India · Delayed Price · Currency is INR Jindal Saw Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw sequential and annual declines in revenue and EBITDA due to MENA export suspensions and weak domestic demand. Strategic CapEx in Abu Dhabi and Saudi Arabia aims to capture future growth, while domestic water infrastructure demand is expected to revive with government initiatives.
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Sequential improvement in Q3 FY 2026 was driven by higher volumes and productivity, though results lagged the prior year. Strong order backlog, reduced net debt, and ongoing export focus support a positive outlook, with margin and volume growth expected as market conditions improve.
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Q2 FY2026 saw weaker results due to liquidity issues and delayed payments, despite a record order book and robust demand. Subsidiaries, especially in Abu Dhabi, performed well, and new export contracts and capacity expansions are expected to drive gradual recovery from Q3.
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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
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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.
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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, export demand is rising, and management expects stable margins and further debt reduction.
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Revenue and profitability improved year-over-year, with stable margins and reduced debt. Capacity expansions and new product introductions are expected to drive future growth, while the order book remains strong despite a temporary dip in export share.
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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.