Interim report
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October 23, 2026 BSE Limited Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai – 400 001 corp.relations@bseindia.com Scrip Code: 532286 National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai-400051 cmlist@nse.co.in Symbol: JINDALSTEL Dear Sir / Madam, SUBJECT: OUTCOME OF THE MEETING OF THE BOARD OF DIRECTORS HELD ON OCTOBER 23, 2026 Time of Commencement 12:25 P.M. Time of Conclusion In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of the Company has, at its meeting held today considered and approved the Unaudited Financial Results of the Company, both on standalone and consolidated basis, for the 2 nd quarter and six months ended on September 30, 202 6, of the Financial Year 202 6-27 (“Unaudited Financial Results”), along with the Limited Review Report, duly reviewed by the Audit Committee and S S Kothari Mehta & Co. LLP, Chartered Accountants (Firm Registration no. 000756 N/N500441), Statutory Auditors of the Company. The copies of the said Unaudited Financial Results along with the Limited Review report thereon and a copy of the press release issued in connection with Unaudited Financial Results, are enclosed herewith. These are also being made available on the website of the Company at www.jindalsteel.in. This is f or your information and record. Thanking You. Yours faithfully, For Jindal Steel Limited (Formerly known as Jindal Steel & Power Limited) Damodar Mittal Whole-time Director Encl.: as above 14:55 P.M. Jindal Steel Limited (Form erly Know n a s Jindal Steel & Powe r Limit ed) (8) Corporate Office: Jindal Centre, 12 Bhikaji Cama Place, New Delhi - 110066 Registered Office: O.P. Jindal Marg, Hisar, Haryana - 125005 ~ +91 ll 4146 2400, 6146 2400 121 contactus@jindalsteel.in @I www.jindalsteel.in CIN No.: L27l05HR1979PLC009913 JINDA :,,,I STEEL
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Year to date Unaudited Standalone Financial Results of the Company, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Review Report to The Board of Directors, Jindal Steel Limited (Formerly known as Jindal Steel & Power Limited) I. We have reviewed the accompanying statement of unaudited standalone financial results of Jindal Steel Limited (Formerly known as Jindal Steel & Power Limited) (the "Company"), which includes Jindal Steel Employee Benefit Trust (Formerly known as JSP Employee Benefit Trust) (the "Trust") for the quarter ended September 30, 2026 and the year to date results for the period April O 1, 2026 to September 30, 2026, along with notes (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (the "Listing Regulations"). 2. This Statement, which i_s the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial Reporting" (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013 as amended ("the Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists primarily of making inquiries of company personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in all material respects in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (Ind-AS) specified under section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing Regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Other Matter The review of unaudited standalone financial results for the quarter ended June 30, 2026, unaudited standalone financial results for the quarter ended September 30, 2025 and year to date for the period April O 1, 2025 to September 30, 2025 and audit of standalone financial results/financial statements for the year ended March 31, 2026, included in the statement was carried out and reported by erstwhile statutory auditor Lodha & Co LLP, Plot No. 68, Okhla industrial Area, Phase-Ill, New Delhi-110020 Tel: +91-11-4670 8888 E-mail: contact@sskmin.com ~\MEHr, Page 1 of 2 www.sskmin.com
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS Chartered Accountants, having firm registration no. 30 I 051 E/E300284 who have expressed unmodified conclusion vide their review report July 24, 2026, October 28, 2025 respectively and unmodified audit opinion vide their audit report dated May O I, 2026, whose report have been furnished to us and which have been relied upon by us for the purpose of review of the Statement. Our conclusion is not modified in respect of this matter. For S S Kothari Mehta & Co. LLP Chartered Accountants Firm Registration No: 000756N/N500441 _______s:-·~~~::nxv~ SUNILWAHAL Partner Membership No.: 087294 Place: New Delhi Dated: October 23, 2026 _ UDIN: 'l.-b08 7 2--.9¼UUSL-P.vP:1. Lf1 ~ Page 2 of 2
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JINDAL STEEL LIMITED (Formerly known as Jindal Steel 6. Power Limited) Registered Office: O.P. Jindal Marg. Hisar - 125005 (Haryana) Corporate Office: Jindal Centre , 12. Bhikaiji Cama Place , New Delhi - 110066 CIN: L27l05HR1979PLC009913 JINDA ~ STEEL Unaudited Standalone Financial Results For The Quarter and Half Year Ended 30th September, 2026 i!incrore For the quarter ended For the half year ended For the year ended s. Particulars 30th Sept, 30th June, 30th Sept, 30th Sept, 30th Sept, 31st March, No. 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income (a) Revenue from operations Value of Sales and Services (Revenue) 17,759.15 17,615.56 14,061.86 35,374.71 28,592.93 63,012.48 Less: GST Recovered (2,431.42) (2,273 39) (1,902.05) (4,70481) (3,97200) (8,797.27) Less: Captive Soles for own projects (57.28) (6669) (51.21) (123 97) (9191) (19207) Total Revenue from Operations 15,270.45 15,275.48 12,108.60 30,545.93 24,529.02 54,023.14 (b) Other Income 18.77 16.29 10.43 35.06 26.28 297.06 Total Income 15,289.22 15,291.77 ·12,119.03 30,580.99 24,555.30 54,320.20 2 Expenses (a) Cost of materials consumed 7,624.46 8,354.99 5,969.69 15,979.45 11,984. 07 27,933.02 (b) Purchase of stock-in-trade 545.31 586.49 474.94 1,131.80 1,008.56 2,097.69 (c) Change in inventories of finished goods . Work-in-progress and stock- in-trade 330.41 (320.47) (132.40) 9.94 (759.15) (298.18) (d) Employee benefits expenses 322.37 305.98 262.44 628.35 52174 1,039.58 (e) Finance cost (net) 141.08 146.52 132.58 287.60 229.60 772.76 (f) Depreciation and amortisation expenses 633.90 619.84 593.00 1,253.74 l,17148 2,382.62 (g) Other expenses 4,578.62 4,191.52 3,625.95 8,770.14 7,050.30 14,974.65 Less: Cost of Captive Sales (5728) (6669) (51.21) (123.97) (91.91) (192.07) Total expenses 14,118.87 13,818.18 10,874.99 27,937.05 21,114.69 48,TI0.07 3 Profit/ (Loss) before exceptional items and tax 1,170.35 1,473.59 1,244.04 2,643.94 3,440.61 5,610.13 4 Exceptional Items Gain/ (Loss) - - - - - (1,470.16) 5 Profit/ (Loss) before tax 1,170.35 1,473.59 1,244.04 2,643.94 3,440.61 4,139.97 6 Tax expense/(credit): Current tax 332.26 432.93 319.14 765.19 92128 618.77 Deferred tax (22 56) (45.31) 4.23 (6787) (2524) 447.58 Total tax expense/(credit) 309.70 387.62 323.37 697.32 896.04 1,066.35 7 Net Profit/ (Loss) after tax 860.65 1,085.97 920.67 1,946.62 2,544.57 3,073.62 8 Other Comprehensive Income ( OCI) i) Items that will not be reclassified to profit or loss (019) (019) (7.55) (038) (1510) (076) ii) Income tax relating to items that will not be reclassified to profit or loss 0.05 0.05 l.90 0.10 3.80 0.19 iii) Items that will be reclassified to profit or loss - - - - - - iv) Income tax relating to items that will be reclassified to profit or loss - - - - - - Total Other Comprehensive lncome/(Loss) (0.14) (0.14) (5.65) (0.28) (11.30) (0.57) 9 Total Comprehensive Income 860.51 1,085.83 915.02 1,946.34 2,533.27 3,073.05 10 Paid up Equity Share Capital (Face value of 21 per share) 101.80 101.78 101.75 101.80 10175 101.75 11 Other Equity 53,027.85 12 Earnings Per Share (EPS) (for the period is not annualised) (a) Basic (t) 8.46 10.67 9.06 19.13 25.05 30.23 (b) Diluted (t) 8.46 10.67 9.06 19.12 2505 30.23 See accompanying notes to the financial results
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Notes : JINDA. y STEEL The abov e unaudit ed standalon e financial result s for th e quarter and half year ended September 30, 2026 have been revi ewed by the Audit Committee and appro ved by the Board of Directors (Board) of Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) ('th e Jindal Steel' or 'the Company') at their respective meetings held on Octobe r 23, 2026. The statutory auditors of the Company have carried out a Limited Review of these unaudited standalone financial results pursuant to Regulat ion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 The Company holds equity investment of e' 575.73 crores (provision for impairment created on the entire amount) in its wholly owned subsidiary, Jindal Steel (Mauritius) Limited (formerly known as Jindal Steel & Power (Mauritius) Limited) ("JSML"). with an outstanding loan balance (including interest) of e' 4,769.02 crores (balance after write off) as of September 30. 2026 . As at September 30, 2026. JSML has accumulated losses of e' 3,113.23 crores and a negative net worth of e' 1,503.81 crores.Considering that the company provides continuous financial support to JSML. the financial statement of JSML have been prepared on going concern basis. On the basis of the valuation report issued by an independent expert and further during the six months period one of the subsidiary of JSML has earned positive EBITDA. the management of the Company considers the current outstandings (after write-offs) as good and fully recoverable . 3 During the half year ended September 30, 2026, the Company hos further invested e' 845.00 crores( including e' 407 crores during the quarter ended June 30, 2026) in Optionally Convertible Redeemable Preference Shares (OCRPS) of its wholly owned subsidiary Jindal Steel Odisha Limited ('Jso ·). During the financial year 2025-26. JSO has commenced operat ions from its 6 MTPA integrated steel plant at Angul. Odisha. 4 (a) The Company has implemented its Jindal Steel Employee Benefit Scheme - 2022 as amended ('ESOP Scheme 2022· or 'the Scheme '), through Jindal Stee l Employee Benefi Trust (formerly JSP Employee Benefit Trust) ('Trust') in earlier year . (b) The Nomination and Remuneration Committee of the Company . granted 6,17.703 stock options (net of 59,931 stock options forfeited) till September 30, 2026 to eligible employees of the Company and its subsidiar ies under th e ESOP Scheme 2022. The total ESOP expense recognised for the quarter and half year ended September 30, 2026 is e' 4.90 crores and e' 10.05 crores respectively . (c) During the half year ended September 30, 2026, the Trust had sold 4,84.264 nos. of equity shares not backed by ESOP grants and net gain of e' 20.38 crores on above sale/ dispo sal of shares (net of tax of e' 3.60 c rore s) has recognized under 'Other Equity'. The balance 14.9B.033 equity shares (not backed by ESOP grants) held by th e Trust cont inue to be treated as treasury shares . 5 The management of the Company has identified that the company is in the business of manufacturing steel products and hence has only one reportable operating segment as per IND AS 108 - Operating Segments . 6 Previous period figures have been regrouped/ reclassified , whereve r necessary . to make them comparable . Date: October 23, 2026 Place: Delhi ~ Vidya Rattan Sharma Managing Director
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JINDAL STEEL LIMITED (Formerly known as Jindal Steel&. Power Limited) STANDALONE STATEMENT OF ASSETS AND LIABILITIES Particulars ASSETS Non - current assets (a) Property , plant and equipment (b) Capital work - in - progress (c) Other Intangible assets (d) Intangible assets under development (e) Financial assets (i) Investments (ii) Loans (iii) Other Financial Assets (f) Other non - current assets 2 Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans ( vi) Other financial assets (c) Current tax assets (net) (d) Other current assets 3 Assets held for sale Total Assets EQUITY AND LIABILITIES EQUITY (a) Equity share capital (b) Other equity LIABILITIES 1 Non - current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) 2 Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding, dues of micro and small enterprises (b) Total outstanding, dues of ere • -:.,.,::~=~ • ro and small enterpris (iv) Other financial liabilities (b) Other current liabilities (c) Provisions Total Equity&. Liabilities Asat JINDA r,,I STEEL i!' incrore Asat 30th September, 2026 31st March, 2026 / Unaudited Audited I 40,712.11 4,179.67 1,436.38 229.78 13,478.34 4,631.27 329.09 587.28 5,839 .03 2,465.71 1,775.61 873.16 1,061.52 417.83 557.32 516.83 2,726.20 12.85 81,829.98 101.80 54,831.29 5,010.17 740.51 123.48 332.52 5,629.36 1,635.28 17.00 409.22 6,435.91 3,263.68 3,211.08 88.68 81,829.98 41,171.40 3,418.95 1,407.20 229,78 12,496.07 4 ,567.15 71.02 736.66 5,900.85 1,915.97 1,398.85 1,169.48 2,040.68 324.23 714.74 742.44 2,543.63 10.51 80,859.61 101.75 53,027.85 5,464.43 749.23 123.57 325.92 5,697.33 2,206.13 16.09 237.35 7,253.90 2,818.63 2,757.00 80.43 80,859.61
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JINDAL STEEL LIMITED (Formerly known as Jindal Steel 8. Power Limited) STANDALONE STATEMENT OF CASH FLOWS Particulars Operating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciation & amortisation Loss/(gain) on disposal/ written off of property, plant & equipment including CWIP Loss/(gain) on sale of investment (net) Liability/ provisions no longer required written back Loss allowance for trade receivables, advances and Other receivables Unrealised foreign exchange loss/(Gain)(net) Fair value adjustment Dividend income Employees compensation-Employee Stock Option Scheme Finance costs (net) Operating Profit before changes in Non-Current/Current Assets and liabilities Adjustments for: Decrease/ (increase) in trade receivables Decrease/ (increase) in inventories Decrease/(increase) in other financial assets-current/non current Decrease/ (increase) in other assets-non current/current Increase/ (decrease) in trade payables lncrease/(decrease) in other financial liabilities-current/non current Increase/ (decrease) in other liabilities-current/non current Increase/ (decrease) in provisions-current/non current Income - tax (paid)/refund (net) Net cash flows from (used in) operating activities (A) Investing activities Payment for property , plant & equipment and intangible assets, cwip, iaud , capital advance & capital creditors Proceeds from sale of property , plant & equipment Loans-current/non current (net) Interest received Deposit with original maturity more than three months(net) Purchase of non current investments Current investment (net) Dividend received Net cash flows from (used in) investing activities (8) Financing activities Proceeds from sale of treasury shares(net of tax) Dividend payment Working capital borrowings from banks/others (net) Proceeds from long term borrowings Repayment of long term borrowings Payment of lease liabilities Interest paid Net cash flows from {used in) financing activities {c) Net increase/(decrease) in cash and cash equivalents(A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at period end JINDA Y STEEL lincrore For the half year ended For the half year ended 30th September, 2026 30th September, 2025 Unaudited \ \ j I 2,643.94 1,253.74 9.18 (1859) (1381) 79.09 (4007) (1630) (018) 10.05 287.60 4,194.65 (398 .14) 6183 140.37 (221.11) (68080) 365.10 454.08 14.46 3,930.44 (53957) 3,390.87 (1,384.74) 2.52 (9360) 214.70 955.96 (1,116.50) (5156 3) 0.18 {1,937.11) 50.24 (17393) 60.81 550.00 (1,635.92) (4600) (555.28) {1,750.08) (29632) 1,169.48 873.16 ~ Unaudited 3,440.61 l,171.48 9.91 (2465) (8083) 4.80 (198.35) (163) 229.60 4,550.94 (696.49) (1,641.18) 22.43 (325.44) 1,587.91 18.92 (150.72) (019) 3,366.18 (681.18) 2,685.00 (1,47292) 17.76 (43397) 95.68 36.80 (2,050.46) 912.53 {2,894.58) 515.71 (194.32) (3.84) 1,250.00 (2,01337) (3531) (473.57) (954.70) (l.164.28) 2,073.02 908.74
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on the Quarterly and Year to date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Jindal Steel Limited (Formerly known as Jindal Steel & Power Limited) 1. We have reviewed the accompanying statement of unaudited consolidat ed financial results ('th e statement ' ) of Jindal Steel Limited (Formerly known as Jindal Steel & Power Limited) (the ' Parent Company' or 'Company ' or '. Jindal Steel'), and its subsidiaries/ step down subsidiaries (the Parent Company and its Subsidiaries/Step-down subsidiaries together referred as 'the Group') and of its associates and joint ventures for the quarter ended September 30, 2026 and the year to date results for the period April O 1, 2026 to September 30, 2026, (the 'Statement ' ), attached herewith being submitted by the Parent Company pursuant to th e requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations") . 2. This Statement, which is the responsibility of the Parent Company 's Management and approved by the Parent Company 's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Account ing Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended (the "Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants ofindia . This standard required that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion . We also performed procedures in accordance with the circular no. CIR/CFD /CMDI/44/2019 dated March 29, 2019, issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable . 4. The Statement includes the results of the entities as stated in Annexure 1. 5. Based on our review conducted and procedure performed as per para 3 above and upon considerations of reports of other auditors and management certified financial information read with para 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards i.e. 'Ind AS' prescribed under Section 133 of the Act, read with relevant Rules issued thereunder and other recognized accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulation, including the manner in which it is to be disclosed , or that it contains any material misstatement. Plot No. 68, Okhla industrial Area, Phase-Ill, New Delhi-110020 Tel: +91-11-4670 8888 E-mail: contact@sskmin .com Page 1 of5 www.sskmin.com
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6. Other Matters S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS a) The accompanying Statement includes unaudited standalone financial results and other unaudited financial information in respect of 9 subsidiaries (including step-down subsidiaries) whose standalone financial results reflect total assets of Rs. 34,731.95 crore as at September 30, 2026; total revenue of Rs. 7,402.64 crore and Rs. 17,416.58 crore, profit/ (loss) after tax of Rs. (-) 140.89 crore and Rs. 3,638.12 crore and total comprehensive income I (loss) of Rs.(-) 141.90 crore and Rs. 3,655.82 crore for the quarter ended September 30, 2026 and the year-to-date results for the period April O 1, 2026 to September 30, 2026, respectively , and net cash outflow of Rs. 195.01 crore for the year-to-date for the period April 01, 2026 to September 30, 2026, as considered in the Statement. The financial results of these subsidiaries including step-down subsidiaries is reviewed by their independent auditor whose review report have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosure in respect of these subsidiaries including step down subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. b) The accompanying Statement includes unaudited standalone financial results and other financial information in respect of 27 subsidiaries (including 2 joint ventures considered for consolidation as per Ind AS 110) whose financial results reflect total assets of Rs. 8,174.52 crore as at September 30, 2026; total revenue of Rs. 112. 78 crore and Rs. 151. 74 crore, (loss) after tax of Rs. (-) 53 .45 crore and Rs. ( ·) 69.11 crore, total comprehensive (loss) of Rs.(-) 18.39 crore and Rs.(-) 30.29 crore for the quarter ended September 30, 2026 and the year-to-date results for the period April O 1, 2026 to September 30, 2026, respectively, and net cash outflow of Rs. 10.65 crore for the year-to-date for the period April O 1, 2026 to September 30, 2026, as considered in the Statement. Our report, to the extent it relates to these subsidiaries, on the unaudited quarterly consolidated financial results, is based solely on the management certified financial results/financial information . These subsidiaries are not considered material to the Group. c) The accompanying Statement includes unaudited standalone financial results and other financial information in respect of 2 joint venture companies and 4 associate companies, wherein the Group's, share of(loss) including other comprehensive income is Rs.(-) 0.85 crore and Rs.(-) 1.23 crore for the quarter ended September 30, 2026, and the year-to-date result for the period April 01, 2026, to September 30, 2026, respectively to the extent it relates to these entities on the unaudited consolidated financial results is based solely on the management certified results. These entities are not considered material to the Group. d) The accompanying Statement includes certain subsidiaries/ step-down subsidiaries/ associate which are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors or provided by the management of the respective subsidiaries / step down subsidiaries under generally accepted auditing standards applicable in their respective countries. The Parent Company's management has converted the financial results and other financial information of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the review reports of other auditors and management certified financial statements & financial information in case the Page 2 of5
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS subsidiaries / step-down subsidiaries are unaudited and the conversion adjustments prepared by the management of the Parent Company and reviewed by us. Our conclusion on the Statement is not modified in respect of above-mentioned matters in point a to d. e) The review of unaudited consolidated quarterly financial results for the quarter ended June 30, 2026 , unaudited consolidated quarter ended September 30, 2025 and year to date results for the period April 0 I, 2025 to September 30, 2025 and audit of consolidated financial results/financial statements for the year ended March 31 , 2026, included in the statement was carried out and reported by erstwhile statutory auditors Lodha & Co LLP, Chartered Accountants , having firm registration no. 30 I 051 E/E300284 who have expressed unmodified conclusion vide their review report July 24, 2026, October 28, 2025 and unmodified audit opinion vide their audit report dated May O I, 2026, respectively whose reports have been furnished to us and which have been relied upon by us for the purpose of review of the Statement. Our conclusion is not modified in respect of this matter. For S S KOTHARI MEHTA & CO.LLP Chartered Accountants Firm Registration No: 000756 SUNIL WAHAL Partner Membership No: 087294 Place: New Delhi Dated: October 23, 2026 UDIN : 2-G 0812--~~ Q,S VP 2.--4 g 5 Page 3 ofS
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS Annexure t List of entities included in the reviewed Unaudited Consolidated Financial Results for the quarter and year to date ended September 30, 2026 I. Parent II. 1. Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) (including Jindal Steel Employee Benefit Trust). (Formerly known as JSP Employee Benefit Trust) I. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18, 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. Subsidiaries/ Step - down subsidiaries: - Allied Strips Limited Jindal Mineraux Limited (formerly known as Avion Mineraux Limited) Blue Castle Venture Limited Brake Trading (Pty) Limited Eastern Solid Fuels (Pty) Ltd. Gas to Liquids International S.A. JB Fabinfra Limited Jindal (BVI) Ltd Jindal Africa Investments (Pty) Ltd Jindal lnvestimentos, S.A. Jindal Iron Ore (Pty) Limited Jindal Kzn Processing (Pty) Limited Jindal Madagascar Sari Jindal Mining Namibia (Pty) Limited Jindal Mining SA (Pty) Limited Jindal Paradip Port Limited Jindal Resources (Botswana) (Proprietary) Limited Jindal Steel & Power (Australia) Pty Limited Jindal Steel (Mauritius) Limited [formerly known as Jindal Steel & Power (Mauritius) Limited] Jindal Steel Bolivia SA Jindal Steel Chhattisgarh Limited Jindal Steel Odisha Limited Jindal Naveen Asvar Limited (formerly known as JSP Metallics Limited) JSPL Mozambique Minerais LDA Meepong Energy (Proprietary) Limited Meepong Service (Proprietary) Limited Meepong Water (Proprietary) Limited Oceania Coal Resources NI Osho Madagascar Sari Raigarh Pathalgaon Expressway Limited Skyhigh Overseas Limited Southbulli Holdings Pty Limited Trishakti Real Estate Infrastructure and Developers Limited Wollongong Resources Pty. Ltd. Wongawilli Resources Pty. Ltd. Ill. Joint Ventures 1. Jindal Synfuels Limited 2. Shresht Mining and Metals Private Limited 3. Urtan North Mining Company Limited 4. Vakio JBFL Private Limited (w.e.f. 24-04-2026) Page 4 of5
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S S KOTHARI MEHTA & CO. LLP CHARTERED ACCOUNTANTS IV. Associates 1. Goodehoop Coal (Pty) Ltd. 2. Jindal Steel Andhra Limited 3. Jindal Green Wind I Private Limited 4. Sunbreeze Renewables Nine Private Limited Page 5 of5
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JINDAL STEEL LIMITED (Formerly known as Jindal Steel&. Power Limited) Registered Office: O.P. Jindal Marg. Hisar- 125005 (Haryana) Corporate Office: Jindal Centre , 12, Bhikaiji Coma Place , New Delhi- 110066 CIN: l27105HRl979PLC009913 unaudited Consolidated Financial Results For The Quarter and Half Year Ended 30th September, 2026 For the quarter ended S. No. Particulars 30th Sept, 30th June, 30th Sept, 2026 2026 2025 Unaudited Unaudited Unaudited 1 Income (a) Revenue from operations Value of Sales and S8rvices (Revenue) 19,483.27 17.885.43 13.544.36 Less: GST Recovered (2,744.33) (2,332.60) (1,797.51) Less: Captive Sales for own projects (60.40) (70.70) (60.97) Total Revenue from Operations 16,678.54 15,482.13 11,685.88 (b) Other Income 25.00 19.19 21.94 Total Income 16,703.54 15,501.32 11,707.82 2 Expenses (a) Cost of mater ials consumed 7,263 .63 7,741.59 5,286.72 (b) Purchase of stock-in-trade 526.43 506.36 408 .58 (c) Change in inventories of finished goods , Work-in-progress and stock- in-trade 450 .81 (614.92) (402.04) (d) Employee benefits expenses 385.69 367.32 321.10 (e) Finance cost (net) 566.22 548.21 371.27 (1) Depreciation and amortisation expenses 946.67 926.42 749.52 (g) Other expenses 5,540.08 4,892.08 4,051.37 Less: Cost of Captive Sales (60.40) (70.70) (6097) Total expenses 15,619.13 14,296.36 10,725.55 3 Profit/ (Loss} before share of profits/Joss of joint ventures&. associates, exceptional items and tax 1,084.41 1,204.96 982.27 4 Share of profits/ (Loss) of joint ventures and associates (085) (0.38) (002) 5 Exceptional Items Gain/ (Loss) - - - 6 Profit/ (Loss) before tax 1,083.56 1,204.58 982.25 7 Tax expense/(credit): Current tax 353.30 455.53 330.07 Deferred tax (40.38) (94.75) 17.10 Total tax expense(credit) 312.92 360.78 347.17 8 Net Profit/ (Loss) alter tax no.64 843.80 635.08 9 Other Comprehensive Income ( OCI) (i) Items that will not be reclassified to profit or loss 1.13 (208) (7.51) (ii) Income tax relating to items that will not be reclassified to profit or loss 0.04 0.04 1.90 (iii) Items that will be reclassified to profit or loss (9594) 101.90 (123.70) (iv) Income tax relating to items that will be reclassified to profit or loss - - - Total Other Comprehensive lncome/(Loss) (94.n) 99.86 (129.31) 10 Total Comprehensive Income 675.87 943.66 505.n 11 Net profit attributable to: (a) Owners of the equ ity 774.43 844.79 638.23 (b) Non-Controlling interest (379) (099) (3.15) 12 Other Comprehensive Income attributable to: (a) Owners of the equity (94.80) 96.78 (127.35) (b) Non-Controlling interest 0.03 3.08 (1.96) 13 Total Comprehensive Income attributable to: (a) Owners of the equity 679.63 941.57 510.88 (b) Non-Controlling interest (3.76) 2.09 (511) 14 Paid up Equity Share Capital (Face value of ~ per share) 101.80 101.78 101.75 15 Other Equity 16 Earnings Per Share (EPS)(lorthe period is not annualised) (a} Basic (e) 7SI 8.30 6.28 (b) Diluted (e) ~~EE~ ~ 8.30 6.28 See accompanying notes to the financial results For the half year ended 30th Sept, 30th Sept, 2026 2025 Unaudited -Unaudited 37.368.70 27.897.67 (5,076.93) (3,808.38) (131.10) (108 93) 32,160.67 23,980.36 44.19 52.34 32,204.86 24,032.70 15,005.22 10.673.05 1,032.79 863.73 (164.11) (1,123.19) 753.01 625.75 1,114.43 667.88 1,873.09 1,471.03 10,432.16 7,963.20 (131.10) (108.93) 29,915.49 21,032.52 2,289.37 3,000.18 (1.23) (a.as) - - 2,288.14 3,000.13 808.83 932.73 (135.13) (63.65) 673.70 869.08 1,614.44 2,131.05 (095) (1474) 0.08 3.75 5.96 (64.68) - - 5.09 (75.67) 1,619.53 2,055.38 1,619.22 2,132.20 (4.78) (1.15) 1.98 (75.63) 3.11 (004) 1,621.20 2.056.57 (1.67) (1.19) 101.80 101.75 15.91 20.99 15.91 20.99 f/_-v ~"\ - 1i II,/ ~I) fk__ a C) ,:,, c:, c., ff) (")\ * !If 0 -- JIND/l y STEEL lin crore For the year ended 31st March, 2026 Audited 62.313.85 (8,859.00) (229.93) 53,224.92 328.22 53,553.14 24,592.75 1,822.41 (920.35) 1,250.85 1,516.64 3,171.45 17,049.66 (229.93) 48,253.48 5,299.66 (15.13) (871.38) 4,413.15 632.31 419.97 1,052.28 3,360.87 6.02 0.16 (31.10) - (24.92) 3,335.95 3,367.38 (651) (36.63) 11.71 3,330.75 5.20 101.75 50,797.16 33.12 33.12
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Notes: JINDA r/ STEEL The above unaudited consolidated financial results for the quarter and half year ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors (Board) of Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) ('the Jindal Steel' or 'the Company' or 'Parent Company ') at their respective meetings held on October 23, 2026. The statutory auditors of the Parent Company have carried out a Limited Review of these unaudited consolidated financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 The Parent Company holds equity investment of t 575.73 crores (provision for impairment created on th e entire amount) in its wholly owned subsidiary , Jindal Steel (Maur itius) Limited (formerly known as Jindal Steel & Power (Mauritius) Limited) ("JSML"), with an outstanding loan balance (including interest) of t 4,769 .02 crores (balance after writeoff) as of September 30, 2026. During the year ended March 31, 2026, JSML recognized a diminution oft 1,257.36 cro res in its subsidiary investments and loans based on an independen t valuer's report As of September 30, 2026, JSML reported accumulated losses oft 3,113.23 crores and a negative net worth oft 1,503.81 crores . The financial statemen ts of JSML have been prepared on a 'Going Concern' basis considering the continued financial support from the Parent Company (Jindal Steel Limited). 3 (a)The Parent Company has implemented its Jindal Steel Employee Benefit Scheme - 2022 as amended ('ESOP Scheme 2022' or 'the Scheme '), through Jindal Steel Employee Benefit Trust (formerly JSP Employee Benefit Trust) ('Trust') in earlier year . (b)The Nomination and Remuneration Committee of the Parent Company, granted 6,17,703 stock options (net of 59,931 stoc k options forfeited) till September 30, 2026 to eligible employees of the Parent Company and its subsidiaries under the ESOP Scheme 2022. The total ESOP expense recognised for the quarter and half year ended September 30, 2026 is t 5.14 crores and t 10.50 crores respectively . (c)During the half year ended September 30, 2026, the Trust had sold 4,84,264 nos. of equity shares not backed by ESOP grants and net gain oft 20.38 crores on above sale/ disposal of shares (net of tax oft 3.60 crores) has recognized under 'Other Equity '. The balance 14,98,033 equity shares (not backed by ESOP grants) held by the Trust continue to be treated as treasury shares . 4 The management of the Company has iden tified that the Group is majorly in the business of manufacturing steel products and hence has only one reportable operating segment as per IND AS 108 - Operating Segments . 5 Previous period figures have been regrouped/ reclassified, wherever necessary, to make them comparable. Date: October 23, 2026 Place: Delhi eyorr~ Vidya Rattan Sharm~ Managing Director
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JINDAL STEEL LIMITED JINDA r/ (Formerly known as Jindal Steel&. Power Limited) STEEL CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES !in crore Asat Asat Particulars 30th September, 2026 31st March, 2026 Unaudited Audited ASSETS (1) Non - current assets (a) Property , plant and equipment 61,594.22 62,532.96 (b) Capital work - in - progress 9,460.41 7,265.36 (c) Goodwill 55.41 55.41 (d) Other intangible assets 1,542.99 1,514.06 (e) Intangible assets under development l,136.47 l,106.23 (f) Financial assets (i) Investments l,196.16 1,060.63 (ii) Loans 87.10 85.23 (iii) Others financial assets 251.54 243.74 (g) Deferred tax Assets (net) 132.36 126.83 (h) Other non - current assets 894.05 1,023.45 (2) Current assets (a) Inventories 8,390.91 8,022.77 (b) Financial assets (i) Investments 4,156.68 2,106.96 (ii) Trade receivables 1,191.33 1,729.00 (iii) Cash and cash equivalents 1,832.69 1,889.81 (iv) Bank balances other than (iii) above 1,247.22 2,251.79 (v) Loans 28.03 26.05 (vi) Others financial assets 593.98 841.66 (c) Current tax assets (net) 542.53 789.94 (d) Other current assets 5,464.05 5,079.38 (3) Assets held for sale 12.85 10.51 Total Assets 99,810.98 s1,1s1.n EQUITY AND LIABILITIES EQUITY (a) Equity share capital 101.80 101.75 (b) Other equity 52,264.75 50,797.16 (c) Non controlling interest 1,348.53 942.05 LIABILITIES (1) Non - current liabilities (a) Financial liabilities (i) Borrowings 19,330.33 19,594.57 (ii) Lease liabilities 547.41 555.83 (iii) others financial liabilities 527.37 780.36 (b) Provisions 742.24 58151 (c) Deferred tax liabilities (net) 6,130.65 6,260.52 (d) Other non - current liabilities 0.00 (2) Current liabilities (a) Financial liabilities (i) Borrowings 2,460.26 2,443.29 (ii) Lease liabilities 16.23 15.86 (iii) Trade payables (a) Total outstanding , dues of micro and small enterprises. 448.41 329.56 (b) Total outstanding, dues of creditors other th 7,571.22 8,448.15 (iv) Others financial liabilities 4,284.03 3,795.70 (b) Other current liabilities 3,924.26 2,987.61 (c) Provisions 92.98 127.76 (d) Current tax liabilities (net) 20.51 0.09 Total Equity ct Liabilities 99,810.SB 97,761.TT
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JINDAL STEEL LIMITED (Formerly known as Jindal Steel 6. Power Limited) CONSOLIDATED STATEMENT OF CASH FLOWS Particulars Operating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciat ion & amortisation Share of net (profit)/loss of associates and joint ventures Loss/(gain) on disposal/wr itten off of property , plant & equipment including cwip Loss/(gain) on sale of investments (net) Fair value adjustment Liability/ provisions no longer required written back Loss allowance for trade receivables, advances and other receivables Dividend income Unrealised foreign exchange fluctuation(net) Employees compensation-employee stock option scheme Finance costs (net) Operating Profit before changes in Non-Current/Current Assets and Liabilities Adjustments for: Decrease/ (increase) in trade receivables Decrease/ (increase) in inventories Decrease/ (increase) in other financial assets-current/non current Decrease/ (increase) in other assets-current/non current Increase/ (decrease) in trade payables Increase/ (decrease) in other financial liabilities-current/non current Increase/ (decrease) in other liabilities-current/non current Increase/ (decrease) in provisions-current/non current Income - tax (paid)/refund (net) Net cash flows from (used in) operating activities(A) Investing activities Payment for property , plant & equipment and intangible assets, cwip, iaud, capital advance & capital creditors Proceeds from sale of property , plant & equipment Loans-current/non current (net) dividend received Interest received Purchase of non current investments Payments for the acquisition of subsidiary Current inves tment (net) Deposit with original maturity more than three months(net) Net cash flows from (used in) investing activities (B) Financing activities Dividend payment Proceeds from sale of treasury shares (net of tax) Proceeds from Share Application/ issue of Share Capital (subsidiary) Working capital borrowings from Banks/other(net) Proceeds from long term borrowings Repayment of long term borrowings Payment of lease Liabilities Interest paid Net cash flows from (used in) financing activities·(c) Net increase/ (decrease) in cash and cash equivalents(A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at period end For the half year ended 30th September, 2026 Unaudited 2,288.14 1,873.09 1.23 (71.44) (23.48) (2053) (15.32) 84.55 (018) (5356) 10.50 1,114.43 5,187.43 515.46 (368.14) 206.39 (424.13) (75808) 550 .27 936.64 125.73 5,971.57 (541.72) 5,429.85 (3,187.34) 94.73 (l.86) 0.18 232.87 (136.76) (2,006.46) 981.31 (4,023.33) (173.93) 50.24 329.00 164.09 1,218.79 (1,635.92) (36 87) (l,37904) (1,463.64) (57.12) 1,889.81 1,832.69 I JINDA :,,,, STEEL i! incrore For the half year ended 30th September, 2025 Unaudited 3,000.13 1,471.03 0.05 9.91 (3960) (3.43) (8198) 3.92 (222.91) 667.88 4,805.00 8.29 (2,25867) (1225) (689.24) 2,241.22 73.55 (147.25) 24.07 4,044.72 (692.97) 3,351.75 (4,925.37) 18.33 0.18 104.98 (112.15) (21703) 559 .05 (47.47) {4,619.48) (194.32) 515.71 196.99 298.57 2,702.84 (2,013.46) (3561) (1,084.19) 386.53 (881.20) 2,617.00 1,735.80
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Jindal Steel - Financial Results Q2FY27 Jindal Steel reports record Q2FY27 performance All-time high quarterly revenue of INR 19,448 Cr Record second quarter sales of 2.38 million tonnes Steel sales up 27% YoY; EBITDA up 34% YoY Commissions 18 MTPA Barbil–Angul iron ore slurry pipeline Consolidated Highlights Other Key Highlights ▪ Consolidated Net Debt at INR 14,786 Cr ▪ Consolidated Net Debt/ EBITDA at 1.51x Consolidated Performance Production for the quarter remained stable at 2.40 MT sequentially despite the monsoon season. Sales volume increased 6% QoQ to 2.38 MT, supported by inventory liquidation. The share of flats increased to 61% during the quarter compared to 53% in Q1FY27. Gross revenue increased 9% QoQ to ₹19,4 48 crore, driven by higher sales volume and blended realization. Average Selling Price improved sequentially on a higher share of flats in the overall sales mix and lower TMT sales within the longs. Domestic sales accounted for 92% of total sales in Q2FY27, compared with 91% in Q1FY27. Adjusted EBITDA stood at ₹2,504 crore, while PAT was ₹771 crore for the quarter. Key Highlights for Q2FY27 Key Highlights for H1FY27 • Crude Steel production: 2.40 mt • Crude Steel production: 4.79 mt • Steel sales: 2.38 mt • Steel sales: 4.61 mt • Gross Revenue: INR 19,448 Cr • Gross Revenue: INR 37,282 Cr • EBITDA: INR 2,504 Cr • EBITDA: INR 5,171 Cr • PAT: INR 771 Cr • PAT: INR 1,614 Cr PRESS RELEASE FINANCIAL RESULTS FOR SECOND QUARTER FY 202 6-27 JINDA r-,1 STEEL
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Jindal Steel - Financial Results Q2FY27 Consolidated net debt was ₹14,786 crore as at 30 September 2026, compared to ₹15,927 crore as at 30 June 2026. Net debt to EBITDA improved to 1.5 1x from 1.71x over the same period. Capex during the quarter was ₹1,228 crore. Operational Update During the quarter, Jindal Steel commissioned the 192 km Barbil –Angul slurry pipeline, supported by India’s largest iron ore slurry-making and pumping complex with a capacity of 18 MTPA. The integrated system enables efficient transportation of iron ore from Barbil to Angul, strengthening raw-material logistics while reducing road congestion, fuel consumption and associated emissions. The Company was awarded a Guinness World Record for the world’s longest road built exclusively with processed steel slag. The 4-lane, 1.85 km road, developed in collaboration with CSIR–CRRI at Raigarh, demonstrates the productive use of steel slag in road infrastructure and advances the Company’s circularity agenda. Jindal Steel also received the World Steel Association’s 2026 Steelie Award for Excellence in People for “Dakshata: Engineering safety, one duty position at a time.” The company entered into a strategic partnership with IIT Hyderabad to advance research, testing and development of high -strength, value -added steel solutions, supporting product innovation and enhanced customer applications. JINDA r,,,,I STEEL
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Jindal Steel - Financial Results Q2FY27 Particulars (MT) Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Crude Steel 2.40 2.40 2.00 4.79 4.09 Particulars (MT) Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Steel 2.38 2.23 1.87 4.61 3.78 Particulars (INR Cr) 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 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 Note: Gross Revenue includes GST and Other income EBITDA represents Adjusted EBITDA excluding FX gain of INR 68 cr in Q2FY27, FX loss of INR 6 cr in Q1FY27, 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. Particulars (INR Cr) 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 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 Note: Gross Revenue includes GST and Other income EBITDA represents Adjusted EBITDA excluding 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. CONS OLIDATED PRODUCTION CONSOLIDATED SALES CONSOLIDATED FINANCIAL RESULTS STANDALONE FINANCIAL RESULTS JINDA r,,,,I STEEL
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Jindal Steel - Financial Results Q2FY27 For Media Interaction: For Investor Queries: 1. Mr. Kuldeep Singh Bais (Corporate Communication) Mobile: +91- 98996 92981 mail: kuldeep.singh@jindalsteel.in 1. Mr. Vishal Chandak (Head Investor Relations) Tel: +91-124-6612 000 2. Mr. Hari Gupta (DM - Investor Relations) Tel: +91-124-6612 000 Email: ir@jindalsteel.in Forward looking and Cautionary Statements: Certain statements in this release concerning the future growth prospects are forward -looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially 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, ability to manage growth, intense competition within steel industry including those factors which may affect company’s cost advantage, time and cost overruns on fixed – price, company’s ability to manage operations, reduced demand for steel, power etc. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company. FOR FURTHER INFORMATION PLEASE CONTACT: JINDA r,,,,I STEEL