Jindal Saw Ltd announced its unaudited financial results for the quarter and nine months ended December 31, 2025, demonstrating operational recovery and maintaining a robust order book position. The company reported mixed financial performance with revenue declining year-on-year but showing sequential improvement over the previous quarters.

Financial Performance Overview

The company's consolidated financial performance for Q3FY26 showed total income of ₹49,630.00 million compared to ₹52,933.00 million in Q3FY25, representing a decline of 6.24%. However, this marked a significant improvement from Q2FY26's ₹42,640.00 million, indicating operational recovery.

On a standalone basis, the company achieved an EBITDA margin of 12.70% in Q3FY26 compared to 19.50% in Q3FY25. The consolidated EBITDA margin stood at 12.70% versus 18.20% in the corresponding quarter of the previous year.

Record Order Book Achievement

Jindal Saw achieved a significant milestone with its order book reaching approximately $1,481.00 million, marking an all-time high in terms of volumes at approximately 1.96 million MT. The order book composition demonstrates strong diversification across product segments and geographical markets.

The Iron & Steel Pipes order book includes significant export components, with export orders accounting for approximately 0.72 million MT (37% of total quantity) and constituting 30% of the total order book value. A major export job-work order for 0.62 million MT for the water sector, secured in Q2FY26, is currently under execution and scheduled for completion over the next 15-18 months.

Operational Performance and Production Metrics

The company's operational performance showed marked improvement in Q3FY26 compared to the previous two quarters. Production and sales volumes demonstrated the company's ability to scale operations effectively based on market demand and order book execution requirements.

The new piercing mill in the Seamless plant commenced production during Q3FY26, with the company working towards achieving stable productivity levels. The water pipe business in India, primarily Ductile Iron pipes, continued to face challenges despite maintaining a strong order backlog of over one year.

Debt Management and Financial Position

Jindal Saw demonstrated effective debt management with reductions in both long-term and working capital debt positions. The company's institutional debt decreased across both standalone and consolidated operations.

The company maintained strong credit ratings with CARE Ratings reaffirming "CARE A1+" for short-term debt facilities and "CARE AA (Outlook Stable)" for long-term debt facilities in July 2025. Brickwork Ratings reaffirmed "BWR AA with Stable Outlook" for Non-Convertible Debentures of ₹5,000.00 million in October 2025.

International Expansion and Strategic Initiatives

Jindal Saw continues to expand its international footprint through strategic partnerships and new facility development. The company has established Jindal Seamless Pipe Manufacturing LLC as a wholly-owned step-down subsidiary to develop a seamless pipe manufacturing facility in Abu Dhabi, UAE. Initial equity has been infused, and the company has secured a lease for approximately 4 lakh square meters of land.

In Saudi Arabia, the company formed a joint venture with Buhur Altavision Company for developing a Submerged Arc Welded pipe manufacturing facility, with Jindal Saw holding a 51% stake. Additionally, a joint venture agreement has been signed for establishing a Ductile Iron pipe facility in KSA.

Jindal Saw Gulf LLC in Abu Dhabi delivered approximately 52,000 MT of corrosion-resistant Ductile Iron pipes in Q3FY26 and maintains an independent order book of approximately $235.00 million, ensuring operational stability for the next 9-12 months.

Jindal Saw Limited reported its Q3 consolidated financial results, showing continued pressure on profitability with significant year-on-year declines. The company's consolidated performance reflects ongoing challenges in the current operating environment.

Q3 Consolidated Financial Performance

The company's Q3 consolidated results demonstrated substantial year-on-year declines across key financial metrics. Consolidated net profit dropped 48% to ₹260 crores compared to ₹500 crores in the corresponding quarter of the previous year. Consolidated revenue also declined, falling to ₹494 crores from ₹527 crores year-on-year.

Standalone vs Consolidated Performance

The consolidated results show different trends compared to the company's standalone performance reported earlier. While standalone Q3FY26 net profit was ₹226.77 crores with revenue of ₹4,129.47 crores, the consolidated figures present a different scale of operations, indicating the impact of subsidiary performance on overall group results.

Financial Performance Analysis

The decline in both consolidated revenue and profitability indicates challenges across the group's operations. The 48% drop in consolidated net profit suggests margin pressures and operational difficulties that have affected the company's subsidiary operations alongside the parent company performance.

Market Position and Outlook

The consolidated results reflect the broader challenges facing the capital goods sector, particularly in non-electrical equipment manufacturing. The company's performance across its group entities shows the need for strategic focus on operational efficiency and market positioning to address the current headwinds affecting both standalone and consolidated operations.