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). 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.