Slides
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Jindal Steel Ltd. (erstwhile Jindal Steel & Power Ltd.) Q2FY27 Earnings Presentation 23rd Oct 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. 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 7,237 cr • Net Debt/EBITDA at 1.51x • Exchequer contribution at over 3x PAT Sustainability Driven • World's first and largest coal gasification plant for steel-making • Adding Renewable power in our journey to Net Zero • 192 km eco-friendly slurry pipeline and 10 km 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 predictive models, digital twins and video analytics
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© 2026 Jindal Steel. All rights reserved. World class assets – Built across an integrated value chain Slide 4 # Commissioned @ Utkal B1 (5.5 MTPA) commissioned ^Excludes Thakurani-A1 iron ore block awarded to Jindal Steel in Mar’26; resources of ~50 mn tonnes *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 ✓ # 15.02 ✓ # 13.25 ✓ # ✓ #
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© 2026 Jindal Steel. All rights reserved. Consolidated performance highlights – Q2FY27 • 18 MTPA Iron ore Slurry pipeline commissioned • Guinness World Record for the world’s longest 1.85 km steel slag road • Strategic partnership with IIT Hyderabad to establish Centre of Excellence • World Steel Association’s 2026 Steelie Award for “Excellence in People” for the Dakshata safety initiative Other key highlights INR 771 cr Profit after Tax 1.51x Net Debt to EBITDA INR 19,448 cr Gross Revenue 2.40 MT Production 2.38 MT Sales 2,504 cr Adjusted EBITDA Slide 5 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. Jindal Steel Sets a Guinness World Record Slide 6 *CSIR - Council of Scientific and Industrial Research; CRRI - Central Road Research Institute Performance highlights 1.85 km Road length The road shows how circularity can move beyond the plant to everyday infrastructure. Jindal Steel has been awarded the Guinness World Record for the world’s longest road built exclusively with processed steel slag, developed in collaboration with CSIR–CRRI* in Raigarh.
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© 2026 Jindal Steel. All rights reserved. Global steel demand outlook - India leads growth through CY27 Slide 7 Strong domestic momentum positions India as the fastest growing major steel market China India World USA EU & UK Japan Source: World Steel Association - Short Range Outlook Oct 2026 1,724 1,722 1,752 -2% 0% 2% -12% -7% -2% 3% 1,680 1,705 1,730 1,755 1,780 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) 796 780 772 -7% -2% -1% -20% -15% -10% -5% 0% 700 725 750 775 800 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) 160 172 186 8% 8% 8% -12% -6% 0% 6% 12% 120 135 150 165 180 195 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) 91 93 94 2% 2% 2% -15% -10% -5% 0% 5% 84 86 88 90 92 94 96 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) 147 146 151 5% 0% 3% -15% -10% -5% 0% 5% 10% 130 135 140 145 150 155 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) 48 48 49 -3% 1% 2% -15% -10% -5% 0% 5% 44 46 48 50 52 CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) Industry update
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© 2026 Jindal Steel. All rights reserved. India steel scenario – Q2FY27 Slide 8 • Finished steel production stood at 41.2 MT in Q2FY27, while finished steel consumption was 43.4 MT. • India drew down approximately 2 MT of finished steel inventory during Q2FY27, supporting the higher level of consumption. • India remained a net finished steel importer in Q2FY27, with net imports of 0.1 MT. Crude Steel Production (mt) Finished Steel Exports (mt) Finished Steel Production (mt) Finished Steel Imports (mt) 41.6 42.1 43.0 82.5 85.1 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +3% +2% +3% 40.0 40.6 41.2 78.7 81.8 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +3% +2% +4% 1.6 1.6 2.0 2.8 3.5 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +22% +23% +26% 2.0 2.1 2.1 3.3 4.1 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +6% +1% +24% Source: JPC India remained net importer in Q2FY27 for the third consecutive quarter Industry update Finished Steel Consumption (mt) 40.5 41.6 43.4 78.9 84.9 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +7% +4% +8%
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© 2026 Jindal Steel. All rights reserved. Seasonal weakness and higher coal cost impacted margins Slide 9 • HRC prices maintained upward momentum during the quarter, while TMT prices weakened in July 2026 amid seasonal demand softness before recovering from August 2026. • Coking coal prices increased due to coal mines disruption in China and supply constraints from Mongolia. • Domestic iron ore prices remained soft during the quarter before increasing towards the end of the period. 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 47,500 55,000 62,500 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 HRC (INR/t) Q2FY26 Q1FY27 Q2FY27 Abs YoY Abs QoQ Dom Mum 49,525 58,627 59,669 10,144 1,042 Export FOB 45,734 55,213 51,542 5,808 -3,671 296 165 225 285 345 405 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 HCC (USD/t) Q2FY26 Q1FY27 Q2FY27 Abs YoY Abs QoQ PHCC Australia 200 261 269 69 8 45,000 50,000 55,000 60,000 65,000 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 TMT (INR/t) Q2FY26 Q1FY27 Q2FY27 Abs YoY Abs QoQ Dom Mum 47,977 57,115 53,594 5,617 -3,521 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 Mar-26 Jun-26 Sep-26 Iron ore (INR/t) Q2FY26 Q1FY27 Q2FY27 Abs YoY Abs QoQ Fines 62 Fe (0-10 mm) 5,335 5,354 5,042 -292 -312 Lumps 63 Fe (5-18 mm) 7,504 7,412 7,138 -365 -273 Source: Bigmint and Fastmarkets HRC remained at a premium to TMT in Q2FY27 Industry update HRC premium to TMT (INR/t) 1,700 -8,000 -5,000 -2,000 1,000 4,000 7,000 10,000 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26
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© 2026 Jindal Steel. All rights reserved. Operational highlights – Q2FY27 Slide 10 Sales (mt)Crude Steel Production (mt) Exports (mt)Domestic Sales (mt) 2.00 2.40 2.40 4.09 4.79 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +20% 0% +17% 1.87 2.23 2.38 3.78 4.61 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +27% +6% +22% 50% 53% 61% 46% 57%Share of Flats 1.69 2.03 2.19 3.46 4.22 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +29% +8% +22% 0.18 0.21 0.19 0.32 0.40 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 +6% -10% +25% 10% 9% 8% 8% 9%Share of Exports Share of Flats increased to 61% in Q2FY27 Operational highlights
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© 2026 Jindal Steel. All rights reserved. Diversified product mix supported by a widening distribution network Slide 11 35% 31% 25% 32% 29% 27% 11% 19% 26% 19% 18% 17% 3% 3% 4% Q2FY26 Q1FY27 Q2FY27 Infrastructure Distribution Engineering & Packaging Building & Constr Automotive 51% 53% 35% 49% 47% 65% Q2FY26 Q1FY27 Q2FY27 Retail Project 5,003 5,888 6,010 Number of dealers 451 528 356 Sector wise Sales distribution TMT Sales Distribution, in ‘000 tonnes Strong customer relationships supported by presence across multiple end -use sectors and deep channel reach Operational highlights
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© 2026 Jindal Steel. All rights reserved. Supporting India’s infrastructure build-out Operational highlights 7 Adani Connex Data Center Gujarat Versova Bandra Sea-Link Road Maharashtra Amaravati Secretariat Andhra Pradesh Project Varsha Andhra Pradesh Nuclear Power Plant - Gorakhpur Uttar Pradesh High Speed Rail Gujarat & Maharashtra
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© 2026 Jindal Steel. All rights reserved. AI across People, Processes and Plants Slide 13 JARVIS (Jindal AI for Real time Visibility, Intelligence & Systems) provides one governed Jindal platform for data, workflows and AI agents Digital and AI Employee productivity 1 More time for higher-value added work AI assistants reduce manual effort across the shop floor and offices. Jarvis “Employee Assistant” for all policy queries AI for “Analytics On Demand” (Dashboard Builder Agent) AI for “Smart Presentation” People Business execution 2 Faster, controlled processes Function-specific agents automate routine work and improve decision quality. Sales Advisor Sales Agent Procurement One Procurement HR Advisor Smart Recruitment Finance Agentic Dashboard Leadership – CEO Intelligent Agent Workforce Advisor Dakshata Agent Processes Plant performance 3 Safer, more efficient operations Industrial AI improves plant visibility, material flow and operating decisions. Grid Monitoring Dashboard – People & Plant Safety Plant Stock Track for better dispatch plan – CRM, Plate, Raw material Operation
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© 2026 Jindal Steel. All rights reserved. Digital priorities powering FY27 performance Slide 14 Digital and AI Production performance Lean production planning Sales-order automation Smart Mines Higher throughput and improved yield Plant and logistics Integrated Smart Port Smart logistics planning GPS-enabled road & rail logistics Lower logistics cost and better service Commercial and functions One Intelligent Procurement Solution Smart Recruitment – HR Agent Simplified Payroll systems Faster service and stronger cost control Workforce and resilience Jindal Suraksha Kavach Integrated security command center SAP disaster recovery for high availability Safer operations and business continuity
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© 2026 Jindal Steel. All rights reserved. ESG in action Slide 15 Sustainability Logistics Resilience A landmark in iron ore logistics Slurry pipeline India’s largest iron ore slurry-making and pumping complex supports the recently commissioned 192 km Barbil–Angul slurry pipeline, with a capacity of 18 MTPA. Circularity at scale A world record built from steel slag Guinness World Records holder A 1.85 km, four-lane road built exclusively with processed steel slag aggregates, built jointly with CSIR–CRRI*. Proactive safety Smartwatch for real-time safety Suraksha Kavach Continuous health monitoring with SOS, danger-zone and fall alerts. Clean energy innovation SmartFlower takes root at Angul Intelligent solar tracking 2.5 kWp output with dual- axis tracking and up to 40% higher yield than a comparable fixed-tilt system. Q2 initiatives improves logistics resilience and safety while scaling circularity, clean energy and product innovation * CSIR-CRRI stands for Council of Scientific and Industrial Research – Central Road Research Institute.
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© 2026 Jindal Steel. All rights reserved. Touching lives across communities Slide 16 CSR ~1.2 million Drinking Water & Sanitation Beneficiaries ~2.1 lacs Rural Infrastructure Beneficiaries ~50k Students Supported through Education 900+ Sports Players Served ~ 5.5 lacs No. of Community Members Benefited 2 lacs+ Health & Nutrition Beneficiaries 1,000+ Artists & Community Members Supported 500+ Students Enrolled in Skill Development
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© 2026 Jindal Steel. All rights reserved. Awards & Accolades Slide 17 Awards 2023 • Best Women Empowerment Initiative • CSR Journal Excellence Award 2025 • 7th ICC CSR Impact Award • 12th National CSR Sumit and CSR Times Award • Bharat CSR & Sustainability Summit & Awards • BCC&I Social Leadership Award • Brand Honchos Indian Social Impact Award • Rotary International (National and Eastern Region) CSR Award • GEEF Global Water Tech Awards • CSR Universe Award • 21st FICCI CSR Award 2022 • Golden Peacock CSR Award • National CSR Award • FICCI CSR Award 2024 • CSR Journal Excellence Award • AIBCF CSR & Sustainability Award • Global CSR Award • CSR Times Award • Golden Peacock CSR Award 2019 2026 YTD • Bharat CSR & Sustainability Summit & Awards • Excellence in Stakeholder Engagement and Value Creation • CSR Universe Award- 2026 for women and child development • GEEF Global Water Tech Award 2026 for Water Stewardship and Community Impact Leader of the Year 2026 • World Steel Association’s 2026 Steelie Award for Excellence in People for the Dakshata safety initiative 2026 Awards
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© 2026 Jindal Steel. All rights reserved. Q2FY27 Highlights – Consolidated Slide 18 ₹ 19,448 cr Gross revenue* Q1FY27 - ₹ 17,834 cr Q2FY26 - ₹ 13,505 cr Q1FY27 - ₹ 844 cr Q2FY26 - ₹ 635 cr ₹ 771 cr PAT Q1FY27 - ₹ 2,667 cr Q2FY26 - ₹ 1,875 cr ₹ 2,504 cr Adjusted EBITDA# ₹ 10,529 Adjusted EBITDA per ton Q1FY27 - ₹ 11,937 Q2FY26 - ₹ 10,010 Steel Production 2.40 MT Q1FY27 – 2.40 MT Q2FY26 – 2.00 MT 2.38 MT Steel Sales Q1FY27 – 2.23 MT Q2FY26 – 1.87 MT Net Debt ₹ 14,786 cr Q1FY27 - ₹ 15,927 cr Q2FY26 - ₹ 14,156 cr 1.51x Net Debt to EBITDA(TTM) Q1FY27– 1.71x Q2FY26 – 1.48x *Incl. GST and Other income # Adjusted for one-off FX gain of INR 68 cr in Q2FY27, FX loss of INR 6 cr in Q1FY27 and FX gain of INR 206 cr in Q2FY26. Financials
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© 2026 Jindal Steel. All rights reserved. Financial performance – Consolidated Slide 19 * Incl. GST and Other income ** Adjusted for one-off FX gain of INR 68 cr in Q2FY27, FX loss of INR 6 cr in Q1FY27 and FX gain of INR 206 cr in Q2FY26. FX Gain of INR 61 Cr in H1FY27 and FX Gain of INR 227 Cr in H1FY26. Financials INR cr Quarterly Performance Half Yearly Performance Particulars Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Gross Revenue* 19,448 17,834 13,505 37,282 27,841 Net Revenue 16,704 15,501 11,708 32,205 24,033 Adjusted EBITDA** 2,504 2,667 1,875 5,171 4,859 Depreciation & Amortization 947 926 750 1,873 1,471 Finance Cost (net) 566 548 371 1,114 668 Profit before tax 1,084 1,205 982 2,288 3,000 Profit after tax 771 844 635 1,614 2,131
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© 2026 Jindal Steel. All rights reserved. All figures in INR Cr Key factors Volumes • Production volume was stable sequentially despite monsoon season • Sales volume increased QoQ, supported by inventory liquidation Revenue / ASP • Net revenue increased QoQ, driven by higher sales volume and ASP • ASP improved on a higher share of flats overall and lower sales of TMT within longs RM and other operating costs • Raw material costs increased QoQ on account of higher coking coal cost • Other operating costs increased QoQ due to higher power & fuel cost and freight cost Finance/ Depreciation cost • Finance and depreciation costs are broadly in line with previous quarter Tax expense • ETR reflects changes in the profit mix across entities with different tax rates PAT • PAT in line with EBITDA Key factors driving the consolidated performance – Q2FY27 Slide 20 Financials
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© 2026 Jindal Steel. All rights reserved. Financial performance – Standalone Slide 21 * Incl. GST and Other income ** Adjusted for one-off FX gain of INR 67 cr in Q2FY27, FX loss of INR 3 cr in Q1FY27 and FX gain of INR 208 cr in Q2FY26. FX Gain of INR 64 Cr in H1FY27 and FX Gain of INR 205 Cr in H1FY26. Financials INR cr Quarterly Performance Half Yearly Performance Particulars Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Gross Revenue* 17,721 17,565 14,021 35,286 28,527 Net Revenue 15,289 15,292 12,119 30,581 24,555 Adjusted EBITDA** 1,865 2,227 1,752 4,092 4,610 Depreciation & Amortization 634 620 593 1,254 1,171 Finance Cost (net) 141 147 133 288 230 Profit before tax 1,170 1,474 1,244 2,644 3,441 Profit after tax 861 1,086 921 1,947 2,545
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© 2026 Jindal Steel. All rights reserved. Q2FY27 Net debt and EBITDA bridge Slide 22 15,927 14,786 As at 30th Jun’26 93 Long term debt raised -517 Long term debt repayment 468 Short term loans -1,185 Change in C&CE As at 30th Sep’26 2,667 2,504 Q1FY27 198 ASP 172 Volume -533 Cost Q2FY27 Consolidated Net Debt Movement (INR cr) Consolidated Adjusted EBITDA Movement (INR cr) Capital Acceptances of INR 434 cr as at Sep’26 and INR 369 cr as at Jun’26 not included in net debt movement Financials
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© 2026 Jindal Steel. All rights reserved. Scaling through disciplined investment with continuous deleveraging Slide 23 Crude Steel Capacity and Net Debt/EBITDA (x) Debt/Equity (x) 4.56 2.00 0.57 0.70 1.10 1.26 1.66 1.71 1.51 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 1.2 0.9 0.4 0.3 0.4 0.38 0.43 0.41 0.41 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 Financials Net Debt (INR cr) 35,918 22,146 8,876 6,953 11,203 11,957 16,019 15,927 14,786 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 Cumulative Capex (INR cr) 1,665 2,515 5,304 11,752 20,269 30,876 40,450 42,409 43,637 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 -59% -67% -64%
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© 2026 Jindal Steel. All rights reserved. Capital allocation framework – status update Slide 24 ➢ Continue to invest in steel & ancillary business (mines, power, ports) with green-tech primarily in India (organic + inorganic) ➢ Continue to invest - Angul expansion • Slurry pipeline commissioned ➢ 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 further ramp up ➢ Funding primarily via internal accruals ➢ Maintain INR 3,000 cr liquidity ➢ Net debt to EBITDA below 1.5x through the cycle ➢ Cash balance – INR 7,237 cr ➢ Net debt to EBITDA – 1.51x ➢ To reward shareholders after meeting growth capital requirements ➢ Declared 200% dividend in FY26 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. Investor Relations Contact: ir@jindalsteel.in Corporate Office: Jindal Centre 12, Bhikaiji Cama Place, New Delhi Website – www.jindalsteel.in