Jindal Saw (JINDALSAW) Q3 25/26 earnings summary

Executive summary

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

• 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 exports.

• 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 proactively optimizing its product portfolio and sales mix to balance domestic and export opportunities amid sector challenges.

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 gradual normalization and margin improvement anticipated.

• Positive outlook on government support for the Jal Jeevan Mission and continued strong order inflow.

• 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.

• Volume growth and operating leverage expected as market conditions improve and new tenders are secured.