Jindal SAW Q1 FY26: Net profit rises QoQ, revenue dips

Key takeaway from the June quarter

Jindal SAW Limited, a manufacturer of steel pipes used across energy, transportation and water sectors, reported its consolidated results for the quarter ended June 2025 (Q1 FY26). The headline was mixed. Net profit rose sharply on a quarter-on-quarter basis, helped by lower operating expenses. But revenue from operations fell both sequentially and year on year, and operating metrics showed pressure versus the year-ago quarter. The company’s reported numbers also reflected weaker volumes in its iron and steel pipes business. For investors, the quarter highlighted how cost movement can lift profit even when the top line is softer.

Revenue declines QoQ and YoY

Total revenue for the quarter came in at ₹4,084.68 crore. This was down 19.06% compared with the previous quarter’s ₹4,633.48 crore. On a year-on-year basis, revenue declined 17.30% from ₹4,939.08 crore. The provided earnings summary also described revenue from operations at ₹4,084.7 crore versus ₹4,939 crore a year ago, aligning with the table. The decline in revenue set the context for how the rest of the income statement moved this quarter.

Expenses fall, supporting sequential profitability

Total operating expense was ₹3,567.90 crore, down 20.06% QoQ from ₹4,319.34 crore. It was also lower by 16.00% versus ₹4,247.62 crore in the year-ago quarter. Within costs, “other operating expenses” were ₹865.78 crore, down 11.90% QoQ and 12.88% YoY. Selling, general and administrative expenses were ₹407.53 crore, which the table shows higher by 7.84% QoQ and 8.26% YoY. Depreciation and amortisation was ₹153.33 crore for the quarter.

Operating performance: improvement QoQ, weaker YoY

Operating income in the quarterly table is reported at ₹516.78 crore. Compared with the previous quarter, the table indicates a change of -11.44%, while the year-on-year comparison shows -25.26% versus ₹691.46 crore. Separately, the earnings note cited EBITDA at ₹670 crore, down 20.2% year on year, with EBITDA margin at 16.4% versus 17% in Q1 FY25. These sets of figures point to operating pressure versus last year, even as cost control helped sequential profitability.

Net profit jumps sequentially; YoY near-flat to slightly lower

Net income for Q1 FY26 is shown at ₹424.04 crore, up 45.58% QoQ from ₹139.43 crore in the prior quarter, as per the table. On a year-on-year basis, net income was down 3.86% from ₹441.06 crore. Another summary in the provided text pegged profit at about ₹415.5 crore versus ₹416.4 crore a year ago, describing the year-on-year move as a marginal decline. Despite small differences across summaries, the broader picture is consistent: the company delivered a strong sequential rebound in profit, while the year-on-year comparison remained flat to slightly negative.

Profit before tax and EPS snapshot

Net income before taxes is reported at ₹374.30 crore, versus ₹171.65 crore in the previous quarter and ₹588.23 crore in the year-ago quarter. Profit before tax (PBT) is also listed at ₹374.30 crore, with the table showing a 20.79% QoQ decline and a 36.37% YoY decline. Diluted normalised EPS was ₹6.63, up from ₹2.18 in the previous quarter and slightly below ₹6.90 in the year-ago quarter. These numbers reinforce the divergence between sequential improvement in bottom line and weaker year-on-year profitability.

Volume update: pipe sales down year on year

The provided filing summary stated that iron and steel pipes sales fell 19% year on year to 326,000 metric tonnes in the quarter. This volume data adds context to the decline in revenue. Lower volumes can put pressure on fixed-cost absorption and margins, even when the company manages operating expenses. It also fits with the reported decline in EBITDA year on year.

Market reaction and investor cues

In the provided market snapshot, Jindal SAW shares closed down 0.44% at ₹211. The same note cited a market capitalisation of about ₹13,429 crore. Investors typically track whether sequential profit improvement is driven by sustainable operating gains or by short-term cost movements, particularly when revenue is down. The quarter’s numbers showed a clear benefit from lower operating expenses, while top-line growth remained a challenge versus the year-ago period.

FY25 and recent-quarter context (converted to ₹ crore)

Beyond the June-quarter table, the provided highlights included FY25 and prior-quarter performance. For Q4 FY25, total income was ₹5,067.5 crore versus ₹5,493.7 crore in Q4 FY24, while EBITDA was ₹757.1 crore versus ₹988.8 crore. Q4 FY25 PBT was ₹465.7 crore versus ₹665.8 crore, and PAT was ₹86.9 crore versus ₹480.4 crore. For FY25, total income was ₹20,947.8 crore versus ₹21,125.9 crore in FY24, EBITDA was ₹3,548.2 crore versus ₹3,489.2 crore, PBT was ₹2,322.6 crore versus ₹2,216.5 crore, and PAT was ₹1,458.0 crore versus ₹1,592.9 crore. These figures show that while EBITDA and PBT were higher in FY25 versus FY24, PAT declined year on year.

Summary table of key Q1 FY26 metrics

Conclusion

Jindal SAW’s Q1 FY26 results showed a strong sequential rise in net profit alongside a meaningful fall in operating expenses, even as revenue and year-on-year operating metrics remained under pressure. The quarter also saw a year-on-year decline in pipe sales volumes to 326,000 metric tonnes. With the stock last reported down 0.44% at ₹211, the next set of company disclosures and quarterly updates will be watched for signs of stabilisation in revenue and operating margins.