JINDALSAW · Capital Goods
Jindal Saw Ltd. reported revenue of ₹4,085 cr for April to June 2025, −17.3% on the year and −19.1% on the quarter. Over the last four quarters revenue comes to ₹19,975 cr, −7.0% on the four before.
Operating profit (EBITDA) was ₹670 cr, a margin of 16.4%, −61 bps on the year and +182 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.6% to 17.8%, averaging 16.4%. Operating costs grew −16.7%, faster than revenue at −17.3%, so operating profit grew less than sales.
Net profit was ₹415 cr, −0.2% on the year and +377.0% on the quarter, with earnings per share of ₹6.63. Profit before other income, one-offs and tax fell 35.8%, so 36 points of the headline growth came from outside the core business. The tax rate was −11% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,456 cr, −17.5% on the four before.
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 ₹26.91 over the last four quarters, the stock at ₹301.55 trades at 11.2 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.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
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 ₹4,085 cr (−17.3% on the year) and net profit of ₹415 cr (−0.2% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −35.8% on the year, against −0.2% for reported profit.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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