Jindal SAW announced its Q2 FY26 results, revealing a weaker performance compared to the previous year and quarter, despite robust macro indicators in domestic and export markets. The company’s order book reached a high of 19.25 lakh tons in September 2025. The firm is managing challenges like tight liquidity and prolonged rain spells, expecting gradual operational and financial improvements from Q3 onwards.
Order Book and Export Contract
Jindal SAW’s order book has increased to 19.25 lakh tons as of September 2025, compared to 15.60 lakh tons in June 2025, marking the company’s highest order book in years.
The company secured a new export contract for approximately 6,22,000 metric tons of helical pipes for a water-related infrastructure project in Saudi Arabia. Manufacturing is scheduled to start in Q3, with margins aligned with other helical pipe export businesses.
Financial Performance
The company recorded a total income of Rs. 3,410 crores, compared to Rs. 3,327 crores in Q1 FY26 and Rs. 479 crores in Q2 FY25. EBITDA for Q2 FY26 is reported at Rs. 335 crores, compared to Rs. 560 crores in Q1 FY26 and Rs. 875 crores in Q2 FY25. The PAT for Q2 FY26 is reported at Rs. 79 crores, compared to Rs. 364 crores in Q1 FY26 and Rs. 477 crores in Q2 FY25.
On a consolidated basis, the company’s total income was Rs. 4,264 crores, compared to Rs. 4,103 crores in Q1 FY26 and Rs. 5,602 crores in Q2 FY25. The EBITDA for Q2 FY26 is reported as Rs. 482 crores, compared to Rs. 688 crores in Q1 FY26 and Rs. 944 crores in Q2 FY25. PAT for Q2 FY26 is reported as Rs. 138 crores, compared to Rs. 415 crores in Q1 FY26 and Rs. 475 crores in Q2 FY25.
Subsidiaries and Joint Ventures
The Abu Dhabi operation recorded sales of approximately Rs. 607 crores in Q2, compared to Rs. 525 crores in Q1 FY26. The order book stands at USD 235 million, equivalent to about 2,15,000 metric tons of ductile pipes.
The joint venture with Hunting, Jindal Hunting, contributed Rs. 9.4 crores in Q2, compared to Rs. 9.5 crores in the previous year.
Seamless Pipe Production
Jindal SAW has commenced trial operations at its new seamless piercing mill, projecting commercial production to begin sometime next month, in Q3. The expansion is projected to increase seamless production capacity by approximately 1,50,000 metric tons per annum.
GCC MENA Region Expansion
The board approved three new manufacturing projects in June 2025, including a seamless pipe plant in Abu Dhabi, a helical pipe facility, and a DI pipe finishing line in Saudi Arabia. These projects may be completed gradually in the next two to three years.
Source: BSE
