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Jindal Saw (JINDALSAW) investor relations material
Jindal Saw Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY27 revenue increased YoY, but lower EBITDA and profit reflected margin pressure and Middle East export disruption; domestic water-pipe challenges also weighed on performance.
H2 FY27 is expected to outperform H1, with export oil-and-gas orders and improved execution supporting volumes and mix; geopolitical and delivery risks remain.
Financial highlights
Consolidated Q2 revenue from operations was ₹4,471.79 crore and total income ₹4,523.1 crore; net profit was ₹35.28 crore versus ₹138.56 crore YoY.
Consolidated Q2 EBITDA was ₹312.3 crore versus ₹481.6 crore YoY; PBT after JV share was ₹1.44 crore versus ₹18.26 crore.
Standalone Q2 total income was ₹3,881.4 crore versus ₹3,409.1 crore YoY; EBITDA was ₹265.4 crore versus ₹334.9 crore, and PAT was ₹70.7 crore versus ₹79.3 crore.
H1 consolidated revenue from operations was ₹8,924.10 crore and total income ₹8,988 crore; net profit after tax was ₹90.79 crore.
Standalone H1 total income was ₹7,637.1 crore versus ₹6,735.9 crore; EBITDA was ₹606.4 crore versus ₹894.4 crore, and PAT was ₹180.5 crore versus ₹443.2 crore.
Outlook and guidance
Pipe volumes for FY27 are expected to exceed FY26, with H2 stronger than H1 and execution improvement anticipated from Q4.
New oil-and-gas export orders are expected to improve product mix from Q3; margins are expected to move toward double digits in Q3/Q4, though volatility limits precise guidance.
Confirmed order book stood at $1.135 billion; LOIs were cited at $625 million, including a new $50 million Southeast Asia LOI. Production and dispatches are expected from February/March.
Pipe order-book execution is projected over 9–12 months; a separate update cited $575 million of LOIs, including $430 million of export business outside MENA.
- Revenue up but profits and margins down sharply amid MENA disruptions and legal uncertainty.JINDALSAW
Q1 26/27 - Profitability and revenue fell in FY26 amid MENA disruptions, but order book and CapEx support growth.JINDALSAW
Q4 25/26 - Q3 FY26 delivered sequential gains, robust revenue, strong order backlog, and stable financials.JINDALSAW
Q3 25/26 - Liquidity challenges led to weak Q2, but strong order book and margins support recovery.JINDALSAW
Q2 25/26 - Softer Q1, but strong order book, 16%+ EBITDA margin, share split, and tax refund support outlook.JINDALSAW
Q1 25/26 - Profits, margins, and financial strength improved, with growth supported by expansion and amalgamation.JINDALSAW
Q2 24/25 - Record Q1 profit and margin growth, with value-add focus and capacity expansion underway.JINDALSAW
Q1 24/25 - Q3 FY25 consolidated net profit rose to ₹506.42 Cr with robust margins and new capacity set to drive growth.JINDALSAW
Q3 24/25 - Results stable to strong, ₹2 dividend recommended, growth expected from Q2 FY2026.JINDALSAW
Q4 24/25
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