Jindal Saw Q2 Results (October 16): Revenue Up 6%, Profit Falls 75% as MENA Exports Stay Halted

Pipe maker Jindal Saw has delivered a quarter where the top line held up and nearly everything below it gave way. In its Jindal Saw Q2 results, approved by the board on Friday, October 16, 2026, consolidated revenue from operations rose 5.6% year on year to ₹4,471.79 crore, while consolidated net profit fell 74.5% to ₹35.28 crore from ₹138.56 crore. Figures come from the company’s results filing on NSE unless we say otherwise.

Jindal Saw Q2 results in numbers

• Revenue from operations: ₹4,471.79 crore, against ₹4,233.60 crore a year ago (up 5.6%) and ₹4,452.31 crore in the June quarter (up just 0.4%).
• Profit before tax: ₹14.42 crore, against ₹182.57 crore a year ago, a fall of about 92%.
• Net profit: ₹35.28 crore, down 74.5%. The share belonging to Jindal Saw’s own shareholders was higher at ₹47.04 crore (against ₹151.89 crore, down 69.0%), because minority holders in loss-making subsidiaries absorbed ₹11.75 crore of losses.
• EPS: ₹0.74, against ₹2.38.
• EBITDA: ₹312 crore, against ₹482 crore (down about 35%), per the company’s results highlights. EBITDA as a share of total income slipped to 6.9% from 11.3%.
• First half (April-September): revenue of ₹8,924.10 crore (up 7.3%) and net profit of ₹126.07 crore, against ₹554.03 crore (down 77.2%).

A tax credit did a lot of the work

Look closely and the after-tax number is bigger than the pre-tax one. Total tax for the quarter was a credit of ₹20.86 crore, because current tax is shown net of ₹26.67 crore of adjustments for earlier-year claims that an appellate authority decided in the company’s favour. Other income also rose to ₹51.27 crore from ₹30.44 crore. That is more than the entire pre-tax profit, so the core business barely broke even this quarter.

The standalone company did much better. Standalone revenue rose 13.4% to ₹3,823.80 crore and net profit slipped 10.8% to ₹70.69 crore. The gap sits in the group: the auditor’s review report shows subsidiaries posted a combined net loss of ₹14.93 crore for the quarter, and the two joint ventures added a ₹3.42 crore share of loss.

What went wrong: exports and water pipes

Per the highlights deck, exports to the MENA region have been halted since March 26 because of regional instability, and that hit capacity utilisation and revenue recognition right through the quarter. Shipments through the Strait of Hormuz have stayed suspended since March 2026, and the company has invoked force majeure on the affected orders. At home, the water pipe business faced oversupply and cash-flow strain from delayed Jal Jeevan Mission payments.

Order book, cash flow and the NTPC case

The standalone order book stands at about $1,135 million, roughly $1,122 million of it in pipes (about 1.8 million tonnes) and $13 million in pellets. Exports make up about 28% of it by value, and Middle East export orders are on hold. Outside the order book, the company also holds letters of intent worth about $575 million, including roughly $430 million of export business from outside MENA.

Cash generation was the bright spot. Consolidated operating cash flow for the half year was ₹1,385.29 crore, against an outflow of ₹308.66 crore a year earlier, helped by ₹733.83 crore released from inventory. Borrowings excluding leases fell to ₹3,494.88 crore at September 30 from ₹4,040.05 crore at March 31, adding up the current and non-current lines.

One overhang remains. Subsidiary Jindal ITF’s ₹1,891 crore arbitration award against NTPC was set aside by a single judge, and the appeal produced a split verdict on September 2, 2026. A third judge will now decide, with the next hearing on January 22, 2027.

We would watch two things in the second half: whether MENA shipments restart, and how quickly those non-MENA letters of intent turn into firm orders. For a framework to read filings like this, see how to analyse quarterly results, and compare it with our note on Jayaswal Neco’s Q2 numbers.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from the company’s exchange filings linked above. Consult a SEBI-registered investment adviser before making investment decisions.