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Visual21 Nov 2025
Data center suppliers
Jindal Saw (JINDALSAW) investor relations material
Jindal Saw Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary23 Oct, 2025
Executive summary
Q2 FY2026 performance was weaker than prior periods due to liquidity challenges and delayed payments from government-funded water projects, despite robust demand and a record order book of 1.925 million tons as of September 2025.
Export and domestic demand remained strong, with a major new export contract for 622,000 tons of chemical pipes to Saudi Arabia, and gradual improvement expected from Q3 onwards.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board on October 17, 2025.
Both standalone and consolidated results received unmodified review conclusions from auditors, with no material misstatements identified.
Financial highlights
Standalone Q2 FY2026 EBITDA was INR 335 crore, down from INR 560 crore in Q1 FY2026 and INR 875 crore in Q2 FY2025.
Consolidated Q2 FY2026 EBITDA was INR 482 crore, down from INR 688 crore in Q1 FY2026 and INR 944 crore in Q2 FY2025.
Standalone revenue from operations for Q2 FY26 was ₹3,371.85 Cr, up from ₹3,300.37 Cr in Q1 FY26; half-year revenue was ₹6,672.22 Cr.
Consolidated revenue from operations for Q2 FY26 was ₹4,233.60 Cr, with half-year revenue at ₹8,318.28 Cr.
Standalone net profit after tax for Q2 FY26 was ₹306.98 Cr; consolidated net profit after tax for Q2 FY26 was ₹242.08 Cr.
Outlook and guidance
Management expects gradual improvement in operational and financial performance from Q3 FY2026, supported by a strong order book and ongoing cost optimization.
Predicting the near-to-long-term outlook remains difficult due to persistent geopolitical challenges and delays in government funding.
Management expects a favorable outcome in the ongoing legal appeal involving a key subsidiary, with no adjustments required to asset values or going concern assumptions.
No growth CapEx is planned in India beyond the seamless mill expansion; maintenance CapEx will remain at INR 600–700 crore annually.
What is the basis for JSL's JITF appeal confidence?
Analyze H1 2025 operating cash flow decline
Explain the NCD asset cover ratio increase
EPC payment issue resolution timeline?
New GCC plant operational contribution?
GP to EBITDA conversion rate recovery?
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Next Jindal Saw earnings date
Q3 202621 Jan, 2026
Next Jindal Saw earnings date
Q3 202621 Jan, 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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