Conference Call with Jindal Saw Management and Analysts on Q1FY27 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Jindal Saw announced Q1FY27 results Consolidated Financial Highlights: For Q1FY27, the company reported a Total Income of Rs 44,760 million, representing a YoY growth of 9.09% from Rs 41,030 million in Q1FY26 and a QoQ decline of 3.88% from Rs 46,569 million in Q4FY26. The EBITDA for Q1FY27 stood at Rs 4,204 million, showing a YoY decrease of 38.92% compared to Rs 6,883 million in Q1FY26 and a QoQ decrease of 16.62% from Rs 5,042 million in Q4FY26. The Profit Before Tax (PBT) for Q1FY27 was Rs 1,483 million, reflecting a YoY decline of 59.25% from Rs 3,639 million in Q1FY26 and a QoQ decline of 15.16% from Rs 1,748 million in Q4FY26. Profit After Tax (PAT) for Q1FY27 was recorded at Rs 908 million, which is a YoY decrease of 78.15% from Rs 4,155 million in Q1FY26 and a QoQ decrease of 26.54% from Rs 1,236 million in Q4FY26. Consolidated EBITDA margin for Q1FY27 stood at 9.4% as compared to 16.8% in Q1FY26 and 10.8% in Q4FY26. Financial costs for the quarter Q1FY27 were Rs 1,084 million compared to Rs 1,711 million in Q1FY26 and Rs 1,627 million in Q4FY26. Term Debt-Institutional stood at Rs 5,361 million in Q1FY27 compared to Rs 7,724 million in Q1FY26. Working Capital Debt-Institutional was reported at Rs 19,365 million for Q1FY27, compared to Rs 27,112 million in Q1FY26. Standalone Financial Highlights: The Total Income for Q1FY27 was Rs 37,557 million, an increase of 12.89% YoY from Rs 33,268 million in Q1FY26 and a decrease of 2.49% QoQ from Rs 38,517 million in Q4FY26. EBITDA for Q1FY27 was Rs 3,410 million, a YoY decline of 39.06% from Rs 5,596 million in Q1FY26 and a QoQ decline of 17.45% from Rs 4,131 million in Q4FY26. Profit Before Tax (PBT) for Q1FY27 stood at Rs 1,450 million, reflecting a YoY decrease of 52.77% from Rs 3,070 million in Q1FY26 and a QoQ decrease of 7.23% from Rs 1,563 million in Q4FY26. Profit After Tax (PAT) for Q1FY27 was Rs 1,098 million, a YoY decline of 69.84% from Rs 3,640 million in Q1FY26 and a QoQ decline of 3.68% from Rs 1,140 million in Q4FY26. The EBITDA margin for the standalone business was 9.1% in Q1FY27 compared to 16.8% in Q1FY26. The Term Debt-Institutional stood at Rs 5,257 million as of June 30, 2026, compared to Rs 5,778 million as of June 30, 2025. Business Highlights: Order Book Status: The current standalone order book for Pipes and Pellets is approximately USD 1,171 million. Iron & Steel Pipes account for approximately USD 1,164 million, while Pellets account for approximately USD 7 million. Export Performance: Export orders constitute approximately 30% of the total order book in terms of value. However, Q1FY27 export operations remained impacted by persistent geopolitical instability in the MENA region, leading to logistical constraints and a decline in export sales. Iron & Steel Pipes Segment: Production in Q1FY27 was 3,71,000 MT compared to 3,89,000 MT in Q1FY26. Sales in Q1FY27 were 3,62,000 MT compared to 3,26,000 MT in Q1FY26. The water pipe business in India, primarily Ductile, continued to face challenges in FY26 and Q1FY27 despite a backlog of order book for over a year. Pellets Segment: Production in Q1FY27 was 2,90,000 MT compared to 3,21,000 MT in Q1FY26. Sales in Q1FY27 were 2,82,000 MT compared to 2,22,000 MT in Q1FY26. API License Update: The American Petroleum Institute (API) license for seamless pipes at Nashik, which was restricted in January 2026, was reinstated in June 2026. UAE Operations (Jindal Saw Gulf LLC): Operations were impacted by the Middle East conflict, delivering approximately 34,000 MT of Ductile Iron pipes in Q1FY27 compared to 48,000 MT in the previous quarter. The subsidiary's order book stands at USD 188 million (~1,77,000 MT). Joint Venture Performance: Jindal Hunting Energy Services Limited reported revenue of Rs 50 million and a loss after tax of Rs (44) million for Q1FY27. New Projects: Abu Dhabi (UAE): A seamless pipe manufacturing facility with a capacity of 3,00,000 TPA is under development; commercial production is scheduled for FY2028-29. Saudi Arabia (KSA): A joint venture (51% subsidiary) is developing HSAW and LSAW pipe production lines with 3,00,000 TPA capacity each; commercial production is scheduled for FY2028-29. Legal Update: In the Jindal ITF Ltd. vs. NTPC case, the Delhi High Court had set aside an arbitration award of Rs 1,891 crore in January 2025; arguments for the appeal in the Division Bench are completed and the order is reserved. Result PDF