Integrated Filing — IndAS



General information about company

Scrip Code 500378
NSE Symbol JINDALSAW
MSEI Symbol NOTLISTED
ISIN INE324A01032
Name of company JINDAL SAW LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 17-10-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 08-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Iron and Steel
Start date and time of board meeting 17-10-2025   12:30:00
End date and time of board meeting 17-10-2025   14:20:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 4,23,360.00 8,31,828.00
Other income 3,044.00 4,871.00
Total income 4,26,404.00 8,36,699.00
2 Expenses
(a) Cost of materials consumed 2,46,279.00 5,53,016.00
(b) Purchases of stock-in-trade 3.00 192.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (10,229.00) (1,03,029.00)
(d) Employee benefit expense 41,638.00 82,391.00
(e) Finance costs 15,291.00 32,405.00
(f) Depreciation, depletion and amortisation expense 15,551.00 30,884.00
(f) Other Expenses
1 Other expenses 1,00,557.00 1,87,135.00
Total other expenses 1,00,557.00 1,87,135.00
Total expenses 4,09,090.00 7,82,994.00
3 Total profit before exceptional items and tax 17,314.00 53,705.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 17,314.00 53,705.00
6 Tax expense
7 Current tax 4,268.00 (437.00)
8 Deferred tax 133.00 721.00
9 Total tax expenses 4,401.00 284.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 12,913.00 53,421.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 943.00 1,982.00
16 Total profit (loss) for period 13,856.00 55,403.00
17 Other comprehensive income net of taxes 3,385.00 3,588.00
18 Total Comprehensive Income for the period 17,241.00 58,991.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 15,189.00 57,593.00
Total profit or loss, attributable to non-controlling interests (1,333.00) (2,190.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 18,575.00 61,182.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests (1,334.00) (2,191.00)
21 Details of equity share capital
Paid-up equity share capital 6,395.00 6,395.00
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 2.38 9.04
Diluted earnings (loss) per share from continuing operations 2.38 9.01
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.38 9.04
Diluted earnings (loss) per share from continuing and discontinued operations 2.38 9.01
24 Debt equity ratio 0.41 0.41
25 Debt service coverage ratio 5.01 2.30
26 Interest service coverage ratio 3.21 3.67
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes: 1. Jindal ITF Limited (JITF), a Subsidiary of the Company, is in an appeal before the divisional bench of Hon’ble High Court of Delhi against the judgment of single judge setting aside the Arbitral Award of Rs. 1,891.08 Crores plus interest and applicable taxes in favour of the Subsidiary. Based on the advice received after due consideration and consultation with a reputed independent legal counsel on the matter, the Management of the Holding Company believes that it has an extremely strong case leading to an ultimate favourable outcome, and the Subsidiary will be in a position to meet all its liabilities and is in a position to monetise all its assets at carrying values and accordingly, no adjustments are required to be made in the consolidated financial results as at and for the quarter and half year ended September 30, 2025 and the Subsidiary is able to operate as a going concern. 2. The Group has only one reportable business segment i.e. “Iron & Steel products” and accordingly, no segment information required to be disclosed. 3. Current tax expense for the quarter ended June 30, 2025 and half year ended September 30, 2025 are net of tax refund receivable on account of additional claims pertaining to earlier years adjudicated to the Holding Company by the Appellate Authority amounting to Rs. 133.55 Crores. 4. The Group consolidated financial results includes the results of the following entities: Relationship Name of the Entities Holding Company Jindal Saw Limited Trust Samruddhi Employees Trust Subsidiaries Direct Subsidiaries a) Jindal ITF Limited b) Jindal Metals & Alloys Limited c) S.V. Trading Limited, Nevis d) Ralael Holdings Limited, Cyprus e) Jindal Saw Holding FZE, UAE f) JITF Shipyards Limited Indirect Subsidiaries a) Jindal Saw USA LLC, USA b) Jindal Saw Middle East FZE, UAE c) Jindal Saw Gulf LLC, UAE d) Jindal Intellicom Limited e) iCom Analytics Limited f) World Transload & Logistics LLC, USA g) 5101 Boone LLP, USA h) Tube Technologies INC, USA i) Helical Anchors INC, USA j) Boone Real Property Holding LLC, USA k) Drill Pipe International LLC, USA l) Jindal X LLC, USA m) Jindal Seamless Pipe Manufacturing LLC (w.e.f. August 13, 2025) Joint Ventures a) Jindal MMG LLC, USA b) Jindal Hunting Energy Services Limited 5. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on October 17, 2025. By Order of the Board For JINDAL SAW LIMITED Place: New Delhi Sminu Jindal Date: October 17, 2025 Managing Director DIN: 00005317



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 9,47,905.00
Capital work-in-progress 65,954.00
Investment property 0.00
Goodwill 6,105.00
Other intangible assets 427.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 6,013.00
Non-current financial assets
Non-current investments 13,182.00
Trade receivables, non-current 212.00
Loans, non-current 7,331.00
Other non-current financial assets 20,140.00
Total non-current financial assets 40,865.00
Deferred tax assets (net) 11,566.00
Other non-current assets 35,845.00
Total non-current assets 11,14,680.00
2 Current assets
Inventories 5,52,869.00
Current financial asset
Current investments 517.00
Trade receivables, current 3,07,375.00
Cash and cash equivalents 15,097.00
Bank balance other than cash and cash equivalents 5,400.00
Loans, current 4,018.00
Other current financial assets 4,770.00
Total current financial assets 3,37,177.00
Current tax assets (net) 3,488.00
Other current assets 1,11,242.00
Total current assets 10,04,776.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 21,19,456.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 6,395.00
Other equity 12,01,896.00
Total equity attributable to owners of parent 12,08,291.00
Non controlling interest (26,541.00)
Total equity 11,81,750.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1,74,832.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 3,224.00
Total non-current financial liabilities 1,78,056.00
Provisions, non-current 2,359.00
Deferred tax liabilities (net) 91,369.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 9,370.00
Total non-current liabilities 2,81,154.00
Current liabilities
Current financial liabilities
Borrowings, current 3,44,580.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 5,516.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,07,003.00
Total Trade payable 2,12,519.00
Other current financial liabilities 22,806.00
Total current financial liabilities 5,79,905.00
Other current liabilities 56,877.00
Provisions, current 11,758.00
Current tax liabilities (Net) 8,012.00
Deferred government grants, Current 0.00
Total current liabilities 6,56,552.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 9,37,706.00
Total equity and liabilites 21,19,456.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement losses on defined benefit plans -22200000 -44300000
Total Amount of items that will not be reclassified to profit and loss (222.00) (443.00)
2 Income tax relating to items that will not be reclassified to profit or loss (55.00) (111.00)
3 Amount of items that will be reclassified to profit and loss
1 Exchange differences in translating the foreign operation 354600000 391400000
2 Debt Instruments through Other Comprehensive Income 700000 700000
Total Amount of items that will be reclassified to profit and loss 3,553.00 3,921.00
4 Income tax relating to items that will be reclassified to profit or loss 1.00 1.00
5 Total Other comprehensive income 3,385.00 3,588.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 53,705.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 32,395.00
Adjustments for decrease (increase) in inventories (58,383.00)
Adjustments for decrease (increase) in trade receivables, current (26.00)
Adjustments for decrease (increase) in trade receivables, non-current 54,131.00
Adjustments for decrease (increase) in other current assets 0.00
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (10,840.00)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (69,755.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities (50,071.00)
Adjustments for depreciation and amortisation expense 30,884.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 3,488.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (1,174.00)
Adjustments for dividend income 298.00
Adjustments for interest income 1,351.00
Adjustments for share-based payments 115.00
Adjustments for fair value losses (gains) 1.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 310.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (70,574.00)
Net cash flows from (used in) operations (16,869.00)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 13,997.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (30,866.00)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 127.00
Purchase of property, plant and equipment 49,462.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 298.00
Interest received 1,647.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (495.00)
Net cash flows from (used in) investing activities (47,885.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 73,286.00
Repayments of borrowings 36,524.00
Payments of lease liabilities 1,538.00
Dividends paid 12,702.00
Interest paid 26,246.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 31,792.00
Net cash flows from (used in) financing activities 28,068.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (50,683.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 238.00
Net increase (decrease) in cash and cash equivalents (50,445.00)
Cash and cash equivalents cash flow statement at beginning of period 65,542.00
Cash and cash equivalents cash flow statement at end of period 15,097.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Price Waterhouse Chatered Accountants LLP Yes 30-11-2026