Jindal Saw Q4 FY26: Net profit slumps 52% to ₹139 crore, EBITDA drops 35%
Synopsis
Jindal Saw's Q4 FY26 earnings tell a story of broad-based pressure — net profit more than halved, EBITDA margins compressed by over 400 basis points, and revenue slipped 8%. Yet the board held its nerve, recommending a ₹2/share dividend and approving a Cyprus subsidiary divestment, signalling a restructuring push even as profitability recovers.
Key Takeaways
Jindal Saw reported a 52% YoY drop in Q4 FY26 net profit to ₹139.4 crore , from ₹291 crore in Q4 FY25.
Revenue from operations fell 8% to ₹4,633.5 crore , down from ₹5,046.6 crore a year ago.
EBITDA declined 34.7% to ₹480.9 crore ; EBITDA margin contracted to 10.4% from 14.6% .
Board recommended a dividend of ₹2 per share for FY26, totalling approximately ₹127.9 crore .
Ashutosh Karnatak appointed as additional independent director; Deloitte Haskins and Sells LLP named internal auditors for FY27.
Board approved in-principle divestment of Raleal Holdings Limited , Cyprus, via sale or liquidation.
Jindal Saw Limited on Monday, 27 April 2026, reported a sharp 52% year-on-year decline in net profit for the fourth quarter (Q4) of FY26, with earnings falling to ₹139.4 crore from ₹291 crore in Q4 FY25. Revenue from operations also slipped 8% to ₹4,633.5 crore, down from ₹5,046.6 crore a year ago, according to the company's stock exchange filing.
Earnings Under Pressure Across All Metrics
The earnings squeeze was most visible at the operating level. EBITDA fell a steeper 34.7% to ₹480.9 crore, compared to ₹736.1 crore in the corresponding quarter of the previous fiscal. EBITDA margins contracted sharply to 10.4% from 14.6% a year earlier, reflecting cost pressures and weaker revenue realisation during the quarter. The across-the-board deterioration — in topline, operating profit, and net profit — marks one of the company's more difficult quarterly performances in recent memory.
Dividend Declared Despite Subdued Results
Despite the weak earnings, Jindal Saw's board has recommended a dividend of ₹2 per equity share of face value ₹1 for FY26. The proposed payout, subject to shareholder approval, is estimated at approximately ₹127.9 crore. The decision to maintain a dividend signals the board's intent to sustain investor confidence even as profitability came under pressure during the year.
Key Board and Audit Appointments
In a separate regulatory filing, the company announced a series of governance-related changes. Ashutosh Karnatak has been named as an additional independent director with effect from 27 April 2026. The board has also appointed RJ Goel & Co as cost auditors and Deloitte Haskins and Sells LLP as internal auditors for FY27. These appointments signal a refresh of the company's oversight framework ahead of the new financial year.
Cyprus Subsidiary Divestment Approved in Principle
The board has further approved an in-principle decision to divest its wholly-owned subsidiary, Raleal Holdings Limited, based in Cyprus. The divestment may proceed either through a sale or liquidation, though the company clarified that the timeline and definitive agreement for the transaction are yet to be finalised. The move could streamline Jindal Saw's corporate structure by shedding an overseas holding entity.
Stock Movement and Market Reaction
Ahead of the earnings announcement, shares of Jindal Saw settled at ₹245.50 on the National Stock Exchange (NSE) on Monday, registering a gain of 2.41% during the session. The pre-result rally suggests markets may have already priced in some degree of earnings weakness. With the Q4 results now public, investor focus will likely shift to management commentary on demand outlook and margin recovery prospects for FY27.
Point of View
With EBITDA margins falling more than four percentage points in a single quarter. What is notable is that the board chose to declare a dividend anyway, a move that preserves shareholder optics but raises questions about capital allocation discipline when margins are under stress. The in-principle decision to divest the Cyprus subsidiary, Raleal Holdings, is worth watching: offshore holding structures often obscure intercompany flows, and their unwinding can either unlock value or surface liabilities. Markets, for now, appear sanguine — the stock gained 2.41% ahead of results — but the real test will come when management explains whether Q4 is a cyclical trough or the beginning of a structural margin reset.
NationPress
1 May 2026
Frequently Asked Questions
What were Jindal Saw's Q4 FY26 results?
Jindal Saw reported a 52% year-on-year decline in net profit to ₹139.4 crore in Q4 FY26, compared to ₹291 crore in Q4 FY25. Revenue from operations also fell 8% to ₹4,633.5 crore, and EBITDA dropped 34.7% to ₹480.9 crore.
What dividend has Jindal Saw declared for FY26?
Jindal Saw's board has recommended a dividend of ₹2 per equity share of face value ₹1 for FY26. The total payout is estimated at approximately ₹127.9 crore, subject to shareholder approval.
What is the Raleal Holdings divestment announced by Jindal Saw?
Jindal Saw's board has approved an in-principle decision to divest Raleal Holdings Limited, its wholly-owned subsidiary based in Cyprus. The divestment may proceed via sale or liquidation, though the timeline and final agreement are yet to be determined.
Who has been appointed as independent director at Jindal Saw?
Ashutosh Karnatak has been named as an additional independent director at Jindal Saw with effect from 27 April 2026. The company also appointed Deloitte Haskins and Sells LLP as internal auditors and RJ Goel & Co as cost auditors for FY27.
How did Jindal Saw shares perform on the day of the results?
Shares of Jindal Saw settled at ₹245.50 on the NSE on Monday, gaining 2.41% during the session ahead of the earnings announcement.
