Synopsis: Jindal Saw Ltd. shares fell 8% after Q4 results, with revenue down 6.2% QoQ to ₹4,633 crore and net profit dropping 34.9% to ₹124 crore. Along with the capacity addition and their orderbook overview.
The shares of a Small-Cap company specialising in the manufacturing and supply of iron and steel pipes, tubes, and related products for energy, water, and industrial infrastructure sectors, are in focus as they have crashed 8 percent following their Q4 results.
With a market capitalization of Rs. 15,386.57 crores in the day’s trade, the shares of Jindal Saw Ltd declined upto 8.3 percent, making a low of Rs. 224.55 per share compared to its previous closing price of Rs. 245.05 per share.
What Happened
Jindal Saw Ltd, engaged in the manufacturing and supply of iron and steel pipes, tubes, and related products for energy, water, and industrial infrastructure sectors, is in the spotlight following its Q4 results as follows:
Its Revenue from operations declined by 8.2 percent YoY from Rs. 5,047 Crores in Q4FY25 to Rs. 4,633 Crores in Q4FY26, and it decreased by 6.2 percent QoQ from Rs. 4,943 Crores in Q3FY26 to Rs. 4,633 Crores in Q4FY26.
Its Net Profit YoY increased by 42.6 percent from Rs. 86.9 Crores in Q4FY25 to Rs. 124 Crores in Q4FY26, and on a QoQ basis, it declined by 34.9 percent from Rs. 248 Crores in Q3FY26 to Rs. 124 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 2.18, compared to Rs. 4.55 in the previous year’s quarter.
Other Updates
Jindal Saw has approved setting up an additional LSAW (Longitudinal Submerged Arc Welded) pipe manufacturing facility in Saudi Arabia through a joint venture with Buhur Altavision Co. This move comes alongside its earlier approved HSAW pipe project in the Kingdom, marking a broader capacity expansion strategy in the Middle East.
The expansion is aimed at capturing the rising demand for steel pipes driven by ongoing infrastructure and energy projects in the region. With both HSAW and LSAW facilities planned, the company is strengthening its international footprint and positioning itself to benefit from long-term industrial growth in Saudi Arabia and nearby markets.
Orderbook Overview & Others
The current standalone order book for Pipes and Pellets stands at approximately US$ 1,317 million. Of this, Iron & Steel Pipes account for around US$ 1,293 million, while Pellets contribute roughly US$ 24 million.
For Iron & Steel Pipes, the order book is maintained at about 1.9 million MT, and the Export orders make up around 0.77 million MT, which is roughly 30% of the total pipe order volume. In terms of value, export orders represent nearly 29% of the total order book.
A significant export job-work order of 0.62 million MT for the water sector was secured in Q2 FY26. Execution of this order is currently underway and is expected to continue over the next 15–18 months. Overall, the outstanding and balance order book for Iron & Steel Pipes is projected to span 9–12 months. Additionally, apart from the main order book, the UAE entity holds a separate order book worth approximately USD 180 million (~1,71,000 MT).
The company posts a decent ROCE of 10.3% and a moderate ROE of 8.12%, indicating reasonable returns on capital and equity. With a low debt-to-equity ratio of 0.37, it maintains a conservative financial structure, reflecting stability and manageable financial risk while generating steady profitability.
Jindal Saw Ltd is a leading Indian manufacturer specialising in steel pipes, including seamless and welded varieties, catering to sectors like oil and gas, water transmission, and industrial applications. Established as part of the larger Jindal Group, the company has expanded its presence globally, exporting to several countries while maintaining a strong foothold in domestic markets. Its operations are marked by advanced manufacturing facilities and a commitment to quality and innovation.
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