Jindal Saw Limited — Investor Meet, 29-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Jindal SAW reported a challenging Q2 FY26. Standalone revenue was Rs.3,410 Cr, EBITDA Rs.335 Cr, and PAT Rs.79 Cr, reflecting a significant decline. Consolidated results also softened, though UAE operations improved. Net debt increased across both standalone and consolidated entities.

Management attributed the Q2 performance to tight liquidity, extended payment cycles from water infrastructure EPCs, and prolonged rain spells. They anticipate a short-term situation, with gradual operational and financial improvement expected from Q3 onwards, supported by robust working capital lines.

The company achieved a record order book of 19.25 lakh tons by September '25, especially strong in the water sector. This includes a new 6.22 lakh-ton helical pipe export contract for KSA (job work with favorable margins). A new seamless piercing mill has commenced trials, projected to increase capacity by 1.5 lakh tons/year from Q4 FY26. India's DI facilities are booked for a year, and Abu Dhabi operations also show strong order visibility.

Strategic GCC MENA expansion projects (seamless in Abu Dhabi, helical pipe and DI finishing in Saudi) are progressing, signaling future growth. While management is cautious on the immediate outlook due to funding delays, the strong underlying order book and strategic expansions position the company for a gradual recovery.