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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,963 Cr
verified against source
Revenue YoY
-6.2%
reported change
EBITDA
₹632 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jindal Saw's Q3 FY26 consolidated revenue of ₹4,963 crore declined 6.2% YoY, while EBITDA of ₹632 crore fell 34.2% YoY, with margins contracting ~550bps to 12.7%. PAT at ₹248 crore dropped 48.2% YoY. The sequential improvement from Q2 was driven by higher volumes and productivity gains, particularly in the pipe segment. The ductile iron (DI) pipe business remains challenged due to protracted payment timelines under the Jal Jeevan Mission, though the order book remains robust at 19.64 lakh metric tons (40% DI). Management expects Q4 to be better sequentially, with gradual margin recovery as utilization improves. Key risks include continued delays in government water sector spending and potential tariff impacts on seamless pipe exports to the US.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects fourth quarter to be sequentially better in terms of volumes and margins, though not reaching FY25 levels.
- 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.
- 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.
Risks flagged
- Protracted payment timelines from EPC contractors under JJM continue to impact DI pipe business, with receivables of ~₹350 crore stuck. Resolution depends on government budget and policy actions.
- Despite new capacity, management acknowledged that current order book for seamless pipes is lower than previous quarter, and demand recovery depends on ONGC tenders and export markets.
- While India remains competitive, US tariffs pose a risk to seamless pipe exports. Management is exploring alternative export markets, including Middle East.
Key quotes
- It appears Q2 marked the bottom of the cycle.
- We don't create demand, we respond to demand.
- We hope the budget would be positive and we would have lesser questions on duct next time.
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