1. Opening Hook
If you thought Q2 FY26 was the bottom, congratulations — management agrees.
Jindal SAW walked into Q3 like a survivor of Jal Jeevan Mission delays, geopolitical tariffs, and EPC payment yoga. Volumes improved, EBITDA woke up, and debt politely stepped back. But before you pop the champagne, remember this: year-on-year comparisons still look like a bad before–after gym reel.
The pipe sector demand is “strong,” order book is “robust,” exports are “green shoots,” and yet margins are still recovering like a jet-lagged traveler. Management swears Q2 was the cycle bottom, Q3 is recovery, and Q4 will be “better” — not glorious, just better.
Stick around. The real drama lies in ductile pipes, delayed government money, and a Middle East expansion that starts paying… in FY29. Yes, patience required. 😏
2. At a Glance
- Standalone Revenue ₹4,157 Cr – Sequential rebound, YoY still sulking.
- EBITDA ₹527 Cr – From Q2’s ₹335 Cr, recovery arc activated.
- PAT ₹227 Cr – Profits returned from vacation, not fully refreshed.
- Consolidated EBITDA ₹632 Cr – Better than Q2, still allergic to FY25.
- Net Debt ₹3,154 Cr (Standalone) – Debt diet working, slowly.
- Order Book ~$1.48 bn – Big, shiny, and execution-dependent.
3. Management’s Key Commentary
“Q2 marked the bottom of the cycle.”
(Translation: Please
stop extrapolating Q2 forever 😏)
“Pipe sector demand remains strong domestically and internationally.”
(Demand is fine; payments are the real villain.)
“DI pipes face challenges due to protracted payment timelines.”
(Government money is stuck in traffic.)
“Receivables under Jal Jeevan Mission are ₹350 Cr only, largely secured.”
(Only ₹350 Cr. Comforting, apparently.)
“We are rebalancing domestic and export mix.”
(India delayed; Middle East picked up the phone.)
“We can reach 2.2 million tons without new capacity.”
(Machines can run. Orders just need to cooperate.)
“FY29 is when GCC capex starts reflecting financially.”
(Patience is not optional.)
4. Numbers Decoded
| Metric | Q3 FY26 | QoQ Trend | YoY Mood |
|---|---|---|---|
| Standalone Revenue | ₹4,157 Cr | ↑ Strong | ↓ Grumpy |
| Standalone EBITDA | ₹527 Cr | ↑ Sharp | ↓ Nostalgic |
| EBITDA Margin | ~12.7% | ↑ +300 bps | Still healing |
| Consolidated PAT | ₹248 Cr | ↑ Solid | ↓ Reality check |
| Net Debt (Standalone) | ₹3,154 Cr | ↓ | Finally behaving |
Decoded: Recovery is real, but margins need volume, and volume needs payments.
5. Analyst Questions (Decoded)
- Seamless
