Jindal Saw Shares Dip on Margins Despite Market Recovery; Q4 Profit Falls By 52%

Mumbai, April 28: Jindal Saw stock fell marginally on Monday even as most of the broader market traded in green for the session on positive global cues, with the stock last trading at ₹243.56, down ₹1.61 or 0.66% from Friday’s close at ₹245.17. Price action on Monday saw a gap down open at ₹235 in pre-open trade before opening at the lower circuit of ₹228. This brought sellers rushing in and pushed the stock down to as low as ₹226.95 around market open. However, strong buying interest below ₹230 pushed the stock higher into the first few hours of trade, eventually peaking at a session high of around ₹244.90 at 1:20 pm before settling around ₹243.56 at close.

Intraday Price Action

From lows around ₹227, shares of Jindal Saw quickly recovered to above ₹240 by around 9:30 am and then steadily moved up through the day — hitting ₹241–₹242 levels through the mid-morning trading session before breaking past ₹243 in early afternoon trade and eventually touching a session high of around ₹244.90 around 1:20 pm. Shares eventually gave up some of those gains into the close and settled around ₹243.56 at close, down ₹1.61 or 0.66% from the previous close but marking a strong intraday recovery of nearly ₹17 or 6% off its intra-day lows.

Weekly Price Review

Zooming out to the weekly price chart for Jindal Saw, the stock trended sharply higher over the past week. Price began around ₹236 on April 21 and then moved up to ₹243.70 on April 22, a single-session jump of over 3%. Price further trended up to hit a high of around ₹245.30 on April 23 before snapping back lower on April 24 to around ₹240.40. This pullback was likely prompted by broad market weakness and profit booking following two straight days of gains. Price then moved up gradually through Friday’s trading session and into April 27, finally settling around ₹245 on Friday before Monday’s modest decline. Overall, the stock returns 3.37% on a week-on-week basis, well ahead of the Nifty 500 index which declined 1.09% over the same period.

Order Book

At the last available update, the limit order book for Jindal Saw was mildly biased towards the sell-side. 53.82% of the total order quantity was on the ask-side (4,90,031 shares) compared to the bid-side which had 46.18% of the total order quantity (4,20,487 shares), indicating that there are slightly more sellers than buyers at current levels. Liquidity was concentrated at the ₹243.56 price point, which was both the current market price and best ask. The best bid was at ₹243.49 with 246 shares available, while the ask was at ₹243.56 with just 1 share available — a spread of ₹0.07. Liquidity builds at ₹243.40 on the bid-side with 10,953 shares and then at ₹243.61 on the ask-side with 4,738 shares.

A quick glance at the LOB reveals an even mix of buy-side and sell-side orders as of writing, with a spread of just ₹0.07 between the best ask and best bid.

Quarterly Results FY26

Jindal Saw reported weak Q4 numbers on Monday and that probably weighed on investor sentiment as compared to the broader market.

For Q4 FY26, consolidated net profit attributable to owners of the holding company reduced 52% year-on-year to ₹139 crore from ₹291 crore in Q4 FY25. Revenue from operations stood at ₹4,633 crore for the quarter, down 8% from ₹5,047 crore in Q4 FY25. Profit before tax at ₹172 crore was down 64% from ₹473 crore and operating margin came in at 6.89% for the quarter, down from 11.84% in Q4 FY25 as other expenses jumped to ₹1,115 crore from ₹983 crore in Q4 FY25 while finance costs more than doubled to ₹163 crore. Basic earnings per share was ₹2.19 compared to ₹4.58 in Q4 FY25.

Yearly Results FY26

Consolidated net profit attributable to owners of the holding company decreased 44% year-on-year to ₹973 crore from ₹1,738 crore in FY25. Revenue from operations decreased 13.64% to ₹17,895 crore from ₹20,829 crore reported in FY25. Profit before tax was down 54% to ₹1,076 crore while operating margin for the fiscal year came in at 9.13% versus 13.92% in FY25 as other expenses increased to ₹6,584 crore from ₹5,630 crore and finance costs more than doubled to ₹163 crore. Basic EPS stood at ₹15.27 compared to ₹27.31 reported in FY25.

Dividend

Moving onto brighter news, the Board also recommended a dividend of ₹2 per equity share of face value ₹1 each for FY26. This works out to a total dividend payout of ₹127.90 crore, subject to approval at the company’s AGM. The company’s statutory auditors have also drawn attention to a legal proceedings disclosed under note 2(c) of the financial statements. This relates to an arbitral award passed in favour of Jindal ITF Limited (subsidiary of the company) for ₹1,891 crore which is currently pending before the divisional bench of Delhi High Court. The management is of the opinion that the award shall be upheld.

Source:

• https://www.nseindia.com/get-quote/equity/JINDALSAW/Jindal-Saw-Limited
• https://www.bseindia.com/xml-data/corpfiling/AttachLive/c86d4aac-fa1e-4676-963a-654f32a4e6c4.pdf