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Jindal Steel Ltd. (erstwhile Jindal Steel & Power Ltd.) Q2FY26 Earnings Presentation 28th October 2025 Jindal Steel Ltd. (erstwhile Jindal Steel & Power Ltd.) Q3FY26 Earnings Presentation 30th January 2026
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© 2026 Jindal Steel. All rights reserved. This presentation may contain certain forward looking statements concerning steel sector, economy and Jindal Steel Limited future business prospects and profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. We do not undertake to update our forward-looking statements. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Jindal Steel or any of it’s subsidiary undertakings or any other invitation or inducement to engage in investment activities, neither shall this presentation nor the fact of it’s distribution form the basis of, or be relied on in connection with, any contract or investment decision. Few numbers in this presentation are purely indicative & provisional and could change later. Estimates regarding economy, steel & power sector, company and related areas are purely indicative and could change with market conditions and host of other factors. Safe harbour statement
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© 2026 Jindal Steel. All rights reserved. * Under Construction Jindal Steel – Building a Nation of our Dreams Growth Focussed • Scaling up world-class, integrated steel production capacity • Innovative, value-added products to support our dream of Viksit Bharat • High performance, people and customer-centric culture Strong Financials • Best in class balance sheet • Most diversified product portfolio • Industry leading EBITDA per tonne • Strong liquidity of INR 4,522 cr • Net Debt/EBITDA at 1.72x Sustainability Driven • World's first and largest coal gasification plant for steel-making • Adding Renewable power in our journey to Net Zero • 200 km eco-friendly slurry pipeline * Coal pipe conveyor * • Positively impacting 14.6 million lives Slide 3 Industry 4.0 & AI • Enterprise AI Transformation — Company wide rollout to lift productivity, throughput, and margin • Enterprise Intelligence Layer — AI is being embedded across key functions supporting decision making • Computer Vision & Predictive AI — AI-based video analytics and predictive models
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© 2026 Jindal Steel. All rights reserved. World class assets – On the cusp of transformative expansion Slide 4 *Excludes Saradhapur Jalatap East coal block (partially explored) awarded to Jindal Steel in Mar’25; geological resources of 3.25 bn tonnes Expansion Iron Ore Finished Steel Iron-ore 3.11 MTPA Tensa 7.5 MTPA Kasia Coal* 4 MTPA# Gare Palma IV/6 3.37 MTPA# Utkal C 8 MTPA Utkal B1 & B2 5 MTPA Mozambique 1.2 MTPA South Africa Steel Melting Shop (SMS) 2.40 MTPA Bar Rod Mill 0.75 MTPA Special Profiling Mill 0.6 MTPA Wire Rod Mill Flats Longs Direct Reduce Iron (DRI) 5.12 MTPA3.12 MTPA Blast Furnace (BF) Iron Making Liquid Steel 2.5 3.0 MTPA Plate Mill 6.0 MTPA# Hot Strip Mill 1.2 MTPA@ Cold Roll Mill 1.0 MTPA RUBM 3 MTPA# Roida - I 11.90 MTPA#7.30 MTPA 15.60 MTPA^9.60 MTPA 9.60 MTPA 15.60 MTPA 7.25 MTPA 13.75 MTPA 10.42 MTPA 17.02 MTPA 10.61 MTPA 13.61 MTPA # Commissioned ^ 3 MTPA steel Melting Shop (SMS) commissioned (total capacity under expansion – 6 MTPA) @ 0.2 MTPA Continuous Galvanizing Line (CGL-1) and 0.5 MTPA HR Skin Pass Mill commissioned ✓ # 15.02 ✓ # 12.60 ✓ # 13.25 ✓ #
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© 2026 Jindal Steel. All rights reserved. Angul expansion update Slide 5 Both modules operationalised Utkal B1 Utkal B1 mine has opened, and overburden removal is currently underway Slurry pipeline 94% pipeline completed Commissioning in Q4FY26 RMHS All critical route to be completed by Q4FY26 BOF3 & PP2 Progressing as per timelines SBPP (525 MW x 2) Belt Laying Work Completed in Jan’26 Coal pipe conveyor CGL - 1 commissioned Progressive commissioning of multiple lines in Q4FY26 CRM complex
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© 2026 Jindal Steel. All rights reserved. Consolidated performance highlights – Q3FY26 • Highest ever production (up 25% QoQ) and sales (up 22% QoQ) • Operationalised SBPP Module 1 (525 MW); Module 2 (525 MW) also synchronized in Jan’26 • Utkal B1 mine opened; overburden removal underway • Highest ever quarterly production – RUBM and HSM Other key highlights INR 189 cr Profit after Tax 1.72x Net Debt to EBITDA INR 15,172 cr Gross Revenue 2.51 MT Production 2.28 MT Sales INR 1,593 cr Adjusted EBITDA Slide 6 Note Gross revenue includes GST and Other income Adjusted EBITDA is after considering FX gain/loss Performance highlights
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© 2026 Jindal Steel. All rights reserved. CY26 demand outlook – India continues to lead Slide 7 As per JPC, India steel demand was 160 MT in CY25, broadly in line with WSA projections for CY25 China India World USA EU & UK Japan Source: World Steel Association - Short Range Outlook Oct 2025 1,749 1,749 1,773 -2% 0% 1% -12% -7% -2% 3% 1,700 1,720 1,740 1,760 1,780 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) 857 840 831 -5% -2% -1% -20% -15% -10% -5% 0% 800 815 830 845 860 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) 148 161 176 11% 9% 9% -12% -6% 0% 6% 12% 120 135 150 165 180 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) 89 91 92 -2% 2% 2% -15% -10% -5% 0% 5% 84 86 88 90 92 94 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) 140 142 147 2% 1% 3% -15% -10% -5% 0% 5% 130 135 140 145 150 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) 50 48 48 -4% -3% -1% -15% -10% -5% 0% 5% 44 46 48 50 52 CY24 CY25E CY26E Steel Demand (MT) Demand Growth (YoY%) Industry update
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© 2026 Jindal Steel. All rights reserved. China’s exports at a record as production continue to outpace demand Slide 8 761 767 794 866 936 1018 986 961 936 877 828 -4% 1% 4% 9% 8% 9% -3% -3% -3% -6% -6% -12% -2% 8% 18% 600 800 1000 1200 CY15 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 ASC (MT) ASC Growth (YoY %) Steel Demand (Apparent Steel Consumption)Crude Steel Production China HRC Export Price (USD/t) Steel Exports 446 350 550 750 950 1,150 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 869 873 862 928 993 1,054 1,031 1,016 1,024 991 950 -2% 0% -1% 8% 7% 6% -2% -1% 1% -3% -4% -6% -1% 4% 9% 700 800 900 1,000 1,100 CY15 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 Production (MT) Production Growth (YoY %) 112 109 76 70 64 54 67 67 91 111 119 0% -3% -31% -8% -7% -17% 25% 1% 35% 22% 7% -50% 0% 50% - 50 100 150 CY15 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 China steel exports (MT) Exports growth % Source: Production and Demand – WSD, Bloomberg; Exports volume/Price – Bloomberg China’s domestic demand remains weak; exports stay elevated, keeping prices subdued Industry update
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© 2026 Jindal Steel. All rights reserved. India Steel Scenario - Q3FY26/9MFY26 Slide 9 • Crude steel/finished steel production grew 2%/0.6% on a QoQ basis. Flat steel/Long steel production was up 0.7%/0.4% during the same period • Long steel consumption increased 2.7% while Flat steel consumption declined 6.5% QoQ • Exports increased 30% QoQ, led by an 81% increase in HRC. Share of flat steel in total exports remained stable sequentially at 72%. Italy, UK Belgium, Spain, and Nepal were the top 5 destinations accounting for 47% of total exports • Imports declined 36% QoQ, driven by a sharp 34% decrease in flat steel imports. Imports from FTA countries/China declined 33%/32% driving the total decline in imports • Net exports increased ~1.5 MT sequentially in the quarter offsetting weak domestic demand in the quarter Q Crude Steel Production (mt) Steel Exports (mt) Finished Steel Consumption (mt) Steel Imports (mt) 38.6 41.5 42.5 111.8 124.6 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +10% +2% +11% 38.9 40.5 40.7 111.7 119.6 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +5% 0% +7% 1.8 1.9 2.5 4.6 6.0 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +36% +30% +31% 2.8 2.5 1.6 8.2 6.0 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 -42% -36% -26% Source: JPC India turned net exporter of steel in Q3FY26 after six quarters Industry update
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© 2026 Jindal Steel. All rights reserved. Rising input cost and subdued steel prices compressed spreads in Q3FY26 Slide 10 • Domestic steel prices have recovered since mid Dec’25 after a prolonged spell of correction • HRC prices stayed weak due to soft domestic demand • TMT price decline persisted on weak construction demand • Iron ore prices in Odisha rose despite the downtrend in steel prices • PHCC prices increased as seaborne supply tightened amidst hurricane season in Australia HRC: India domestic and Export FOB Rebar: India domestic Coking Coal: Premium HCC (CNF Australia origin) Iron Ore: Domestic Fines and Lumps (Odisha Index) 40,000 50,000 60,000 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 HRC (INR/t) Q3FY25 Q2FY26 Q3FY26 Abs YoY Abs QoQ Dom Mum 47,765 49,525 47,212 -554 -2,313 Export FOB 45,426 45,734 43,176 -2,250 -2,558 231 165 225 285 345 405 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 HCC (USD/t) Q3FY25 Q2FY26 Q3FY26 Abs YoY Abs QoQ PHCC Australia 217 200 216 -1 17 45,000 50,000 55,000 60,000 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 TMT (INR/t) Q3FY25 Q2FY26 Q3FY26 Abs YoY Abs QoQ Dom Mum 53,762 47,977 47,254 -6,508 -723 4,000 5,500 7,000 8,500 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Iron ore (INR/t) Q3FY25 Q2FY26 Q3FY26 Abs YoY Abs QoQ Fines 62 Fe (0-10 mm) 5,315 5,335 5,496 181 162 Lumps 63 Fe (5-18 mm) 7,185 7,504 7,842 658 338 Source: Steelmint Steel prices rebounded from mid-Dec’25 after prolonged correction Industry update Steel prices rebounded from mid-Dec’25 after prolonged correction
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© 2026 Jindal Steel. All rights reserved. Operational highlights – Q3FY26 Slide 11 Sales (mt)Crude Steel Production (mt) Exports (mt)Domestic Sales (mt) 1.99 2.00 2.51 6.01 6.60 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +26% +25% +10% 1.90 1.87 2.28 5.85 6.06 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +20% +22% +4% 41% 49% 50% 44% 48%Flats as a % of total sales volume 1.77 1.69 2.14 5.40 5.60 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +21% +27% +4% 0.13 0.18 0.14 0.45 0.46 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 +7% -22% +2% 7% 10% 6% 8% 8%Export as a % of total sales volume Share of Value-added sales at 66% in Q3FY26 Operational highlights
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© 2026 Jindal Steel. All rights reserved. Diversified sales mix anchored in value-added offerings Slide 12 43% 35% 34% 31% 32% 31% 11% 19% 20% 12% 11% 12% 4% 3% 3% Q3FY25 Q2FY26 Q3FY26 Infrastructure Distribution Building & Constr Engineering & Packaging Automotive 48% 49% 46% 52% 51% 54% Q3FY25 Q2FY26 Q3FY26 Retail Project 4,233 5,042 5,545 Number of dealers 509 449 522 Sector wise Sales distribution TMT Sales Distribution, in ‘000 tonnes Strong customer centricity with diversified sector presence & deep channel connect Operational highlights
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© 2026 Jindal Steel. All rights reserved. Strengthening the value-added portfolio through new product rollouts Image Source - Google Slide 13 High Carbon Grade in Clutch Plate Galvanized Coil for Roofing Applications Auto grades in CV High Tensile Steel for Strapping Boiler & Pressure Vessel HRPO Grade in Racking System Operational highlights
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© 2026 Jindal Steel. All rights reserved. Supporting India’s infrastructure build-out Image Source - Google Slide 14 Partnering India’s nation-building journey, aligned with “Viksit Bharat” Nagpur Metro Rail Corporation Ltd. Dibang Hydroelectric Power Project Versova-Bandra Sea Link Ratle Hydroelectric Power Project Pune Metro Rail Mumbai Metropolitan Region Development Authority Operational highlights
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© 2026 Jindal Steel. All rights reserved. Social impact across key themes Slide 15 Environment and agriculture • Cultivated 341 acres across Angul, Barbil and Patratu with input support for 1,510 farmers • 500 kitchen gardens set up in Angul; seeds distributed to 470 farmers in Patratu Sustainable livelihood & women empowerment • Empowered 3,200+ women and girls through training, and micro- enterprise support to foster economic independence Sports • 1,900+ athletes trained across football, archery, Wushu, and hockey • Athletes won multiple medals at state/district events and the Special Olympics Social Inclusion • Provided dry ration and served nutritious hot meals to 16,20,564 underprivileged individuals • Strengthened Birhore tribe children through education, sports and nutrition—covering 55 people Health & Nutrition • Facilitated Health Care for 46,505 mothers and children • Facilitated control of anemia for 20,984 adolescent girls • Provided customised nutrition support to 356 malnourished children Education • O.P. Jindal Global University - Educating 12,000+ students; ranked India’s #1 private university (QS World Rankings) • O.P. Jindal University, Chhattisgarh’s - State’s #1 Green University (NAAC A+++), serving 1,700+ students • Supported 540+ children with special needs through holistic and specialized education Skill development • 400+ youths skilled in 9 Trades at OPJCC - Welder, Fitter, Electrician, Electrician Domestic Solution, COPA (Computer Operator and Programming Assistant), CPD, Plumber, Domestic Data Entry Operator, Computer Rural infrastructure • Improved community infrastructure benefiting 50,000+ people through new boundary walls, community kitchen, multipurpose hall and toilets • Supply of Clean Drinking Water benefited 1 million people through tanks, RO plants, water vans, and Jindal Jal Sewa SDG-aligned initiatives delivered measurable impact across communities—benefiting 14.6 million+ individuals CSR
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© 2026 Jindal Steel. All rights reserved. Awards and recognitions Slide 16 • BCC&I Social Leadership Award 2025 for Health, Community Development & Women Development (Kishori Express) • Brand Honchos Indian Social Impact Award 2025 for Best Rural Health Care Impact of the Year (Project Vatsalya) • Rotary International (National) CSR Award 2025 for Watershed Management & Livelihood Transformation • GEEF Global Water Tech Awards 2025 for Pioneering Water Sustainability & Rural Resilience Company of the Year 2025 • CSR Universe Award 2025 for Nourishing Sports Talent of Rural and Tribal Youth • 21st FICCI CSR Award 2025 (Appreciation Plaque) for Promotion of Sports Category • 12th National CSR Sumit and CSR Times Award 2025 for Nourishing Sports Talent of Rural & Tribal Youth & Sustainable Livelihood • 7th ICC CSR Impact Award 2025 in two categories: Winners Trophy for Jindal Asha; Special Jury Award for Kishori Express • Best Women Empowerment Initiative 2023 by Interview Times • International Woman of the Year Award 2023 to Smt. Shallu Jindal, Chairperson Jindal Foundation, by D' Tribes Chicago, USA • Golden Peacock CSR Award 2019 & 2022 for CSR by the Institute of Directors Awards
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© 2026 Jindal Steel. All rights reserved. Q3FY26 Highlights – Consolidated Slide 17 ₹ 15,172 cr Gross revenue* Q2FY26 - ₹ 13,505 cr Q3FY25 - ₹ 13,707 cr Q2FY26 - ₹ 635 cr Q3FY25 - ₹ 951 cr ₹ 189 cr PAT Q2FY26 - ₹ 1,875 cr Q3FY25 - ₹ 2,133 cr ₹ 1,593 cr Adjusted EBITDA# ₹ 6,981 Adjusted EBITDA per ton Q2FY26 - ₹ 10,010 Q3FY25 - ₹ 11,209 Steel Production 2.51 MT Q2FY26 – 2.00 MT Q3FY25 – 1.99 MT 2.28 MT Steel Sales Q2FY26 – 1.87 MT Q3FY25 – 1.90 MT Net Debt ₹ 15,443 cr Q2FY26 - ₹ 14,156 cr Q3FY25 - ₹ 13,551 cr 1.72x Net Debt to EBITDA(TTM) Q2FY26– 1.48x Q3FY25 – 1.40x *Incl. GST and Other income # Adjusted for one-off FX gain of INR 41 cr in Q3FY26, FX gain of INR 206 cr in Q2FY26 and FX gain of INR 51 cr in Q3FY25. Financials
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© 2026 Jindal Steel. All rights reserved. 9MFY26 Highlights – Consolidated Slide 18 ₹ 43,013 cr Gross revenue* 9MFY25 - ₹ 42,519 cr 9MFY25 - ₹ 3,149 cr ₹ 2,320 cr PAT 9MFY25 - ₹ 7,088 cr ₹ 6,452 cr Adjusted EBITDA# ₹ 10,650 Adjusted EBITDA per ton 9MFY25 - ₹ 12,121 Steel Production 6.60 MT 9MFY25 – 6.01 MT 6.06 MT Steel Sales 9MFY25 – 5.85 MT Net Debt ₹ 15,443 cr 9MFY25 - ₹ 13,551 cr 1.72x Net Debt to EBITDA(TTM) 9MFY25 – 1.40x *Incl. GST and Other income # Adjusted for one-off FX Gain of INR 268 Cr in 9MFY26 and FX Gain of INR 135 Cr in 9MFY25 Financials
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© 2026 Jindal Steel. All rights reserved. Q3FY26 Net debt and EBITDA bridge Slide 19 14,156 15,443 As at 30th Sep’25 2,341 Long term debt raised -1,062 Long term debt repayment -152 Short term loans 160 Change in C&CE As at 31st Dec’25 1,875 1,593424 Q2FY26 Volume 34 Subsidiaries -615 NSR -125 Cost Q3FY26 Consolidated Net Debt Movement (INR cr) Consolidated Adjusted EBITDA Movement (INR cr) Capital Acceptances of INR 383 cr as at Dec’25 and INR 431 cr as at Sep’25 not included in net debt movement Financials
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© 2026 Jindal Steel. All rights reserved. Balance Sheet Strength and Capital Discipline to Enable Value Creation Slide 20 Crude Steel Capacity and Utilisation % Net Debt (INR cr) Net Debt/EBITDA (x) Debt/Equity (x) 35,918 22,146 8,876 6,953 11,203 10,462 12,464 13,551 11,957 14,400 14,156 15,443 FY20 FY21 FY22 FY23 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 -57% 4.56 2.00 0.57 0.70 1.10 1.00 1.21 1.40 1.26 1.49 1.48 1.72 FY20 FY21 FY22 FY23 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 -62% 1.2 0.9 0.4 0.3 0.4 0.3 0.4 0.39 0.38 0.37 0.37 0.39 FY20 FY21 FY22 FY23 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 -66% Financials
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© 2026 Jindal Steel. All rights reserved. Capital allocation framework – status update Slide 21 • Continue to invest in steel & ancillary business (mines, power, ports) with green-tech primarily in India (organic + inorganic) ➢ Continue to invest - Angul expansion • SBPP both Module 1 & 2 operationalised • Utkal B1 mines opened • Annual INR 7,500 -10,000 cr with project pre-tax ROCE of 18-20% (update capex forecast annually) primarily using internal accruals ➢ Capex as per guidance, ROCE - Current 8%, set to improve as new facilities ramp up ➢ Funding primarily via internal accruals • Maintain INR 2,000 cr liquidity • Net debt to EBITDA below 1.5x through the cycle ➢ Cash balance – INR 4,522 cr ➢ Net debt to EBITDA – 1.72x • To reward shareholders after meeting growth capital requirements ➢ Maintaining 200% dividend while investing in growth capex Scope & area of operations Growth CAPEX & Target ROCE Liquidity & Debt Dividends / Buybacks Our commitment Current status Growth Anchored in Disciplined Capital Allocation Financials
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© 2026 Jindal Steel. All rights reserved. INR cr Quarterly Performance YTD Performance Particulars Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Gross Revenue* 15,172 13,505 13,707 43,013 42,519 Net Revenue 13,036 11,708 11,777 37,069 36,678 Adjusted EBITDA** 1,593 1,875 2,133 6,452 7,088 Depreciation & Amortization 839 750 698 2,310 2,077 Finance Cost (net) 406 371 313 1,074 971 Profit before tax 339 982 1,199 3,339 4,272 Profit after tax 189 635 951 2,320 3,149 Financial performance – Consolidated * Incl. GST and Other income ** Adjusted for one-off FX gain of INR 41 cr in Q3FY26, FX gain of INR 206 cr in Q2FY26 and FX gain of INR 51 cr in Q3FY25. FX Gain of INR 268 Cr in 9MFY26 and FX Gain of INR 135 Cr in 9MFY25. Slide 22 Financials
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© 2026 Jindal Steel. All rights reserved. INR cr Quarterly Performance YTD Performance Particulars Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Gross Revenue* 15,787 14,021 13,395 44,315 41,758 Net Revenue 13,565 12,119 11,452 38,120 35,846 Adjusted EBITDA** 1,578 1,752 2,027 6,188 6,636 Depreciation & Amortization 605 593 571 1,776 1,708 Finance Cost (net) 102 133 133 332 483 Profit before tax 896 1,244 1,473 4,337 4,672 Profit after tax 672 921 1,163 3,217 3,514 Financial performance – Standalone Slide 23 * Incl. GST and Other income ** Adjusted for one-off FX gain of INR 73 cr in Q3FY26, FX gain of INR 208 cr in Q2FY26 and FX gain of INR 134 cr in Q3FY25. FX Gain of INR 278 Cr in 9MFY26 and FX Gain of INR 164 Cr in 9MFY25. Financials
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© 2026 Jindal Steel. All rights reserved. All figures in INR Cr Key factors Volumes • Production volume up by 25% QoQ on account of new capacity ramp up • Sales volume up by 22% QoQ commensurate with production Revenue / NSR • Net Revenue increased by 11% QoQ driven by 22% increase in volume and 8% decrease in blended ASP due lower market realizations • Blended ASP down QoQ on account of decrease in steel prices, particularly TMT and HR coupled with product mix impact RM and other operating costs • Raw material costs increased QoQ due to a higher coke rate, driven by commissioning of BF2 at Angul • Other operating costs decreased QoQ due to better cost absorption from higher volumes Finance Cost • Finance cost increased by 9% QoQ due to higher interest costs due to capitalization of assets and adverse forex movement Tax expense • ETR increased due to losses in overseas subsidiaries PAT • PAT decreased on account of lower EBITDA QoQ Key factors influencing the consolidated performance – Q3FY26 Slide 24 Financials
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© 2026 Jindal Steel. All rights reserved. Investor Relations Contact: ir@jindalsteel.in Corporate Office: Jindal Centre 12, Bhikaiji Cama Place, New Delhi Website – www.jindalsteel.in