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Revenue
₹4,264 Cr
verified against source
Revenue YoY
-23.9%
reported change
EBITDA
₹482 Cr
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 sharp decline in Q2 FY26 consolidated performance, with revenue falling 23.9% YoY to ₹4,264 crore and EBITDA dropping 48.9% to ₹482 crore, reflecting severe operational headwinds. The primary driver was extended payment cycles from government-funded water infrastructure EPC projects, which squeezed liquidity and forced production cuts. Management highlighted that the order book surged to a record 19.25 lakh tons, including a large export job-work contract for helical pipes to Saudi Arabia, but near-term execution remains constrained by working capital challenges. Guidance points to gradual improvement from Q3 onward as state governments release funds, though management cautioned that recovery will be slow. Key risks include persistent liquidity tightness in the domestic water sector and potential anti-dumping duties in Saudi Arabia affecting DI pipe exports.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects operational and financial performance to improve gradually from Q3, driven by easing liquidity and strong order book.
- New piercing mill trial phase underway; commercial production expected in Q3, adding 150,000 tons annual capacity.
- Annual maintenance capex for Jindal Saw standalone remains in the range of ₹600-700 crore, including molds.
- Expect to produce 125,000-150,000 tons from the Saudi helical pipe job-work order in the remaining part of FY26.
Risks flagged
- Protracted payment timelines from water infrastructure EPC companies have severely impacted cash flows and operations.
- Saudi Arabia initiated anti-dumping investigation on DI pipe imports from India, which could affect export volumes.
- Despite strong order book, execution remains contingent on fund releases from state governments, which may take time.
- Greenfield projects in Saudi and Abu Dhabi face regulatory and land acquisition delays; no meaningful contribution expected before FY28-29.
Key quotes
- The company has recorded one of the highest order books specifically for the water sector which means the company has secured large number of future projects related to water infrastructure reflecting strong visibility.
- The protracted payment timelines often associated with the government funded water projects present significant liquidity and project management challenges.
- We believe that the current situation is expected to be short-term. We gain our confidence from the historically high order book, healthy liquidity position of the company and disciplined debt management.
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