Slides
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JINDAL STAINLESS LTD Q2 & H1 FY26 Earnings Presentation November 10, 2025
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Disclaimer This presentation and the accompanying slides (the “Presentation”), which has been prepared by Jindal Stainless Limited (referred to “respective company (ies)”) for this joint earning presentation, are purely for information purposes only and is not, and is not intended to be, an offer, or solicitation of offer, or invitation or recommendation or advise to buy or sell or deal with any securities of the company, and shall not constitute an offer, solicitation or invitation or recommendation or advise to buy or sell or deal with any securities of the respective Company in any jurisdiction in which such offer, solicitation or invitation or recommendation or advise is unlawful or in contravention of applicable laws. No part, or all, of this Presentation shall be used or form the basis of, or be relied on or referred to in connection with, any contract or investment decision in relation to any securities of the respective Company. This Presentation is strictly informative and relating to the financial conditions, internal functioning, day to day operations, future events and projections etc. of the Company and this presentation shall not be used or relied upon or referred to in whole or in part, for any purpose whatsoever. The information in this Presentation is being provided by the respective company and is subject to change without any notice or liability. This Presentation has been prepared by the respective company based on information and data which it considers reliable, but it makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, veracity, fairness, integrity, sufficiency and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and exhaustive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This Presentation contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this Presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties, contingencies and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. The respective Company assume no obligations or responsibility to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You unconditionally and irrevocable acknowledge and undertake that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the respective company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the respective company . All the risks, liabilities or consequences arising out of or consequent to the use of or reliance on or reference to this Presentation and/or acting on the basis of the analysis/views formed by you, shall be solely borne by you. This Presentation speaks as of the date mentioned herein. Neither the delivery of this Presentation nor any further discussions of the respective Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the respective company since that date. 2
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3 Operational and Financial Performance
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4 Key Financials Highlights 565 626 648 1,143 1,274 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Sales Volume (‘000 MT*) Note: Standalone Sales Volume MT- Metric Ton Domestic 91% Export 9% Sales Composition – Q2 FY26 Shift (%) QoQ: 3% YoY: 15% YoY: 12% Domestic 91% Export 9% Sales Composition – H1 FY26
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Note: All figures in INR crore unless stated otherwise Key Financials Highlights-Consolidated 9,777 10,207 10,893 19,207 21,100 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Net Revenue 609 715 808 1,255 1,523 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 PAT 5 1,186 1,310 1,388 2,398 2,698 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 EBITDA Shift (%) QoQ: 7% YoY: 11% YoY: 10% Shift (%) QoQ: 6% YoY: 17% YoY: 12% Shift (%) QoQ: 13% YoY: 33% YoY: 21%
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Note: All figures in INR crore unless stated otherwise Key Financials Highlights-Standalone 9,746 10,341 10,881 19,331 21,221 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Net Revenue 589 642 644 1,168 1,286 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 PAT 6 Shift (%) QoQ: 5% YoY: 12% YoY: 10% Shift (%) QoQ: 1% YoY: 5% YoY: 5% Shift (%) QoQ: 0% YoY: 9% YoY: 10% 1,007 1,048 1,060 2,011 2,108 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 EBITDA
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7 External Debt & Key Ratios Note: Cash & Bank balances includes all bank deposits . Net debt includes loans from bank and financial institutions only. All figures in INR crore unless stated otherwise Long term debt ratings AA /Stable & Short term debt ratings A1+ Borrowings (Consolidated) As on Sept 2025 As on March 2025 As on March 2024 Debt Long term debt 4,891 5,169 5,222 Short term debt 1,301 1,107 704 Total Debt 6,192 6,275 5,926 Cash & Bank balances 2,545 2,284 1,992 Net Debt 3,646 3,991 3,934 0.2 0.9 0.2 0.7 Net Debt/Equity Net Debt/EBITDA Mar'25 Sep'25
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JUSL Performance 8 All figures in INR. crore unless stated otherwise 173 192 205 345 397 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 EBITDA 44 43 44 88 87 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Interest Cost 70 82 93 136 175 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 PAT 1,450 1,731 1,743 Mar'24 Mar'25 Sep'25 Net Debt
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Market Update 9 • Demand continued to remain strong in Q2 FY26, supported by festive season uplift and increased requirements for special grades. • Outlook for Q3 FY26 remains positive, aided by recent GST cut. • Sector witnessed positive demand in Q2 FY26, on back of increased construction activates. • Positive domestic demand outlook for Q3 FY26 as well. • Healthy coach demand in Q2 FY26, driven by Vande Bharat sleeper trainsets, Metro and Indian Railways' shift from ferritic to austenitic stainless steel • SS wagon demand remained low; Fresh orders expected by end of FY 26 • Stainless steel usage in infrastructure— particularly in flyovers, ROBs, and FOBs is on the rise, supporting demand growth. The outlook remains positive, especially across coastal regions • Lift and elevator demand remains strong, driven by ongoing urbanization and infrastructure growth • The Oil & Gas, Power, and Water sectors continue to sustain steady demand. • Additionally, emerging applications across Chemicals & Fertilizers, Hydroelectric projects, the Dairy segment, and Thermal Power Plants are expected to strengthen industry growth going forward. Automobiles Pipes & Tubes Railways – wagons, coaches metros Infrastructure Process Industry
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Key Raw Materials- Price trend Note: Average quarterly prices; Source: LME Note: Average quarterly prices; Source: Big Mint10 22,308 20,401 17,288 16,589 18,413 16,259 16,038 15,571 15,166 15,015 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Nickel (USD/MT) 1,07,473 1,10,071 1,09,588 1,16,715 1,08,223 1,07,187 1,08,015 99,742 1,00,550 1,06,265 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Ferrochrome (INR/MT)
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Q2 & H1 FY26 Earnings call 11 Universal Dial-in Numbers +91-22-6280 1144 / +91 22 7115 8045 Copy this URL in your browser: Link Copy this URL in your browser: Link International Toll Free: USA: 18667462133 | UK: 08081011573| Singapore: 8001012045 | Hong Kong: 800964448 For further information, please contact Mr. Jaideep Goswami, Head of Equities: Email: Jaideep.goswami@icicisecurities.com Mr. Vikash Singh: Phone: +91 22 6807 7289, e-mail: singh.vikash@icicisecurities.com Mr. Mohit Lohia: Phone: +91 22 6807 7510, e-mail: mohit.lohia@icicisecurities.com CONCALL INVITE Jindal Stainless Limited Q2 & H1 FY26 Results conference call on Tuesday, 11th November 2025 at 16:00 hrs IST Represented by Senior Management of Jindal Stainless Limited Diamond Pass registration link:
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12 Annexure
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Abridged P&L Statement (Consolidated) 13 YoY QoQ YoY Change (%) Change (%) Change (%) Revenue from operations 10,893 9,777 11% 10,207 7% 21,100 19,207 10% Total Expenditure 9,505 8,590 11% 8,897 7% 18,402 16,808 9% EBITDA 1,388 1,186 17% 1,310 6% 2,698 2,398 12% Other Income 90 47 91% 69 30% 159 98 62% Finance Cost 141 159 (11%) 144 (2%) 285 301 (5%) Depreciation 262 241 9% 252 4% 514 473 9% Exceptional gain/(loss) 17 0 NA - NA 17 0 NA Share of profit from Associates (14) 0 NA (14) 1% (27) (1) NA PBT 1078 834 29% 969 11% 2047 1720 19% Tax 271 225 20% 254 6% 525 465 13% PAT 808 609 33% 715 13% 1523 1255 21% Particular (Rs. crore) Q2FY26 Q1FY26Q2FY25 H1 FY25H1 FY26
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Abridged P&L Statement (Standalone) 14 YoY QoQ YoY Change (%) Change (%) Change (%) Revenue from operations 10,881 9,746 12% 10,341 5% 21,221 19,331 10% Total Expenditure 9,821 8,739 12% 9,293 6% 19,114 17,319 10% EBITDA 1,060 1,007 5% 1,048 1% 2,108 2,011 5% Other Income 99 82 20% 103 (4%) 202 143 42% Finance Cost 96 116 (18%) 100 (4%) 195 213 (8%) Depreciation 196 180 9% 189 4% 385 360 7% PBT 867 793 9% 863 0% 1,730 1,581 9% Tax 223 204 10% 221 1% 444 413 7% PAT 644 589 9% 642 0% 1,286 1,168 10% Particular (Rs. crore) Q1FY26Q2FY25Q2FY26 H1 FY26 H1 FY25
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15 Shareholding Pattern Shareholding pattern for the period ended 30th September 2025 Promoters 61.2% DII 7.1% FII 21.4% Retails & others 10.3% Other 38.8% Floating Stock %
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Contact Us 16 About Us: India’s leading stainless steel manufacturer, Jindal Stainless, had an annual turnover of INR 40,182 crore (USD 4.75 billion) in FY25 and is ramping up its facilities to reach 4.2 million tonnes of annual melt capacity in FY27. It has 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia, and a worldwide network in 12 countries, as of March 2025. In India, there are ten sales offices and six service centres, as of March 2025. The company’s product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel, and coin blanks. Jindal Stainless relies on its integrated operations to enhance its cost competitiveness and operational efficiency. Founded in 1970, Jindal Stainless continues to be inspired by a vision for innovation and enriching lives and is committed to social responsibility. Jindal Stainless remains focused on a greener and sustainable future. The company manufactures stainless steel using electric arc furnace, a process that significantly reduces greenhouse gas emissions and allows for recyclability of scrap without compromising on quality. Shreya Sharma Head – Investor Relations shreya.sharma@jindalstainless.com Jindal Stainless Limited Tel: +91 11 4146 2222
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Thank You 17