Jindal Saw Limited — Investor Meet, 23-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Jindal Saw's Q3 FY26 saw consolidated total income of ₹4,963 Cr, EBITDA ₹632 Cr, and PAT ₹248 Cr, improving sequentially but lower year-on-year. Net debt reduced to ₹3,346 Cr. Management believes Q2 marked the cycle's bottom, with Q3 showing momentum from higher volumes. The pipe order book is strong at 19.64 lakh tons.

Challenges in the DI pipe segment due to delayed Jal Jeevan Mission payments (₹350 Cr overdue) are driving a strategic push for exports. New seamless and DI pipe plants in the GCC region are planned for commissioning by Feb 2028. Management expects Q4 to improve, focusing on efficiency and market diversification with a confident long-term view.