Q2 FY27 results approved; auditor's review conclusion unmodified, attention drawn to Note 1 on subsidiary arbitration
The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,471.79 | 4,233.60 | +5.6% | 4,452.31 | +0.4% |
| Total income | 4,523.06 | 4,264.04 | +6.1% | 4,475.98 | +1.1% |
| Profit before tax | 14.42 | 182.57 | −92.1% | 142.87 | −89.9% |
| Profit after tax | 35.28 | 138.56 | −74.5% | 90.79 | −61.1% |
| Total comprehensive income | 52.60 | 172.41 | −69.5% | 87.06 | −39.6% |
| Basic EPS | 0.74 | 2.38 | −68.9% | 1.63 | −54.6% |
- Profit after tax YoY change
- −74.5%
- Period
- Quarter ended 30.09.2026
Auditor's review
Conclusion: Unmodified
- Emphasis of matter: note 1 on appeal by subsidiary Jindal ITF Limited before Delhi High Court divisional bench, management's assessment of outcome, recovery of claims and impact on going concern of JITF.
Notes to the results
- Subsidiary JITF is in appeal against single-judge judgment setting aside Arbitral Award of ₹ 1,891.08 crores; split verdict referred to third judge; Company's investment in JITF ₹ 1,708.80 crores; no adjustment made.
- Current tax for the quarter and half year is net of tax adjustments of ₹ 26.67 crores for earlier-year claims adjudicated in the Company's favour.
What the Board approved
Jindal Saw Ltd's Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The meeting commenced at 2:30 p.m. and concluded at 3:50 p.m. The results were reviewed by the Audit Committee, and both the standalone and consolidated statements carry a Review Report from Price Waterhouse Chartered Accountants LLP, the statutory auditors.
The auditor's conclusion
- The review conclusion is unmodified: nothing came to the auditors' attention that causes them to believe the statements contain a material misstatement.
- A review is limited mainly to inquiries and analytical procedures, so it gives moderate assurance and is not an audit; no audit opinion is expressed.
- The review report draws attention to Note 1 of the statement, dealing with an appeal shared by Jindal ITF Limited, a subsidiary.
The subsidiary's arbitration matter
Jindal ITF Limited is in appeal before the divisional bench of the Delhi High Court against the judgment of a single judge setting aside an arbitral award of ₹ 1,891.08 crores plus interest and applicable taxes in its favour. The divisional bench delivered a split verdict, and the point of difference has been referred to a third judge of the High Court. Based on advice from a reputed independent legal counsel, management states the subsidiary will be in a position to meet all its liabilities and that surplus assets will be more than the investments made by shareholders, including the Company's investment in JITF of ₹ 1,708.80 crores. No adjustments were made in the standalone financial results as at and for the quarter and half year ended September 30, 2026.
Standalone figures (₹ in crores)
- Revenue from operations for the quarter: ₹ 3,823.80 crores
- Profit after tax for the quarter: ₹ 70.69 crores
- Total income for the half year: ₹ 7,637.02 crores
- Profit before tax for the half year: ₹ 188.94 crores
Debt detail
The Company had issued 8.25% non-convertible debentures (NCDs) on March 26, 2021 amounting to ₹ 500.00 crores; the coupon rate has been revised to 8.50% p.a. from September 19, 2022. These NCDs are secured by a first pari-passu charge on the Company's movable and immovable properties, excluding certain assets specifically charged to other lenders.
Business
The Company has one primary business segment, Iron & Steel products, on a standalone basis. The consolidated statement covers the holding company, its subsidiaries in India and overseas, and two joint ventures.
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
- Revenue from operations, standalone, quarter ended 30.09.2026₹ 3,823.80 crores
- Profit after tax, standalone, quarter ended 30.09.2026₹ 70.69 crores
- Total income, standalone, half year ended 30.09.2026₹ 7,637.02 crores
- Profit before tax, standalone, half year ended 30.09.2026₹ 188.94 crores
- Arbitral award in favour of subsidiary Jindal ITF Ltd₹ 1,891.08 crores
- Company's investment in Jindal ITF Ltd₹ 1,708.80 crores
- Non-convertible debentures issued on March 26, 2021₹ 500.00 crores
- Revised NCD coupon rate from September 19, 20228.50% p.a.
- Total income, latest quarter4,523.06 (₹ Crores)
- Total income, year-ago quarter4,264.04 (₹ Crores)
- Total income, previous quarter4,475.98 (₹ Crores)
- Total comprehensive income, latest quarter52.60 (₹ Crores)
- Total comprehensive income, year-ago quarter172.41 (₹ Crores)
- Total comprehensive income, previous quarter87.06 (₹ Crores)
- Profit after tax, latest quarter35.28 (₹ Crores)
- Profit after tax, year-ago quarter138.56 (₹ Crores)
- Profit after tax, previous quarter90.79 (₹ Crores)
- Revenue from operations, latest quarter4,471.79 (₹ Crores)
- Revenue from operations, year-ago quarter4,233.60 (₹ Crores)
- Revenue from operations, previous quarter4,452.31 (₹ Crores)
- Profit before tax, latest quarter14.42 (₹ Crores)
- Profit before tax, year-ago quarter182.57 (₹ Crores)
- Profit before tax, previous quarter142.87 (₹ Crores)
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.