JINDALSAW · Capital Goods
Jindal Saw Ltd. reported revenue of ₹4,472 cr for July to September 2026, +5.6% on the year and +0.4% on the quarter. That is faster than this quarter has grown in recent years (−11.0% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹18,500 cr, −0.7% on the four before.
Operating profit (EBITDA) was ₹258 cr, a margin of 5.8%, −488 bps on the year and −301 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 5.8% to 17.8%). Operating costs grew +11.4%, faster than revenue at +5.6%, so operating profit grew less than sales.
Net profit was ₹35.0 cr, −74.8% on the year and −61.5% on the quarter, with earnings per share of ₹0.74. Profit before other income, one-offs and tax fell 125.9%, so 51 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹498 cr, −55.5% on the four before.
Of the 45 companies in Capital goods and EPC that have reported Q2 FY27 so far, Jindal Saw Ltd. ranks 35th on revenue growth; the sector median is +17.1%. Its margin moved −488 bps on the year against a sector median of +11 bps.
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 ₹8.58 over the last four quarters, the stock at ₹251.99 trades at 29.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹4,472 cr |
| YoY | — | — | +12% | +2% | −7% | −7% | −17% | −24% | −6% | −8% | +9% | +6% |
| EBITDA margin | 17.5% | 17.0% | 17.0% | 16.4% | 17.8% | 14.6% | 16.4% | 10.7% | 12.4% | 10.3% | 8.8% | 5.8% |
| Other income, % of PBT | 6% | 10% | 9% | 6% | 4% | 6% | 8% | 22% | 6% | 13% | 17% | 364% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 29% | 26% | 26% | — | −11% | 24% | 29% | 28% | 36% | — |
| Net profit | ₹512 cr | ₹480 cr | ₹416 cr | ₹475 cr | ₹479 cr | ₹87.0 cr | ₹415 cr | ₹139 cr | ₹248 cr | ₹124 cr | ₹91.0 cr | ₹35.0 cr |
| YoY | — | — | +70% | +33% | −6% | −82% | −0% | −71% | −48% | +43% | −78% | −75% |
| Core profit YoY | — | — | +69% | +28% | −7% | −26% | −36% | −76% | −47% | −67% | −66% | −126% |
| EPS | ₹8.34 | ₹7.85 | ₹6.90 | ₹7.81 | ₹7.92 | ₹4.55 | ₹6.63 | ₹2.38 | ₹4.03 | ₹2.18 | ₹1.63 | ₹0.74 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 2 | 1 | 2 |
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 ₹4,472 cr (+5.6% on the year) and net profit of ₹35.0 cr (−74.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −125.9% on the year, against −74.8% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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