Jindal Saw Limited has informed the Exchange about Transcript
JINDALSAW · price
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Jindal Saw's Q1 FY26 results were softer YoY, with standalone EBITDA at INR 560 crores and consolidated EBITDA at INR 688 crores (margin around 16%). Management attributed the weakness to three temporary factors: cash flow issues with EPC contractors in the water sector (60% of business), geopolitical disruptions deferring ~20,000 tons of export shipments to Q2, and scheduled maintenance at one Mundra blast furnace (40,000-50,000 tons lost) and the Bhilwara pellet plant (120,000-130,000 tons lost). Despite the softness, the company prepaid the entire Sathavahana acquisition term loan, leaving long-term debt under INR 600 crores (mostly INR 500 crores LIC bonds due 2028-30), and weighted average interest cost dropped ~50 bps. The order book stands at $1.5 billion (16 lakh tons confirmed + 2.65 lakh tons LOI), with the UAE business booked for the next year at ~$270 million. New capacity in Abu Dhabi (seamless), Saudi (helical and DI) was approved, with commissioning expected in 1.5-3 years.
Short-term earnings remain under pressure due to working capital stretch and project deferments, but the strong order book, lean long-term debt, and overseas expansion plans support a constructive medium-term view. Shareholders should watch for normalization of government water-sector disbursements and resumption of blast furnace operations in August, which are the key swing factors for the rest of FY26.