Jindal Saw Q1 FY27 Results: PAT Declines 75% to ₹109.8 Crore
Jindal Saw reported Q1 FY27 standalone PAT of ₹109.8 crore, a 75% decrease year-on-year. Consolidated PAT fell to ₹90.8 crore. The order book remains strong at US$1,171 million, though Middle East conflict impacts exports. API license reinstated and new projects are progressing.
The substantial drop in profits and the impact of geopolitical events on operations and export sales are material factors that will likely influence investor sentiment and the company's stock performance.
The company reported a significant year-on-year decline in both standalone and consolidated profits (PAT) for Q1 FY27, indicating a negative financial performance trend.
Jindal Saw Limited announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27).
The company reported a standalone Profit After Tax (PAT) of ₹109.8 crore (1098 million), a significant decrease of approximately 75% compared to ₹364 crore (3,640 million) in the same quarter last fiscal (Q1 FY26). Standalone Total Income also saw a dip to ₹3,755.7 crore (37,557 million) from ₹3,326.8 crore (33,268 million) in Q1 FY26. EBITDA for the standalone entity stood at ₹341 crore (3,410 million) in Q1 FY27, down from ₹559.6 crore (5,596 million) in Q1 FY26.
On a consolidated basis, PAT for Q1 FY27 was ₹90.8 crore (908 million), a substantial drop from ₹415.5 crore (4,155 million) in Q1 FY26. Consolidated Total Income was ₹4,476 crore (44,760 million) in Q1 FY27, compared to ₹4,103 crore (41,030 million) in Q1 FY26. Consolidated EBITDA was ₹420.4 crore (4,204 million) in Q1 FY27, down from ₹688.3 crore (6,883 million) in the prior year's quarter.
The company's order book for Pipes and Pellets stands at approximately US$1,171 million. The standalone order book for Iron & Steel Pipes is approximately 1.8 million MT, with export orders constituting about 41% by volume and 30% by value. However, execution of export orders to the Middle East is on hold due to the ongoing conflict, impacting operations. The company's UAE operations also faced challenges due to the Middle East conflict, with deliveries of DI pipes at approximately 34,000 MT in Q1 FY27, down from 48,000 MT in the previous quarter. The subsidiary order book in UAE is USD 188 million.
Key corporate updates include the reaffirmation of credit ratings by CARE Ratings in June 2026 for short-term and long-term debt facilities. In October 2025, Brickwork Ratings reaffirmed its rating for Non-Convertible Debentures. A legal dispute between subsidiary Jindal ITF Ltd. and NTPC is ongoing, with the Delhi High Court having reserved its order on an appeal. The API license for seamless pipes, temporarily restricted in January 2026, was reinstated in June 2026.
New projects for seamless pipe manufacturing facilities in Abu Dhabi (UAE) and Saudi Arabia (KSA), and a Ductile Iron (DI) Pipe Facility in KSA are under development, with commercial production scheduled for FY 2028-29. These projects are not affected by the Middle East conflict.
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