Jindal Saw reported a 69% year-on-year decline in consolidated net profit attributable to owners of the company to ₹47.04 crore in the September quarter of FY2027, compared with ₹151.89 crore in the corresponding quarter last year. According to the company's unaudited financial results released on Friday, October 16, the iron and steel pipe manufacturer faced significant margin pressure despite revenue growth.
Despite the profit decline, Jindal Saw achieved consolidated revenue from operations growth of 5.63% year-on-year to ₹4,471.79 crore from ₹4,233.60 crore in the previous year. However, total expenses increased 10.13% to ₹4,505.22 crore from ₹4,090.90 crore, creating a significant drag on profitability. The company's EBITDA fell 42% year-on-year to ₹261 crore from ₹451 crore, with EBITDA margin contracting sharply to 5.8% from 10.7% a year earlier.
On a quarter-on-quarter basis, Jindal Saw's performance showed continued pressure with net profit attributable to owners declining 54.84% from ₹104.17 crore in the June 2026 quarter to ₹47.04 crore in the September quarter. Revenue from operations edged up 0.44% from ₹4,452.31 crore in the preceding quarter, while total expenses rose 4.10% to ₹4,505.22 crore from ₹4,327.74 crore. Consolidated PAT fell 61.14% sequentially to ₹35.28 crore from ₹90.79 crore, with EPS declining to ₹0.74 from ₹1.63.
The results come after Brickwork Ratings reaffirmed its 'BWR AA/Stable' rating for Jindal Saw's ₹500 crore non-convertible debenture (NCD) issue. In a letter dated October 7, the rating agency said the instruments carried a high degree of safety regarding the timely servicing of financial obligations and very low credit risk. The rating is valid until October 7, 2027, subject to the terms and conditions outlined in the mandate. The NCD issue was originally rated on October 9, 2025, and issued on March 26, 2021, carrying a coupon rate of 8.25% and maturing on March 31, 2031. Jindal Saw shares closed at ₹301.60 on October 16, up 0.80% during the trading session, with the stock gaining 79.56% year-to-date and 49.82% over the past year.
