Jindal Saw Q2 FY27 Results: Consolidated Net Profit ₹35.28 Crore on Total Income of ₹4,523 Crore
Earnings
Steel And Steel Products
Blacklitt Research3 min read
John Vachon, Library of Congress, via Wikimedia Commons (public domain). Illustrative image.
Jindal Saw reported consolidated total income of ₹4,523.06 crore and net profit of ₹35.28 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹3,881.36 crore and net profit was ₹70.69 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹4,523 crore, up 6.1% YoY, up 1.1% QoQ
Net profit: ₹35.28 crore, down 74.5% YoY, down 61.1% QoQ
EPS: ₹0.74, against ₹2.38 in Q2 FY26
Profit before tax: ₹14.42 crore, against ₹182.57 crore in Q2 FY26
Standalone
The company on its own, without its subsidiaries
Total income: ₹3,881 crore, up 13.9% YoY, up 3.3% QoQ
Net profit: ₹70.69 crore, down 10.8% YoY, down 35.6% QoQ
EPS: ₹1.11, against ₹1.24 in Q2 FY26
Revenue from operations: ₹3,823.80 crore, up 13.4% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
4,523.06
4,264.04
+6.1%
4,475.98
+1.1%
Revenue from operations
4,471.79
4,233.60
+5.6%
4,452.31
+0.4%
Other income
51.27
30.44
+68.4%
23.67
+116.6%
35.28
138.56
-74.5%
90.79
-61.1%
Finance costs
125.45
152.91
-18.0%
108.43
+15.7%
Depreciation
168.96
155.51
+8.6%
163.70
+3.2%
Tax expense
-20.86
44.01
n/a
52.08
n/a
Net profit margin
0.78%
3.25%
-2.47 pp
2.03%
-1.25 pp
EPS, basic (₹)
0.74
2.38
-68.9%
1.63
-54.6%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
A tax credit, not the business, is holding profit up. Profit before tax fell to ₹14.42 crore from ₹182.57 crore, yet net profit is ₹35.28 crore because tax was a net credit of ₹20.86 crore. The notes say current tax is net of ₹26.67 crore of additional claims for earlier years that the Appellate Authority decided in the company's favour, so without that item tax would have been an expense of about ₹5.81 crore and net profit about ₹8.61 crore (derived).
Costs outran sales. Revenue from operations rose 5.6% to ₹4,471.79 crore but total expenses rose about 10% to ₹4,505.22 crore from ₹4,090.90 crore, and the filing's own operating margin is 2.10% against 5.28% a year ago and 5.10% in Q1 FY27. Finance costs fell 18.0% to ₹125.45 crore, which helped, while depreciation rose 8.6% to ₹168.96 crore. The filing does not give reasons for the rise in expenses.
Against Q1 FY27 revenue was flat and net profit fell 61.1% from ₹90.79 crore. For H1 FY27 revenue from operations is ₹8,924.10 crore against ₹8,318.28 crore, and net profit ₹126.07 crore against ₹554.03 crore, down 77%. Of the quarter's net profit, ₹47.04 crore belongs to the owners of the company and the minority holders have a loss of ₹11.75 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
3,881.36
3,409.05
+13.9%
3,755.66
+3.3%
Revenue from operations
3,823.80
3,371.85
+13.4%
3,721.44
+2.8%
Other income
57.56
37.20
+54.7%
34.22
+68.2%
70.69
79.29
-10.8%
109.77
-35.6%
Finance costs
92.03
108.35
-15.1%
70.72
+30.1%
Depreciation
129.43
121.72
+6.3%
125.30
+3.3%
Tax expense
-26.76
25.46
n/a
35.24
n/a
Net profit margin
1.82%
2.33%
-0.50 pp
2.92%
-1.10 pp
EPS, basic (₹)
1.11
1.24
-10.5%
1.72
-35.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The parent is stronger than the group. Standalone net profit is ₹70.69 crore (down 10.8%) on revenue from operations up 13.4% to ₹3,823.80 crore, against ₹35.28 crore consolidated, so the subsidiaries together lose money: their combined net loss after tax is ₹14.93 crore for the quarter and ₹28.04 crore for the half on revenue of ₹704.87 crore in the quarter. Standalone tax is also a credit, negative ₹26.76 crore, so pre-tax profit fell more than net profit, to about ₹44 crore from about ₹105 crore (derived).
One subsidiary is a going-concern question. Jindal ITF Limited won an arbitral award of ₹1,891.08 crore plus interest and taxes, but a single judge of the Delhi High Court set it aside. On appeal the divisional bench delivered a split verdict, and the point of difference has gone to a third judge. Management believes it has an extremely strong case, that the subsidiary can meet its liabilities and monetise its assets at carrying values and is a going concern, and has made no adjustment. The auditors draw attention to the matter in an emphasis of matter and have not modified their conclusion.
The group reports one segment, iron and steel products.
Inference
Jindal Saw's reported profit of ₹35.28 crore is mostly a one-off tax benefit: before it, the profit is about ₹9 crore, on a margin that has fallen from 5.28% to 2.10% as costs rose faster than sales.
For shareholders, the outcome of the Delhi High Court appeal on the ₹1,891.08 crore award decides whether the Jindal ITF assets are realised at carrying value, and the filing gives no date for the third judge's decision.
Create a free account to read the rest of this article and the analysis that follows.
By continuing you agree to our Terms and Privacy Policy, and to receive updates from Blacklitt by email. You can unsubscribe anytime.
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
