Jindal SAW

Jindal Saw reported significantly lower quarterly results with revenue falling to 42.3 billion rupees from 55.72 billion rupees in the same period last year. The company's consolidated net profit dropped to 1.52 billion rupees compared to 5 billion rupees year-over-year. EBITDA declined to 4.5 billion rupees from 9.14 billion rupees, while EBITDA margin compressed to 10.7% from 16.41% in the corresponding quarter of the previous year.

Competition Commission of India (CCI) officials visited Jindal Saw Limited's Delhi offices from September 15-16, 2025 in connection with an investigation. The company provided full cooperation to the authorities during the investigation process. Jindal Saw has committed to keeping stock exchanges updated on further developments regarding this matter. The visit has also been reported by media and news channels.

Jindal Saw Limited reported softer quarterly results compared to previous year and recent quarters despite maintaining robust demand and a strong order book. The company faced challenges including cash flow issues with EPC contractors in the water sector (which represents 60% of business), geopolitical conflicts in MENA regions causing export shipment deferrals of approximately 20,000 tons from Q1 to Q2, and scheduled maintenance shutdowns. One blast furnace in Mundra remained under maintenance for 2 months in Q1, impacting production by 40,000-50,000 tons, while the pellet plant in Bhilwara was under maintenance for over a month, resulting in loss of 120,000-130,000 tons of pellet production. Despite these challenges, the company maintained EBITDA of approximately 16%. Working capital borrowings increased while long-term debt decreased after prepaying the entire term loan for Sathavahana facility acquisition. The company now carries long-term debt of less than INR 600 crores, primarily INR 500 crores of LIC bonds payable in 2028-30. UAE operations performed well with sales of approximately $60 million and order book of $270 million. The company has announced three new projects in GCC and MENA regions: a seamless pipe plant in Abu Dhabi, a helical pipe plant in Saudi Arabia, and a DI facility in Saudi Arabia, expected to be operational in 2-3 years. Current order book stands at approximately $1.5 billion with 16 lakh tons of confirmed orders and 2.65 lakh tons of LOIs for ductile domestic market.