Jindal Saw Limited has informed the Exchange about General Updates
JINDALSAW · price
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Awaiting price reaction for this filing.
Jindal Saw reported a weak Q1 FY26 with standalone total income falling 25% year-on-year to Rs 3,327 crore and EBITDA dropping 34% to Rs 560 crore, mainly due to scheduled maintenance of one blast furnace and the pellet plant, plus shipment deferrals caused by the MENA military conflict. Standalone profit after tax was Rs 364 crore, down 18%, though supported by a one-time tax refund of about Rs 134 crore. Consolidated revenue fell 18% to Rs 4,103 crore with PAT almost flat at Rs 416 crore. On the positive side, the order book remains healthy at around USD 1,305 million for pipes and pellets (execution in 9-12 months), plus an additional USD 270 million order book at the UAE subsidiary and a fresh letter of intent for 2,65,000 metric tonnes of ductile iron pipes. The company also announced three new overseas projects in Abu Dhabi and Saudi Arabia with a combined investment of about USD 428 million over the next 2-3 years.
The sharp year-on-year decline in revenue and margins is a clear negative for the stock in the near term, but most of the pain is explained by one-off maintenance and geopolitical disruptions that should normalise from Q2. The strong order book, expansion into the Middle East with new manufacturing facilities, and reduction in long-term debt point to a positive medium-term outlook, though near-term working capital stress and the Jindal ITF-NTPC arbitration overhang remain watchpoints.