Shares of Jindal SAW Ltd continued their sharp rally for the second straight session on Tuesday, January 20, extending gains to nearly 20% in two days, even as the company reported a steep year-on-year decline in profit for the December quarter.
Jindal SAW shares were trading 2.92% higher at Rs 184.52 on the NSE in morning trade. On Monday, the stock had surged as much as 17.69% to an intraday high of Rs 182 following the Q3 FY26 earnings announcement.
QoQ turnaround outweighs YoY weakness
The rally has been driven largely by a strong sequential recovery in earnings and operating performance. While Jindal SAW reported a 49.06% YoY decline in consolidated net profit to Rs 257.99 crore in Q3 FY26, profit rose sharply on a quarter-on-quarter basis.
Net profit jumped 69.85% QoQ from Rs 151.89 crore in Q2 FY26, signalling a turnaround from the previous quarter’s weaker performance.
Revenue and EBITDA rebound sequentially
Revenue for the December quarter stood at Rs 4,943.41 crore, down 6.22% YoY compared with Rs 5,271.30 crore in Q3 FY25. However, on a sequential basis, revenue increased 16.77% QoQ from Rs 4,233.60 crore, supporting the stock’s sharp move.
At the operating level, EBITDA declined 34.24% YoY to Rs 632.2 crore, but rose 31.27% QoQ from Rs 481.6 crore in the September quarter. EBITDA margin contracted to 12.7% YoY from 18.2%, but expanded sequentially from 11.3%, reinforcing expectations of improving operating leverage.
Momentum builds despite annual decline
The stock was trading around Rs 178.19, up 15.23%, at around 3:14 pm on Monday. Jindal SAW shares have gained over 11% in the past week, 12% over the past month, and nearly 8% on a year-to-date basis.
While the stock had touched a 52-week low of Rs 153 on December 9, 2025, it hit a 52-week high of Rs 286.40 on March 20, 2025.
Why the stock is rallying
Despite weak year-on-year comparisons, the market appears to be reacting to the sharp QoQ improvement in profit, revenue, EBITDA and margins, suggesting stabilisation after a soft first half. This sequential recovery has been the key trigger behind the nearly 20% rally in just two sessions, even as headline YoY numbers remain under pressure.
As of January 19, 2025, Jindal SAW’s market capitalisation stood at Rs 11,498.36 crore, according to NSE data.
