moat
Moat is sustained by a 40-year track record, dominant domestic market share, and a diversified multi-product business model that hedges against segment-specific downturns.
Macro Economic Sensitivity
Highly sensitive to government spending on water infrastructure and global oil and gas demand for pipe products.
Consumer Behavior
Shift in demand toward large-scale government-funded water infrastructure projects.
Geopolitical Risks
Expansion in the MENA region (Abu Dhabi and KSA) exposes the company to regional geopolitical stability and trade trends.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms and manufacturing standards for steel and ductile iron pipes. Compliance is managed through modular maintenance capex.
Taxation Policy Impact
Standalone tax rate for Q2 FY26 was approximately 24.3%. H1 FY26 results included a tax refund of INR 133.5 Cr (INR 1,335 million) adjudicated by the Appellate Authority for earlier years.
Legal Contingencies
Pending legal suit: Jindal ITF Ltd (51% subsidiary) vs NTPC. The company has a significant investment of INR 1,598 Cr in Jindal ITF. A hearing was scheduled for October 27, 2025, at the Delhi High Court.
Risk Analysis
Key Uncertainties
High exposure to subsidiaries and JVs (INR 2,090 Cr investment) and corporate guarantees (INR 608.34 Cr for JSGL) could adversely impact the financial risk profile if these entities require further cash support.
Geographic Concentration Risk
Significant reliance on the Indian domestic market and the MENA region for growth.
Third Party Dependencies
Dependency on government-linked projects in the water sector for the current order book execution.
Technology Obsolescence Risk
Mitigated by INR 600-700 Cr annual capex for facility upgradation, modernization, and debottlenecking.
Credit & Counterparty Risk
Liquidity is marked as 'Adequate' with cash and equivalents of INR 514 Cr as of March 31, 2025, against scheduled debt repayments of INR 323 Cr for FY26.
