Jindal Saw Limited has informed the Exchange regarding 'Financial highlights'.
JINDALSAW · price
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On the reaction day the stock moved 2.0 pts less than Nifty Smallcap 250 and 2.1 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Jindal Saw reported a sharp decline in FY26 standalone performance, with total income falling to Rs 1,47,445 million from Rs 1,81,777 million in FY25 (down ~19%). Standalone EBITDA halved to Rs 18,347 million (margin compressed from 19.0% to 12.4%), while PAT dropped to Rs 7,841 million from Rs 18,744 million. Q4 FY26 was similarly weak, with PAT of Rs 1,140 million versus Rs 4,742 million a year ago. The weakness was driven by the Middle East conflict disrupting exports to the MENA region, logistical issues in the Persian Gulf, and ongoing challenges in the domestic water pipe business. On a consolidated basis, FY26 PAT was Rs 9,253 million (vs Rs 14,580 million), impacted by a Rs 1,564 million Jindal ITF write-off and a Rs 2,353 million reversal of deferred tax assets. Positively, the order book remains robust at ~USD 1,317 million, total debt reduced significantly to Rs 24,532 million (standalone) from Rs 31,538 million in Dec 2025, and credit ratings were reaffirmed at AA/Stable.
Significant near-term headwinds from the MENA conflict and weak water pipe demand have hurt both top line and margins, likely weighing on stock sentiment. However, a healthy order book, sharp debt reduction, and stable credit ratings provide earnings visibility and balance sheet comfort over the next 9-12 months.