Jindal Saw Limited (NSE: JINDALSAW) Q4 2025 Earnings Call dated May. 05, 2025
Corporate Participants:
Unidentified Speaker
Neeraj Kumar — Group Chief Executive Officer and Whole-Time Director
Vinay Gupta — President and Head Treasury
Narendra Mantri — Chief Financial Officer
Analysts:
Unidentified Participant
Vikash Singh — Analyst
Poojan Shah — Analyst
Vedant Sarda — Analyst
Deepak Lalwani — Analyst
Radha — Analyst
Surbhi Sarogi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Jindal saw Q4FY25 earnings conference call hosted by Philip Capital India Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Vikash Singh. Thank you. And over to you sir.
Vikash Singh — Analyst
Thank you, Anushka.
Vikash Singh — Analyst
Good evening everyone.
Vikash Singh — Analyst
From the management side we have with us Mr. Neeraj Kumar, Group CEO and.
Vikash Singh — Analyst
Whole Time Director Nirvana.
Vikash Singh — Analyst
Mr. Vinay Kumar, President and Head treasury.
Vikash Singh — Analyst
And Mr. Narendra Manti, President Head Commercial and CFO. Without taking any much time, I’ll hand it over to Mr. Neeraj Kumar for his opening remarks.
Vikash Singh — Analyst
Over to you sir.
Neeraj Kumar — Group Chief Executive Officer and Whole-Time Director
Good afternoon friends. Last Friday we had our board meeting which was just following the audit committee meeting. And we have announced the annual results as well as the last quarter results. As you would have noticed in this results for the quarter as well as this year there are certain adjustments, I would say accounting adjustments that have been made based on certain events on the NTPC JITF arbitration case and subsequent litigation which is going on in the High Court since the single bench judge which was at backbold of time being presided by Dinesh Kumar Sharma. DK Sharma was the single bench judge of High Court who gave this judgment.
The judgment actually came as a big surprise to all of us. And therefore we have taken an expert opinion from one of the top luminaries in the country. He is of the view that the single bench judge has probably heard and he believes it’s a very, very strong case for appeal. And therefore without wasting any time, we have filed appeal in the single. From the single Benjamin. Now to the double bench judge, one hearing has already happened. The double bench judge did appreciate the urgency for hearing such cases. There is a merit. So one has happened.
The second hearing is on the 22nd of May. So at this point of time we are in the middle of scenario where the single bench judge, the judgment came as a surprise to us. We have taken a expert opinion which believes that the judgment is, you know, is appealable. And we have a very, very strong case to go up the judicial process which is now the double bench of High Court. In the meantime, few other things are happening and I want to cover all of those first before we get into the financial statements because the financial statements impact these or have effect of These in bits and pieces and therefore I thought it would be best to cover this upfront.
So that’s as far as the judicial process is concerned. If you recall so far we had received 850 crores in three tranches. First one was MGQ1, 153 crores, then was 197 and then 500 crores. All those money were guaranteed by bank guarantees. As of now all that money has been repaid. JITF used its own sources and the Promoter company, which is the promoter holding company which is the family war chest has provided the financial support. And the entire 850 crore has been repaid to NTPC as we speak. All the bank guarantees have been returned and so that transaction is also complete.
A few important points here. A850 crores have been repaid in within few days of the judgment of single bench judge coming. General Saw has not paid a single penny. All bank guarantees have returned. The support came from the promoting company, Promoter Group company. Now as far as this arbitration award is concerned, there is everything to gain for jits. There is nothing to lose in the sense assuming the most unlikely, most extreme situations that the single bench judgment just carries through the entire judicial process. There is no counterclaim that NTPC has made so JITF would not be subjected to any incremental financial burden irrespective of what the outcome of the judicial judgments going forward are.
However, if the judgment goes in favor of jitf, double bench and Supreme Court then JITS has everything to gain. The entire amount along with interest would be paid to jits. So JITS will have all the gain. The entire money will come to jits. That is as far as the cash flow is concerned. So again to summarize, please. Now take note that irrespective of whatever is the outcome of the final judgment, there cannot be any financial burden on JITs. All money that was received has been repaid. On the contrary, if decision goes in favor of jitf, it gets back everything including interest, which is interest Even on these 850crores for the date that it is out.
That’s the cash flow impact. JSOFT has not put in a single penny as yet. But if all those money come to jitf, definitely JSOV will be a beneficiary. And I’ll come to that in a minute. Now let’s look at the accounting of jitf. Jitf, as you know, once it got into this litigation, arbitration did not have a regular or a very high revenue stream because it all got wrapped up into this litigation. There are the set of 25 barges which are still floating and they are kind of managing themselves. So it’s a small income, a small expense.
They kind of take care of each other. And JITF is at this point of time operations only surrounding those running of flying of 25 barges in the ugly area which is happening on the balance sheet of JITS to fund this NTPC project and subsequently to fund losses. And all of those there have been some debt, some quasi debt, some instruments were like RPS, etc. Which had a kind of repayment possibility but also had a possibility of converting into equity. That’s why I call them CAUSA Equity instruments and some debt. Now, in terms of the accounting parlance, few steps have been taken.
146 crores of amortized lease receivable from NTPC which was kept alive in the balance sheet of GITF has been now completely written off which you would see in the console results. 235 crores of deferred tax assets which were created on account of the carry forward losses have again all been written back, have all been derecognized. So that makes it an impact of around 400 crores on the balance sheet. But it’s important again to note both of them are just reversing what had been created in the past. So it has a PNL impact for this year.
But it has got zero cash impact either on jits or on JSoft. Also. All these instruments, they were there quasi instruments and the debt instruments, we are converting each one of them to equity. It is being done in few steps. The eventual equity shareholding of JITF would be general. SAW would own 57%, Siddhashwari would own 42.06% and the foreign partner would have less than 1%. Now once all these conversions have taken place then there would be minimal debt or any instrument which has any repayment obligation on the balance sheet of jitf. So it’s important for me to explain why did we took all these steps.
I repeat the judgment came as a surprise and therefore we took it very seriously, took a very firm legal opinion and took immediate legal action. All cash flow impact 850 crores have been done without general source cash flow getting strained in any manner. It was JITF funds as well as the Promoter Group fund which has done accounting. We have derecognized the accumulated losses, the deferred tax assets as well as the unamortized lease revenue. And we have converted all the quasi into quasi instruments into equity. The final equity, as I have told you with this there would be minimal obligation on part of JITF to pay anything to anybody at any time.
All these have been done based on a lot of careful thinking, expert advice and to make sure that we take a very appropriate or a situation which can cater to the extreme impossible scenario. But still now it caters to that and therefore all these decisions have been taken in one we are keeping JSOFT as still a parent company of JITF because we are still very hopeful that all this money which is the arbitration amount plus the interest will come to jitf. It’s only a matter of going through this legal process. At that point of time all this money would flow to different shareholders.
That is where the 57% becomes important. Jindal saw will get 57%, will get 42% and the foreign partner will get less than 1%. So there is no downside for Jindalsoft but there is every upside of whatever money that JITF receives. It will have a 57% share on that. So that completes very comprehensively our discussion on the litigation, jitf, ntpc, where we stand and what is our future strategy. The impact of all this you would have seen in the consolidated financial and you would have also noticed that in the standalone financial there is zero impact. Let me now turn to the results.
The last quarter results or if you look at the year on year results it would appear that the results are platoing they are similar to what we did last year. Whether it is turnover, whether it is ebitda, whether it is Pvt. Pat, everything appears in a band where it can be saying that the performance has been platoon which is indeed the case. Except these comments which I’m going to make. The last quarter usually is the strongest quarter this year after the election year there were not enough budgetary allocations which got released and therefore the water infra projects, especially in Janji one mission got held up that has impacted the last quarter execution and that’s where you will see there is a dip in the last quarter top line which is usually not the case.
It’s an anomaly looking at that. We also deliberately slowed down taking of orders because we have enough orders. But as you as I have been saying in the past, we want to typically we want to have 9 to 12 months. 9 to 10 months of order book is where we like because that gives us time for the raw material production supply, invoicing and collection. So because there was going to be a plateauing in the last quarter, we slowed down the taking of orders as well. Based on the budget, national Budget. All this has been corrected.
Jaljeeban mission has got 60 to 70,000 crores. The project is taking off and slowly as the money would percolate. We hope that next quarter which is Q2 onwards we should see the full impact of the growth trajectory for these water projects and oil and gas projects. So Q1 may also see a result which is similar to what we saw in Q4 going down. Foreign exchange has been stable. In fact dollar has weakened, rupee has strengthened. That had a positive impact on our financial charges and therefore it did contribute to the improvement in the financial charges.
On a standalone if you see the EBITDA as we have always been saying now we are going to be in the 1920 range. We maintain that and we shall be maintaining a 19 to 20% EBITDA in the coming year as well. That is what our estimate is. Luckily the raw material prices are in a band where the commodity prices seem to be stable and easing out going forward. Looking at the China scenario we don’t see any disruption in the commodity prices because China will have to do a lot of balancing in their supply chain and the commodity sale.
So we expect that it should be in a reasonable range coming to the US Tariff. The commodity stability in commodity prices is the kind of one of the impacts secondary result of the US tariff. But directly US tariff doesn’t have much impact on US because India has not levied any reciprocal tariff. No other country has gone that way. Only China has put a reciprocal tariff on us. So we do not export much to US or it’s a very minimal that we export to us. So US tariff is not going to impact us. Indian tariffs are not changed so any import would not no other country have followed this.
So every country that we export to absolves status quo. So the direct impact of US tariff on general south performance. The answer is nil. The indirect impact is stability in commodity prices because China will have to make its adjustments. Likewise. Now let’s shift to the consolidated results. Everything is similar to standalone except for you will see that in the TBT you would have that impact of 146 crores. And in the tax which in consolidated Results appears at 386 you will have that impact of 235 or deferred tax being the conversion of other quasi instruments etc.
Into equity. It’s a balance sheet item, it doesn’t show up anywhere here. But already I have given you all those details. Otherwise there is nothing much in the consolidated results except status quoist plateau performance where Everything is kind of moving at a very high capacity utilization. Things are happening. There was little hold back in the last quarter because of the government of India. I would say budgetary release of funds. Otherwise there is not much that we can talk about on those consolidated and single results. Sale quantity also if you compare year on year they seem to be similar.
Already we spoke about order book 1.4 billion last year 1.325 marginal lower. The marginally lower. More of a deliberate strategy because we were seeing some slowdown in the Q4. So it will come back because yesterday only we got a very good order from Saudi. So the order book will come back. The ratio of export to domestic remains similar in the range of 23 to 25%. So its status quo. This year also appears to be by and large status quo except for a few comments that I’m going to make. So the year 26 also appears like similar to what was there in 24 what was there in 25 except that some of the capex that we have already incurred in the last one or two years.
Capacity expansion in DI in Harisa Mundra, capacity expansion in seamless in Nasik, cost reduction initiatives like introduction of pci, third coke oven battery in Paragpur, subsequent generation of energy from the waste to heat. So those will have an impact which will be a positive impact on the 2026 standalone financials. Otherwise we can take it again as a status quo. But once we have the full impact of Nasik, once we have a full impact of the Rsamundram, those capacities going up, the cost impact then it would make visible impact on the financials of 26. As you would have seen our focus on debt continues to remain very tight and the term loan has gone down to.
I would say now we have prepaid some further after what has been shown in the March. So our term loan is now in the vicinity of 600 to 700 crores. Our net worth would be in the vicinity of close to 10,000 crores. So 10,000 crores of net worth term loan of 600 crores working capital is around 1800 which is again an improvement over the last year because last quarter since there was too much focus on collection and that helped us reduce our working capital. The debt profile is well under control and would remain that way till we are looking at new projects.
We are looking at what all we can do on the top of the goodwill and everything that we have created in KSA especially when we completed our NEOM project. What all we can do in India already as I Said the seamless. The DI have already been upgraded. Capacity is being added. Bhilwada, as you know we have a commitment and assurance to the government of Rajasthan for the steel project. So now these things have been brought on the drawing board and we are looking at each one of them carefully. Maybe by next quarter we may have summed up on a plan of action and then we would let you know one thing that again I wish to assure you that we would be diligent those things would be planned in such a manner that there is no cash flow strain.
The debt does not go out of vaq. We keep an eye on our rating which is double A and it’s significant to mention that even after this JITF single buds bench judgment we repaid everything. The rating has not changed the rating people were not at all worried about anything. That’s an important thing we should be mentioned. So we will keep an eye on our rating. We’ll keep an eye on the opportunities and we will examine all these projects and then put them on a timeline so that they become or they give the Phillip for the next round of quantum growth without impacting the debt structure or the capital structure of the company beyond what we have achieved so far this year.
Also since the results were similar we have maintained the same dividend payout idea is to conserve cash as we are looking for now getting into some new projects. As I mentioned I have given indication to a few that we are looking at next quarter. Maybe I would have more to tell you. The Hunting JV is doing well this year. The proportion of profit which has come in the consolidated financial results pat from hunting is about 27 crores. So that would give you that in the first year of operations it has earned a profit of 50 crore plus.
They are full on order book at this point of time. At this point of time we do have a first movers advantage on premium connection. We are the only one currently operating in India and we are doing well. That should continue to do well. That I think more or less covers everything that I wanted to tell you in my opening remark. Let me stop here now and take a few questions. Thank you very much.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line Of Poojan Shah from Molecule Ventures. Please proceed.
Poojan Shah
Hello. Yeah, hello. Yeah, first question would be on the GPM side. So we have seen a slowdown.
Neeraj Kumar
Please speak a little louder closer to you.
Poojan Shah
Yeah, Is it audible now?
Neeraj Kumar
Yes.
Poojan Shah
First question would be on the JGM side. So we know that there is slowdown as well in JGM mission from last eight, nine months. So how is the current demand and what is the order? Now we have been getting up in terms of traction and all that stuff or the central has been releasing the funds and continuing with the same question we have also listened about. The JVM fund has been slashed by 50% by the government. So. So then how the economic field work do the project which is liable to complete. So just. Can I just do a broad part on it?
Neeraj Kumar
Okay, Just even mission. What appeared as a budgetary delay of funds has all been restored. This year government has released 70,000 crores. So that puts the JJM projects on track. The full impact of that would come in Q2 onwards. And you said 50% slash. I don’t think that is the case. The state governments as well as JJM put together are going full throttle on water intra projects. Now even the states with the help of multilateral agencies come from their own sources are going ahead. So the demand for the water infrastructure is very good giving rise to lot of demand for pipe.
In fact now many of the states have come up with a new business model which they call ham, which is a hybrid annuity model where the EPC contractors are expected to participate in a big way wherein they become a partner with the government even in putting equity and then they implement the whole project, do the O and M for a period of time and then handover. That’s the term that we use is ham, which is hybrid annuity model. And it’s a mix of ppp, build, operate, transport, build, operate, transfer and also EARN as you progress in the project.
Vikash Singh
Just a follow up question on. Sorry, yeah, just a follow up question.
Vikash Singh
Q2FY 2026 will see the full impact of all the water infrastructure projects including JJM projects coming on the growth trajectory.
Poojan Shah
Right? And in terms of funds there is no challenge as of now. But do you feel after 2028 when the JV emission will get completed, there will be a need of that mission or any other missions which will have the facility for the adverse supply of water or it will restore through like any other mission like that?
Neeraj Kumar
See if you look at today the water grid system in every state, there is still a lot of headroom to Go because there is a lot of flooding still, if you look at the aggregate amount of rainfall in a country for the full year aggregate, all over geography, and if you add up all your consumption of water, again full year aggregate, they get balanced. But still there are places where there is no water and there are places where there is flooding. There are places where all the excess good water flows into the sea. So this water management grid, there is a lot of scope to do this management, wherein the sources, the storage, the distribution and the timeline is such that all these mismatches on a timely basis, seasonal basis, can be met.
And therefore there is a lot of scope which still can be seen. River diversion, a few announcements that government has recently made may also give rise to a lot of opportunities. So there is a lot of options or a lot of opportunities going to come in water infra projects for at least next five to seven years.
Poojan Shah
And my last question would be on the DEI side. So we know that many companies are expanding their capacity, so. And even we have getting some better optionality products like opvc. So do you think that would be a challenging part in terms of realizations coming with that?
Neeraj Kumar
No. See the demand, the growth in demand will take care of all the capacity. Number two, even if there is this incremental capacity, we would always add the core because we have a cost advantage, we have a locational advantage. And we have an advantage of being an established player in the market. So any newcomer will have a higher burden of interest, depreciation, their cost of production, manpower, everything for them would be a challenge and we would be sitting in our leadership position. So therefore Those additional capacity etc. Does not bother us much.
Poojan Shah
Like OPC. Do you see the replacement of DI would be like there would be any replacement for it, or it won’t exist because of the quality of products.
Neeraj Kumar
DI has not been replaced anywhere in the world. If you look at Europe, in fact, what we expect, as the country develops, at the people, the government and everybody becomes more cautious towards portable water. We expect that DI should be used even in the smaller diameter where HDP etc. Is being used. Because from a health perspective, from a quality perspective, from a product lifestyle life cycle, if you take the full life cycle, a DI pipe can last up to 40, 50 years. No HDPE pipe lasts for that long. So if you see the during a full life cycle, the re digging and the relaying, then those options become much more expensive options.
In some cases they become an impossible option. Because if you have an urbanization, then you know, keep on digging. All over the city becomes that much of a problem. So as these realizations come into government and the users we expect DI to not only stay but to also replace others even in the smaller diameter.
Poojan Shah
All right sir. Thanks for the opportunity. I will turn the gymnastics.
operator
Thank you. Ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference Please limit your questions to two per participant. The next question is from the line of Vedant Sarda from Mirabel Bank Securities Private Limited. Please proceed.
Vedant Sarda
Hello. Am I audible?
Neeraj Kumar
Yes. Yeah. Yeah.
Vedant Sarda
So my query is regarding the cash losses we have faced in our subsidiaries. Like in current year IT is around 357 crore. And in last year it was 157 crore.
Vedant Sarda
Can you come again?
Vedant Sarda
In a JIT of 345 crore of cash losses in the current year and 157 crore cash loss in previous year.
Vedant Sarda
157 crore of cash loss 57 in previous year.
Vedant Sarda
In 345 in current year 146 is.
Neeraj Kumar
Considered as a cash flow. See I don’t have those figures in front of me. Why don’t I suggest that please write to us Rajiv Goel today. He is not joining us on this call. He is not in office. He would answer that very specific accounting entry. Because broadly I have given you everything in terms of the adjustments. But if anyone to know that specific thing or have you found one.
Neeraj Kumar
It is reported in the CARO report.
Neeraj Kumar
Just hold. Mantri trying to answer that.
Neeraj Kumar
Yeah.
Neeraj Kumar
Narendra is our cfo. So he just got that current year numbers which you are seeing is inclusive of this 146 crore which we have exceed explained earlier. If you exclude that number then both the numbers are at the same range.
Neeraj Kumar
That 345 crore is impact of deferred tax.
Narendra Mantri
No, no deferred taxes after this. I’m saying 146 crore. The reversal of JITF unamortized assets. That is inclusive of that 350 crore. Includes of that if you exclude 146 crore.
Vedant Sarda
Okay. Thank you.
operator
Thank you. Ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference Please limit your questions to two per participant. The next question is from the line of Deepak Lalwani from Unifi Capital. Please proceed.
Deepak Lalwani
Yes sir. Thank you for the opportunity. Sir. On the order inflow, your comment that you expect JJM to come back in. Q. Have you seen any green shoots in terms of what the bidding for the project or any tender for the water project that have already started. Have you seen that in April month and on the inflow side? Yeah, that was my question. Answer is yes, that’s why I’m telling you our confidence of it picking up in Q2 comes from that. Yes, things have begun to happen in terms of tenders, in terms of discussions and all of those we have seen in many states.
Okay, a relative question to that, sir, in this environment of weak demand, has there been any correction in terms of the DI pricing where there is a weak demand? See, that’s why we slowed down our order and what we are executing is order which has already been taken. You must understand di, once you bid that price more or less holds true for the next six to seven months. So these kind of temporary connections do not impact the DI prices of or margins in the long run there are few because today what we will be bidding we would be running with those prices for the next six to eight months.
But it will not impact my Q1 if there is a certain drop in the raw material price or there is a slowdown or anything. Understood. And sir, in the GIF we are confident of maintaining our EBITDA margin the around between 90 and 20% that EBITDA margin would be maintained on a full all product basis. Got it. Sir, in the order book that we mentioned that we have 13 lakh tons of order book in terms of pipe, how much would be the DI segment? Probably you got that wrong. I said we have a order book of $1.3 billion, not lakh tonnes.
So there’s a mention of 13 lakh tons in your PPT hence that question. Yeah, that 13 lakh is there but I did not mention it in my speech. So you are referring to the PPT then? Fine, I just wanted to make sure that how much would be for Bi CPT? Yes, how much would be Bi Pipes? That’s about nine months. Sorry, how much would be DI price.
Neeraj Kumar
Out of the 13 lakhs?
Neeraj Kumar
DI pipe would be around six and a quarter lakhs. Okay, got it. And this number sequentially, how is it that 6.25 lakh. This lumbar, how is it sequentially moved between Q3 and Q4? Sir, as I told you, the order book has come down. So it has come down from 6.8 to 6.3. Understood? Got it. So last question from my side, the debottlenecking capex that we’re taking in DI and the seamless some minor capacity addition that we’re doing in Nasic, how much should these two initiatives add to our volumes. In FY26, Nasic capacity would go to 4.5 lakh tonnes and we would add about a lakh ton.
In Harisamundram the total capacity in Nasik 4.5 and haresamundram old capacity plus 1 lakh ton. Got it. Sir, I was trying to gauge the utilization that you can achieve.
Neeraj Kumar
Mr. Deepak, hello.
Deepak Lalwani
Yeah, I just wanted to complete the question. Okay.
Deepak Lalwani
All right.
Deepak Lalwani
Yeah, can I go ahead?
operator
Hello. Sir, I would request you to return to the question queue for follow up questions. Hello. The next question is from the line of Radha from BNK securities. Please proceed.
Radha
Hello sir. Thank you for the opportunity. And I wanted to thank you specifically for the detailed opening remarks especially on jits. My first question was you mentioned in your opening remarks that current capacities are already running at full utilization. So from a base of FY25 on the pipes front, how much volume growth are you expecting in the next two to three years? Basically my question was regarding. I wanted to understand what is the roadmap to achieve 5000 crores of EBITDA from a current base of 3400 crores of EBITDA.
Radha
You have put a lot many questions including a speculative question which is the ebitda going to 5,000 from 3,000. Where did you get this 5,000 number from?
Neeraj Kumar
Yes, I. That for that only I wanted the roadmap. Currently we are doing 2,400 EBITDA. So I wanted to better visibility.
Neeraj Kumar
Madam, hold. 5 is not a number that company has ever put out in the public domain. The way you asked your question, it looked like somebody somewhere from. From the company side has put the 5 in public domain. So that is not so simple question. Five or four or three or six. At this point of time the company is in the range of 3300, 3400. As you said the roadmap for next two to three years is. Is seamless. Going from the present to 4.5 lakhs di adding 1 lakh ton on large dia we expect that maybe there is headroom because as you know in large IR pipes because of the changeover, the thickness etc.
There is a headroom. We can expect 10 to 15% growth. So these are the three that we are going to get in terms of volume growth over the next two to three years we will be getting cost reduction on account of CocoBurn, on account of PCI on account of other then we would get incremental margin on account of things like you know, heading premium connection, octg value added products Stainless steel and all of those. So next two to three years you will see the growth and improvement from three buckets a moving towards value. Add more coating, more stainless, higher grades, some volume because of these capacity and improvement in EBITDA because of the reduction in the cost, because of the initiatives that have already been taken.
That’s what the impact is going to be over the next three years. And that is for you to make your assessment of where that current 3300 or 3400 EBITDA reaches.
Radha
Yes, just wanted to clarify. 5000 crores was my estimate and was not stated by the company. And to achieve this number I basically wanted to understand whether over the next three years achieving 13 to 15% volume growth is possible considering the capacities that we have.
Neeraj Kumar
Yes. As I have given you all the guidelines and now I would leave it to your judgment. And still if you need some more inputs I would encourage you please write to the company. We will get back to you and we can have a longer discussion so that it gives you whatever more inputs that you need.
Radha
The second question, sir.
Radha
Hello. Sorry to interrupt. I would request.
Radha
The second response was actually to clarify that it was not a guidance by management. It was not a question. So is it okay if I go on with the second question?
operator
I would request you to return to the queue. Thank you. The next question is from the line of Surbhi Sarogi from Nexome Capital. Please proceed.
Surbhi Sarogi
Thank you for the opportunity. Sir, my question is regarding the fall in selling prices of DI pipes. When do you expect the prices to correct. Again? Madam, you have also asked another speculative question. Where have we ever said that our DI prices are falling, is stable and we don’t expect any fall in our DI price. And therefore the correction of whatever that you are talking about is not relevant to as far as Jindal Saw is concerned.
Neeraj Kumar
No sir, I was talking about the market prices, not regarding our order book.
Neeraj Kumar
Market price. What constitutes market price? The order book constitutes a market price. General Saw is not reducing any of its DI price. Full stop. We don’t expect the price to be reduced in the near future. We are getting orders at the prices. We are maintaining our nsr. We are maintaining our margins.
Surbhi Sarogi
Okay. Okay, sir. Understood. Thank you.
operator
Thank you. That was the last question for today. I would now like to hand the conference over to Mr. Vikash Singh for closing comments.
Vikash Singh
Thank you, operator. I would like to thank vendors of management for giving us the opportunity to host the concord. Now I will hand over to Mr. Nitesh Kumar for his closing remarks over to you, sir.
Neeraj Kumar
Thank you. All the investors probably, I expect. I thought that there were a few more questions that you may want to ask, but as I said, I encourage all of you that please write to us. We would encourage a one to one discussion or maybe even a group discussion so that all your questions get answered. Some of the detailed accounting ones where I don’t have the detail. We will answer you. And thank you all very much with that comment. Enjoy. See you next quarter. We continue to do well and we will continue to put in our efforts.
Thank you. Bye.
operator
On behalf of Philip Capital India Private Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.