Volume recovery to Q4 FY25 levels
Management expects to return to normalized quarterly volumes of ~4.35 lakh tonnes (as in Q4 FY25) once headwinds subside.
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Blast furnace restart in August 2025
The blast furnace under scheduled maintenance is expected to restart in August 2025, restoring ductile pipe production capacity.
Working capital improvement in coming months
Management expects working capital utilization to normalize within a couple of months as inventories are cleared and receivables collected.
H1 FY27 to remain soft with H2 recovery expected
Management reiterated prior guidance that H1 results will reflect geopolitical and JJM headwinds, but expects sequential improvement in H2 as API-certified seamless sales ramp and domestic water demand recovers. Q2 likely similar to Q1.
Seamless NSIC utilization to reach 70-80k MT/quarter from October 2026
With API license reinstated mid-June 2026, the Nashik seamless plant is expected to improve utilization starting September-October 2026, targeting 70-80k MT quarterly volume (down from pre-suspension guidance of 80-90k MT).
FY27 volumes expected flat versus FY26
Management guided that overall pipe volumes for full year FY27 are likely to remain at similar levels to FY26 given the challenging operating environment, assuming current geopolitical and domestic demand conditions persist.
New Middle East capex on track for FY28-29 commissioning
Abu Dhabi seamless plant (300k MT, ~$300M) targeting FY2029 commercial operations with 50-60% first-year utilization assumption. Saudi JV LSaw/ESaw plants (300k MT each) targeting FY28-29 with financial closure expected in next few months.
Gradual improvement from Q3 FY26 onward
Management expects operational and financial performance to improve gradually from Q3, driven by easing liquidity and strong order book.
Seamless pipe commercial production in Q3 FY26
New piercing mill trial phase underway; commercial production expected in Q3, adding 150,000 tons annual capacity.
Maintenance capex of ₹600-700 crore annually
Annual maintenance capex for Jindal Saw standalone remains in the range of ₹600-700 crore, including molds.
Job-work order execution of 125-150 kt in H2 FY26
Expect to produce 125,000-150,000 tons from the Saudi helical pipe job-work order in the remaining part of FY26.
Q4 FY26 volumes expected to be better than Q3
Management expects fourth quarter to be sequentially better in terms of volumes and margins, though not reaching FY25 levels.
New projects in GCC to be commissioned by Feb 2028
Seamless pipe plant in Abu Dhabi and joint ventures in Saudi Arabia for ductile and spiral pipes are expected to be operational within 24 months, impacting financials from FY29.
Increasing export focus for DI pipes from India
Company aims to grow export component of DI pipe sales from minimal levels to reduce dependence on domestic market, with current export orders at $45 million.
Capex of ₹500-600 crore in FY27
Management guided capital expenditure of ₹500-600 crore for FY27, primarily for Indian facilities and ongoing projects.
Abu Dhabi seamless pipe plant on fast track
Land secured, equipment ordering started; plant expected to be operational in ~2 years.
Saudi JV for LSAW/HSAW facility
JV with BH Group (51% Jindal) established; land secured, LCs opened for fuel shipments.