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JINDALSAW Other 27 Apr 2026

Jindal Saw Limited — Q4 FY26

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).

bearish high
Revenue ₹4,657 Cr -6%
EBITDA ₹504 Cr -20%
PAT ₹124 Cr -50%
EBITDA Margin 10.8% -190bps
Duration 58 min

✓ Verified against BSE filing

2-Min Summary

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.

Key Numbers

Export order book (Mina region) 6 lakh metric tons
Suspended since March 2026

All export shipments to Mina region halted due to military conflict; revenue recognition deferred to FY27.

Abu Dhabi subsidiary sales volume 48,000 tons
-8% QoQ

Q4 volume down from 52,000 tons in Q3 due to operational restrictions in conflict zone.

Subsidiary order book (Abu Dhabi) $180 million
~9 months visibility

Order book provides ~9 months of operations, independent of Jindal Saw's own order book.

Standalone net debt ₹2,453 crore
-22% YoY

Net debt reduced from ₹3,154 crore in FY25; long-term debt only ₹529 crore.

Management Guidance

G

Capex of ₹500-600 crore in FY27

Management guided capital expenditure of ₹500-600 crore for FY27, primarily for Indian facilities and ongoing projects.

capex
G

Abu Dhabi seamless pipe plant on fast track

Land secured, equipment ordering started; plant expected to be operational in ~2 years.

expansion
G

Saudi JV for LSAW/HSAW facility

JV with BH Group (51% Jindal) established; land secured, LCs opened for fuel shipments.

expansion

Key Risks

R

Prolonged Mina conflict disrupting exports

Export shipments to Mina region suspended since March 2026; if conflict persists, high-margin export revenues could be deferred further, impacting cash flows.

high · management_commentary
R

API monogram suspension for seamless pipes

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.

high · management_commentary
R

Sluggish Jal Jeevan Mission execution

Despite policy announcements, project execution on ground remains slow; state funding issues persist, delaying ductile iron pipe demand recovery.

medium · management_commentary
R

Inflationary cost pressures on fixed-price contracts

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.

medium · analyst_question

Notable Quotes

We are witnessing unprecedented time where projecting the business for future is very unpredictable.
Vin Gupta · Senior Management
The performance of Q4 of FY26 dropped across if compared with the previous quarter which is Q3.
Vin Gupta · Senior Management
If you say that this is bottomed out, maybe may not be.
Vin Gupta · Senior Management