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Revenue
₹4,657 Cr
verified against source
Revenue YoY
-6%
reported change
EBITDA
₹504 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 Q4 FY26 consolidated results missed expectations, with revenue of ₹4,657 crore (down 6% YoY) and PAT of ₹124 crore (down 50% YoY). The miss was driven by a sharp decline in the ductile iron pipe segment due to sluggish Jal Jeevan Mission execution, suspension of all export shipments to the Mina region from March 2026 following the military conflict, and a ₹48 crore forex loss from rupee depreciation. EBITDA margin contracted ~190bps YoY to ~10.8%. Management noted that the Mina conflict has also disrupted Abu Dhabi operations, with sales restricted to trucking range. The order book remains healthy at ~$180 million for the subsidiary, but near-term visibility is poor. Guidance is absent; management explicitly called the environment 'unprecedented' and unpredictable. Key risk: prolonged Mina disruption could further defer high-margin export revenues and strain working capital.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided capital expenditure of ₹500-600 crore for FY27, primarily for Indian facilities and ongoing projects.
- Land secured, equipment ordering started; plant expected to be operational in ~2 years.
- JV with BH Group (51% Jindal) established; land secured, LCs opened for fuel shipments.
Risks flagged
- Export shipments to Mina region suspended since March 2026; if conflict persists, high-margin export revenues could be deferred further, impacting cash flows.
- API audit nonconformances led to suspension of monogram usage; re-audit in May 2026, but timeline for reinstatement uncertain, impacting high-margin API seamless sales.
- Despite policy announcements, project execution on ground remains slow; state funding issues persist, delaying ductile iron pipe demand recovery.
- Rising fuel and input costs may not be fully passed on in existing contracts, squeezing margins; management noted only 30-35% of contracts have escalation clauses.
Key quotes
- We are witnessing unprecedented time where projecting the business for future is very unpredictable.
- The performance of Q4 of FY26 dropped across if compared with the previous quarter which is Q3.
- If you say that this is bottomed out, maybe may not be.
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