JINDAL SAW Q2 FY26 Earnings Results

Jindal Saw Ltd, one of India’s leading pipe manufacturers, operates across a wide range of product categories including LSAW pipes, HSAW pipes, ductile iron (DI) pipes, seamless pipes, and pellets. The company supplies critical infrastructure materials to the oil, gas, water, and industrial sectors across global markets.

Q2 FY26 Earnings Summary

Consolidated revenue stood at ₹4,234 crore, down 24.01% year on year from ₹5,572 crore.
Total expenses declined 17.64% to ₹4,091 crore from ₹4,967 crore year on year.
Consolidated Net Profit fell sharply by 70.74% to ₹139 crore from ₹475 crore in the same quarter last year.
Earnings Per Share (EPS) dropped 69.53% to ₹2.38 from ₹7.81 year on year.
EBITDA declined over 50% to ₹450 crore, with margins compressing to 10.7% from 16.4% in Q2 FY25.

Operational and Business Highlights

The quarter reflected weaker market sentiment across the steel and pipe manufacturing value chain, with subdued demand in both domestic and export markets. Lower realizations, rising competition, and unfavorable commodity trends weighed on revenue performance.
Despite the challenging environment, Jindal Saw maintained its leadership in large-diameter SAW pipes and continued strengthening its presence in overseas markets. The company’s order book reached an all-time high of approximately USD 1.45 billion, supported by healthy demand in water and energy infrastructure sectors.
Jindal Saw also commenced a trial run of its new piercing mill at the seamless pipes facility, expected to improve high-margin product mix starting next fiscal year.

Financial Position and Outlook

While profitability declined sharply, the company remains financially stable with a moderate debt-to-equity ratio of 0.56 and continued focus on deleveraging. Operational efficiency efforts, improved cost management, and completion of upcoming projects are expected to support recovery in profitability.
Management remains optimistic about medium-term demand recovery through infrastructure investments and government-led pipeline expansion programs.
Although near-term earnings are likely to remain under pressure due to raw material volatility and subdued margins, Jindal Saw’s strong order pipeline and diversification across product segments position it well for a rebound in FY26 and beyond.

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