JINDALSAW · Capital Goods
Jindal Saw Ltd. reported revenue of ₹4,939 cr for April to June 2024, +12.0% on the year and −9.0% on the quarter.
Operating profit (EBITDA) was ₹840 cr, a margin of 17.0%, +322 bps on the year and +5 bps on the quarter. Operating costs grew +7.8% against revenue growth of +12.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹416 cr, +70.5% on the year and −13.3% on the quarter, with earnings per share of ₹6.90. Profit before other income, one-offs and tax grew 69.4%, so the profit growth came from the business itself. The tax rate of 29% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹28.99 over the last four quarters, the stock at ₹301.55 trades at 10.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,466 cr | ₹5,656 cr | ₹5,425 cr | ₹4,939 cr | ₹5,572 cr | ₹5,271 cr | ₹5,047 cr | ₹4,085 cr | ₹4,234 cr | ₹4,943 cr | ₹4,633 cr | ₹4,452 cr |
| YoY | — | — | — | +12% | +2% | −7% | −7% | −17% | −24% | −6% | −8% | +9% |
| EBITDA margin | 14.7% | 17.5% | 17.0% | 17.0% | 16.4% | 17.8% | 14.6% | 16.4% | 10.7% | 12.4% | 10.3% | 8.8% |
| Other income, % of PBT | 4% | 6% | 10% | 9% | 6% | 4% | 6% | 8% | 22% | 6% | 13% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 27% | 28% | 29% | 26% | 26% | — | −11% | 24% | 29% | 28% | 36% |
| Net profit | ₹356 cr | ₹512 cr | ₹480 cr | ₹416 cr | ₹475 cr | ₹479 cr | ₹87.0 cr | ₹415 cr | ₹139 cr | ₹248 cr | ₹124 cr | ₹91.0 cr |
| YoY | — | — | — | +70% | +33% | −6% | −82% | −0% | −71% | −48% | +43% | −78% |
| Core profit YoY | — | — | — | +69% | +28% | −7% | −26% | −36% | −76% | −47% | −67% | −66% |
| EPS | ₹5.90 | ₹8.34 | ₹7.85 | ₹6.90 | ₹7.81 | ₹7.92 | ₹4.55 | ₹6.63 | ₹2.38 | ₹4.03 | ₹2.18 | ₹1.63 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jindal Saw Ltd. reported revenue of ₹4,939 cr (+12.0% on the year) and net profit of ₹416 cr (+70.5% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +69.4% on the year, against +70.5% for reported profit.
None of the 7 checks that could run raised a question.
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