Interim report
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October 22, 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.: Disclosure of o utcome of Board Meeting under Regulations 30, 33 and other applicable regulations of the S ecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“SEBI Listing Regulations”) Dear Sir / Ma’am, This is in continuation to our letters dated September 24, 2026 and October 15, 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”) at its meeting held today, i.e. October 22, 2026, inter alia, considered and approved: (i) the unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2026. Copy of the aforesaid results along with the Limited Review Report(s) are enclosed herewith as Annexure 1. The financial results will be published in the newspapers in terms of Regulation 47 of SEBI Listing Regulations. (ii) the draft scheme of amalgamation amongst Jindal Stainless Limited (the “Transferee Company”) and its wholly owned subsidiar ies namely Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited (collectively referred to as the “Transferor Companies”) and their shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (the “Scheme”) with April 1, 2027 as the Appointed Date . The Scheme is subject to necessary approvals from the shareholders and creditors and statutory and regulatory authorities under applicable laws , as applicable , including approval of the jurisdictional Hon’ble National Company Law Tribunal. The Scheme shall be filed with BSE Limited and the National Stock Exchange of India Limited (collectively referred to as the “Stock Exchanges”) for disclosure purposes in accordance with the provisions of Regulation 37 of the SEBI Listing Regulations read with the SEBI Master Circular No. SEBI/HO/CFD/POD2/P/CIR/2023/93 dated June 20, 2023. Further, the Scheme as approved by the Board shall be available on the website of the Company after it has been filed with the Stock Exchanges.
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The disclosure as required under SEBI Master Circular No. HO/49/14/14(7)2025 -CFD- POD2/I/3762/2026 issued on July 11, 2023 and last updated on January 30, 2026 in this regard is enclosed as Annexure 2. The Meeting commenced at 11:30 A.M. and concluded at 03:15 P.M. 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 II, 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 and Year to Date 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 September 2026 and the year to date results for the period 01 April 2026 to 30 September 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 a I significant matters that might be identified in an audit. Accordingly, we do not express n audit inion. Page 1 of 2 Annexure - 1
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date 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. & Co LLP rtner Membership No: 090075 UDIN: 2bO900.::f-.(tvl~GiT~i ·; Place: New Delhi -::oAcco!J Date: 22 October 2026 Page 2 of 2 For Lodha & Co LLP Chartered Accountants Firm Registration No. 301051 E/E300284 Gaurav Lodha Partner Membership No: 507462 UDIN:Us:b7l/ta.-A:X£b PE_ 7Dl.3 Place: New Delhi Date: 22 October 2026
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...JSLIA\ 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 ST AND ALONE FINANCIAL RES UL TS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 Sr. No. Particulars Income I Revenue from operations II Other income Ill Total income IV Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, work in progress and stock-in-trade Employee benefits expense Finance costs Depreciation and amortisation expenses Stores and spares consumed Power and fuel Other expenses Total expenses V Profit before exceptional items and tax VI Exceptional items -refer note 9 Vil Profit before tax Vlll Tax expense Current tax Deferred tax Taxes pertaining to earlier years IX Profit for the period X Other comprehensive income Items that will not be reclassified to profit or loss Items that will not be reclassified to profit or loss Income-tax effect on above Total other comprehensive income/ (loss) XI Total comprehensive income for the period (comprising profit and other comprehensive income for the period) XII Paid-up Equity Share Capital (face value of~ 2 each) XIII Other equity XIV Earning per share (EPS) (face value of~ 2 each) a) Basic (in~) b) Diluted (in~) (EPS for the period not annualised) See accompanying notes to the financial results. SIGNED FOR IDENTIFICATION PURPOSES For the quarter ended 30 September 30 June 30 September 2026 2026 2025 Unaudited 11,413.28 10,676.55 10,880.89 152.63 123.88 98.74 11,565.91 10,800.43 10,979.63 8,340.40 7,136.17 7,651.04 66.27 197.95 85.66 (639.51) (560.55) (316.63) 226.31 243.34 205.10 122.90 104.44 95.77 227.10 232.58 195.87 510.63 573.96 481.34 700.16 819.19 617.38 1,031.17 1,238.08 1,097.19 10,585.43 9,985.16 10,112.72 980.48 815.27 866.91 74.77 - 1,055.25 815.27 866.91 241.86 212.71 221.13 27.89 (3.33) 1.02 --0.87 785.50 605.89 643.89 -- - --- --- 785.50 605.89 643.89 164.84 164.82 164.74 9.53 7.35 7.82 9.51 7.34 7.81 (f in crores except per share data) For the half year ended For the year ended 30 September 30 September 31 March 2026 2025 2026 Unaudited Audited 22,089.83 21,221.40 42,680.22 276.51 202.12 431.93 22,366.34 21,423.52 43,112.15 15,476.57 14,639.88 28,172.37 264.22 173.85 326.74 (1,200.06) (443.77) 366.89 469.65 408.90 823.68 227.34 195.45 381.84 459.68 384.58 792.61 1,084.59 963.77 1,976.64 1,519.35 1,212.81 2,409.91 2,269.25 2,158.36 4,281.79 20,570.59 19,693.83 39,532.47 1,795.75 1,729.69 3,579.68 74.77 -156.89 1,870.52 1,729.69 3,736.57 454.57 449.30 882.34 24.56 (6.01) 12.14 0.87 (0.86) 1,391.39 1,285.53 2,842.95 --22.86 - -(3.26) --19.60 1,391.39 1,285.53 2,862.55 164.84 164.74 164.79 18,702.42 16.88 15.61 34.51 16.85 15.59 34.46
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_J 5i '-"" JINDAL STAINLESS JINDAL STAINLESS LIMITED UNAUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES Sr. No. Particulars ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right of use assets (d) Goodwill (e) Other intangible assets (f) Intangible assets under development (g) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (h) 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) Other current assets TOT AL -ASSETS EQUITY AND LIABILITIES EQUITY (a) Equity share capital (b) Other equity LIABILITIES 1 Non-current liabilities 2 (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables SIGNED FOR IDENTIFICATION PU SES (a) Total outstanding dues of micro enterprises and small enterprises (b) Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities (b) Other current liabilities (c) Provisions d Income tax liabilities net TOTAL -EQUITY AND LIABILITIES 30 September 2026 Unaudited As at 9,802.27 2,222.17 961.11 89.95 500.64 15.43 5,386.16 1,999.95 482.31 381.19 9,291.37 56.08 3,522.09 145.85 2,300.30 23.96 456.18 1,075.35 38,712.36 164.84 19,890.74 2,926.10 577.58 112.18 1,016.52 158.34 2,221.46 26.72 266.61 8,802.41 1,980.74 437.40 5.06 125.66 38,712.36 ('I' in crores) 31 March 2026 Audited 9,796.10 1,395.55 465.23 89.95 552.86 11.43 5,268.53 1,776.43 602.01 496.71 7,906.03 55.72 3,275.78 219.00 2,157.91 23.71 295.31 578.93 34,967.19 164.79 18,702.42 2,573.06 63.18 97.09 991.96 331.71 1,948.77 13.56 161.70 7,874.06 1,751.65 261.29 4.83 27.12 34,967.19
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..JSL/A\ .JINDAL STAINLESS JINDAL STAINLESS LIMITED UNAUDITED STANDALONE STATEMENT OF CASH FLOWS Particulars A Cash flows from operating activities Profit before tax Adjustments for: Depreciation and amortisation expense (Profit)/loss on disposal of property, plant and equjpment (net) Fair value gain on investments Liabilities no longer required, written back Interest income on financial assets measured at amortised cost Unwinding of discount on financial assets measured at amortised cost Bad debts written off and allowance for expected credit loss Profit on sale of investments (net) Interest income on fixed deposits, receivables and income-tax refund Dividend income Net unrealised foreign exchange (grun)/loss Employee stock options expenses Finance costs Operating profit before working capital changes Movement in workfag capital Trade receivables Inventories Other financial assets Other assets Trade payables Other financial liabilities Other liabilities Provisions Cash flows from operating activities post working capital changes Income-tax paid (net of refund) Net cash generated from operating activities (A) B Cash flows from investing activities Purchase of property, plant and equipment and intangible assets (including capital work-in-progress and intangible assets under development) Proceeds from disposal of property, plant and equipment Loans given to related parties Loans received back from related parties Dividend received Interest received Payments for purchase of investments in subsidiaries and associate Payments against non current investment Proceeds from sale of current investment Investment/ (redemption) in deposits with banks (net) Net cash used in investing activities (B) C Cash flows from financing activities Proceeds from issue of equity shares (net of treasury shares) Proceeds from short-term borrowing (net) Repayment of long-term borrowings Proceeds from long-term borrowings Loan taken from related party SIGNED FOR Loan refund back to related party Payment of lease liabilities Dividend paid Interest paid IDENTIFICATION PURPOSE"?#S c.,\J\• '<.,~/ ~ Net cash generatecf/(used) in financing activities (C) ·z --(~ Net decrease in cash and cash equivalents (A+B+C) ,':! ·"?- Cash and cash equivalents at the beginning of the n.-i...-:c---. 0,s-< '° Cash and cash equivalents at the end of the perio /ICC Net changes in cash and cash equivalents (t in crores) For the half year ended 30 September 2026 30 September 2025 Unaudited 1,870.52 1,729.69 459.68 384.58 4.09 (0.21) (4.26) (4.00) (96.00) (4.02) (52.99) (28.68) 0.39 0.62 61.83 10.55 (0.04) (2.31) (184.46) (152.87) (0.11) (0.02) (65.57) 25.79 35.00 22.55 227.34 195.45 2,255.42 2,177.12 (318.61) 45.41 (1,385.34) (265.34) (339.81) 116.79 (489.97) (110.31) 1,256.21 67.43 316.90 (153.35) 2.74 (81.49) 15.32 10.99 1,312.86 1,807.25 (355.12) (355.30) 957.74 1,451.95 (1,074.51) (918.48) 5.14 0.38 (747.63) (260.11) 524.06 263.32 0.11 0.02 170.33 115.17 (63.41) (185.08) (2.96) 0.04 2.31 6.80 (247.01) 1,179.0 1,232.44 4.58 0.80 459.34 187.84 (1,045.96) (462.06) 1,134.38 199.45 881.10 200.00 (806.18) (19.62) (11.36) (244.96) (148.10) (214.50) (195.09) 148.18 228.52 (73.15) (9.01) 219.00 514.42 145.85 505.41 (73.15) (9.01)
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J5L./A\ 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. 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 share capital+ other equity]} Debt service coverage ratio (in times) {(Profit before tax, exceptional items, depreciation, finance costs)/ (finance costs + scheduled principal repayments (excluding prepayments) during the period for long-term debts)) Interest service coverage ratio (in times) {(Profit before tax, exceptional 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 maturities of long term borrowings)/ {current assets -(current liabilities - current maturities of long term borrowings))] Bad debts to accounts receivable ratio (0/4,) (Bad debts/ trade receivables) Current liability ratio (in times) (Current liabilities/ total liabilities) Total debts to total assets (in times) (fotal borrowings/ total assets) Debtors turnover ratio (in times) -annualised (Revenue from operations/average trade 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 (tin crores) Outstanding redeemable preference shares Networth (t in crores) (Paid up share capital and other equity) Net profit after tax (t in crores) Earning per share (EPS) -diluted (int) (EPS for the period not annualised) Security coverage ratio on secured Non-Convertible Debenures (NCDs) (in times) (Value of assets having pari-pasu charge/ outstanding b NCDs + interest accurued thereon) SIGNED FOR IDENTIFICATION PURPOSES ,_ "' ·.': ~ c:, ~1',: For the quarter ended 30 September 2026 0.26 3.82 10.83 1.22 0.98 0.00% 0.74 0.13 14.60 3.58 10.32% 6.88% 20.00 20,055.58 785.50 9.51 NA 30 June 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 4.38 30 September 2025 0.26 4.89 12.10 1.22 0.97 0.00% 0.75 0.13 11.01 3.47 9.74% 5.92% 20.00 17,345.75 643.89 7.81 3.74 For the half year ended 30 September 2026 0.26 4.43 10.92 1.22 0.98 0.01% 0.74 0.13 13.00 3.38 9.99% 6.30% 20.00 20,055.58 1,391.39 16.85 NA 30 September 2025 0.26 3.59 11.82 1.22 0.97 0.00% 0.75 0.13 11.04 3.32 9.93% 6.06% 20.00 17,345.75 1,285.53 15.59 3.74 For the year ended 31 March 2026 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 34.46 4.02
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JSL/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 22 October 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 - Operating Segments. 4 At its meeting held on 22 October 2026, the Board of Directors of the Company considered and approved a Composite Scheme of Amalgamation pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, amongst the Company and its wholly-owned subsidiaries namely Chromeni Steels Limited, Rabirun Vinirnay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited ('Scheme'). The aforementioned Scheme is subject to necessary statutory and regulatory approvals, including approval from the Hon'ble National Company Law Tribunal, Chandigarh Bench ("Hon'ble NCLT"). The appointed date is 01 April 2027 or such date as approved by Hon'ble NCLT. 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")]. (b) 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 oft 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 t 2/-per RSU (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value oft 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 oft 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 t 2/-per RSU (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value oft 2/-each fully paid-up. Accordingly, 4,910,168 Options have been granted till 30 September 2026 (comprising of 2,455,084 ESOPs and 2,455,084 RSUs). (c) During the half year ended 30 September 2026, the ESOP Trust has transferred 271,190 equity shares (142,151 ESOPs and 129,039 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 During the half year ended 30 September 2026, the credit rating agency 'Care Ratings' upgraded the rating on the Company's long-term borrowings to "CARE AA+, Stable" and reaffirmed the rating on its short-term borrowings at "CARE Al+". The ratings assigned by the other rating agencies continue to be "AA, Stable" on long-term borrowings and "Al+" on 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 mineral rights. Based on independent legal opinion, pending clarity on various issues involved, the impact of aforementioned matter on the Company is currently unascertainable. 9 a) During the quarter ended 30 September 2026, the Company opted for settlement of the long disputed Local Area Development Tax (LADT) / Entry Tax demands pertaining to period FY 2006-07 to FY 2017-18, under Haryana One Time Settlement Scheme for the Recovery of Outstanding Dues, 2026 ("OTS Scheme"). The settlement is subject to completion of the prescribed formalities, payment of t 101.72 crore in tranches and issuance of the requisite orders by the authorities. Consequently, the excess provision carried forward from earlier years, amounting to t 95.63 crore, to the extent no longer required pursuant to such settlement, has been written back and recognised as an exceptional gain in the financial results. b) Considering the adverse financial position and doubtful recoverability of the loan granted to a wholly owned subsidiary, the outstanding loan and interest accrued till 30 September 2026 aggregating t20.86 crore has been written off and recognised as an exceptional loss in the financial results. 10 During the quarter ended 30 September 2026, the Company has fully redeemed the 990 nos. of Listed, Rated, Secured, Redeemable Non-Convertible Debentures (NCDs), amounting tot 99 crore, having face value oft 1,000,000 each at par. Consequently, no NCDs are outstanding as at the reporting date. 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: 22 October 2026 SIGNED FOR ENTIFIC ION PURPOSES Chief Executive officer and Whole Time Director 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 and Year to Date 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 1 for the list of subsidiaries and associates included in the Statement) for the quarter ended 30 September 2026 and the consolidated year to date results for the period 01 April 2026 to 30 September 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 perform procedures in accordance with the circular issued by the Securities and E h nge Boar of India (SEBI) under Regulation 33 (8) of the Listing Regulations, to the lica Page 1 of 4
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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 fifteen subsidiaries included in the Statement, whose financial information reflects total assets of z 9,508.16 crore as at 30 September 2026, total revenues of z 1,620.22 crore and ~ 3,387.97 crore, total net profit after tax of z 157.84 crore and z 290.52 crore, total comprehensive income of z 157.84 crore and ~ 290.52 crore, for the quarter and six months period ended on 30 September 2026, respectively and cash inflows (net) of z 27.16 crore for the six months period ended 30 September 2026, as considered in the Statement. The Statement also includes the Group's share of net profit /(loss) after tax of z (25.69) crore and z 10.39 crore and total comprehensive income/(loss) of~ (25.69) crore and z 10.39 crore, for the quarter and six months period ended on 30 September 2026, respectively, as considered in the Statement, in respect of two associates, whose interim financial information have 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 associates 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 profit after tax of z 7.55 crore and z 6.08 crore, and total comprehensive income of~ 7.55 crore and z 6.08 crore for the quarter and six months period ended on 30 September 2026, respectively, 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 aterial to the Group. t modified in respect of this matter with respect to our reliance on the ertified by the Board of Directors. Page 2 of 4
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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 assets oft 4,467.51 crore, total revenues oft 2,397.13 crore and t 3,982.93 crore, total net loss after tax oft 59.99 crore and t 53.22 crore, total comprehensive loss of t 59.99 crore and t 53.22 crore, for the quarter and six months period ended on 30 September 2026 respectively and and cash inflows (net) of t 206.15 crore for the period ended 30 September 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. Our conclusion is not modified in respect of this matter. l artner Membership No.: 090075 UDIN: .U.0q mJ::f-(""1E-PA'\S. Place: New Delhi Date: 22 October 2026 Page 3 of 4 For Lodha & Co LLP Chartered Accountants Firm Registration No. 301051 E/E300284 Gaurav Lodha Partner Membership No.: 507462 UDIN:2f>S-0,4b2('.'.) E:JFTM44 s8- Place: New Delhi Date: 22 October 2026
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Walker Chandiok & Co LLP Lodha & Co LLP Independent Auditors' Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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 1 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 lberiindal, S.L. Subsidiary 6 Sungai Lestari Investment Pte. Ltd. Subsidiary 7 Sulawesi Nickel Processing Industries Subsidiary Holdinqs Pte. Ltd. 8 Jindal Stainless Steelway Limited Subsidiary 9 Jindal Lifestyle Limited Subsidiary 10 JSL Loqistics Limited Subsidiary 11 Green Delhi BQS Limited Subsidiary 12 AGH Dreams Limited Subsidiary 13 Utkrisht Dream Ventures Limited Subsidiary 14 Everqreat International Investment Pte. Ltd. Subsidiary 15 Jindal Stainless Corporate Management Subsidiary (w.e. f. 12 February 2026) Services Private Limited 16 Jindal Stainless Park Limited Subsidiary 17 Jindal Quanta Limited Subsidiary 18 JSL Super Steel Limited Subsidiary 19 Rabirun Vinimay Private Limited Subsidiary 20 Chromeni Steels Limited Subsidiary 21 ReNew Green (MHS One) Private Limited Associate 22 Oyster Green Hybrid One Private Limited Associate (w.e.f. 2 June 2025) 23 PT Cosan Metal Industry Associate of Subsidiary 24 PT Glory MJ Indonesia Subsidiary till 30 June 2026 and (\ Associate of Subsidiary w.e.f. 1 July 2026 1/JJr J~ ,., lj <'. :. ) , ?!," ~ / J , 1; .;., C"I t: ,':.•.f'1i·: ~. •°<' ',;,., -<.: . I • , f:l?f:o ACC0'0 Page 4 of 4
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Sr. No. I II III IV V VI VII VIII IX X XI XII XIII JSLIA\ 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 AND HALF YEAR ENDED 30 SEPTEMBER 2026 Income Revenue from operations Other income Total income Expenses Cost of materials consumed Purchases of stock in trade Particulars Changes in inventories of finished goods, work in progress and stock in trade Employee benefits expense Finance costs Depreciation and amortisation expenses Stores and spares consumed Power and fuel Other expenses Total expenses Profit before exceptional items, share of net profit of investments accounted for using equity method and tax Shc1re of net profit /(loss) of investments accounted for using equity method Profit before exceptional items and tax Exceptional items -refer note 8 & 10 Profit before tax Tax expense Current tax Deferred tax Taxes pertaining to earlier years Profit for the period Other comprehensive income Items that will not be reclassified to profit or loss Items that will not be reclassified to profit or loss Income-tax effect on above Items that will be reclassified to profit or loss Items that will be reclassified to profit or loss Share in other comprehensive income of associate Total other comprehensh1e income Total comprehensive income for the period (comprising profit and other comprehensive income for the period) For the quarter ended 30 September 2026 12,873.86 "133.73 13,007.59 9,708.05 3.55 (685.20) 275.61 164.79 298.95 568.47 865.06 705.42 11,904.70 1,102.89 (18.11) 1,084.78 116.41 1,201.19 285.97 17.46 0.01 897.75 12.54 12.54 910.29 30 June 2026 Unaudited 11,278.54 118.39 11,396.93 7,860.99 19.79 (811.70) 292.61 146.19 302.36 641.88 1,175.72 770.11 10,397.95 998.98 34.61 1,033.59 1,033.59 252.58 8.69 3.66 768.66 (2.63) (2.63) 766.03 30 September 2025 10,892.78 89.68 10,982.46 7,383.29 95.22 (211.88) 245.21 '140.83 261.90 546.81 686.04 760.24 9,907.66 1,074.80 (13.79) 1,061.01 17.41 1,078.42 258.02 11.33 1.15 807.92 7.99 7.99 815.91 (f in crores except pe.r share data) For the half year ended 30 September 2026 30 September 2025 Unaudited 24,152.40 252.12 24,404.52 17,569.04 23.34 (1,496.90) 568.22 310.98 601.31 1,210.35 2,040.78 1,475.53 22,302.65 2,101.87 16.50 2,118.37 l16.41 2,234.78 538.55 26.15 3.67 1,666.41 9.91 9.91 1,676.32 21,099.92 158.55 21,258.47 14,455.04 190.71 (641.04) 489.07 284.95 513.74 1,077.96 1,358.57 1,471.96 19,200.96 2,057.51 (27.45) 2,030.06 17.41 2,047.47 521.33 2.41 1.15 1,522.58 6.90 6.90 1,529.48 For the year ended 31 March 2026 Audited 42,954.66 35"1.48 43,306.14 27,922.09 328.44 260.45 988.79 567.93 1,060.30 2,188.59 2,700.32 3,005.55 39,022.46 4,283.68 16.73 4,300.41 (58.34) 4,242.07 1,019.92 39.20 (1.62) 3,184.57 47.14 (6.84) 61.68 0.02 102.00 3,286.57 XIV Profit attributable to: xv XVI XVII Owners of the parent Non -controlling interests Other comprehensive income attributable lo: Owners of the parent Non -controlling interests Total comprehensive income attributable to: Owners of the parent Non -controlling interests 894.58 3.17 897.75 769.36 (0.70) 768.66 806.94 0.98 807.92 1,663.94 2.47 1,666.41 1,521.10 1.48 1,522.58 3,193.45 (8.88) 3,184.57 """'"°" ~ h. V -..-~,~ 12.54 (2.63) 7.99 9.91 6.90 102.11 / ! ;~ f ~a},,_ ___ 1_2:-s4-+----(2-.6-3)+----7--.9-9+----9:-91-+----6.-90-+----1-~~-::--;:) ·., N -~ l------l-----+-------1-------+---------.! . 907.12 766.73 814.93 1,673.85 1,528.00 3,295.56 3.17 (0.70) 0.98 2.47 1.48 (8.99) 910.29 766.03 815.91 1,676.32 1,529.48 3,286.57 ~;;;:;~:~~a~~,~~:~api~~~~~~2each)("'OC:;,$ Lflvj_l~ 164.84 164.82 '164.74 164.84 164.74 19,::::: a) Basic (in~) ~ New ~lhi * 4:_ C) 10.85 9.34 9.80 20.19 18.47 38.76 b) D1luled (m ~) 0 J'? ,.!:! \-""'. 10.84 9.32 9.78 20.16 18.44 38.70 • =:t. ,§' u) ,\- (EPS for the period not an , • . ,.. _,._~~ See accompanying notes to --. -....,-results.
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....JSL/A\ .JINDAL STAINLESS JINDAL STAINLESS LIMITED UNAUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Sr.No. ASSETS Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Investment property (d) Right of use assets Particulars (e) Goodwill (includes goodwill on consolidation) (f) Other intangible assets (g) Intangible assets under development (h) Investment accounted for using the equity method (i) Financial assets (i) Investments (ii) Loans (iii) Other financial assets G) Deferred tax assets (net) (k) Income tax assets (net) (I) 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) Income 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 (c) Non-controlling interests LIABILITIES 1 Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities 2 Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises (b) Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Liabilities associated with assets held TOTAL -EQUITY AND LIABILITIES As at 30 September 2026 Unaudited 14,015.80 2,887.37 11.07 1,190.44 861.89 653.74 19.61 1,705.50 370.98 525.92 446.44 271.17 1.58 631.09 11,205.48 1.47 3,712.45 436.35 2,905.81 593.06 517.84 15.35 1,291.44 159.46 44,431.31 164.84 21,088.00 27.35 4,244.98 607.86 2.31 130.48 1,384.07 158.34 2,752.32 39.86 296.28 10,384.95 2,496.71 498.04 7.17 140.48 7.27 44,431.31 (t in crores) 31 March 2026 Audited 15,544.70 1,790.21 11.05 695.66 1,247.38 718.02 15.94 1,179.96 366.10 195.16 468.37 262.77 1.52 706.28 9,507.52 1.12 3,085.62 415.12 2,518.91 461.88 451.61 16.12 854.61 187.99 40,703.62 164.79 19,626.49 90.89 4,935.93 93.77 2.36 114.33 1,355.71 331.71 2,405.66 24.97 179.08 8,086.79 2,855.21 336.55 6.07 29.42 63.89 40,703.62
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-ISL~ JINDAL STAINLESS JINDAL STAINLESS LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (~ in crores) For the half year ended Particulars 30 September 30 September 2026 2025 Unaudited A Cash flows from operating activities Profit before tax 2,234.78 2,047.47 Adjustments for: Depreciation and amortisation expenses 601.31 513.74 Profit on disposal of property, plant and equipment (net) (31.10) (15.55) Fair value gain on investments (2.10) (2.00) Liabilities no longer required, written back (97.94) (4.02) Interest income on financial assets measured at amortised cost (7.76) (2.62) Unwinding of discount on financial assets measured at amortised cost 0.39 0.62 Profit on sale of investments (net) (0.71) (2.47) Bad debts written off and allowance for expected credit loss 40.85 14.61 Interest income on fixed deposits, receivables and income-tax refund (170.99) (113.38) Dividend income (0.11) (0.02) Net unrealised foreign exchange (gain)/loss (59.48) 11.29 Employee stock options expenses 39.72 25.35 Finance costs 310.98 284.95 Fair value gain on disposal/ acquisition of subsidiary (20.78) (17.41) Share of net (profit)/loss in associates (16.50) 27.45 Operating profit before working capital changes 2,820.56 2,768.01 Movement in working capital Trade receivables (715.19) 44.39 Inventories (2,419.24) (377.91) Other financial assets (317.25) (3.55) Other assets (458.86) (114.97) Trade payables 2,830.85 393.07 Other financial liabilities 436.18 (71.15) Other liabilities (66.37) (100.47) Provisions 17.49 11.18 Cash flows from operating activities post working capital changes 2,128.17 2,548.60 Income-tax paid (net of refund) (545.20) (365.34) Net cash generated from operating activities (A) 1,582.97 2,183.26 B Cash flows from investing activities Purchase of property, plant and equipment and intangible assets (including capital work-in-(1,521.34) (1,728.79) progress and intangible assets under development) Proceeds from disposal of property, plant and equipment 74.47 17.73 Loans given to related parties (81.60) - Loans received back from related parties -83.76 Dividend received 0.11 0.02 Interest received 169.22 133.53 Payments for purchase of investments in associate (23.41) (79.20) Payments against non current investment (3.14) (2.96) Proceeds from sale of current investments 0.79 3.62 Payments for purchase of current investments (0.08) - Investment in deposits wiU1 banks (net) (280.63) (270.31) Net cash used in investing activities (B) (1,665.61) (1,842.60) C Cash flows from financing activities Proceeds from issue of equity shares (net of treasury shares) 4.58 0.80 Proceeds from short-term borrowing (net) 667.28 483.69 Repayment of long-term borrowings (1,445.32) (713.97) Proceeds from long-term borrowings 1,591.65 316.80 Payment of lease liabilities (27.23) (14.91) Dividend paid (244.96) (148.10) Interest paid (244.71) (280.17) Net cash generatedf(used) in financing activities (C) 301.29 (355.86) Net increase/ (decrease) in cash and cash equivalents (A+B+C) 218.65 (15.20) Cash and cash equivalents at the begimting of the period 415.12 632.54 Cash and cash equivalents included in assets held for sale at the begimting of the period 6.16 2.16 Cash and cash equivalents at the (disposal)/acquisition date of subsidiary (188.91) 9.21 Cash and cash equivalents at the end of the period 436.35 623.67 Cash and cash equivalents included in assets held for sale at the end of U1e period 16.87 6.62 Foreign currency translation gain on cash and cash equivalents (2.20) (1.58) Net changes in cash and cash equivalents 218.65 (15.20)
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...JSL.IA\ 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. 2 3 4 5 6 7 8 9 11 12 13 14 15 16 17 18 Particulars Debt equity ratio (in times) {Total borrowings /total equity [equity share capital+ other equity]} Debt setvice coverage ratio (in times) {Profit before tax, exceptional items, depreciation, finance costs/ (finance costs + scheduled principal repayments (excluding prepayments) during the period for long term debts)} Interest service coverage ratio (i.n times) (Profit before tax, exceptional items, depreciation, finance costs/finance costs) Current ratio (in times) (Current assets/ current liabilities) Long term debt to working capital (in limes) (Non-OUTent borrowings + current maturities of long term borrowings)/[current assets -(current liabilities -current 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 assets) Debtors turnover ratio (in times) -annualised (Revenue from operations/average accow1t receivables) Inventory turnover ratio (in times) -annualised (Cost of goods sold (cost of materials conswned + purchases of stock-in trade + manges 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 U,e period/revenue from operations) Capital redemption reserve (? in crores) Outstanding redeemable preference shares Nehvorth (t in crores) (Paid up share capital and other equity) Net profit after tax (? in crores) Earning per share (EPS) -diluted (in ?) (EPS for the period not annualised) Security coverage ratio on secured Non-Convertible Debenures (NCDs) (in times) (Value of assets having pari-pasu cl,arge/ outstanding balance on secured I NCDs + interest accurued thereon) For the quarter ended 30 September 2026 0.33 3.89 9.51 1.25 1.01 0.00% 0.72 0.16 14.92 3.32 11.13% 6.97% 62.50 21,252.84 897.75 10.84 NA 30 June 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 30 September 2025 0.37 4.92 10.49 1.15 1.57 0.00% 0.72 0.17 14.02 2.94 12.74% 7.42% 20.00 18,079.28 807.92 9.78 3.74 For the half year ended 30 September 2026 0.33 4.49 9.69 1.25 1.01 0.01% 0.72 0.16 14.21 3.11 11.44% 6. 90% 62.50 21,252.84 1,666.41 20.16 NA 30 September 2025 0.37 3.71 10.02 1.15 1.57 0.00% 0.72 0.17 13.71 2.83 12.79% 7.22% 20.00 18,079.28 1,522.58 18.44 3.74 For the year ended 31 March 2026 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 38.70 4.02
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.....ISL/A\ JINDAL STAINLESS JINDAL STAINLESS LIMITED Notes: 1 The above Consolidated Financial Results were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on 22 October 2026. These results have been subjected to limited review by the statutory auditors of the Holding Company who have expressed an W1modified 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 Group is in the business of manufacturing Stainless steel products and hence has only one reportable operating segment as per Ind AS 108 - Operating Segments. 4 At its meeting held on 22 October 2026, the Board of Directors of the Holding Company considered and approved a Composite Scheme of Amalgamation pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, amongst the Company and its wholly-owned subsidiaries namely Chromeni Steels Limited, Rabirun Vinirnay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited ('Scheme'). The aforementioned Scheme is subject to necessary statutory and regulatory approvals, including approval from the Hon'ble National Company Law Tribunal, Chandigarh Bench ("Hon'ble NCLT"). The appointed date is 01 April 2027 or such date as approved by Hon'ble NCLT. 5 (a) The Board of Directors and Shareholders of Holding Company 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 Un.its ("RS Us")]. (b) In accordance with the Scheme, the Nomination and Remuneration Committee ("NRC") of the Holding 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 market price of equity shares of the Holding Company 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 Option exercisable into corresponding number of equity shares of face value oft 2/-each fully paid-up. Further, by way of resolution passed through circulation on 23 June 2026, the NRC of the Holding Company granted 39,608 Options comprising of 19,804 ESOPs al an exercise price of t 349.00/-per ESOP (priced at 50% discount on latest available closing market price of equity shares of the Holding Company on 19 June 2026) and 19,804 RSUs at an exercise price off 2/-per RSU (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value off 2/-each fully paid-up. Accordingly, 4,910,168 Options have been granted till 30 September 2026 (comprising of 2,455,084 ESOPs and 2,455,084 RSUs). (c) During the half year ended 30 September 2026, the ESOP Trust has transferred 271,190 equity shares (142,151 ESOPs and 129,039 RSUs) to eligible employees upon exercise of their options. 6 During the year ended 31 Marci, 2024, the Board of Directors of the Holding Company had accorded approval for the voluntary liquidation of PT Jindal Stainless Indonesia, a foreign subsidiary of the Holding 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 During the half year ended 30 September 2026, the credit rating agency 'Care Ratings' upgraded the rating on the Holding Company's long-term borrowings to "CARE AA+, Stable" and reaffirmed the rating on its short-term borrowings at "CARE Al+". The ratings assigned by the other rating agencies continue to be" AA, Stable" on long-term borrowings and" Al+" on short-term borrowings. 8 During the year ended 31 March 2025, the Holding Company had invested in a Joint Venture in Indonesia pursuant lo a collaboration agreement dated 01 May 2024. The investment was made through Sulawesi Nickel Processing Industries Holdings Pie. Ltd., its wholly owned subsidiary, which holds a 49% equity stake in PT Glory Metal Indonesia (PTGMl). During the year ended 31 March 2026, the Holding Company obtained control over PTGMI by securing the right lo appoint a majority of the Board of Directors in accordance with the terms of the collaboration agreement dated 01 July 2025 (Acquisition date). Accordingly, PTGMI became a subsidiary of the Holding Company with effect from 01 July 2025 in line with U1e definition of control w1der 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 approved restoration of the original governance framework of PTGMl, pursuant to which PTGMI ceased lo be a subsidiary and has been classified as an associate with effect from 01 July 2026 resulting in recognition of exceptional gain of f 20.78 crore towards loss of control in the Statement of Profit and Loss during U1e quarter ended 30 September 2026. 9 The constitution Bench of ine Judges of the Hon'ble Supreme Court vide its judgement dated 25 July 2024 and Order dated 14 August 2024 has ruled that the wlines and wli.nerals (Development & Regulation) Act does not prevent the States from levying tax on mineral rights. Based on independent legal opinion, pending clarity on various issues involved, the impact of aforementioned matter on the Holding Company is currently unascertainable. 10 During U1e quarter ended 30 September 2026, the Holding Company opted for settlement of the long disputed Local Area Development Tax (LADT) / Entry Tax demands pertaining to period FY 2006-07 to FY 2017-18, w1der Haryana One Time Settlement Scheme for the Recovery of Outstanding Dues, 2026 ("OTS Scheme"). The settlement is subject to completion of the prescribed formalities, payment of t 101.72 crore in tranches and issuance of the requisite orders by the authorities. Consequently, the excess provision carried forward from earlier years, amounting to ~ 95.63 crore, to the extent no longer required pursuant to such settlement, has been written back and recognised as an exceptional gain in the financial results. 11 During the quarter ended 30 September 2026, the Holding Company has fully redeemed the 990 nos. of Listed, Rated, Secured, Redeemable Non Convertible Debentures (NCDs), amounting to f 99 crore, having face value oft 1,000,000 each at par. Consequently, no NCDs are outstanding as at the reporting date. 12 Previous period figures have been regrouped/ reclassified, wherever necessary. The impact of such reclassification / regrouping is not material to U1e financial results. Place: New Delhi Date: 22 October 2026 SIGNED FOR IDENTIFICATION PURPOSE By Order of the Board of Directors For f ;\>i,;'1-.l'll,/,M imited Kh e ector DIN: 07302532
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Annexure-2 Disclosure(s) of information pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 issued on July 11, 2023 and last updated on January 30, 2026 Particulars Company Remarks Name of the entity(ies ) forming part of the amalgamation/merger, details in brief such as, size, turnover etc. (INR in crores) Particulars Networth as on March 31, 2026 Turnover for FY 2025-26 Transferee Company Jindal Stainless Limited 18,846.29 42,680.22 Transferor Companies Chromeni Steels Limited (290.96) 6,068.09 Rabirun Vinimay Private Limited (178.17) 39.36 JSL Super Steel Limited (24.06) 98.29 Jindal United Steel Limited 1225.29 1,682.30 Whether the transaction would fall within related party transactions? If yes, whether the same is done at “arm’s length”. The Transferor Companies are direct or indirect wholly owned subsidiaries of the Transferee Company and related parties of the Transferee Company. It may be noted that as per Ministry of Corporate Affair’s Circular No. 30/2014 dated July 17, 2014, it is clarified that transactions arising out of Compromises, Arrangements and Amalgamations under the Companies Act, 2013 do not attract the requirements of Section 188 of the Companies Act, 2013. Further, since the transaction is between two or more wholly owned subsidiaries of the Transferee Company , it is exempted from the applicability of provisions of Regulation 23(5)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and applicable requirements of the SEBI’s Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023. Area of business of the entity(ies). The Transferee Company and the Transferor Companies are primarily engaged in the business of manufacturing stainless steel and stainless-steel products. Rationale for amalgamation/ merger. The Scheme aims to simplify the Group structure through consolidation of wholly owned subsidiaries, optimise utilisation of financial and other resources, improve operational efficiency, reduce administrative and compliance costs, eliminate inter -company t ransactions and balances, strengthen corporate governance and facilitate better management oversight and decision -making, thereby creating long-term value for all stakeholders.
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Particulars Company Remarks In case of cash consideration – amount or otherwise share exchange ratio. Since the Transferor Companies are wholly owned subsidiaries of the Transferee Company, pursuant to the scheme becoming effective, the Transferee Company shall not pay any consideration and the entire paid up share capital of the Transferor Companies shall stand cancelled. Brief details of change in shareholding pattern (if any) of listed entity. Pursuant to the scheme becoming effective, no shares shall be issued by the Transferee Company, therefore, no change shall occur in the shareholding pattern of the Transferee Company, except for cancellation/extinguishment of any shares held by the Transferor Company(ies) in the Transferee Company, if any.