Jindal Saw Ltd. reported improved Q3 FY26 performance driven by higher volumes and productivity, despite challenges in the DI pipe sector. The company secured a significant export contract for 622,000 metric tons of HSAW pipes for Saudi Arabia and is expanding its global footprint with new facilities in the MENA region. Management anticipates continued growth, driven by government initiatives and strategic investments in operational efficiencies.
Financial Performance
Jindal Saw Ltd. reported a total income of INR 4,157 crores on a standalone basis for Q3 FY26, a sequential increase from Q2 FY26. EBITDA for Q3 FY26 stood at INR 527 crores, a notable recovery from Q2 FY26. The company’s net debt narrowed to INR 3,154 crores as of December 31, 2025.
Operational Highlights
The Pipes business order book reached 19.64 lakh metric tons in December 2025. Production commenced for a new seamless plant piercing mill. The company secured an export contract to provide approximately 622,000 metric tons of HSAW pipes for Saudi Arabia. The Abu Dhabi ductile pipe production plant maintained steady operations, delivering approximately 52,000 metric tons.
Strategic Initiatives
Jindal Saw is expanding its Middle East footprint with a new seamless facility in Abu Dhabi and a joint venture for a saw pipe plant in Saudi Arabia. The company is intensifying export efforts and optimizing its Indian product portfolio. It aims to enhance operational efficiencies and modernize assets across its Indian operations.
Challenges and Outlook
The ductile iron pipe business faces challenges due to protracted payment timelines in the Indian water sector. Overdue receivables from EPC customers under the Jal Jeevan Mission are approximately INR 350 crores. The company anticipates continued support for the Jal Jeevan Mission in the upcoming union budget. Business has gained momentum in Q3 FY26 and is poised for continued growth.
Subsidiaries and Joint Ventures
The Abu Dhabi entity holds a robust order book valued at approximately $235 million. Jindal Hunting, a joint venture with Hunting Energy Services, generated INR 137.9 crores revenue in the 9 months ended FY25.
Source: BSE
