Jindal Saw500378Quarterly results
Q2 FY27 highlights: standalone PAT Rs. 707 million, order book ~US$ 1,135 million, CARE A1+ reaffirmed
Q2 FY27 highlights: standalone total income Rs. 38,814 million, PAT Rs. 707 million, EBITDA margin 6.8%.
By ScoutQuest · · 3 min read
- Standalone Total Income (Q2 FY27)
- Rs. 38,814 million
- Standalone PAT (Q2 FY27)
- Rs. 707 million
- Order Book (Pipes & Pellets)
- ~US$ 1,135 million (plus LOIs ~US$ 575 million)
What was approved
The Board of Directors approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September, 2026, together with financial and operational highlights for investors and other stakeholders.
Standalone results (Rs in Million)
- Total income for Q2 FY27: 38,814 (Q1 FY27: 37,557; Q2 FY26: 34,091)
- EBITDA: 2,654 (Q1 FY27: 3,410; Q2 FY26: 3,349)
- EBITDA to total income: 6.8% (Q1 FY27: 9.1%; Q2 FY26: 9.8%)
- Profit before tax: 440; Profit after tax: 707
- PAT to total income: 1.8%
- H1 FY27: total income 76,371, EBITDA 6,064, PAT 1,805
- Term debt (institutional): 5,220; working capital debt (institutional, net of cash/cash equivalents): 17,226
Consolidated results (Rs in Million)
- Total income for Q2 FY27: 45,231 (Q1 FY27: 44,760; Q2 FY26: 42,640)
- EBITDA: 3,123 (Q2 FY26: 4,816); EBITDA to total income 6.9%
- Profit before tax: 178; Profit after tax: 353
- Share of loss of JVs: (34); PBT after share of JVs: 144
- H1 FY27: total income 89,991, EBITDA 7,327, PAT 1,261
- Current tax expense for the quarter and half year is net of tax adjustments of ₹ 266.7 Million towards additional claims pertaining to earlier years adjudicated in favour of the Company by the Appellate Authority.
Order book position (standalone)
- Current order book for pipes and pellets: ~ US$ 1,135 Million — Iron & Steel Pipes ~ $ 1,122 million, Pellets ~ $ 13 million
- Letter of intents of ~USD$ 575 Million (~5 Lacs MT) are not included in the above order book
- Pipe order book quantity: ~1.8 million MT; export orders ~0.74 million MT (~41% of total quantity of pipe order book, ~28% of total order book in value terms)
- Execution of balance order book is projected to span the next 9–12 months
- UAE entity has a separate order book of ~USD 195 million (~ 1,77,000 MT)
Production and sales (standalone, ~MT)
- Q2 FY27 production: Iron & Steel Pipes 3,30,000; Pellets 3,13,000
- Q2 FY27 sales: Iron & Steel Pipes 3,70,000; Pellets 3,21,000
- 6M FY27 sales: Iron & Steel Pipes 7,32,000; Pellets 6,03,000
Points the company flagged
- Effective March 26, regional instability forced a halt on all exports to the MENA market, continuing through Q2 FY27, which impacted capacity utilisation and revenue recognition
- The Indian water pipe business continued to face headwinds in Q2 FY27 from persistent domestic oversupply and cash flow constraints arising from delays in JJM-related payments
- Capex investments are being made to address operational bottlenecks to unlock gradual, long-term efficiency and productivity gains
Credit rating
- CARE Ratings reaffirmed CARE A1+ (A One Plus) for short-term debt facilities including commercial paper and CARE AA (Outlook "Stable") for long-term debt facilities
- Brickwork Ratings reaffirmed BWR AA with Stable Outlook for Non-Convertible Debentures of Rs 5,000 million, subscribed by LIC in March 2021
UAE operations
- Ductile iron pipe volumes declined to ~29,000 MT in Q2 FY27 from ~34,000 MT in Q1
- Abu Dhabi standalone order book expanded to USD 195 million (~177,000 MT) from USD 188 million (~177,000 MT) in the prior quarter
- The company anticipates a performance recovery in H2-FY2027, driven by new business opportunities currently under exploration
NTPC case
- Jindal ITF Ltd., a subsidiary, is in a legal dispute with the National Thermal Power Corporation over service contracts; an arbitration award of ₹1,891 crores (plus interest and taxes) was granted on January 27, 2019, and later overturned by a single-judge bench of the Delhi High Court on January 30, 2025
- A Division Bench delivered a 1:1 split verdict on September 2, 2026; the matter has been referred to the Chief Justice and assigned to a third judge, with the next hearing scheduled for January 22, 2027
Joint venture
- The joint venture with Hunting Energy Services Pte Ltd (Singapore), in which the Company maintains a 51% controlling stake, generated ₹97 million in revenue against ₹ 50 Million in the previous quarter, with a ₹15 million loss against ₹ 44 Million in the previous quarter
- Earnings were severely impacted by the suspension of the API licence for seamless pipes, which has been reinstated in June 2026
Also from Jindal Saw
Q2 FY27 call: revenue rises but profit falls on shipping delays, coal and logistics costs
22 Oct 2026
Jindal Saw officials to meet Equirius Securities on October 27, 2026 in New Delhi
22 Oct 2026
Jindal Saw stock down over 6%, extending yesterday's sharp decline
22 Oct 2026
More numbers
- Standalone total income, Q2 FY2738,814 (Rs in Million)
- Standalone profit after tax, Q2 FY27707 (Rs in Million)
- Standalone EBITDA to total income, Q2 FY276.8%
- Consolidated total income, Q2 FY2745,231 (Rs in Million)
- Consolidated profit after tax, Q2 FY27353 (Rs in Million)
- Order book for pipes and pellets~ US$ 1,135 Million
- Non-Convertible Debentures rated by BrickworkRs 5,000 million
- Arbitration award in JITF vs NTPC case₹1,891 crores
Source: BSE · 16 Oct 2026
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