Jindal Saw earnings calls.

Jindal Saw reported a weak Q1 FY27 with consolidated revenue of Rs 4,476 crCurrent reported value: Rs 4,476 cr. No comparable prior figure is available in the source record. (+9Current 9 crore vs previous available quarter -6 crore.% YoY) but severely impacted profitability—EBITDA fell 39% to Rs 421 crCurrent reported value: 39% to Rs 421 cr. No comparable prior figure is available in the source record. and PAT crashed 78% to Rs 91 crCurrent reported value: 78% to Rs 91 cr. No comparable prior figure is available in the source record. versus year-ago. The sharp deterioration stems from three compounding headwinds: (1) Middle East shipments suspended since March 2026Current reported value: Middle East shipments suspended since March 2026. No comparable prior figure is available in the source record. due to US-Iran geopolitical tensions blocking the Strait of Hormuz, deferring ~600,000 MTCurrent 600,000 MT. Reported change: On hold since March 2026. of Saudi Arabia orders; (2) API license suspensionCurrent reported value: API license suspension. No comparable prior figure is available in the source record. for seamless pipes from January–mid-June 2026 curtailing oil & gas order participation; (3) Domestic water infrastructure weaknessCurrent reported value: Domestic water infrastructure weakness. No comparable prior figure is available in the source record. with Jal Jeevan Mission facing delayed central fund releases and state project slowdowns. Management guided that H1 will remain softCurrent reported value: H1 will remain soft. No comparable prior figure is available in the source record. with volume flat versus FY26, but expects H2 recoveryCurrent reported value: H2 recovery. No comparable prior figure is available in the source record. as API-certified seamless sales ramp from October (targeting 70-80k MT/quarter) and domestic ductile iron demand improves. Geopolitical resolution remains the key swing factor for the massive order book. Capacity utilization held at 60-65%Current 60-65%. Reported change: Flattish vs FY26., keeping margins under pressure. Strategic initiatives include EU exports for ductile iron, hydrogen-qualified pipes, and the USD 300 million Abu Dhabi seamless plant (FY29 target) alongside the Saudi JV—projects that will push net debt from Rs 2,472 crCurrent Rs 2,472 Cr. Reported change: -Rs 56 Cr vs March 2026. toward Rs 3,500 cr. Risk: if Strait of Hormuz blockade persists beyond Q2, order book visibility for FY27 shrinks materially.