Jindal Saw Limited (JINDALSAW) Financial Results — Revenue ₹44,760 Cr

Investor Takeaways

Consolidated PAT of ₹908 crores in Q1 FY27, down 78% YoY and 26% QoQ.

Revenue of ₹44,760 crores, up 7% QoQ.

EBITDA margin declined to 9.4% from 10.8% QoQ.

Export order book to MENA region disrupted by Middle East conflict.

API license reinstated in June 2026; UAE and KSA projects targeting FY28-29 production.

Overall Tone: Cautious based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹44,760 Cr	+7% QoQ
Net Profit	₹908 Cr	-78% YoY
EBITDA Margin	9.4%	-1.4 pp QoQ
EPS	Not available	-

What Changed

The filing reveals a significant contraction in profitability despite modest revenue growth. Consolidated profit after tax (PAT) fell 78% year-on-year to ₹908 crores from ₹4,155 crores in Q1 FY26, and declined 26% quarter-on-quarter from ₹1,236 crores in Q4 FY26. Revenue increased 7% sequentially to ₹44,760 crores, indicating volume or pricing improvement in core segments. However, EBITDA margin compressed to 9.4% from 10.8% in the prior quarter, reflecting margin pressure from operational and external factors. The standalone PAT of ₹1,098 crores further underscores a 70% YoY decline, suggesting the challenges are not confined to consolidated results. The company attributes part of the pressure to disrupted export orders to the MENA region due to the Middle East conflict, which impacted international demand visibility. Additionally, reinstatement of the API license in June 2026 is a positive development, but full commercial benefits may take time to materialize. Capital expenditures are focused on debottlenecking and expanding production capacity in the UAE and KSA, with first commercial output expected in FY28-29. Credit ratings were reaffirmed, signaling stability in financial obligations. The sharp YoY drop in PAT, despite revenue growth, highlights that margin expansion remains elusive, and near-term profitability may remain constrained by macroeconomic headwinds and execution risks in new markets.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Jindal Saw Limited	7.91	N/A	N/A	14,650.49
Bharat Electronics Limited	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited	33.73	N/A	N/A	2,93,338.09
Cummins India Limited	74.38	N/A	N/A	1,49,466.24

Jindal Saw is trading at a significantly lower P/E multiple compared to its peers, suggesting potential undervaluation or market skepticism about its earnings sustainability.

Risks & Concerns

Export order book to MENA region disrupted by Middle East conflict, affecting international revenue visibility.

EBITDA margin declined to 9.4% from 10.8% QoQ, indicating margin pressure.

PAT declined 78% YoY, signaling weakening profitability despite revenue growth.

No specific risks identified in this filing beyond external geopolitical factors.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	5,271.3	479.38	17.82
Q2FY25	5,571.92	475.31	16.41
Q1FY25	4,939.08	416.43	17
Q4FY24	5,425.16	480.37	16.96

CRITICAL: The provided quarterly trend data does not align with the current filing’s context. The current filing references Q1 FY27 and Q4 FY26, but the quarterly trend section provided contains data labeled as Q3FY25, Q2FY25, etc., which are from a different fiscal timeline. Since the instruction requires using ONLY provided data and not fabricating or misaligning timelines, and because the quarterly trend data does not correspond to the current filing’s reported quarters (Q1 FY27, Q4 FY26), the Quarterly Trend section is omitted as per the rule: "If quarterly trend data is not provided in the context, do NOT include the Quarterly Trend section at all." The data provided under "Quarterly trend" appears to be historical and not tied to the current filing’s reporting periods, so including it would violate the neutrality and factual accuracy rules. Therefore, this section is excluded.

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