Jindal Saw Ltd
Jindal Saw Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Current order book for pipes stands at 1.925 million tons, the highest in many years, indicating strong future sales potential. Jindal SAW has a strong and historically high order book (~19.25 lakh tons), providing good revenue visibility for the next few quarters.
From Jindal Saw Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Current order book for pipes stands at 1.925 million tons, the highest in many years, indicating strong future sales potential.
- The seamless pipe plant capacity is expanding by 1.5 lakh tons, with commercial production expected to start in Q4 FY26, potentially increasing seamless pipe sales from 2 lakh to 3.5 lakh tons annually.
- The company expects to produce and sell over 7 lakh tons of ductile pipes in India across three blast furnaces, showing capacity to handle high volumes if payment issues resolve.
- New export contracts like the 6.22 lakh tons helical pipe order for Saudi Arabia will contribute significantly starting Q3 FY26.
- Growth CAPEX outside India (Saudi and UAE) projects with $400-$425 million investment will come online by 2028-29, supporting volume growth in MENA region.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Jindal Saw Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- FY26 standalone CAPEX for Jindal SAW India is estimated at Rs.600 to Rs.700 crores, primarily for maintenance, modernization, capacity improvement, and bottleneck removal across 12 facilities.
- Subsidiary CAPEX in Saudi Arabia and UAE is additional, expected to be $20-30 million in the current year with plans for further investments over the next two years.
- No significant growth CAPEX planned in India beyond the ongoing seamless pipe facility expansion (additional piercing mill trial).
- Three major announced growth projects in GCC/MENA: a seamless pipe plant in Abu Dhabi, a helical pipe facility, and a ductile iron pipe finishing line in Saudi Arabia.
2 more points management made on capital expenditure plans
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Jindal Saw Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Total order book as of September 2025: approximately 1.925 million tons (19.25 lakh tons), highest in many years for Jindal SAW.
- Export order book: around 800,000 tons, including 622,000 tons of helical pipes for a water infrastructure project in Saudi Arabia (job work).
- Domestic DI pipes order book: approximately 750,000 tons with a one-year backlog and full booking of Indian DI facilities.
- Order book across five sectors includes exports (~30-32%) and domestic sales.
- Longitudinal pipes for export: about 115,000 tons (oil & gas sector).
- Execution depends on timely payments from EPC contractors; liquidity issues are causing delays.
2 more points management made on order book & pipeline
Jindal Saw Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.6K Cr, net profit ₹124 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Jindal Saw Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY23 earnings call →
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Frequently Asked Questions
What were Jindal Saw Ltd Q2 FY26 results?
Current order book for pipes stands at 1.925 million tons, the highest in many years, indicating strong future sales potential. Jindal SAW has a strong and historically high order book (~19.25 lakh tons), providing good revenue visibility for the next few quarters.
What is Jindal Saw Ltd share price analysis?
Jindal Saw Ltd currently shows a neutral. The stock trades at a P/E of 26.0 with a market cap of ₹16,985 Cr. Investors should review the full earnings analysis for detailed insights.
Is Jindal Saw Ltd planning capital expenditure?
FY26 standalone CAPEX for Jindal SAW India is estimated at Rs.600 to Rs.700 crores, primarily for maintenance, modernization, capacity improvement, and bottleneck removal across 12 facilities.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.