Jindal Saw (JINDALSAW) Q2 26/27 earnings summary

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.