Jindal Saw
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Jindal Saw (JINDALSAW) investor relations material

Jindal Saw Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary19 Jan, 2026

Executive summary

  • Q3 FY 2026 performance improved sequentially from Q2, but remained below Q3 FY 2025, driven by higher volumes and productivity gains.

  • Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board on January 16, 2026.

  • Strong order backlog of 19.64 lakh metric tons as of December 2025, with significant projects in the water sector and robust export contracts.

  • Production commenced for a major export contract to Saudi Arabia and a new seamless plant piercing mill, increasing capacity to 4 lakh tons per annum.

  • The company is intensifying export efforts and expanding its presence in the MENA region through new projects and joint ventures.

Financial highlights

  • Standalone total income for Q3 FY 2026 was INR 4,157 crore, up from INR 3,409 crore in Q2 FY 2026, but down from INR 4,503 crore in Q3 FY 2025.

  • Standalone revenue from operations for Q3 FY26 was ₹4,129.47 crore, with net profit after tax at ₹229.12 crore; for nine months, revenue was ₹10,801.69 crore and net profit ₹476.15 crore.

  • Consolidated revenue from operations for Q3 FY26 was ₹4,943.41 crore, with net profit after tax at ₹242.08 crore; for nine months, revenue was ₹13,261.69 crore and net profit ₹505.33 crore.

  • Standalone EBITDA rose to INR 527 crore from INR 335 crore in Q2, but below INR 882 crore in Q3 FY 2025.

  • Net consolidated debt reduced to INR 3,346 crore from INR 3,856 crore as of September 2025.

Outlook and guidance

  • Management expects Q4 FY 2026 to be better than Q3, with further improvement anticipated as market conditions normalize.

  • Volume growth is expected in the next year, supported by a strong sales funnel and improving conditions.

  • Margin improvement is anticipated as operating leverage increases with higher volumes.

  • Management expects a favorable outcome in the ongoing legal appeal involving Jindal ITF Limited, with no adjustments required to current financials.

  • The company is monitoring the implementation of new labor codes and will adjust accounting as required once rules are notified.

JITF appeal: Basis for strong case belief?
New Labour Codes: Future accounting impact?
New JVs: Strategic rationale and outlook?
GCC plants: How do they secure MENA market share?
DI pipe: What specific actions to mitigate JJM impact?
Seamless: How will new capacity be utilized?
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Next Jindal Saw earnings date

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Q4 25/2630 Apr, 2026
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Q4 25/2630 Apr, 2026

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Frequently asked questions

Jindal Saw Limited is a globally recognized manufacturer and supplier specializing in iron and steel pipe products, fittings, and accessories. The company serves a diverse clientele, including leading oil and gas companies, engineering firms, and authorities in irrigation and water resources. With manufacturing facilities located in India, the United States, Europe, and the UAE, Jindal Saw Limited offers a wide range of products such as submerged arc welded (SAW) pipes, ductile iron pipes, and various steel pipes and tubes. The company's extensive product line supports industries across energy, water, sewage transportation, and various industrial applications. The company is headquartered in New Delhi, India, and its shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

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