Jindal Saw Limited has informed the Exchange about Transcript

Jindal Saw filed the transcript of its Q4FY25 earnings call held on May 5, 2025. Management addressed the NTPC-JITF arbitration case: the Single Bench judgment was unfavorable but has been appealed to the Double Bench (next hearing May 22), and Rs. 850 crores previously received from NTPC has been fully repaid using JITF and promoter group funds with zero cash strain on Jindal Saw. Non-cash write-offs of ~Rs. 400 crores (Rs. 144-146 cr lease receivable, Rs. 235 cr deferred tax assets) were taken in JITF's books; standalone financials are unaffected. Q4 results were flat with EBITDA margins maintained in the 19-20% range; weakness was attributed to delayed Jal Jeevan Mission fund releases post-election, with full impact expected from Q2FY26. Order book stood at $1.3 billion (vs $1.4 billion last year, down deliberately) with DI pipe orders at 6.25 lakh tons; capacity expansions underway at Nashik (to 4.5 lakh tons) and Haresamudram (+1 lakh ton). Balance sheet remains strong with net worth ~Rs. 10,000 cr and term loan down to Rs. 600-700 cr.