Indian pipe maker Jindal Saw Limited reported a sharp fall in quarterly profit despite rising revenue, as suspended Middle East deliveries delayed export revenue and left production capacity underused.
The company’s unaudited results show consolidated net profit of ₹35.28 crore for the quarter ended Sept. 30, 2026, down from ₹138.56 crore a year earlier. Revenue from operations rose to ₹4,471.79 crore from ₹4,233.60 crore.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, declined to ₹312.3 crore from ₹481.6 crore. The EBITDA margin narrowed to 6.9% from 11.3%.
Jindal Saw said shipments to the Middle East through the Strait of Hormuz have been suspended since March 2026. It invoked force majeure on affected orders and said the interruption reduced capacity use and delayed revenue recognition. The company also cited an oversupply of water pipes in India and delayed project payments.
At quarter-end, Jindal Saw had a standalone pipes-and-pellets order book of about $1.135 billion, with exports accounting for about 28% of its value. Its Oct. 16 filing separately listed about $575 million in letters of intent, which are excluded from confirmed orders.
Systematix Institutional Equities lowered its fiscal 2027 EBITDA estimate by 22% but expects profitability to improve gradually in the second half of the year. In a research note published by NDTV Profit, the brokerage attributed much of the earnings weakness to delayed deliveries rather than reduced demand.
Jindal Saw said the API license for its Nashik seamless-pipe facility was reinstated in June 2026. Systematix expects greater use of the facility and improvement in ductile iron pipes to aid a recovery if export shipments resume. It cited prolonged geopolitical disruptions, weak ductile iron pipe demand and delays to Middle East and North Africa capacity expansion as risks to that view.
Jindal Saw projects executing the balance of its order book over nine to 12 months. Middle East deliveries remain on hold, making their resumption a key indicator for that timetable.
