Interim report
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03rd August, 2026 BSE Limited Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai – 400 001 Email: corp.relations@bseindia.com National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot no. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Email: cmlist@nse.co.in Security Code No.: 532508 Security Code No.: JSL Kind Attn: Listing Section Sub.: Outcome of Board Meeting under Regulations 30, 33 and 52(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amend ed (“SEBI Listing Regulations”) Dear Sirs, This is in continuation to our letters dated 23rd June, 2026 and 27th July, 2026. We wish to inform you that pursuant to the applicable provisions of the SEBI Listing Regulations, the Board of Directors (the “Board”) of Jindal Stainless Limited (the “Company”) a t its meeting held today, i.e. 03rd August, 202 6, inter alia , considered and approved the unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30 th June, 2026. Copy of the aforesaid results along with the Limited Review Report(s) are enclosed herewith as Annexure 1; The Meeting commenced at 12 Noon and concluded at 03:10 P.M. The financial results will be published in the newspapers in terms of Regulation 47 and 52(8) of SEBI Listing Regulations. Please take the above information on record. Thanking you, Yours faithfully, For Jindal Stainless Limited Navneet Raghuvanshi Head-Legal, Company Secretary & Compliance Officer
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Walker Chandiok & Co LLP Chartered Accountants 21st Floor, DLF Square Jacaranda Marg, DLF Phase 11, Gurugram - 122 002, India Lodha & Co LLP Chartered Accountants 12, Bhagat Singh Marg New Delhi - 110 001, India Independent Auditors' Review Report on Standalone Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Jindal Stainless Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Jindal Stainless Limited ('the Company') for the quarter ended 30 June 2026 being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations') . 2. The Statement, which is 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 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations. 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 of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. 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 the Standards on Auditing specified under section 143(10) of the Act, 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. 1
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Standalone Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) 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 accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. nts o. 001076N/N500013 Partner Membership No: 090075 ... 1 100 2. UDIN: 2-60'\001'5faZ."'/L-r-.L 0 Place: New Delhi Date: 03 August 2026 2 For Lodha & Co LLP Chartered Accountants Firm Registration No. 301051 E/E300284 Partner Membership No: 085155 n,_. 10~ 0 UDIN: 2bo8..5 i 55 w \-1\J Rm.,, Place: New Delhi Date: 03 August 2026
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....J55L. l'A\ ..JINDAL STAINLESS JINDAL STAINLESS LIMITED CIN: L26922HR1980PLC010901 Regd. Office: O.P.Jindal Marg, Hisar-125 005 (Haryana) Ph. No. (01662) 222471-83, Fax No. (01662) 220499, Email Id. for Investors: investorcare @jindalstainless.com, Website: www.jindalstainless.com , UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2026 (f in crores except per share data) For the quarter For the year ended ended Sr. No. Particulars 30 June 2026 31 March 2026 30 June 2025 31 March 2026 Unaudited Audited Unaudited Audited (Refer note 4) Income Revenu e from operations 10,676.55 10,826.47 10,340.51 42,680.22 II Other income 123.88 124.19 103.38 431.93 III Total income 10,800.43 10,950.66 10,443.89 43,112.15 IV Expenses Cost of materials cons umed 7,136.17 6,580.83 6,988.84 28,172.37 Purchas es of stock- in-trad e 197.95 82.49 88.19 326.74 Changes in inventori es of finished goods, work in progress and stock-in -trad e (560.55) 594.83 (127.14) 366.89 Employee benefits expense 243.34 200.64 203.80 823.68 Finance costs 104.44 94.41 99.68 381.84 Depr eciation and amortisation expenses 232.58 207.97 188.71 792.61 Stores and spares consumed 573.96 503.72 482.43 1,976.64 Power and fuel 819.19 613.34 595.43 2,409.91 Oth er expenses 1,238.08 1,139.46 1,061.17 4,281.79 Total expenses 9,985.16 10,017.69 9,581.11 39,532.47 V Profit before exceptional items and tax 815.27 932.97 862.78 3,579.68 VI Excep tiona l items 182.42 156.89 VII Profit before tax 815.27 1,115.39 862.78 3,736.57 VIII Tax expense Current tax 212.71 198.46 228.17 882.34 Deferr ed tax (3.33) 27.09 (7.03) 12.14 Taxes pertaining to earlier years (1.73) (0.86) IX Profit for the period 605.89 891.57 641.64 2,842.95 X Other comprehensive income Items that will not be reclassified to profit or loss Items that will not be reclassified to profit or loss 22.86 22.86 Income- tax effect on above (3.26) (3.26) Total other comprehensive income/ (loss) 19.60 19.60 XI Total comprehensive income for the period (comprising profit and other 605.89 911.17 641.64 2,862.55 comprehen sive income for the period) XII Paid -up Equity Shar e Capita l (face value of z 2 each) 164.82 164.79 164.73 164.79 XIII Oth er equity 18,702.42 XIV Earnin g per share (EPS) (face value of z 2 each) a) Basic (in z) 7.35 10.82 7.79 34.51 b) Dilu ted (in z) 7.34 10.81 7.78 34.46 (EPS for the quarter not annualised) See accompanying notes to the financial results. SIGNED FOR r" IDENTIFICATIO N _, 4 i PURPOSES Q (')...., ~I' * ()
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...J5L. lr\\ ..JINDAL STAINLESS JINDAL STAINLESS LIMITED Additional information of Financial Results required pursuant to Regulation 52(4) and Regulation 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Particulars Debt equity ratio (in times) {Total borrowings / total equity [equity shar e capital+ other equity]} Debt service coverage ratio (in times) {(Profit before tax, exceptional items, depreciation, finance costs)/ (financ e costs + scheduled principal repaym ents (excludin g prepayments) during the period for long-term debts)} Interest service coverage ratio (in times) {(Profit before tax, exception al items, depreciation, finance costs)/ finan ce costs} Current ratio ( in times) (Curr ent assets/ current liabilities) Long term debt to working capital (in times) [(Non-curr ent borrowin gs + curr ent maturities of long term borrowings)/ {current assets - (current liabiliti es - current maturiti es of long term borrowings)}] Bad debts to accounts receivable ratio (0/.,) (Bad debts/trad e receivables) Current liability ratio (in times) (Current liabiliti es/ total liabiliti es) Total debts to total assets (in times) (Total borrowings / total assets) Debtors turnover ratio (in times) - annualised (Reve nu e from operations/ average trad e receivables) Inventory turnover ratio (in times) - annualised {(Cost of goods sold (cost of materials consumed + purchas es of stock-in trade + changes in inventori es)/avera ge inventories)} Operating margin (%) (Profit before depreciation, interest, tax and excep tional items less other incom e/ revenu e from operations) Net profit margin (%) (Net profit for the period/ revenue from operations) Capital redemption reserve (tin crores) Outstanding redeemable preference shares N etworth (t in crores) (Paid up share capital and oth er equ ity) Net profit after tax (t in crores) Earning per share (EPS) - (EPS for the quart er not a Security coverage ratio o (in times) (Value of asse ts having p NCDs + interes t accurued • SIGNED FOR IDENTIFICATIO PURPOSES For the quarter ended For the year ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 0.25 5.42 11.03 1.16 1.24 0.01% 0.75 0.14 14.22 3.40 9.63% 5.67% 20.00 19,497.13 605.89 7.34 0.24 5.04 13.08 1.21 1.03 0.51% 0.75 0.13 11.96 3.53 10.26% 8.24% 20.00 18,867.21 891.57 10.81 4.02 0.24 2.83 11.55 1.20 1.08 0.00% 0.75 0.12 10.41 3.30 10.13% 6.21% 20.00 16,851.45 641.64 7.78 3.69 0.24 4.26 12.45 1.21 1.03 0.51 % 0.75 0.13 11.95 3.52 10.13% 6.66% 20.00 18,867.21 2,842.95
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JSL. l'A\ JINDAL STAINLESS JINDAL STAINLESS LIMITED Notes: 1 The above Standalone Financial Results were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on 03 August 2026. These results have been subjected to limited review by the statutory auditors who have expressed an unmodified conclusion. 2 These results have been prepared in accordance with the recognition and measurement principles of the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013, other accounting principles generally accepted in India and are in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). 3 The Company is in the business of manufacturing Stainless steel products and hence has only one reportable operating segment as per Ind AS 108 - Opera ting Segments. 4 The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of full financial year and published year to date figures upto the third quarter of year ended 31 March 2026. 5 (a) The Board of Directors and Shareholders had approved the 'JSL - Employee Stock Option Scheme 2023' ("ESOP 2023" / "Scheme") which provided for grant of, in one or more tranches, not exceeding 12,350,000 options (comprising of 6,175,000 Employee Stock Options ("ESOPs") and 6,175,000 Restricted Stock Units ("RSUs")). In accordance with the Scheme, the Nomination and Remuneration Committee ("NRC"), at its meeting held on 01 May 2026, granted 380,430 Options comprising of 190,215 ESOPs at an exercise price of~ 383.70/- per ESOP (priced at 50% discount on latest available closing market price of equity shares of the Company on 30 April 2026) and 190,215 RSUs at an exercise price of~ 2/- per RSV (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value of~ 2/- each fully paid-up. Further, by way of resolution passed through circulation on 23 June 2026, the NRC granted 39,608 Options comprising of 19,804 ESOPs at an exercise price of~ 349.00/ - per ESOP (priced at 50% discount on latest available closing market price of equity shares of the Company on 19 June 2026) and 19,804 RSUs at an exercise price of~ 2/- per RSV (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value of~ 2/- each fully paid-up. Accordingly, 4,910,168 Options have been granted till 30 June 2026 (comprising of 2,455,084 ESOPs and 2,455,084 RSUs). (c) Durin g the quarter ended 30 June 2026, the ESOP Trust has transferred 166,060 equity shares (86,412 ESOPs and 79,648 RSUs) to eligible employees upon exercise of their options . 6 During the year ended 31 March 2024, the Board of Directors of the Company had accorded approval for the voluntary liquidation of PT Jindal Stainless Indonesia, a foreign subsidiary of the Company, subject to receipt of such requisite approvals as may be required. Based on preliminary discussions with potential buyers/ external valuation, the management is reasonably confident about the recovery of carrying value of the net assets of the subsidiary company . 7 The credi t ratings of the Company continue to be "AA/Stab le" on its Non -Convertible Debentures & long-term borrowings and" Al+" on its short term borrowings. 8 The constitution Bench of Nine Judges of the Hon'ble Supreme Court vide its judgement dated 25 July 2024 and Order dated 14 August 2024 has ruled that the Mines and Minerals (Development & Regulation) Act does not prevent the States from levying tax on minera l rights. Based on independent legal opinion, pending clarity on var ious issues involved, the impact of aforementioned matter on the Company is currently unascertainable. 9 During the quarter ended 30 June 2026, the Company has further invested ~23.41 crore in Oyster Green Hybrid One Private Limited, an associate company, to develop a 282 MW hybrid renewable energy project for meeting the power requirements of the Company's plants, thereby comp leting its committed investment of n32 crore. 10 As on 30 June 2026, the Company has outstanding 990 Listed, Secured, Redeemable Non-Convertible Debentures ("NCDs"), having face value of ~ 1,000,000 each, amounting to ~ 99 crore, which are due for redemption on 28 September 2026. The Compa ny has created first ranking pari-passu charge over the moveable and immovable assets, maintaining more than l.25x cover during the continuance of the Non-convertible Debentures. 11 Previous period figures have been regrouped/reclassified, wherever necessary. The impact of such reclassification /regrouping is not material to the financial results. Place: New Delhi Date: 03 August 2026 SIGNED FOR IDENTIFICATION PURPOSES Chief Executive officer and DIN: 07302532
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Walker Chandiok & Co LLP Chartered Accountants 21st Floor, DLF Square Jacaranda Marg, DLF Phase II, Gurugram - 122 002, India Lodha & Co LLP Chartered Accountants 12, Bhagat Singh Marg New Delhi - 110 001, India Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Jindal Stainless Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Jindal Stainless Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its associates (refer Annexure A for the list of subsidiaries and associates included in the Statement) for the quarter ended 30 June 2026 being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding 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 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations. 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 of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. 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 the Standards on Auditing specified under section 143(10) of the Act, 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 issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 1
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We did not review the interim financial information of sixteen subsidiaries included in the Statement, whose financial information reflects total revenues of z 1,767.75 crore, total net profit after tax of z 132.68 crore and total comprehensive income of z 132.68 crore for the quarter ended on 30 June 2026, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of z 36.08 crore, and total comprehensive income of z 36.08 crore for the quarter ended on 30 June 2026, as considered in the Statement, in respect of one associate , whose interim financial information has not been reviewed by us. These interim financial information have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and an associate is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. 6. The Statement also includes the Group's share of net loss after tax of z 1.4 7 crore and total comprehensive loss of z 1.47 crore for the quarter ended on 30 June 2026, in respect of two associates , based on its interim financial information, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these associates, is based solely on such unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors. 2
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) 7. We did not jointly review the interim financial information of five subsidiaries included in the Statement, whose financial information reflects total revenues of z 1,585.80 crore, total net profit after tax of z 6.77 crore and total comprehensive income of z 6.77 crore, for the quarter ended on 30 June 2026, as considered in the Statement. These interim financial information have been reviewed solely by Lodha & Co LLP, one of the joint auditors of the Holding Company, whose reports have been furnished to Walker Chandiok & Co LLP ('WCC') by the management, and WCC's conclusion so far as it relates to the amounts and disclosures included in respect of aforesaid subsidiaries is based solely on the review reports issued by Lodha & Co LLP in its individual capacity. I PartAer embership No.: 090075 UDIN: l<,09O015 BF R)(F'i Q2.7C\4 Place: New Delhi Date: 03 August 2026 3 For Lodha & Co LLP Chartered Accountants Firm Registration No. 301051 E/E300284 N K Lodha Partner Membership No.: 085155 UDIN: 2 (:,08'Sl 55 GL S\JZ T 28 0l.f Place: New Delhi Date: 03 August 2026
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) Annexure A List of entities included in the statement S. No. Name Relationship 1 Jindal United Steel Limited Subsidiary 2 PT Jindal Stainless Indonesia (under Subsidiary liquidation) 3 Jindal Stainless FZE Subsidiary 4 JSL Group Holdinqs Pte. Ltd. Subsidiary 5 lberjindal, S.L. Subsidiarv 6 Sungai Lestari Investment Pte. Ltd. Subsidiary 7 Sulawesi Nickel Processing Industries Subsidiary Holdings Pte. Ltd. 8 Jindal Stainless Steelway Limited Subsidiary 9 Jindal Lifestyle Limited Subsidiary 10 JSL Logistics Limited Subsidiary 11 Green Delhi BQS Limited Subsidiary 12 AGH Dreams Limited (formerly known as AGH Subsidiary Dreams Private Limited) 13 Utkrisht Dream Ventures Limited (formerly Subsidiary known as Utkrisht Dream Ventures Private Limited) 14 Everqreat International Investment Pte. Ltd. Subsidiary 15 PT Glory Metal Indonesia Associate of Subsidiary till 30 June 2025 and Subsidiary w.e.f. 1 July 2025 16 Jindal Stainless Corporate Management Subsidiary (w.e.f. 12 February 2026) Services Private Limited 17 Jindal Stainless Park Limited Subsidiary 18 Jindal Quanta Limited (formerly known as Subsidiary Jindal Strategic Systems Limited) 19 JSL Super Steel Limited Subsidiary 20 Rabirun Vinimay Private Limited Subsidiary 21 Chromeni Steels Limited (formerly known as Subsidiary Chromeni Steels Private Limited) 22 ReNew Green (MHS One) Private Limited Associate 23 Oyster Green Hybrid One Private Limited Associate (w.e.f. 2 June 2025) 24 PT Cosan Metal Industry Associate of Subsidiary 4
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...JSL l'A\ JINDAL STAINLESS JINDAL STAINLESS LIMITED CIN: L26922HR1980PLC010901 Regd. Office: O.P.Jindal Marg, Hisar-125 005 (Haryana) Ph. No . (01662) 222471-83, Fax No. (01662) 220499, Email Id. for Investors: investorcare @jindalstainless.com, Website: www.jindalstainless.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2026 (f in crores except per share data) For the quarter For the year ended ended Sr. No. Particulars 30 June 2026 31 March 2026 30 June 2025 31 March 2026 Unaudited Audited Unaudited Audited (Refer note 4) Income I Revenue from operations "11,278.54 11,337.19 10,207.14 42,954.66 II Other income 118.39 90.72 68.87 351.48 III Total income 11,396.93 11,427.91 10,276.01 43,306.14 IV Expenses Cost of materials consumed 7,860.99 6,720.87 7,071.75 27,922.09 Purchases of stock in trade 19.79 54.14 95.49 328.44 Changes in inventories of finished goods, work in progress and stock in trade (811.70) 790.27 (429.16) 260.45 Employee benefits expe nse 292.61 243.57 243.86 988.79 Finance costs 146.19 148.80 144.12 567.93 Depreciation and amortisation expenses 302.36 277.66 251.84 1,060.30 Stores and spares consumed 641.88 545.83 531.15 2,188.59 Power and fuel 1,175.72 681.84 672.53 2,700.32 Other expe nses 770.11 845.83 711.72 3,005.55 Total expenses 10,397.95 10,308.81 9,293.30 39,022.46 V Profit before exceptional items, share of net profit of investments accounted for 998.98 1,119.10 982.71 4,283.68 using equity method and tax VI Share of net profit /( loss) of investments accounted for using equity method 34.61 38.92 (13.66) 16.73 VII Profit before exceptional items and tax 1,033.59 1,158.02 969.05 4,300.41 VIII Exceptional items - (45.70) - (58.34) IX Profit before tax 1,033.59 1,112.32 969.05 4,242.07 X Tax expense Current tax 252.58 232.08 263.31 1,019.92 Deferred tax 8.69 48.80 (8.92) 39.20 Taxes pertaining to earlier years 3.66 (2.77) - (l.62) XI Profit for the period 768.66 834.21 714.66 3,184.57 XII Other comprehensive income Items that will not be reclassified to profit or loss Items that will not be reclassified to profit or loss - 47.14 47.14 Income-tax effect on above - (6.84) - (6.84) Items that will be reclassified to profit or loss Items that w ill be reclassified to profit or loss (2.63) 45.62 (1.09) 61.68 Share in other comprehensive income of associate - 0.02 - 0.02 Total other comprehensive income (2.63) 85.94 (1.09) 102.00 XIII Total comprehensive income for the period (comprising profit and other 766.03 920.15 713.57 3,286.57 comprehensive income for the period) XIV Profit attributable to: Owners of the parent 769.36 843.56 714.16 3,193.45 No n - controlling interests (0.70) (9.35) 0.50 (8.88) 768.66 834.21 714.66 3,184.57 Other comprehensive income attributable to: Owners of the parent SIGNED FOR (2.63) 86.05 (1.09) 102.1 1 No n - controlling interests IDENTIFICATIO N - (0.11) (0.11) (2.63) 85.94 (1.09) 102.00 Total comprehens ive income attributable to: PURPOSES Ow ners of the parent 766.73 929.61 713.07 3,295.56 No n - controlling interests (0.70) (9.46) 0.50 (8.99) - - - 766.03 920.15 713.57 3,286.57 &~NLE-~ ~ y.f>. & C:,c:5'>, XV Paid-up Equ ity Share Cap ital (face value of~ 2 each) (i;? ~/'.ND/o~ 164.82 164.79 164.73 164.79 Q < I\ XVI Other equity cf ~ 19,626 49 "'~d\ -..J "'\ ) ~ ...J C.1 , .,_ , r:II Earn mg per share (EPS) (face va lue of~ 2 each) ?;(\~ .-() ;I; ~ ) ~ ~1[A ;~ 9.34 10.24 8.67 38.76 < 3: ":5 - ~ (>,..., ~' 'Ii b) Diluted (m ~) fl 9.32 10.22 8.66 38.70 " rea Acc0,s (EPS for the quarter not annualised) "r * o See accompanying notes to the financial results. \; '0._to-Zco.P -
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JSL "" .JINDAL STAINLESS JINDAL STAINLESS LIMITED Additional information of Financial Results required pursuant to Regulation 52(4) and Regulation 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 For the quarter ended For the year ended Sr.No. Particulars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Debt equity ratio (in times) {Total borrowings / total equity [equity share capita l+ other equity]} Debt service coverage ratio (in times) {Profit before tax, exceptional items, depreciation, finance costs/ (finance costs + scheduled princ ipal repayments (excluding prepayments) during the period for long term debts)} Interest service coverage ratio (in times) (Profit before tax, excep tional items, depreciation, finance costs/ finance costs) Current ratio (in times) (Current assets/ current liabilities) Long term debt to working capital (in times) (Non-current borrowings + current matunhes of long term borrowings)/[current assets - (current liabilities - curr ent maturities of long term borrowings)] Bad debts to accounts receivable ratio (%) (Bad debts/trade receivables) Current liability ratio (in times) (Current liabilities/ total liabilities) Total debts to total assets (in times) (Total borrowings/total asse ts) Debtors turnover ratio (in times) - annualised (Revenue from operations/ average account receivables) Inventory turnover ratio (in times) - annualised (Cost of goods sold (cost of materials consumed + purchases of stock-in trade + changes in inventories)/ average inventories) Operating margin (%) (Profit before depreciation, interest, tax and exceptional items less other income/revenue from operations) Net profit margin (%) (Net profit for the period/revenue from operations) Capital redemption reserve (t in crores) Outstanding redeemable preference shares Networth (t in crores) (Paid up share capital and other equity) Net profit after tax (fin crores) Earning per share (EPS) - diluted (in t) (EPS for the quarter not annualised) SIGNED FOR IDENTIFICATIO PURPOSES Security coverage ratio on rtible Debe (in times) / (Value of assets having pa anding bala NCDs + interest accurued 30 June 2026 31 March 2026 30 June 2025 31 March 2026 0.38 5.40 9.90 1.22 1.39 0.01 % 0.69 0.18 14.38 2.82 11.78% 6.82% 62.50 20,582.04 768.66 9.32 4.38 0.37 4.96 10.39 1.25 1.33 0.62% 0.67 0.18 14.90 3.07 12.83% 7.36% 62.50 19,791.28 834.21 10.22 4.02 0.35 2.94 9.57 1.28 1.18 0.00% 0.68 0.17 13.02 2.78 12.83% 7.00% 20.00 17,413.95 714.66 8.66 3.69 0.37 4.33 10.41 1.25 1.33 0.62% 0.67 0.18 13.87 2.97 12.94% 7.41% 62.50 19,791.28 3,184.57
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....JSL "" JINDAL STAINLESS JINDAL STAINLESS LIMITED Notes: 1 The above Consolidated Financial Results were reviewed and recommended by the Audi t Committee and subsequently approved by the Board of Directors at their respective meetings held on 03 Augus t 2026. These results have been subjected to limited review by the statu tory audit ors of the Holding Company who have expresse d an unmodified conclusion. 2 These results have been prepared in accordance with the recognition and measurem ent principles of the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013, other accounting principl es generally accep ted in India and are in complian ce with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). 3 The Group is in the business of manufacturing Stainless steel products and hence has only one reportabl e opera ting segment as per Ind AS 108 - Operating Segn1ents. 4 The figures for the quart er ended 31 March 2026 are the balancing figures between audited figures in respect of full financial year and published year to date figures upto the third quarter of year ended 31 March 2026. 5 (a) The Board of Directors and Shareholders of Holding Company had approved the ')SL - Employee Stock Option Scheme 2023' ("ESOP 2023" / "Scheme") which provided for grant of, in one or more tranches, not exceeding 12,350,000 options (compri sing of 6,175,000 Employee Stock Options ("ESOPs") and 6,175,000 Restricted Stock Units ("RSUs")). In accorda nce with the Scheme, the Nomination and Remuneration Comm ittee ("NRC" ) of the Holdin g Company, at its meeting held on 01 May 2026, granted 380,430 Options comprising of 190,215 ESOPs at an exercise price oft 383.70/- per ESOP (priced at 50 % discount on latest available closing mark et price of equity shares of the Holding Compan y on 30 April 2026) and 190,215 RSUs at an exercise price oft 2/ - per RSU (priced at face value of equity shares), with each Op tion exercisable into correspondin g number of equ ity shar es of face valu e oft 2/ - each fully paid-up . Further, by way of resolution passed through circulation on 23 June 2026, the NRC of the Holding Company gran ted 39,608 Optio ns compris ing of 19,804 ESOPs at an exercise price oft 349.00/- per ESOP (priced at 50% discount on latest available closing market price of equ ity shares of U,e Holding Company on 19 June 2026) and 19,804 RSUs at an exercise price of~ 2/ - per RSU (priced at face value of equity shares), wiU1 each Option exercisable into corresponding number of equity shares of face value of~ 2/- each fully paid-up . Accordingly, 4,910,168 Options have been gra nted till 30 June 2026 (comprising of 2,455,084 ESOPs and 2,455,084 RS Us). (c) During the quart er ended 30 June 2026, the ESOP Trust has transferred 166,060 equi ty shares (86,412 ESOPs and 79,648 RSUs) to eligible emplo yees u pan exe rcise of their options. 6 During the year ended 31 March 2024, the Board of Directors of the Holding Company had accorded approva l for the voluntary liquidation of PT Jindal Stainless Indonesia, a foreign subsidiary of the Holding Compa ny, subject to receipt of such requisite approvals as may be required. Based on preliminary discussions with potential buyers/ external valuation, the managemen t is reasonably confident about the recovery of carrying value of the net assets of the subsidiary company. 7 The credit ratings of the Holding Company continue to be 11 AA/S table 11 on its Non-Convertible Debentures & long-term borrowings and II Al+" on its short-term borrowings. 8 During the year ended 31 March 2025, the Holding Company had invested in a Joint Venture in Indon esia pursuant to a collaboration agreement dated 01 May 2024. l11e investment was made throu gh Sulawes i Nickel Processing Industri es Holdings Pie. Ltd., its wholly owned subs idiary, which holds a 49% equity stake in PT Glory Metal Indonesia (PTGMI). During the year ended 31 March 2026, the Holdin g Company obtain ed control over PTGMI by securin g the right to appoint a majority of the Board of Directors in accordance with the terms of the collaboration agreement dated 01 July 2025 (Acquisition date). Accordin gly, PTGMl became a subsidiary of the Holding Company with effect from 01 July 2025 in line with the definition of contro l und er Ind AS 110 - Consolidated Financial Statements and section 2(87) of the Companies Act, 2013. On 25 June 2026, the Board of Directors of the Holding Company approv ed restorat ion of the original governance framework of PTGMI, pursu ant to which PTGM! shall cease to be a subsidiary and be classified as an associate wiU1 effect from 01 July 2026. As control existed as at 30 June 2026, PTGMI continues to be conso lidated as a subsidiary in these financial results. The change in cl,1ssification will be accoun ted for with effect from 01 July 2026. In accordance with Ind AS 110 "Consolidat ed Financial Statements", with loss of contro l, necessary adjustmen ts, will be accoun ted for wiU1 effect from 01 July 2026. 9 The const itution Bench of Nine Judges of the Hon'ble Supreme Court vide its judgem ent dated 25 July 2024 and Order dated 14 August 2024 has ruled that the Mines and Minera ls (Development & Regulation) Act does not prevent the States from levying tax on mineral rights. Based on independ ent legal opinion, pending clarity on various issues involved, the impact of aforementioned matter on the Holding Company is currently unascertainable. 10 During the quart er ended 30 June 2026, the Holding Company has further invested U3.41 crore in Oyster Green Hybrid One Private Limited, an associate company, to develop a 282 MW hybrid renewable energy project for meeting the power requ irements of the Holding Compan y's plants, thereby comp leting its committed investn1ent of ~132 crore. 11 As on 30 June 2026, the Holding Compan y has outsta ndin g 990 Listed, Secured, Redeemable Non- Convertib le Debentures ("NCDs"), having face value of ~ 1,000,000 each, amounting to ~ 99 crore, which are due for redemption on 28 September 2026. The Holding Company has created first ranking pari passu charge over the moveable and immovable assets, maintaining more than 1.25x cover during the continuan ce of the Non-convertible Debentures. 12 Previous period figures have been regrouped/reclassified, wherever necessary. The impact of such reclassi fication /regrouping is not material to U1e financial results. Place: New Delhi Dale : 03 Augus t 2026 SIGNED FOR IDENTIFICAT ION PURPOSES