19-Oct-2026 19:11:47
JINDAL SAW Q2 CONCALL : H2 RECOVERY EXPECTED, ₹17,000 CR POTENTIAL ORDER VISIBILITY & DOUBLE-DIGIT MARGIN OUTLOOK
• H2 FY27 PERFORMANCE EXPECTED TO IMPROVE OVER H1, SUPPORTED BY HIGHER UTILIZATION & OIL & GAS ORDERS • EBITDA MARGINS EXPECTED TO MOVE TOWARD DOUBLE DIGITS IN Q3–Q4 FY27; NO FIRM TARGET GIVEN • CONFIRMED ORDER BOOK AT ₹10,700 CR; POTENTIAL ORDER VISIBILITY AT ₹17,000 CR INCLUDING NEW LOIS • NEW EXPORT LOIS WORTH $625 MN; INCLUDING $430 MN FROM CIS COUNTRIES & $50 MN FROM SOUTHEAST ASIA • NEW EXPORT ORDER PRODUCTION EXPECTED TO BEGIN AROUND FEBRUARY–MARCH 2027, SUBJECT TO CONFIRMATION • FY27 PIPE VOLUMES EXPECTED TO EXCEED FY26 LEVELS • CAPACITY UTILIZATION EXPECTED TO IMPROVE FROM Q4 FY27 • SEAMLESS PIPE BUSINESS EXPECTED TO BENEFIT FROM HIGHER-MARGIN OIL & GAS ORDERS FOLLOWING API LICENCE REINSTATEMENT • ABU DHABI SEAMLESS PIPE PLANT OF 3 LAKH TONNES ANNUAL CAPACITY TARGETED FOR FY29; INVESTMENT ESTIMATED AT $330 MN • SAUDI ARABIA PIPE JV PLANS TWO 3-LAKH-TONNE FACILITIES, WITH OPERATIONS TARGETED AROUND FY28–FY29 • WORKING CAPITAL REDUCTION EXPECTED TO SUPPORT LIQUIDITY & DEBT REDUCTION • SAUDI ORDER DELAYS, WEAK DOMESTIC DI PIPE DEMAND & GEOPOLITICAL DISRUPTIONS REMAIN KEY RISKS
JINDAL SAW LIMITED