Jindal Saw Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jindal Saw Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jindal Saw reported a decline in Q4 FY26 performance compared to Q3 FY26 on both standalone and consolidated basis, with management attributing this to weakness in the ductile iron pipe segment and the suspension of export shipments to the MENA region following a military conflict. The company also disclosed a suspension of the API monogram on its seamless pipes after non-conformances were identified in an audit, with resolution steps underway. Management described ongoing capital expenditure plans in India, Abu Dhabi and Saudi Arabia, alongside a reduction in net debt during the year.
Numbers mentioned
Total income: INR3,852 crores (Q4 FY26 standalone)
p. 3
“So first of all, performance in Q3 improved relative to the immediate previous quarter of FY '26.”
Vinay Kumar Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR413 crores (Q4 FY26 standalone)
p. 3
“EBITDA for Q4 FY '26 stood at INR413 crores, showcasing a decline over Q3 FY '26, which was INR527 crores, representing a decline of INR22 crores.”
Vinay Kumar Gupta, page 3 of the filed PDF · View the filing
PAT: INR114 crores (Q4 FY26 standalone)
p. 3
“PAT for Q4 is reported at INR114 crores, showing a decline over Q3 FY '26, which was INR227 crores, represents a decline of 50%.”
Vinay Kumar Gupta, page 3 of the filed PDF · View the filing
Total income: INR4,657 crores (Q4 FY26 consolidated)
p. 3
“On consolidated basis, for the quarter 4, the total income”
Vinay Kumar Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR504 crores (Q4 FY26 consolidated)
p. 4
“EBITDA for -- stood at INR504 crores, showcasing a decline over Q3 which was INR632 crores was a decline of 20%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
PAT: INR124 crores (Q4 FY26 consolidated)
p. 4
“PAT for Q4 FY '26 is reported INR124 crores, showing a decline over Q3 '26, which are INR248 crores, representing a decline of 50%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Total income: INR14,745 crores (FY26 standalone)
p. 4
“On a stand-alone basis, the company registered total income of approximately INR14,745 crores, representing a decline of approximately 19% as compared to FY '25 where the total income was INR18,178 crores.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR1,835 crores (FY26 standalone)
p. 4
“EBITDA for FY '26 is INR1,835 crores as compared to INR3,456 crores for the previous year, representing a decline of 47%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
PAT: INR784 crores (FY26 standalone)
p. 4
“PAT for FY '26 is reported at INR784 crores against INR1,874 crores, decline -- representing a decline of 58%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Total income: INR17,987 crores (FY26 consolidated)
p. 4
“On consolidated basis, the total -- company registered a total income of approximately INR17,987 crores as compared to INR20,948 crores, representing approximately 14% decline.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR2,306 crores (FY26 consolidated)
p. 4
“EBITDA for '26 is INR2,306 crores as compared to INR3,548 crores of the previous year, showing a decline of 35%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
PAT: INR925 crores (FY26 consolidated)
p. 4
“PAT for FY '26 reported INR925 crores against INR1,458 crores representing a decline of 37%.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Standalone net debt: INR2,453 crores (as on 31st March 2026)
p. 4
“In terms of our indebtedness, as on 31st March 2026, company stand-alone net debt reduced to INR2,453 crores as compared to INR3,154 crores on the previous year.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Consolidated net institutional debt: INR2,528 crores (as on 31st March 2026)
p. 4
“Net institutional debt on a consol basis has reduced to INR2,528 crores as compared to INR3,346 crores, which was on 31st December '25.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Foreign exchange cost: INR48 crores (Q4 FY26)
p. 4
“Company also reported a INR48 crores foreign exchange cost during this quarter following the revaluation of U.S. dollar-denominated exposures.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Abu Dhabi subsidiary order book: $180 million / 171,000 metric tons (as of March 31, 2026)
p. 6
“as of March 31, 2026, the subsidiary holds an order book of approximately $180 million, which is close to 171,000 metric tons, giving a visibility of approximately 9 months of operations.”
Vinay Kumar Gupta, page 6 of the filed PDF · View the filing
Jindal Hunting JV revenue and PAT: INR149 crores revenue, INR43.2 crores PAT (FY26)
p. 6
“we generated a revenue of approximately INR149 crores with INR43.2 crores of PAT.”
Vinay Kumar Gupta, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — INR500 crores to INR600 crores · this year
stated firmly by Vinay Kumar Gupta
p. 10
“Yes. For this year, we expect INR500 crores to INR600 crores.”
Vinay Kumar Gupta, page 10 of the filed PDF · View the filing
Capex — INR400 crores, INR500 crores · next year
stated as an aspiration by Vinay Kumar Gupta
p. 10
“Maybe you can consider INR500 crores to INR600 crores this year, INR400 crores, INR500 crores next year, something like this.”
Vinay Kumar Gupta, page 10 of the filed PDF · View the filing
Debt to EBITDA — 2 to 2.5x
stated conditionally by Vinay Kumar Gupta
p. 14
“then we would still be in the range of, let's say, 2, 2.5 debt to EBITDA, all including working capital, everything.”
Vinay Kumar Gupta, page 14 of the filed PDF · View the filing
Seamless segment margins
stated as an aspiration by Rajeev Goyal
p. 17
“there will be improvement in margins in seamless segment because we envisage that demand should remain robust and that will actually result into the little bit better margins.”
Rajeev Goyal, page 17 of the filed PDF · View the filing
Stainless steel margin capture — second half
stated as an aspiration by Rajeev Goyal
p. 11
“So impact of that will come, I think in this year, the second half.”
Rajeev Goyal, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said this was assessed on the Q3 call as well but noted continued unpredictability makes it uncertain.
Answered by Vinay Kumar Gupta
Asked by Dhananjai Bagrodia: Are margins now bottomed out and set to improve going forward?
p. 9
“So as we mentioned in the very last line in the presentation that these are very unpredictable, unprecedented times.”
Vinay Kumar Gupta, page 9 of the filed PDF · View the filing
Management clarified there was no loss, only a deferment of shipments once conditions improve.
Answered by Rajeev Goyal
Asked by Digant Haria: How much sales/revenue were lost due to the Middle East conflict affecting shipments?
p. 11
“Basically, there is no loss per se, it is a deferment because shipments are going to go once the situation is improved in this region.”
Rajeev Goyal, page 11 of the filed PDF · View the filing
Management said ductile iron pipe has some oversupply, but other segments like longitudinal, helical, and seamless are well placed.
Answered by Rajeev Goyal
Asked by Digant Haria: Is there overcapacity across product segments given uncertain demand recovery?
p. 10
“what we feel that in ductile iron pipes, there may be some oversupply in terms of capacities.”
Rajeev Goyal, page 10 of the filed PDF · View the filing
Management said facilities are booked for several quarters and the industry overall is reasonably booked for export and domestic orders.
Answered by Vinay Kumar Gupta
Asked by Sailesh Raja: What is the near-term order booking strategy given lower expected order intake from MENA?
p. 12
“We actually -- we are fully booked for a couple of quarters.”
Vinay Kumar Gupta, page 12 of the filed PDF · View the filing
Management said it might take a month or two before execution starts at a reasonable pace, possibly post-monsoon.
Answered by Vinay Kumar Gupta
Asked by Vanshika Jain: How is the execution pace for DI pipes and the impact of Jal Jeevan Mission 2.0?
p. 17
“We still feel that it might still take a month or 2 before the execution starts in a reasonable pace.”
Vinay Kumar Gupta, page 17 of the filed PDF · View the filing
Management estimated domestic seamless demand at around 1.5 million tons with multiple players.
Answered by Rajeev Goyal
Asked by Falguni Dutta: What is the current demand for the seamless pipe industry domestically?
p. 17
“So, demand in seamless segment domestically, it is more or less 1.5 million approximately and there are multiple players.”
Rajeev Goyal, page 17 of the filed PDF · View the filing
Risks flagged
Weakness in the ductile iron pipe segment amid water infrastructure sector challenges
p. 4
“Q4 and FY '26 saw a decline in overall sales, primarily driven by weakness in the ductile iron pipe segment amid ongoing water infrastructure sector challenges.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Suspension of export shipments to MENA due to force majeure from military conflict
p. 4
“Despite a robust export order book, including 6 lakh metric tons of job contract from Saudi Arabia, all export shipments have been suspended since March '26.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Foreign exchange exposure from rupee depreciation
p. 4
“This was driven by the rupee's sharp decline over the quarter. It fell from INR88.88 per dollar to INR94.84 per dollar.”
Vinay Kumar Gupta, page 4 of the filed PDF · View the filing
Suspension of API monogram usage on seamless pipes following audit non-conformances
p. 5
“A suspension letter was issued prohibiting the use of the API monogram on our seamless pipes.”
Vinay Kumar Gupta, page 5 of the filed PDF · View the filing
Logistics disruption including non-availability of vessels due to MENA conflict
p. 5
“we are experiencing severe logistic disruption, including nonavailability of vessels.”
Vinay Kumar Gupta, page 5 of the filed PDF · View the filing
Overcapacity in ductile iron pipe segment
p. 10
“the ductile iron pipe is something which we feel that overcapacity position is there.”
Rajeev Goyal, page 10 of the filed PDF · View the filing
Inflationary cost pressures from rising fuel and raw material prices not guaranteed to be passed on
p. 15
“Of course, we would try our level best to pass on some of the cost, but there is no guarantee that this cost would eventually be passed on to the buyer.”
Vinay Kumar Gupta, page 15 of the filed PDF · View the filing
Ongoing litigation with NTPC in Delhi High Court
p. 6
“In case of our ongoing litigation with NTPC, the matter is moving.”
Vinay Kumar Gupta, page 6 of the filed PDF · View the filing
Unpredictable business environment going forward
p. 7
“We are projecting the business for future is very unpredictable.”
Vinay Kumar Gupta, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.