Iron and steel pipe manufacturer Jindal Saw reported a 69.03% year-on-year decline in consolidated net profit attributable to owners of the company to ₹47.04 crore in the September quarter of the financial year 2026-27, compared with ₹151.89 crore in the corresponding quarter last year.
Consolidated revenue from operations rose 5.63% year on year to ₹4,471.79 crore from ₹4,233.60 crore. However, total expenses increased 10.13% to ₹4,505.22 crore from ₹4,090.90 crore, according to the company’s unaudited financial results released on Friday, October 16.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 42% year on year to ₹261 crore from ₹451 crore. The EBITDA margin contracted sharply to 5.8% from 10.7% a year earlier.
Consolidated profit after tax (PAT), including the share attributable to non-controlling interests, declined 74.54% to ₹35.28 crore from ₹138.56 crore in the year-ago quarter. Consolidated earnings per share (EPS) fell to ₹0.74 from ₹2.38.
Sequential performance
On a quarter-on-quarter basis, net profit attributable to owners of the company declined 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. Total expenses, meanwhile, 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, while EPS declined to ₹0.74 from ₹1.63.
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Credit rating and stock performance
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. It carries a coupon rate of 8.25%, payable semi-annually, and matures on March 31, 2031, according to the rating document.
Jindal Saw shares closed at ₹301.60 on October 16, up 0.80%, or ₹2.40, during the trading session.
The stock has gained 79.56% year to date and 49.82% over the past year. It has risen 11.85% over one week, 7.22% over one month, 12.50% over three months and 36.19% over six months. Over longer periods, the stock has gained 59.59% in three years and 394.91% in five years, while declining 17.70% over two years.