Financial Performance - Standalone (Q1 FY27)

  • Total Income: ₹37,557 million (compared to ₹33,268 million in Q1 FY26 and ₹38,517 million in Q4 FY26)
  • EBITDA: ₹3,410 million with margin of 9.1% (compared to ₹5,596 million at 16.8% in Q1 FY26)
  • Financial Costs: ₹707 million (net of foreign exchange impact)
  • Depreciation: ₹1,253 million
  • Profit Before Tax (PBT): ₹1,450 million with margin of 3.9%
  • Provision for Tax: ₹352 million
  • Profit After Tax (PAT): ₹1,098 million with margin of 2.9% (compared to ₹3,640 million at 10.9% in Q1 FY26)

Financial Performance - Consolidated (Q1 FY27)

  • Total Income: ₹44,760 million
  • EBITDA: ₹4,204 million
  • Financial Costs: ₹1,084 million
  • Depreciation: ₹1,637 million
  • Profit Before Tax (PBT): ₹1,483 million
  • Share of profit/(loss) of JVs: ₹(54) million loss
  • Profit Before Tax after JVs: ₹1,429 million
  • Provision for Tax: ₹521 million
  • PAT: ₹908 million

Operational Highlights - Standalone

Production (MT):

  • Iron & Steel Pipes*: 3,71,000 MT (Q1 FY26: 3,89,000 MT)
  • Pellets: 2,90,000 MT (Q1 FY26: 3,21,000 MT)

Sales (MT):

  • Iron & Steel Pipes*: 3,62,000 MT (Q1 FY26: 3,26,000 MT)
  • Pellets: 2,82,000 MT (Q1 FY26: 2,22,000 MT)

*Includes Pig Iron and Job Work

Order Book Position

Current standalone order book for Pipes and Pellets is approximately US$ 1,171 million, including export order of ~6,08,000 MT of pipe supply on job work basis.

Key Corporate Updates

Credit Rating:

  • CARE Ratings reaffirmed "CARE A1+" for Short-term debt facilities and "CARE AA" with "Stable" Outlook for Long-term debt facilities in June 2026
  • Brickwork Ratings reaffirmed "BWR AA with Stable Outlook" for Non-Convertible Debentures of ₹5,000 million in October 2025

Jindal Saw Gulf LLC (UAE Operations):

  • Q1 FY27 operations impacted by Middle East conflict, delivering ~34,000 MT of corrosion-resistant Ductile Iron pipes (compared to ~48,000 MT previous quarter)
  • Order book as of June 30, 2026: USD 188 million (~1,77,000 MT)

Jindal Hunting Energy Services Limited (Joint Venture):

  • 51% JV with Hunting Energy Services Pte Ltd, Singapore
  • Revenue: ₹50 million for quarter ended June 30, 2026
  • PAT: ₹(44) million loss for the quarter
  • Performance impacted by temporary suspension of API license for seamless pipes of Jindal Saw Ltd (reinstated in June 2026)

Jindal ITF Ltd. v/s NTPC Case:

  • Legal dispute with National Thermal Power Corporation (NTPC) over service contracts
  • Initial arbitration award of ₹1,891 crores plus interest and taxes won on January 27, 2019
  • Delhi High Court set aside award on January 30, 2025
  • Appeal filed in Division Bench of Delhi High Court - arguments completed and order reserved

Middle East Conflict Impact:

  • Export operations severely impacted by geopolitical instability in MENA region starting February 2026
  • Approximately 30% of order book constitutes exports, majority to MENA region
  • Force Majeure clause invoked due to logistical constraints
  • Supply chain disruptions and operational constraints affecting Abu Dhabi operations

API License - Seamless Pipes:

  • American Petroleum Institute (API) temporarily restricted use of API monogram on seamless pipes in January 2026 after compliance issues
  • License reinstated in June 2026 for all API licenses
  • During restriction period, API manufacturing facilities allocated for Non-API products

Expansion Projects:

Seamless Pipe Facility, Abu Dhabi (UAE):

  • Wholly-owned step-down subsidiary Jindal Seamless Pipe Manufacturing LLC incorporated
  • Capacity: 300,000 tons per annum (TPA) in KEZAD Economic Zone, Abu Dhabi
  • Secured leasehold land of ~4 lakh sq. mt. with basic civil infrastructure
  • Equity capital injected by Jindal Saw Ltd for project expenses and capital advances
  • Negotiations for long-lead items at advanced stage with initial orders placed
  • Financial closure at advanced stage
  • Commercial production scheduled for FY 2028-29

Saw Pipe Facilities, Kingdom of Saudi Arabia (KSA):

  • Joint venture with Buhur Investment Company (51% step-down subsidiary of Jindal Saw)
  • Production lines for HSAW and LSAW pipes with 300,000 TPA capacity each
  • Land parcels identified, lease arrangements being finalized
  • Negotiations for long-lead items at advanced stage with initial orders placed
  • Initial equity capital infused by JV partners
  • Commercial production scheduled for FY 2028-29

Ductile Iron (DI) Pipe Facility, KSA:

  • JV agreement signed by partners, other corporate actions in process

All expansion projects are in development stage and not affected by ongoing Middle East conflict.