What caused the profit decline?

Higher material and finance costs squeezed the operating margin from 12.55% to 5.1%, outweighing a revenue increase from ₹3,300 crore to ₹3,721 crore.

What was the consolidated performance?

Consolidated revenue was ₹4,452 crore, and net profit attributable to owners fell to ₹104.17 crore from ₹424.04 crore.

Is there any update on the JITF arbitral award?

The company reiterated that Jindal ITF is appealing a ₹1,891 crore award at the Delhi High Court, expecting a favourable outcome. No new details on timing.

Are there any one-time items?

The results do not mention any exceptional items; the profit decline appears driven entirely by operations and finance costs.

Earnings · Steel & Iron Products · Mid cap

Jindal Saw net profit drops 70%, margin narrows to 5.1%

Standalone profit fell to ₹109.77 cr from ₹363.94 cr a year earlier. Revenue rose to ₹3,721 cr from ₹3,300 cr, but costs pushed operating margin to 5.1% from 12.55%.

— 1 earlier story on Jindal Saw Ltd. →

JINDALSAW By Tipsheet Editorial 14 Jul 2026 · 3:13 PM IST Verify on BSE · NSE

Mkt cap₹16,673 cr

P/E17.13×

ROE7.74%

Debt / eq.0.32

Div yld0.78%

₹109.77 cr Standalone net profit, down 70% YoY

What's new

Standalone net profit crashed 70% to ₹109.77 crore from ₹363.94 crore.
Operating margin narrowed to 5.1% from 12.55% due to higher material and finance costs.
Consolidated net profit fell to ₹104.17 crore from ₹424.04 crore.

Why this matters

Revenue grew, but all gains were eaten by costs. The margin compression signals weakening pricing power or rising input costs. With debt/equity at 0.32, the finance cost spike is notable.

What we're watching

Whether margin recovers in H2 if input costs ease.
Update on the ₹1,891 crore JITF arbitral appeal.
Order book trajectory in the steel pipe segment.

The full read

Jindal Saw's ₹109.77 crore standalone net profit for the June 2026 quarter is a 70% drop from ₹363.94 crore a year ago. Revenue rose to ₹3,721 crore from ₹3,300 crore, but the operating margin collapsed from 12.55% to 5.1%. Higher material and finance costs did the damage. On a consolidated basis, profit fell to ₹104.17 crore from ₹424.04 crore. The one non-financial item is the reiteration of Jindal ITF's ₹1,891 crore arbitral award appeal – a known, long-running matter. With a trailing ROE of 7.7% and market cap of ₹16,673 crore, this quarter's margin damage makes the FY27 earnings trajectory harder to call. The arbitral outcome remains a wildcard.

Questions answered

What caused the profit decline?: Higher material and finance costs squeezed the operating margin from 12.55% to 5.1%, outweighing a revenue increase from ₹3,300 crore to ₹3,721 crore.
What was the consolidated performance?: Consolidated revenue was ₹4,452 crore, and net profit attributable to owners fell to ₹104.17 crore from ₹424.04 crore.
Is there any update on the JITF arbitral award?: The company reiterated that Jindal ITF is appealing a ₹1,891 crore award at the Delhi High Court, expecting a favourable outcome. No new details on timing.
Are there any one-time items?: The results do not mention any exceptional items; the profit decline appears driven entirely by operations and finance costs.

Mentioned: JITF arbitral award ₹1,891 cr · Delhi High Court

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Jindal Saw Ltd.

Steel

₹16,359 cr

P/E 25.03×

Latest quarter · Jun 2026

Sales₹4,452 cr

Net profit₹96 cr

Op. margin+8.9%

EPS₹1.63

Strength & growth

Debt / equity0.32×

Current ratio1.61×

Sales CAGR+12.5%

EPS CAGR+17.1%

Story so far

All notes on JINDALSAW →

14 Jul 2026 · 3:13 PM IST Jindal Saw net profit drops 70%, margin narrows to 5.1%
1d ago Jindal Saw profit plunges 78% on Middle East blockade, licence suspension