Jindal Saw (JINDALSAW) Q4 24/25 earnings summary

Executive summary

• Annual and Q4 results were announced, with performance plateauing year-over-year across turnover, EBITDA, PBT, and PAT, mainly due to delayed government fund releases impacting water infrastructure projects.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved and published, with unmodified opinions from statutory auditors.

• Major legal and accounting adjustments were made due to the NTPC-JITF arbitration case, with all related financial obligations repaid by the promoter group, ensuring no financial burden on the company.

• The company operates primarily in the Iron & Steel products segment, with a significant presence in both domestic and international markets.

• Board recommended a dividend of ₹2 per equity share for FY25, totaling ₹127.90 crores.

Significant events and developments

• INR 850 crores related to the NTPC-JITF case were repaid by the promoter group, and all bank guarantees were returned.

• Composite Scheme of Amalgamation approved by NCLT, merging JQTL, JTIL, and JFL with the company, effective April 1, 2022.

• JITF wrote off INR 146 crores of lease receivables and derecognized INR 235 crores of deferred tax assets, impacting the consolidated P&L but with no cash impact.

• Sale of controlling stake in Greenray Holdings Limited, UK, resulting in a minor gain.

• Sub-division of equity shares from ₹2 to ₹1 face value, with EPS restated accordingly.

Financial highlights

• Standalone revenue from operations for FY25 was ₹17,936.16 crores, with net profit after tax at ₹1,874.47 crores, up from ₹1,614.10 crores in FY24.

• Consolidated revenue from operations for FY25 was ₹20,828.89 crores, with net profit after tax at ₹1,458.04 crores, up from ₹1,592.87 crores in FY24.

• Standalone EBITDA margin maintained at 19%-20% for the year, with expectations to sustain this range.

• Order book stands at $1.325 billion, slightly down from $1.4 billion last year, reflecting a deliberate slowdown in order intake due to Q4 execution delays.

• Export-to-domestic sales ratio remains stable at 23%-25%.