Jindal Saw (JINDALSAW) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 and FY26 saw significant sequential and year-over-year declines in revenue and profitability, driven by MENA export disruptions and sectoral challenges, with consolidated PAT at Rs 1,236 million and standalone PAT at Rs 1,140 million.

• Export shipments to the MENA region were suspended from March 2026 due to military conflict, impacting high-margin business and causing logistical disruptions.

• The company maintained a robust order book of ~$1.3 billion for pipes and pellets, with a healthy export component.

• Domestic water infrastructure demand remains deferred but is expected to revive with government initiatives.

• Strategic expansions and new facilities in Abu Dhabi and Saudi Arabia are underway to capture future growth.

Financial highlights

• Standalone Q4 FY26 total income: INR 3,852 crore, down 7% from Q3; EBITDA: INR 413 crore, down from INR 527 crore; consolidated Q4 FY26 total income: INR 4,657 crore, down 6% sequentially; EBITDA: INR 504 crore, down 20% from Q3.

• FY26 standalone total income: INR 14,745 crore, down 19% YoY; EBITDA: INR 1,835 crore, down 47%; consolidated total income: INR 17,987 crore, down 14% YoY; EBITDA: INR 2,306 crore, down 35%.

• Standalone revenue from operations for FY26 was ₹14,620.13 crore, down from ₹17,936.16 crore in FY25; consolidated revenue was ₹17,895.17 crore, down from ₹20,828.89 crore year-over-year.

• Standalone net profit after tax for FY26 was ₹470.79 crore, compared to ₹780.26 crore in FY25; consolidated net profit after tax was ₹925.33 crore, compared to ₹1,458.04 crore year-over-year.

• Notable one-time items: Tax expense for FY26 net of Rs 1,335 million tax refund; Jindal ITF write-off of Rs 1,564 million included in consolidated results.

Outlook and guidance

• Q1 FY27 expected to remain impacted by ongoing MENA disruptions; rapid ramp-up possible if conditions improve.

• Domestic water pipe demand expected to recover as Jal Jeevan Mission funds are released.

• Margin expansion in stainless steel pipes anticipated from H2 FY27 as value-added approvals are secured.

• CapEx guidance: INR 500–600 crore for FY27, INR 400–500 crore for FY28.

• The Board recommended a dividend of ₹2 per equity share for FY26, totaling ₹127.90 crore.