Jindal Saw Q1 FY27: Net profit crashes 75% to ₹104 crore, EBITDA down 41%
Synopsis
Jindal Saw's Q1 FY27 earnings reveal a company under severe margin stress: net profit has collapsed 75 per cent year-on-year to just ₹104 crore even as revenues grew 9 per cent — a rare and alarming combination that points to a cost or pricing crisis. With EBITDA margins more than halved in a year, this is the second straight quarter of double-digit profit decline, and the trajectory is worsening.
Key Takeaways
Jindal Saw reported a 75 per cent YoY decline in consolidated net profit to ₹104 crore in Q1 FY27 .
Revenue from operations rose 9 per cent YoY to ₹4,452 crore , but failed to offset margin erosion.
EBITDA fell 41 per cent YoY to ₹396 crore ; EBITDA margin contracted to 8.9 per cent from 16.4 per cent .
In Q4 FY26 , net profit had already fallen 52 per cent YoY to ₹139.4 crore — marking two consecutive quarters of steep decline.
Shares fell as much as 4 per cent on the NSE on 14 July 2026 , closing 3.2 per cent lower at around ₹257.70 .
Jindal Saw Limited on Tuesday, 14 July 2026 reported a steep 75 per cent year-on-year decline in consolidated net profit for the first quarter of FY27 (April–June 2026), as margin pressure deepened across its pipes and tubes business. The iron and steel pipes manufacturer posted a net profit of ₹104 crore in Q1 FY27, down sharply from ₹424 crore in the same period last year.
Revenue Rises, But Margins Collapse
Revenue from operations grew 9 per cent year-on-year to ₹4,452 crore in Q1 FY27, compared with ₹4,085 crore in Q1 FY26, according to the company's stock exchange filing. However, top-line growth offered little comfort as operating performance deteriorated sharply.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 41 per cent year-on-year to ₹396 crore, from ₹671 crore a year earlier. The EBITDA margin contracted to 8.9 per cent from 16.4 per cent in Q1 FY26 — a compression of more than 750 basis points in a single year.
A Continuing Trend of Weakening Profitability
The Q1 FY27 results extend a deteriorating earnings trajectory that first became pronounced in the March quarter. In Q4 FY26, Jindal Saw had already reported a 52 per cent year-on-year decline in consolidated net profit to ₹139.4 crore, while revenue from operations fell 8 per cent to ₹4,633.5 crore.
EBITDA in that quarter had declined nearly 35 per cent to ₹480.9 crore, with the operating margin narrowing to 10.4 per cent from 14.6 per cent a year earlier. Notably, Q1 FY27 marks a further deterioration on each of these metrics, suggesting the pressure is structural rather than seasonal.
Market Reaction
Investor sentiment turned negative following the earnings disclosure. Shares of Jindal Saw fell as much as 4 per cent during afternoon trade on the National Stock Exchange (NSE), touching an intra-day low of ₹273.10. The stock partially recovered and closed 3.2 per cent lower at around ₹257.70.
About Jindal Saw
Jindal Saw Limited is among India's leading manufacturers of submerged arc welded (SAW) pipes, ductile iron pipes, and seamless tubes. The company serves sectors including oil and gas, water transportation, infrastructure, and industrial applications across domestic and international markets. Its performance is closely watched as a proxy for infrastructure spending and pipeline capex cycles in India.
With two consecutive quarters of sharp profit declines, all eyes will be on management commentary and order-book guidance for the remainder of FY27.
Point of View
And management has yet to provide a clear answer.
NationPress
14 Jul 2026
Frequently Asked Questions
What were Jindal Saw's Q1 FY27 earnings results?
Jindal Saw reported a 75 per cent year-on-year decline in consolidated net profit to ₹104 crore in Q1 FY27 (April–June 2026), down from ₹424 crore in Q1 FY26. Revenue from operations rose 9 per cent to ₹4,452 crore, but EBITDA fell 41 per cent to ₹396 crore.
Why did Jindal Saw's profit fall so sharply in Q1 FY27?
The primary driver was a steep compression in operating margins — the EBITDA margin fell to 8.9 per cent from 16.4 per cent a year earlier, a contraction of more than 750 basis points. While revenues grew, the cost structure absorbed the gains, pointing to pricing pressure or rising input costs in the pipes and tubes segment.
How has Jindal Saw's stock reacted to the Q1 results?
Shares of Jindal Saw fell as much as 4 per cent on the NSE on 14 July 2026, hitting an intra-day low of ₹273.10 before partially recovering to close 3.2 per cent lower at around ₹257.70.
Is this the first quarter of declining profits for Jindal Saw?
No. In Q4 FY26, Jindal Saw had already reported a 52 per cent year-on-year decline in net profit to ₹139.4 crore, with EBITDA down nearly 35 per cent. Q1 FY27 marks a second consecutive quarter of sharp deterioration, and the decline has accelerated.
What does Jindal Saw manufacture and which sectors does it serve?
Jindal Saw is one of India's leading manufacturers of submerged arc welded (SAW) pipes, ductile iron pipes, and seamless tubes. It serves the oil and gas, water transportation, infrastructure, and industrial sectors across domestic and international markets.
