Volume recovery to Q4 FY25 levels
Management expects to return to normalized quarterly volumes of ~4.35 lakh tonnes (as in Q4 FY25) once headwinds subside.
JINDALSAW / guidance tracker
Keep management guidance in view.
Jindal Saw · forward-looking guidance across the available source record.
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What management said would happen.
growth
Blast furnace restart in August 2025
The blast furnace under scheduled maintenance is expected to restart in August 2025, restoring ductile pipe production capacity.
Working capital improvement in coming months
Management expects working capital utilization to normalize within a couple of months as inventories are cleared and receivables collected.
Gradual improvement from Q3 FY26 onward
Management expects operational and financial performance to improve gradually from Q3, driven by easing liquidity and strong order book.
Seamless pipe commercial production in Q3 FY26
New piercing mill trial phase underway; commercial production expected in Q3, adding 150,000 tons annual capacity.
Maintenance capex of ₹600-700 crore annually
Annual maintenance capex for Jindal Saw standalone remains in the range of ₹600-700 crore, including molds.
Job-work order execution of 125-150 kt in H2 FY26
Expect to produce 125,000-150,000 tons from the Saudi helical pipe job-work order in the remaining part of FY26.
Q4 FY26 volumes expected to be better than Q3
Management expects fourth quarter to be sequentially better in terms of volumes and margins, though not reaching FY25 levels.
New projects in GCC to be commissioned by Feb 2028
Seamless pipe plant in Abu Dhabi and joint ventures in Saudi Arabia for ductile and spiral pipes are expected to be operational within 24 months, impacting financials from FY29.
Increasing export focus for DI pipes from India
Company aims to grow export component of DI pipe sales from minimal levels to reduce dependence on domestic market, with current export orders at $45 million.
Capex of ₹500-600 crore in FY27
Management guided capital expenditure of ₹500-600 crore for FY27, primarily for Indian facilities and ongoing projects.
Abu Dhabi seamless pipe plant on fast track
Land secured, equipment ordering started; plant expected to be operational in ~2 years.
Saudi JV for LSAW/HSAW facility
JV with BH Group (51% Jindal) established; land secured, LCs opened for fuel shipments.