Q3 2026 Jindal SAW Ltd Earnings Call Transcript
Key Points
- Jindal Saw Ltd (BOM:500378) reported a sequential increase in total income for Q3 FY26, reaching INR4,157 crores, up from INR3,409 crores in Q2 FY26.
- The company's EBITDA for Q3 FY26 improved significantly to INR527 crores from INR335 crores in Q2 FY26.
- The pipe sector continues to see strong demand signals across both domestic and international markets, with a healthy order backlog.
- The company has secured an export contract for 6,22,000 metric tons of HSAW pipes for Saudi Arabia, with production commencing in Q3 FY26.
- Jindal Saw Ltd (BOM:500378) is expanding its Middle East footprint with new seamless and ductile iron pipe facilities in Abu Dhabi and Saudi Arabia, expected to be operational by February 2028.
- Despite improvements, the company's performance in Q3 FY26 still lagged behind the comparable quarter of the previous year.
- The water pipe business, primarily ductile, faced challenges due to protracted payment timelines in the Indian water sector.
- The lengthy receivables days associated with public infrastructure projects continue to pose a major challenge for supply chain stability.
- The company's EBITDA and PAT for Q3 FY26, although improved from Q2 FY26, remained lower than the figures reported in Q3 FY25.
- The DI pipe order backlog is impacted by delayed payments from EPC customers under the Jal Jeevan Mission, affecting cash flow.
Ladies and gentlemen, good day, and welcome to Jindal Saw Q3 FY26 earnings call hosted by ICICI Securities Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Vikash Singh from ICICI Securities Limited. Thank you, and over to you, sir.
Thank you. Good evening, everyone. On behalf of ICICI Securities, I welcome you all. I would like to thank the Jindal Saw management for giving us the opportunity to host their call.
On the management side, we have with us Mr. Narendra Mantri, Chief Operating and Financial Officer; Mr. Vinay Kumar, President and Head Treasury; and Mr. Rajeev Goyal, Senior Vice President and Corporate Finance.
Without taking any much time, I'll hand it over to Vinay sir, for his opening remarks. Over to you, sir.
Thank you, Vikash, and let me start the call. Good afternoon, everyone, and welcome to
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