Slides
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JINDAL STAINLESS LTD Q2 & H1 FY27 Earnings Presentation October 22, 2026
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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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Q2 & H1 FY27 at a Glance Revenue 12,874 Cr. ▲ 18% YoY EBITDA 1,433 Cr. ▲ 3% YoY PAT 898 Cr . ▲ 11% YoY Sales volume (KT) 664k “We delivered growth in Q2, building on the recovery from the geopolitical crisis that impacted operations in Q1. Performance was underpinned by resilient domestic demand, supported by robust economic growth and improved sensitivity towards lifecycle costing approach. Abhyuday Jindal Managing Director, Jindal Stainless Note: Consolidated figures; All figures are in INR unless stated; KT: Thousand metric tones ▲ 3% YoY Revenue 24,152 Cr. ▲ 14% YoY EBITDA 2,762 Cr. ▲ 2% YoY PAT 1,666 Cr . ▲ 9% YoY Sales volume (KT) 1,245k Net debt 3,121 Cr. vs ₹3,040 Cr. in Mar'26 Net debt / Equity 0.15x Consolidated▼ -2 % YoY Q2FY27 H1FY27 3
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4 • CARE upgraded rating on the long-term borrowings to AA+ (Stable) from AA; reaffirmed rating on • short-term borrowings at A1+ • Developed India's first high-aluminium stainless steel grade, for catalytic converters • Technical Assistance Agreement with JFE Steel, Japan to strengthen ferritic grades • Achieved a reduction of 12% in GHG Emission Intensity (Scope 1+2) from 1.76 tCO2/tcs in FY26 to 1.55 tCO2/tcs in Q2 FY27, supported by JSL’s investments in renewables and green hydrogen • Jindal Saathi Loyalty Programme crossed 1.3 lakh members (19,000+ retailers, 1.13 lakh+ fabricators) with 7 lakh+ QR scans a month; Saathi Seal extended to water tanks • Stainless Academy is now recognized as an Awarding Body by NCVET (MSDE), enabling it to offer government- recognised qualification and certification programmes • The Academy conducted 205 Fabricator Training Programmes in Q2’27, reaching 12,165 independent fabricators Business Highlights 4
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Sales Volume Distribution 648 Q2FY26 650 Q3FY26 642 Q4FY26 581 Q1FY27 664 Q2FY27 +14% +3% 91% 95% 93% 89% 89% 9% Q2FY26 5% Q3FY26 7% Q4FY26 11% Q1FY27 11% Q2FY27 Sales Volume (KT) Series Mix Geography Mix 17% 17% 19% 18% 17% 49% 45% 43% 47% 47% 34% 38% 38% 35% 37% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 200 Series 300 Series 400 Series Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 EBITDA & EBITDA/t Domestic Export Note: KT - thousand metric tonnes5
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Financial Performance 6 1,388 1,408 1,455 1,329 1,433 21.4k Q2FY26 21.7k Q3FY26 22.7k Q4FY26 22.9k Q1FY27 21.6k Q2FY27 10,893 168.1k Q2FY26 10,518 161.8k Q3FY26 11,337 176.7k Q4FY26 11,279 194.2k Q1FY27 12,874 193.8k Q2FY27 Revenue & Avg. Realizations/t EBITDA & EBITDA/t PAT 808 828 834 769 898 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 +17% +11% Note: Consolidated figures; All figures are in INR Crore unless stated; #Net debt includes only bank and financial institute loans.
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Robust Financial Position 7 16,708 19,882 21,281 3,991 3,040 3,121 Mar’25 Mar’26 Sep’26 Net Worth* Net Debt# 0.86x 0.55x 0.55x 0.24x 0.15x 0.15x Mar’25 Mar’26 Sep’26 Net Debt#/ EBITDA Net Debt#/Equity 16% 17% 17% Mar’25 Mar’26 Sep’26 Note: #Net debt includes only bank and financial institute loans. *Net worth includes Non – Controlling interest as well Net Worth & Net Debt Net Debt Ratios ROE
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• Automotive demand remained resilient in Q2 FY27 despite global supply chain disruptions, with higher sales driven by inventory build-up ahead of the festive season. • Outlook for FY27 remains positive, aided by overall industry growth. • Demand for ornamental & industrial pipes and tubes increased in Q2 FY27 • The Oil & Gas, and Power segment to see some headwinds from fuel and gas disruptions and geopolitical factors • 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 • 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 remained stable, with OEM demand holding firm despite ongoing global disruptions. Outlook for FY27 remains strong, supported by real estate, infrastructure and urbanization .White goods demand remains healthy • Healthy demand from Metro projects in Q2 FY27 • Wagon led SS demand impacted by a slowdown in tender process Market Update 8
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Universal Dial-in Numbers +91 22 6280 1144 / +91 22 7115 8045 Copy this URL in your browser: Link CONCALL INVITE Jindal Stainless Limited Q2 & H1 FY27 Results conference call on Friday, 23rd October 2026 at 15:00 hrs IST Represented by Senior Management of Jindal Stainless Limited Diamond Pass registration link: Q2 & H1 FY27 Earnings call 9
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Annexures
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Abridged P&L Statement 11 YoY QoQ YoY Change (%) Change (%) Change (%) Revenue from operations 12,874 10,893 18% 11,279 14% 24,152 21,100 14% Total Expenditure 11,441 9,505 9,949 21,390 18,402 EBITDA 1,433 1,388 3% 1,329 8% 2,762 2,698 2% Other Income 134 90 118 252 159 Finance Cost 165 141 146 311 285 Depreciation 299 262 302 601 514 Exceptional gain/(loss) 116 17 0 116 17 Share of profit/(loss) from associates (18) (14) 35 17 (27) PBT 1201 1078 11% 1034 16% 2235 2047 9% Tax 303 271 265 568 525 PAT 898 808 11% 769 17% 1666 1523 9% Particular (Rs. Crore) Q2FY27 Q1FY27Q2FY26 H1 FY26H1 FY27
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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 As on September 2026 As on March 2026 As on March 2025 Debt Long term debt 4,839 4,776 5,169 Short term debt 2,135 1,466 1,107 Total Debt 6,975 6,242 6,275 Cash & Bank balances 3,854 3,203 2,284 Net Debt 3,121 3,040 3,991 0.15 0.55 0.15 0.55 Net Debt*/Equity Net Debt*/EBITDA Sep’26 Mar’26 External Debt & Key Ratios 12
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The Scheme aims to: ▪ Simplify the Group structure through consolidation of wholly owned subsidiaries ▪ Eliminate inter-company transactions and balances ▪ Optimise utilization/ pooling of financial & other resources ▪ Improve operational efficiency ▪ Reduce administrative & compliance costs ▪ Strengthen corporate governance ▪ Facilitate better management oversight and decision-making Jindal United Steel Limited (JUSL) Chromeni Steels Limited (CSL) JSL Super Steel Limited (JSL-SSL) Rabirun Vinimay Private Limited (RVPL) Stainless steel hot rolling (3.2 MTPA) and cold rolling (0.2MTPA) in Jajpur, Odisha 0.6 MTPA cold rolling mill in Mundra, Gujarat. Stainless Steel long products (wire-rods and rebars) 0.18 MTPA in Ghaziabad, UP Stainless Steel polishing lines facility, cold rolling mill in Kharagpur, West Bengal Scheme of Amalgamation - Overview 13
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Current Structure Post-Restructuring Structure JSL Evergreat Singapore100% 100% RVPL 100% JSL SSL 100% JUSL 46% CSL Amalgamating companies – to merge into JSL JSL 100% Evergreat Singapore India Overseas 54% Scheme of Amalgamation - Structure 14
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Note: Average quarterly prices; Source: LME Note: Average quarterly prices; Source: Big Mint Key Raw Materials- Price trend 15 22,30820,401 17,288 16,589 18,413 16,259 16,038 15,571 15,166 15,015 14,892 17,356 18,131 16,573 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 -8.6% 1.9% +10.4% Nickel (USD/t) 1,15,115 1,07,473 1,10,071 1,09,588 1,16,715 1,08,223 1,07,187 1,08,015 99,742 1,00,508 1,06,265 1,14,881 1,16,800 1,19,677 1,20,215 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 +0.4% 10.8% +13.1% Ferrochrome(INR/t)
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Note: Shareholding pattern for the period ended 30th September 2026 Promoters 62.6% DII 7.7% FII 20.1% Retails & others 9.6% Other 37.4% Shareholding Pattern 16
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Contact Us About Us: India’s leading stainless-steel manufacturer, Jindal Stainless, had an annual turnover of INR 42,955 crore (USD 4.86 billion) in FY26 and an annual melt capacity of 4.2 million tonnes. 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 2026. In India, there are ten sales offices and six service centres, as of March 2026. 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. Angad Khurana Head – Investor Relations angad.khurana@jindalstainless.com Jindal Stainless Limited Tel: +91 11 4146 2157 Contact Us 17
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Thank You 18