India · Delayed Price · Currency is INR Jindal Saw Earnings Call Transcripts
Fiscal Year 2026
-
Q4 FY 2026 saw sequential and YoY declines due to MENA export disruptions and weak water infrastructure demand, but net debt was reduced and strategic expansions in Abu Dhabi and Saudi Arabia are progressing. Margin recovery and demand revival are expected as government projects accelerate.
-
Sequential improvement in Q3 FY 2026 was driven by higher volumes and productivity, though results lagged the prior year. A robust order backlog, export focus, and new capacity expansions support a positive outlook, with margin and volume growth expected as market conditions improve.
-
Q2 FY2026 saw weaker results due to liquidity issues and delayed payments, despite a record order book and strong export demand. Management expects gradual improvement from Q3, with new capacity and projects in the Middle East supporting future growth.
-
Q1 FY26 saw softer results due to production disruptions and funding delays in the water sector, but EBITDA margin remained strong at over 16%. The company holds a robust $1.5B+ order book, with improved performance in U.A.E. and ongoing expansion in MENA.
Fiscal Year 2025
-
Annual and Q4 results were stable year-over-year, with performance plateauing due to delayed government funding for water projects. Legal and accounting adjustments related to the NTPC-JITF case had no cash impact, and future growth is expected from Q2 FY2026 as project funding resumes.
-
Q3 FY25 saw flat revenue but improved profitability, with EBITDA margin at 19.5% and strong growth in PBT and PAT. CapEx projects are nearing completion, expected to boost efficiency and top line, while export orders and DI segment demand remain robust.
-
Q2 FY25 saw stable revenue and EBITDA growth, with margins sustained at 17-19% despite higher steel prices. Debt reduction and robust domestic and export demand support a positive outlook, while new CapEx projects and value-added products are set to drive future growth.
-
Q1 FY25 delivered record revenue and profit growth, driven by value-added products, strong order book, and robust infrastructure demand. Capacity expansions and debottlenecking are underway, with exports and premium segments performing well.