Jindal Saw Reports Q1 FY27 Results; Notes Global Market Headwinds and Updates on International Projects
Jindal Saw Ltd. released its unaudited financial and operational highlights for the quarter ended June 30, 2026, providing insights into both domestic performance and ongoing international strategic developments amidst geopolitical tensions.Financial Performance Highlights (Standalone)
The company's standalone results showed specific trends across various quarters, detailed in millions of rupees (Rs.).| Particulars | Q1 FY27 Unaudited (Rs Million) | Q4 FY26 Unaudited (Rs Million) | Q1 FY26 Unaudited (Rs Million) | FY26 Audited (Rs Million) |
|---|---|---|---|---|
| Total Income (#) | 37,557 | 38,517 | 33,268 | 1,47,445 |
| EBITDA | 3,410 | 4,131 | 5,596 | 18,346 |
| Financial Costs (#) | 707 | 1,273 | 1,310 | 4,702 |
| Depreciation | 1,253 | 1,295 | 1,216 | 4,944 |
| Profit before Tax (PBT) | 1,450 | 1,563 | 3,070 | 8,700 |
| Provision for Tax* | 352 | 423 | (570) | 860 |
| Profit after Tax (PAT) | 1,098 | 1,140 | 3,640 | 7,840 |
Note: Total Income and Financial Costs are net of the impact of foreign exchange fluctuations.
Consolidated Quarterly Results
For the consolidated segment, Jindal Saw reported specific metrics for Q1 FY27. Key figures (in Rs Million) included:| Particulars | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 |
|---|---|---|---|---|
| Total Income (#) | 44,760 (Unaudited) | 46,569 (Unaudited) | 41,030 (Unaudited) | 1,79,869 (Audited) |
| EBITDA | 4,204 | 5,042 | 6,883 | 23,063 |
| Financial Costs | 1,084 | 1,627 | 1,711 | 6,195 |
| Depreciation | 1,637 | 1,667 | 1,533 | 6,304 |
| Profit before Tax (PBT) | 1,483 | 1,748 | 3,639 | 10,564 |
| PAT | 908 | 1,236 | 4,155 | 9,253 |
Operational and Market Position
The company's order book for Iron & Steel Pipes and Pellets stood at approximately US$ 1,171 million as of Q4 FY26. Of this total, Iron & Steel Pipes accounted for around $1,164 million, while Pellets constituted ~$7 million.Operational highlights across the relevant quarters show:
| Product | Q1 FY27 (MT) | Q4 FY26 (MT) | Q1 FY26 (MT) |
|---|---|---|---|
| Iron & Steel Pipes | 3,71,000 | 3,98,000 | 3,89,000 |
| Pellets | 2,90,000 | 3,56,000 | 3,21,000 |
The order book for Iron & Steel Pipes is approximately 1.8 million MT. Export orders account for about 30% of the total value and constituted roughly 0.75 million MT of volume in Q4 FY26. The company secured an export job-work order for 0.62 million MT (for the water sector) in Q2 FY26.
International Projects and Corporate Updates
Jindal Saw continues to focus on strategic international development and compliance, despite market challenges:Geopolitical and Operational Impact:
The company's export orders are heavily concentrated in the MENA region, and the conflict that commenced in February 2026 has created significant logistical constraints, resulting in a decline in export sales during Q1 FY27. The Force Majeure clause has been invoked concerning these operations.
UAE and KSA Expansion:
- Seamless Pipe Facility (Abu Dhabi): Jindal Saw's subsidiary, Jindal Seamless Pipe Manufacturing LLC, is establishing a seamless pipe manufacturing facility in the KEZAD Economic Zone of Abu Dhabi, with an annual capacity of 300,000 tons per annum (TPA). The company has injected equity capital and negotiations for long-lead items are advanced, with commercial production scheduled for FY 2028-29.
- Saw Pipe Facilities (KSA): Jindal Saw and Buhur Investment Company have launched a joint venture in Saudi Arabia to develop lines for HSAW and LSAW pipes, each with an installed capacity of 300,000 TPA. Commercial production is also scheduled for FY 2028-29.
- Ductile Iron (DI) Pipe Facility (KSA): A JV agreement has been signed to develop the DI pipe facility in KSA.
Subsidiary Operations:
The company's operations in Abu Dhabi were affected by the Middle East conflict, delivering approximately 34,000 MT of corrosion-resistant Ductile Iron (DI) pipes in Q1 FY27, down from around 48,000 MT in the previous quarter. The subsidiary order book stands at USD 188 million (~1,77,000 MT).
Jindal Huntning Energy Services Limited, a joint venture with Hunting Energy Services Pte Ltd, reported revenue of Rs. 50 million and a Profit/(Loss) after tax of Rs. (44) million for the quarter ended June 30, 2026, following the suspension of the API license for seamless pipes which was reinstated in June 2026.
Compliance and Legal:
In January 2026, the American Petroleum Institute (API) temporarily restricted Jindal Saw from using the API monogram on seamless pipes due to compliance issues; this status has since been reinstated in June 2026. Furthermore, Jindal ITF Ltd. is currently engaged in legal proceedings with the National Thermal Power Corporation (NTPC) concerning a service contract dispute, following an arbitration award set aside by the Delhi High Court on January 30, 2025.
Credit Rating:
CARE Ratings reaffirmed 'CARE A1+ (A One Plus)' for Short-term debt facilities and 'CARE AA (Outlook Stable)' for Long-term debt facilities in June 2026. Brickwork Ratings also reaffirmed 'BWR AA with Stable Outlook' for Non-Convertible Debentures of Rs 5,000 million in October 2025.
JINDALSAW Stock Price Movement
Jindal Saw Limited shares slipped by 3.20% to settle at ₹260 today, marking a decline of ₹8.60 from the previous close. The stock traded on a volume of 4.36 million shares during the market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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