Jindal Saw Ltd.
JINDALSAWIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
15 transcript(s)/analyst meet(s) served; 1 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 15 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| COVER_LETTER | 20220607 | 2022-03-31 | no | |
| TRANSCRIPT | 20220817 | 2022-06-30 | yes | |
| TRANSCRIPT | 20230522 | 2023-03-31 | yes | |
| TRANSCRIPT | 20231031 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240119 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240510 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240802 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241023 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250203 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250509 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250811 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251029 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260123 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260505 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260722 | 2026-06-30 | yes |
JINDALSAW
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 283.10 |
| 52-week range | 154.64 – 317.5 |
| Return 1M | 0.48% |
| Return 3M | 8.58% |
| Return 1Y | 30.27% |
| Return 3Y | 60.17% |
| Return 5Y | 396.45% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 4,452.00 |
| Other income | 24.00 |
| Total income | 4,476.00 |
| Cost of materials consumed | 2,711.00 |
| Purchases of stock-in-trade | 1.00 |
| Changes in inventories | -26.00 |
| Employee benefit expense | 428.00 |
| Finance costs | 108.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.63 | 0.00 |
| institutions foreign | 0.13 | -0.00 |
| institutions domestic | 0.08 | 0.03 |
| mutual funds | 0.07 | 0.01 |
| public | 0.36 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2022-03-31 | 1 |
| TRANSCRIPT | 2026-06-30 | 14 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,044.00 | 5,158.00 | 5,188.00 | 4,410.00 | 5,466.00 | 5,656.00 | 5,425.00 | 4,939.00 | 56.00 | 5,271.00 | 5,047.00 | 4,085.00 | 4,234.00 | 4,943.00 | 4,633.00 | 4,452.00 |
| Other income | 23.00 | 44.00 | 79.00 | 38.00 | 23.00 | 41.00 | 69.00 | 46.00 | 0.00 | 22.00 | 21.00 | 18.00 | 30.00 | 20.00 | 23.00 | 24.00 |
| Total income | 4,067.00 | 5,202.00 | 5,267.00 | 4,448.00 | 5,489.00 | 5,697.00 | 5,494.00 | 4,985.00 | 56.00 | 5,293.00 | 5,067.00 | 4,103.00 | 4,264.00 | 4,963.00 | 4,657.00 | 4,476.00 |
| Cost of materials consumed | 2,544.00 | 3,317.00 | 3,082.00 | 2,907.00 | 3,301.00 | 3,149.00 | 3,291.00 | 2,956.00 | 28.00 | 2,968.00 | 2,926.00 | 3,067.00 | 2,463.00 | 2,445.00 | 2,661.00 | 2,711.00 |
| Purchases of stock-in-trade | 1.00 | -0.00 | 67.00 | 18.00 | 11.00 | 1.00 | 4.00 | 8.00 | 0.00 | 0.00 | 0.00 | 2.00 | 0.00 | 1.00 | 1.00 | 1.00 |
| Changes in inventories | -33.00 | -9.00 | 100.00 | -463.00 | -58.00 | 83.00 | -92.00 | -234.00 | 4.00 | -24.00 | 24.00 | -928.00 | -102.00 | 466.00 | -23.00 | -26.00 |
| Employee benefit expense | 279.00 | 297.00 | 341.00 | 360.00 | 378.00 | 387.00 | 368.00 | 376.00 | 4.00 | 383.00 | 378.00 | 408.00 | 416.00 | 407.00 | 399.00 | 428.00 |
| Finance costs | 148.00 | 169.00 | 161.00 | 160.00 | 189.00 | 181.00 | 174.00 | 154.00 | 2.00 | 173.00 | 139.00 | 171.00 | 153.00 | 133.00 | 163.00 | 108.00 |
| Depreciation and amortisation | 117.00 | 118.00 | 126.00 | 133.00 | 143.00 | 149.00 | 149.00 | 148.00 | 2.00 | 151.00 | 153.00 | 153.00 | 156.00 | 155.00 | 167.00 | 164.00 |
| Other expenses | 921.00 | 1,058.00 | 997.00 | 980.00 | 1,031.00 | 1,047.00 | 934.00 | 994.00 | 10.00 | 1,004.00 | 983.00 | 866.00 | 1,006.00 | 1,012.00 | 1,115.00 | 942.00 |
| Total expenses | 3,977.00 | 4,950.00 | 4,874.00 | 4,095.00 | 4,993.00 | 4,997.00 | 4,828.00 | 4,402.00 | 50.00 | 4,655.00 | 4,602.00 | 3,739.00 | 4,091.00 | 4,618.00 | 4,482.00 | 4,328.00 |
| Profit before exceptional items and tax | 89.00 | 252.00 | 393.00 | 353.00 | 496.00 | 700.00 | 666.00 | 583.00 | 6.00 | 638.00 | 466.00 | 364.00 | 173.00 | 345.00 | 175.00 | 148.00 |
| Exceptional items | -25.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 64.00 | 252.00 | 393.00 | 353.00 | 496.00 | 700.00 | 666.00 | 583.00 | 6.00 | 638.00 | 466.00 | 364.00 | 173.00 | 345.00 | 175.00 | 148.00 |
| Current tax | 39.00 | 72.00 | 95.00 | 7.00 | 9.00 | 46.00 | 162.00 | 178.00 | 2.00 | 177.00 | 130.00 | -47.00 | 43.00 | 77.00 | 44.00 | 42.00 |
| Deferred tax | 5.00 | 37.00 | 3.00 | 103.00 | 131.00 | 142.00 | 24.00 | -6.00 | 0.00 | -11.00 | 255.00 | 6.00 | 1.00 | 23.00 | 4.00 | 10.00 |
| Tax expense | 43.00 | 109.00 | 98.00 | 110.00 | 140.00 | 187.00 | 186.00 | 172.00 | 2.00 | 166.00 | 386.00 | -41.00 | 44.00 | 100.00 | 48.00 | 52.00 |
| Profit for the period | 21.00 | 143.00 | 294.00 | 243.00 | 356.00 | 512.00 | 480.00 | 416.00 | 5.00 | 479.00 | 87.00 | 415.00 | 139.00 | 248.00 | 124.00 | 91.00 |
| Profit attributable to owners | 59.00 | — | 354.00 | 263.00 | 376.00 | 532.00 | 494.00 | 441.00 | 5.00 | 506.00 | 291.00 | 424.00 | 152.00 | 258.00 | 139.00 | 104.00 |
| Profit attributable to non-controlling interests | -38.00 | — | -59.00 | 20.00 | -20.00 | -20.00 | -22.00 | -25.00 | -0.00 | -27.00 | -204.00 | -9.00 | -13.00 | -10.00 | -16.00 | -13.00 |
| Other comprehensive income | 23.00 | 19.00 | -21.00 | 8.00 | 22.00 | -7.00 | -9.00 | -4.00 | 0.00 | 21.00 | -9.00 | 2.00 | 34.00 | 20.00 | 73.00 | -4.00 |
| Total comprehensive income | 44.00 | 162.00 | 273.00 | 251.00 | 378.00 | 505.00 | 472.00 | 412.00 | 5.00 | 500.00 | 78.00 | 418.00 | 172.00 | 268.00 | 197.00 | 87.00 |
| Earnings per share, basic | 1.87 | 6.75 | 11.14 | 8.28 | 11.82 | 16.72 | 15.79 | 13.86 | 7.85 | 7.96 | 4.58 | 6.66 | 2.38 | 4.05 | 2.19 | 1.63 |
| Earnings per share, diluted | 1.87 | 6.75 | 11.14 | 8.28 | 11.82 | 16.72 | 15.72 | 13.80 | 7.81 | 7.92 | 4.56 | 6.63 | 2.38 | 4.04 | 2.18 | 1.63 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 11,627.00 | 107.00 | 13,298.00 | 17,868.00 | 20,958.00 | 20,829.00 | 17,895.00 |
| Other income | 109.00 | 2.00 | 153.00 | 179.00 | 168.00 | 119.00 | 92.00 |
| Total income | 11,736.00 | 109.00 | 13,451.00 | 18,046.00 | 21,126.00 | 20,948.00 | 17,987.00 |
| Cost of materials consumed | 6,398.00 | 59.00 | 8,166.00 | 11,164.00 | 12,647.00 | 11,675.00 | 10,636.00 |
| Purchases of stock-in-trade | 331.00 | 1.00 | 27.00 | 68.00 | 34.00 | 8.00 | 4.00 |
| Changes in inventories | 206.00 | 0.00 | -291.00 | -40.00 | -530.00 | 162.00 | -587.00 |
| Employee benefit expense | 940.00 | 9.00 | 1,015.00 | 1,179.00 | 1,492.00 | 1,527.00 | 1,630.00 |
| Finance costs | 618.00 | 5.00 | 460.00 | 638.00 | 705.00 | 623.00 | 620.00 |
| Depreciation and amortisation | 422.00 | 5.00 | 473.00 | 471.00 | 568.00 | 602.00 | 630.00 |
| Other expenses | 2,230.00 | 25.00 | 2,979.00 | 3,831.00 | 3,993.00 | 4,028.00 | 3,998.00 |
| Total expenses | 11,144.00 | 104.00 | 12,830.00 | 17,311.00 | 18,909.00 | 18,625.00 | 16,930.00 |
| Profit before exceptional items and tax | 592.00 | 5.00 | 621.00 | 736.00 | 2,216.00 | 2,323.00 | 1,056.00 |
| Exceptional items | -112.00 | 0.00 | 0.00 | -25.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 480.00 | 5.00 | 621.00 | 710.00 | 2,216.00 | 2,323.00 | 1,056.00 |
| Current tax | 275.00 | 2.00 | 248.00 | 220.00 | 227.00 | 649.00 | 117.00 |
| Deferred tax | -270.00 | -0.00 | -2.00 | 47.00 | 396.00 | 242.00 | 34.00 |
| Tax expense | 5.00 | 2.00 | 246.00 | 267.00 | 623.00 | 891.00 | 150.00 |
| Profit for the period | 461.00 | 3.00 | 376.00 | 443.00 | 1,593.00 | 1,458.00 | 925.00 |
| Profit attributable to owners | 555.00 | 3.00 | 412.00 | 632.00 | 1,691.00 | 1,738.00 | 973.00 |
| Profit attributable to non-controlling interests | -93.00 | 0.00 | -36.00 | -190.00 | -84.00 | -280.00 | -48.00 |
| Other comprehensive income | 3.00 | 0.00 | 32.00 | 50.00 | 14.00 | 12.00 | 129.00 |
| Total comprehensive income | 464.00 | 3.00 | 408.00 | 494.00 | 1,607.00 | 1,470.00 | 1,054.00 |
| Earnings per share, basic | 17.35 | 10.02 | 12.96 | 19.91 | 52.75 | 27.31 | 15.27 |
| Earnings per share, diluted | 17.35 | 10.02 | 12.96 | 19.91 | 52.68 | 27.22 | 15.23 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 17,733.00 | 18,256.00 | 20,253.00 | 21,022.00 | 211.00 | 20,779.00 | 21,195.00 | 21,686.00 |
| Non-current assets | 9,500.00 | 9,350.00 | 10,809.00 | 10,718.00 | 106.00 | 10,674.00 | 11,147.00 | 11,714.00 |
| Current assets | 8,233.00 | 8,906.00 | 9,444.00 | 10,304.00 | 105.00 | 10,105.00 | 10,048.00 | 9,973.00 |
| Property, plant and equipment | 7,347.00 | 7,364.00 | 8,524.00 | 8,786.00 | 88.00 | 9,275.00 | 9,479.00 | 10,344.00 |
| Capital work-in-progress | 316.00 | 300.00 | 464.00 | 632.00 | 9.00 | 641.00 | 660.00 | 453.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 61.00 | 1.00 | 61.00 | 61.00 | 61.00 |
| Other intangible assets | 9.00 | 8.00 | 241.00 | 6.00 | 0.00 | 5.00 | 4.00 | 4.00 |
| Inventories | 4,589.00 | 4,105.00 | 4,706.00 | 4,895.00 | 50.00 | 4,921.00 | 5,529.00 | 5,267.00 |
| Trade receivables | 2,154.00 | 3,563.00 | 3,154.00 | 3,470.00 | 37.00 | 3,564.00 | 3,074.00 | 3,094.00 |
| Cash and cash equivalents | 119.00 | 78.00 | 141.00 | 741.00 | 5.00 | 655.00 | 151.00 | 407.00 |
| Total equity and liabilities | 17,733.00 | 18,256.00 | 20,253.00 | 21,022.00 | 211.00 | 20,779.00 | 21,195.00 | 21,686.00 |
| Equity | 6,843.00 | 7,278.00 | 8,347.00 | 9,367.00 | 101.00 | 10,954.00 | 11,818.00 | 12,283.00 |
| Equity share capital | 64.00 | 64.00 | 64.00 | 64.00 | 1.00 | 64.00 | 64.00 | 64.00 |
| Other equity | 7,293.00 | 7,859.00 | 8,967.00 | 10,029.00 | 108.00 | 11,347.00 | 12,019.00 | 12,510.00 |
| Total liabilities | 10,890.00 | 10,978.00 | 11,906.00 | 11,654.00 | 110.00 | 9,825.00 | 9,377.00 | 9,403.00 |
| Non-current liabilities | 2,936.00 | 2,935.00 | 3,651.00 | 3,329.00 | 26.00 | 2,842.00 | 2,812.00 | 3,216.00 |
| Current liabilities | 7,954.00 | 8,043.00 | 8,255.00 | 8,326.00 | 84.00 | 6,983.00 | 6,566.00 | 6,188.00 |
| Borrowings, non-current | 2,142.00 | 1,947.00 | 2,771.00 | 2,273.00 | 16.00 | 1,783.00 | 1,748.00 | 2,124.00 |
| Borrowings, current | 4,052.00 | 2,974.00 | 3,403.00 | 3,488.00 | 39.00 | 3,076.00 | 3,446.00 | 2,567.00 |
| Trade payables | 2,055.00 | 3,005.00 | 2,592.00 | 2,953.00 | 25.00 | 2,522.00 | 2,125.00 | 2,623.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -21.00 | 1,617.00 | 783.00 | 2,593.00 | 12.00 | 2,335.00 | -309.00 | 1,771.00 |
| Net cash from investing activities | -60.00 | -70.00 | -1,511.00 | -1,917.00 | -7.00 | -899.00 | -479.00 | -955.00 |
| Net cash from financing activities | -300.00 | -1,968.00 | 787.00 | -12.00 | -7.00 | -1,524.00 | 281.00 | -1,073.00 |
| Purchase of property, plant and equipment | 268.00 | 322.00 | 443.00 | 863.00 | 8.00 | 1,031.00 | 495.00 | 1,076.00 |
| Net increase in cash | -377.00 | -419.00 | 63.00 | 664.00 | -2.00 | -86.00 | -504.00 | -249.00 |
| con:CFO.BEFORE_TAX | 29.00 | 1,779.00 | 817.00 | 2,889.00 | 14.00 | 2,947.00 | -169.00 | 2,048.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 50.00 | 161.00 | 34.00 | 296.00 | 3.00 | 612.00 | 140.00 | 277.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | -0.00 | 0.00 | -2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 80.00 | 87.00 | 15.00 | 11.00 | 0.00 | 20.00 | 1.00 | 11.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 1,098.00 | 1,094.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 63.25 | 63.26 | 63.26 | 63.26 | 63.27 | 63.28 | 63.28 | 63.28 | 63.28 | 63.26 | 0.63 | 0.63 | 0.63 | 0.63 |
| Domestic institutions | 1.21 | 1.18 | 1.67 | 2.27 | 3.00 | 3.88 | 4.54 | 4.70 | 4.40 | 4.77 | 0.04 | 0.04 | 0.06 | 0.08 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 4.11 | 0.04 | 0.03 | 0.05 | 0.07 |
| Insurance companies | 0.43 | 0.37 | 0.10 | 0.06 | 0.06 | 0.17 | 0.12 | 0.12 | 0.11 | 0.12 | 0.00 | 0.00 | 0.00 | 0.02 |
| Foreign institutions | 14.94 | 15.92 | 17.70 | 15.22 | 14.65 | 15.06 | 16.08 | 15.73 | 16.99 | 15.12 | 0.15 | 0.14 | 0.13 | 0.13 |
| Public | 36.11 | 36.15 | 36.16 | 36.17 | 36.24 | 36.26 | 36.26 | 36.27 | 36.34 | 36.37 | 0.36 | 0.36 | 0.36 | 0.36 |
| Non-institutional | 19.96 | 19.05 | 16.79 | 18.67 | 18.59 | 17.32 | 15.65 | 15.83 | 14.95 | 16.49 | 0.17 | 0.19 | 0.17 | 0.15 |
| Shares outstanding | 319754117 | 319754117 | 319754117 | 319754117 | 319754117 | 319754117 | 319754117 | 639508234 | 639508234 | 639508234 | 639508234 | 639508234 | 639508234 | 639508234 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| JSW Steel Limited | KMP, Close member of KMP and Enter | Any other transaction, Interest paid, Purchase of go | 13,619,471,000.00 | 13 |
| Jindal Saw Gulf L.L.C. | Subsidiary | Any other transaction, Sale of goods or services | 8,291,553,000.00 | 9 |
| Jindal Steel & Power Limited | KMP, Close member of KMP and Enter | Any other transaction, Purchase of goods or services | 6,184,510,000.00 | 13 |
| Siddeshwari Tradex Private Limited | KMP, Close member of KMP and Enter | Any other transaction, Dividend paid, Interest recei | 5,623,187,000.00 | 6 |
| Jindal ITF Limited | Subsidiary | Any other transaction, Interest received | 5,081,844,000.00 | 8 |
| Jindal Stainless Limited | KMP, Close member of KMP and Enter | Any other transaction, Interest received, Purchase o | 1,669,205,000.00 | 12 |
| Bhuj Polymers Private Limited | KMP, Close member of KMP and Enter | Any other transaction, Purchase of goods or services | 1,498,411,000.00 | 13 |
| JWIL Infra Limited | KMP, Close member of KMP and Enter | Any other transaction, Sale of goods or services | 1,398,237,000.00 | 4 |
| Jindal Saw Italia S.P.A. | subsidiary | Any other transaction, Interest received, Sale of go | 1,023,737,000.00 | 9 |
| Jindal Steel Odisha Limited | KMP, Close member of KMP and Enter | Any other transaction, Purchase of goods or services | 833,788,000.00 | 5 |
| Jindal Hunting Energy Services Limited | Joint Venture | Any other transaction, Purchase of goods or services | 817,608,000.00 | 8 |
| Jindal Saw Employees Group Gratuity Scheme | Trust under common control | Any other transaction | 425,368,000.00 | 1 |
| JINDAL SAW USA, LLC | Fellow subsidiary | Any other transaction, Purchase of goods or services | 422,515,000.00 | 3 |
| JSW Vijayanagar Metallics Limited | KMP, Close member of KMP and Enter | Any other transaction, Sale of goods or services | 355,025,000.00 | 3 |
| Shalimar Paints Limited | KMP, Close member of KMP and Enter | Any other transaction, Purchase of goods or services | 339,705,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-22 | Q1FY27 | Read the call | |
| 2026-05-05 | Q4FY26 | – JINDAL SAW LIMITED | Read the call |
| 2026-01-23 | Q3FY26 | Read the call | |
| 2025-10-29 | Q2FY26 | JINDAL SAW LIMITED | Read the call |
| 2025-08-11 | Q1FY26 | Read the call | |
| 2025-05-09 | Q4FY25 | DIRECTOR, JINDAL SAW LIMITED, TREASURY, JINDAL SAW LIMITED | Read the call |
| 2025-02-03 | Q3FY25 | DIRECTOR, JINDAL SAW LIMITED, JINDAL SAW LIMITED | Read the call |
| 2024-10-23 | Q2FY25 | JINDAL SAW LIMITED, LIMITED | Read the call |
| 2024-08-02 | Q1FY25 | SAW LIMITED | Read the call |
| 2024-05-10 | Q4FY24 | DIRECTOR, JINDAL SAW LIMITED, JINDAL SAW LIMITED | Read the call |
| 2024-01-19 | Q3FY24 | JINDAL SAW LIMITED | Read the call |
| 2023-10-31 | Q2FY24 | JINDAL SAW LIMITED | Read the call |
| 2023-05-22 | Q4FY23 | DIRECTOR, PRIVATE LIMITED | Read the call |
| 2022-08-17 | Q1FY23 | JINDAL SAW LIMITED., PRIVATE LIMITED | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | So, with regards to this, until there is a revival in government CAPEX, are there plans or opportunity to export more of BI pipes from India either to… | Working capital utilization will continue to go down because primarily all the cash that would get generated, we hope to generate a lot of cash, would… | I am happy to tell you that a few CAPEX projects that we had announced some time back is nearing completion and we should see the results in the comin… | We are committing capital expenditures across the majority of our Indian operations. | And what will be the rough maintenance CAPEX or sustenance CAPEX for us? | What would be the expected CAPEX budget for FY25? | So, the year '26 also appears like similar to what was there in '24, what was there in '25 except that some of the CAPEX that we have already incurred… | We have made capital expenditures across our Indian facilities to drive growth. |
| Capital allocation | In terms of amount spend, as of now we are in the process of identification of the vendors and land acquisition and all. | So what is the additional capacity we are getting for this acquisition? | — | — | On the debt side, no major acquisition is now planned up beyond Sathavahana. | I am very happy to announce that this year, we are prepaying the entire loan of that 1,000 crores even though it was an acquisition funding long term. | This year also, since the results were similar, we have maintained the same dividend payout. | — |
| Costs | — | — | At present our export is in the range of 25% to 27%-28% which gives us enough foreign exchange inflow to hedge for our raw material supplies. | — | — | So, are we going to pass on the decreased raw material prices? | Luckily, the raw material prices are in a band where the commodity prices seem to be stable and easing out. | So eventually, the volatility in the raw material prices is to the account of the manufacturer. |
| Debt and cash | Although the wider markets were robust, but extended payment cycles from the water infrastructure EPC companies in India have severely impacted the ca… | Given the turnover etcetera has gone up, JSAW net debt has come down from INR4200 crores to INR3,900 crores. | For the moment I am not bringing in working capital in between. | The company's ample working capital lines from banking system further ensures we can meet all operational requirements efficiently. | As far as working capital is concerned, there is one positive comment that now because of the infrastructure push, we may see a reduction in the worki… | March ‘24, we closed the total debt means working capital plus term loan 4,688 crores which included 1,000 crores that we had taken for the acquisitio… | That is as far as the cash flow is concerned. | In terms of our indebtedness, as on 31st March 2026, company stand-alone net debt reduced to INR2,453 crores as compared to INR3,154 crores on the pre… |
| Demand | October 23, 2025 The total volume of order book for five businesses increased to 19.25 lakh tons in September '25 as compared to 15.60 lakh in June '2… | So overall, we see that the demand for pipes for oil and gas sector should be there, should be robust. | January 28, 2025 Likewise, the seamless unit which has been contributing because of the premium connection and other things and because of the market,… | The pipe sector continued to see strong demand signals across both domestic and international markets. | The 4th Quarter performance actually is the first very strong data point towards a trend and coupled with other fundamentals which are shared with you… | But for that at least India we see very healthy demand, in industrial, in water as well as in oil and gas. | Looking at that, we also deliberately slow down taking of orders because we have enough orders, but as I have been saying in the past, we want to, typ… | Despite a robust export order book, including 6 lakh metric tons of job contract from Saudi Arabia, all export shipments have been suspended since Mar… |
| Guidance | The company has commenced a trial phase of its new seamless piercing mill with commercial production slated to be in this quarter sometime next month … | So we expect that momentum to continue because still the water grid has not reached the desired level in the country. | Last quarter we expect this to improve further because as I said we have received some large orders. | We maintain a positive outlook on government initiatives, particularly the upcoming union budget, where we anticipate continued support for the Jal Je… | For the current year, we expect to do far better, even may exceed the year before’ s performance for Abu Dhabi. | So, you can say now it is a reset Jindal Saw where we expect the EBITDA to be—earlier were expecting it in the range of 15, now we expect it will be i… | So, we expect that it should be in a reasonable range only. | And we expected and we mentioned in last call that Q4 is expected to be better than Q3. This is what we mentioned on the call for Q3. On the contrary,… |
| Margin | Manufacturing for this specific order is slated to start sometime in Q3… we are running into Q3. The margin of this order are in line with the other e… | Maybe there are other subsegments which you can define for us to give us some clarity over the next two, three years journey from growth and the EBITD… | The reason for profitability to improve is (a) our product mix as we have been always saying in the sales portfolio is shifting towards higher margin … | EBITDA for Q3 FY '26 stood at INR527 crores, showcasing a significant recovery from Q2 of FY '26, which was INR335 crores, though remaining lower than… | 197 crores because that gets collapsed on consolidation; this is the real EBITDA, a PBT of Rs. | Jindal Saw actually if you look at the EBITDA margin, if you look at the PBT to sales, they all are now a breakaway. | Whether it is turnover, whether it is EBITDA, whether it is PBT, PAT, everything appears in a band where it can be saying that the performance has bee… | EBITDA for Q4 FY '26 stood at INR413 crores, showcasing a decline over Q3 FY '26, which was INR527 crores, representing a decline of INR22 crores. |
| People | — | We are working on capacity, you can say, building by debottling and capacity utilization at Sathavahana, because we see there is a lot of headroom the… | But what does all these indicate, these factors indicate towards that whatever is the capacity that we have within our system, we are operating well, … | And also, can you please talk about the exports opportunity here in the seamless which will help in increasing the utilization level? | Actually sir, what I was trying to understand that since in our Gujarat plant, we are already operating at 100% utilization; so, in the DI segment per… | It's almost having its plate full capacity utilization. | Otherwise, there is nothing much in the consolidated results except status quo plateau performance, where everything is kind of moving at a very high … | And in these ductile iron pipes, can we do something else in those lines or no, we'll have to live with the lower utilization for some time? |
| Pricing | So, we will mark for that and gradually they would reserve the domestic production facilities for giving a right of first refusal, giving protection f… | So I just wanted to understand how competitive we are in terms of quality as well as the pricing when we compare us with the Chinese players in the ma… | And given the slowdown have you seen any moderation in pricing of the new tenders? | — | — | — | So, do you think that will be a challenging part in terms of DI pricing and realizations coming? | So that -- because pig iron has its index pig iron pricing is fairly, let's say, transparent. |
| Revenue growth | Yes, so the total order value for this job work is let us say close to $180 million, $190 million, so only that will be the income in the top line. | This is something why I'm highlighting because we pay particular attention to this metrics, which is the quality of the -- or the robustness of our to… | If you look at the trend for the last maybe six quarters or eight quarters, the top line is plateauing. | So this has to be seen in relation to the top line as well. | 15,703 crores of top line which is the first time ever we crossed Rs. | Also, if you look at the subsidiaries’ contribution 15% on top line, 7.5% of EBITDA and 1.25% of the profit indicates that the subsidiaries’ profitabi… | That has impacted the last quarter's execution and that's where you will see there is a dip in the last quarter top line which is usually not the case… | This is a bit lower as compared to previous year where the top line was INR177 crores and INR51.5 crores was the PAT in FY '25. |