Jindal Saw LimitedQ2 FY27 Results & Financial Update
Jindal Saw Limited: Q2 FY27 consolidated results and company financials – revenue ₹4,471.79 Cr, PAT ₹35.28 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Jindal Saw Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Jindal Saw reported consolidated revenue from operations of ₹4,471.79 crore for Q2 FY27, representing a modest sequential increase of 0.44% compared to ₹4,452.31 crore in Q1 FY27.
Total consolidated income reached ₹4,523.06 crore for the quarter, edging up sequentially from ₹4,475.98 crore, supported by higher other income of ₹51.27 crore.
Profit before share of profit/loss of joint ventures and tax dropped sharply to ₹17.84 crore in Q2 FY27 from ₹148.24 crore in the previous quarter, affected by margin compression and operating pressures.
Basic and diluted earnings per share (EPS) for the quarter were ₹0.74 each, down from ₹1.63 in the preceding quarter.
Profit attributable to the owners of the holding company was ₹47.04 crore, while non-controlling interests accounted for a negative ₹11.75 crore during the quarter.
01 · Business model
What does Jindal Saw do?
Jindal Saw Limited operates as a prominent manufacturer and supplier of iron and steel products, serving critical infrastructure sectors such as water supply, oil and gas, and transportation.
The company's primary revenue engines are large-diameter submerged arc welded (SAW) pipes, ductile iron (DI) pipes, and seamless pipes, complemented by value-added products like coated pipes and specialized accessories.
Jindal Saw caters to a globally diversified customer base, including municipal water authorities, major energy exploration companies, and engineering, procurement, and construction (EPC) contractors across domestic and international markets.
The economic model depends heavily on global steel price dynamics, capacity utilization across manufacturing facilities in India and the Middle East, and continuous order inflows from infrastructure and energy projects.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹4,471.79 Cr | ₹4,452.31 Cr |
| Total income | ₹4,523.06 Cr | ₹4,475.98 Cr |
| Profit before tax | ₹17.84 Cr | ₹148.24 Cr |
| Profit after tax | ₹35.28 Cr | ₹90.79 Cr |
| EPS | ₹0.74 | ₹1.63 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 0.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 0.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹51.27 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations improved marginally by 0.44% sequentially to ₹4,471.79 crore in Q2 FY27 from ₹4,452.31 crore in Q1 FY27.
What drove margins
Cost of materials consumed stood at ₹2,396.59 crore during Q2 FY27, down from ₹2,711.26 crore in Q1 FY27, while changes in inventories of finished goods, work-in-progress and scrap were negative ₹26.26 crore.
Operating margin for the quarter contracted to 2.04% compared to 5.34% in Q1 FY27 and 7.47% in Q2 FY25.
Net profit margin declined to 0.78% for Q2 FY27 compared to 2.03% in the preceding quarter.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group maintains a single reportable business segment, namely 'Iron & Steel products', and accordingly no separate segment reporting is required.
05 · Reported developments
What changed operationally
Current tax expense for the quarter ended September 30, 2026, is net of tax adjustments of ₹26.67 crore towards additional claims pertaining to earlier years adjudicated in favour of the company by the Appellate Authority.
06 · Pressure points & risks
What is not going smoothly
Jindal ITF Limited (JITF), a subsidiary, is in an appeal before the divisional bench of the Delhi High Court regarding an arbitral award of ₹1,891.08 crore plus interest. The divisional bench delivered a split verdict, and the point of difference has been referred to a third judge.
07 · Items worth noticing
The line items that can distort a quick read
Current tax includes ₹26.67 crore of tax adjustments for earlier years adjudicated in the company's favor.
Provisions of ₹1,236.00 crore were recorded for the period as per normalized filing data.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The consolidated debt-equity ratio improved to 0.27 as of September 30, 2026, compared to 0.29 as of June 30, 2026, and 0.41 as of September 30, 2025.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
Price Waterhouse Chartered Accountants LLP issued an unmodified review report on the unaudited consolidated financial results for the quarter and half year ended September 30, 2026.
10 · Previous-quarter changes
What changed since the previous quarter
Consolidated PAT decreased from ₹90.79 crore in Q1 FY27 to ₹35.28 crore in Q2 FY27, reflecting lower profitability despite steady top-line performance.
11 · Key Q&A
The quarter, answered directly
What does Jindal Saw do?
Jindal Saw Limited operates as a prominent manufacturer and supplier of iron and steel products, serving critical infrastructure sectors such as water supply, oil and gas, and transportation.
What is the clearest takeaway from Q2 FY27?
Jindal Saw reported consolidated revenue from operations of ₹4,471.79 crore for Q2 FY27, representing a modest sequential increase of 0.44% compared to ₹4,452.31 crore in Q1 FY27.
What drove revenue or demand?
Revenue from operations improved marginally by 0.44% sequentially to ₹4,471.79 crore in Q2 FY27 from ₹4,452.31 crore in Q1 FY27.
What mattered most for margins or profitability?
Cost of materials consumed stood at ₹2,396.59 crore during Q2 FY27, down from ₹2,711.26 crore in Q1 FY27, while changes in inventories of finished goods, work-in-progress and scrap were negative ₹26.26 crore.
What changed operationally beyond the headline numbers?
Price Waterhouse Chartered Accountants LLP issued an unmodified review report on the unaudited consolidated financial results for the quarter and half year ended September 30, 2026.
What are the main pressure points disclosed for the quarter?
Jindal ITF Limited (JITF), a subsidiary, is in an appeal before the divisional bench of the Delhi High Court regarding an arbitral award of ₹1,891.08 crore plus interest. The divisional bench delivered a split verdict, and the point of difference has been referred to a third judge.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
JITF Legal Proceedings: Monitor the third judge's verdict and final resolution of the legal appeal concerning the JITF arbitral award.
- 02
Margin Recovery: Track operating and net profit margin trends in subsequent quarters to evaluate cost control and realization stability.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.