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Revenue
₹4,085 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jindal Saw reported a softer Q1 FY26 due to cash flow issues in the water sector (60% of business), geopolitical disruptions delaying export shipments, and scheduled maintenance shutdowns at a blast furnace and pellet plant. EBITDA margin held at 16%+, though down from recent highs. Order book remains robust at $1.5B+ (1.6M tonnes confirmed plus 265K tonnes LOI). Management expects near-term headwinds to persist but sees improvement as government funding normalizes. UAE operations performed well with $60M sales and $270M order book. New GCC projects (seamless, helical, DI) are in early stages, contributing only after 2-3 years. Key risk: sustained working capital pressure if water sector funding delays continue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to return to normalized quarterly volumes of ~4.35 lakh tonnes (as in Q4 FY25) once headwinds subside.
- The blast furnace under scheduled maintenance is expected to restart in August 2025, restoring ductile pipe production capacity.
- Management expects working capital utilization to normalize within a couple of months as inventories are cleared and receivables collected.
Risks flagged
- Cash flow issues with EPC contractors due to delayed government disbursements continue to impact execution and sales in the water sector.
- Conflicts in the MENA region and Red Sea forced deferment of ~20,000 tonnes of export shipments from Q1 to Q2, with potential for further disruptions.
- Analyst raised concern that new capacities in UAE and Saudi Arabia could cannibalize existing Indian export volumes; management downplayed but risk remains.
Key quotes
- Despite all these things and despite lower raw material, lower realization, we still reported 16% plus EBITDA.
- We don't want to sell if you don't collect.
- The outlook maybe in very very short term could continue what it was in Q1 but beyond that the outlook looks much better.
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