Jindal Saw Limited has released the transcript of its investor conference call held on January 19, 2026, to discuss the unaudited standalone and consolidated financial results for the third quarter of fiscal year 2026, ending December 31, 2025. The company reported an improvement in Q3 performance compared to the previous quarter, driven by higher volumes and improved productivity, although it still lagged behind the comparable quarter of the previous year. The pipe sector demonstrated strong demand, with the total order book volume increasing to 19.64 lakh metric tons in December 2025 from 19.25 lakh metric tons in September 2025. Production for a significant export contract of 6,22,000 metric tons of HSAW pipes for Saudi Arabia commenced in Q3. The company also began production at its new seamless plant piercing mill, increasing capacity to approximately 4 lakh tons per annum. However, the water pipe business, primarily ductile iron pipes, faced challenges due to protracted payment timelines from EPC customers under the Jal Jeevan Mission, with overdue receivables amounting to approximately ₹350 crores. The company is implementing strategic actions, including optimizing its product portfolio and rebalancing its sales mix, to navigate these challenges and enhance business resilience. Management expressed a positive outlook, anticipating continued support for the Jal Jeevan Mission in the upcoming union budget. Financially, on a standalone basis, total income for Q3 FY26 was ₹4,157 crores, with EBITDA at ₹527 crores and PAT at ₹227 crores. On a consolidated basis, total income was ₹4,963 crores, EBITDA was ₹632 crores, and PAT was ₹248 crores. The company also reported a reduction in its net debt on both standalone and consolidated levels. Further details were provided on overseas operations, including the Abu Dhabi ductile pipe production plant with a robust order book of approximately $235 million. New projects in the GCC region, including a wholly-owned seamless pipe plant in Abu Dhabi and joint ventures for HSAW pipe and ductile iron pipe facilities in Saudi Arabia, are expected to be commissioned within the next 24 months, with financial impact anticipated from FY29. The call also addressed questions regarding the ramp-up of the seamless pipe unit, demand visibility, the DI pipe order backlog, export opportunities, and strategies to improve EBITDA margins. Management indicated a gradual improvement in margins and expressed confidence in achieving higher production volumes with the new capacities and operational efficiencies.
