Jindal Saw Ltd

Jindal Saw Limited reported Q2 FY27 results with revenue of INR3,881 crores, up 3% sequentially and 14% year-on-year, but EBITDA declined to INR265 crores, down from INR341 crores in Q1 FY27 and INR335 crores in Q2 FY26. Standalone H1 FY27 revenue rose 13% to INR7,637 crores, but EBITDA fell to INR606 crores from INR894 crores in H1 FY26. Consolidated Q2 FY27 revenue increased 0.8% sequentially to INR4,523 crores, but EBITDA dropped to INR312 crores from INR420 crores in Q1 FY27. Management attributed weaker profitability to geopolitical tensions in West Asia, increased logistics costs, higher raw material prices, and lower capacity utilization in ductile and seamless pipe businesses. The company highlighted an order book of INR17,000 crores, including USD625 million in letters of intent, with production expected to start in February-March 2027. Projects in the MENA region, including a 300,000-ton seamless pipe plant in Abu Dhabi and a joint venture in Saudi Arabia, are progressing despite regional challenges. The company noted improved liquidity and reduced debt, with net standalone debt at INR2,245 crores as of September 30, 2026. Management guided toward improved margins in H2 FY27 due to new orders in oil and gas sectors and export markets.

The document highlights both revenue growth and significant profitability challenges, with management acknowledging headwinds but expressing cautious optimism about future improvements.