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1 Q3 FY26 Results Presentation 23 January 2026
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2JSW Steel Q3 FY26 Results Presentation / Forward Looking and Cautionary Statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risk and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition within Steel industry including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, our ability to commission mines within contemplated time and costs, our ability to raise the finance within time and cost client concentration, restrictions on immigration, our ability to manage our internal operations, reduced demand for steel, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which the Company has made strategic investments, withdrawal of fiscal/governmental incentives, impact of regulatory measures, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
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3JSW Steel Q3 FY26 Results Presentation / Agenda Sustainability Business Environment Financial Performance Project Updates Digitalisation at JSW Steel Appendix Operational Performance Strategy
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4JSW Steel Q3 FY26 Results Presentation / Key Highlights – Q3 FY26 Financial Performance • Revenue from Operations: ₹45,991 crore in Q3 • Reported EBITDA: ₹6,496 crore; Adjusted EBITDA1: ₹6,620 crore • Net Profit: ₹2,410 crore • Net Debt to Equity: 0.92x and Net Debt to EBITDA2: 2.91x Operational Performance • India Capacity Utilisation of 93% (excl. Vijayanagar BF-3 which is under shutdown; 85% utilisation incl. BF-3) • Consolidated crude steel production of 7.48mt, up 6% YoY • Highest ever consolidated steel sales of 7.64mt, up 14% YoY; Domestic sales up 10% YoY Corporate Developments • 50:50 JV announced with JFE Steel for BPSL. Will enable production of more high-quality steel products, tap into new growth opportunities, and deleveraging of ~₹37,000 crore at JSW Steel • 5mtpa JVML-Vijayanagar plant has ramped-up to full capacity • Announced first phase of 5mtpa of the integrated steel plant at JSW Utkal Steel in Jagatsinghpur, Odisha • Illawarra Coking Coal Mines: additional 10% effective stake acquired in Oct’25, taking total to 30% Awards & Recognitions • JSW Steel achieved #1 rank in global steel sector in the S&P Global CSA and is a constituent of DJSI • Dolvi awarded India’s ‘Best-Performing Unit’ (ISPs) at the 35th National Energy Conservation Awards 2025 by Ministry of Power, presented by President of India. BPSL received the Certificate of Merit for ‘Energy Efficient Plant’ 1: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables 2: Based on LTM EBITDA
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Anti-dust & High Gloss Strategy Sustainability Business Environment Operational Performance Project Updates Financial Performance Digitalisation at JSW Steel AppendixStrategy
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JSW Steel Q3 FY26 Results Presentation / 6 Mainstreaming sustainability across the business Strategic growth with efficient capital allocation Cost leadership through resource optimisation and improved raw material security Enhance value- added product portfolio with innovation and R&D Being future ready through technology-led transformation and digitalisation Strong financial profile and credit ratings Strategic Priorities to Create Shared and Sustainable Value Creating Value for all Stakeholders
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JSW Steel Q3 FY26 Results Presentation / 7 29.7 42.9 50.0 4.5 4.5 4.5 1.5 1.5 1.5 2.0 5.0 7.1 1.0 5.0 Current FY26E Sep'27E FY29E FY30E FY30E FY31E India BPSL U.S.A. Vijayanagar Salem Dolvi Kadapa Utkal JSW Steel: Growth Path 48.9 56.0 Approved Capex Future Potential Organic • Expansion potential at Utkal for 8.2mt • Brownfield potential of ~5mt at Vijayanagar • 4mt brownfield Green Steel in 2 phases • Expansion of EAF at Kadapa • 5.5mt expansion potential at BPSL JV Inorganic • Selectively explore value-accretive acquisitions Value Added and Special Products • Maintain >50% share of VASP in total sales Underpinned by Raw Material Security Growth Options in the Portfolio 35.7 All capacities are in mt. 1: Subject to board approvals 1 0.2 Growth Path to 50mtpa in India by FY31 (excluding BPSL) India BPSL USA
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8JSW Steel Q3 FY26 Results Presentation / Strategic Joint Venture for BPSL • 50:50 JV Partners: JSW Steel Ltd. & JFE Steel Corporation (Japan) • Equity Value: ₹31,500 crore • JFE Investment: ₹15,750 crore for 50% stake in two tranches • Will enable Deleveraging of ~₹37,000 crore for JSW Steel • Transaction: BPSL steel business to be transferred to new entity JSW Sambalpur via slump sale. JSW Steel and JFE to hold effective equity interest of 50:50 in JSW Sambalpur • Timeline: Transaction expected to be completed by Q3 FY27 Transaction enables JSW to accelerate its growth in a financially prudent manner and create further value for stakeholders • JSW Steel acquired BPSL in 2021 through IBC process and successfully turned it around. Capacity expanded from 2.75mtpa to 4.5mtpa, employing 25,000 people • Partnership brings together JSW’s expertise in India with JFE’s technological strengths, enabling the JV to realise its growth potential and produce a variety of value-added steel • Plan to expand to 10mtpa by 2030; potential to grow further Transaction Overview Strategic Rationale & Future Potential Mr. Sajjan Jindal, JSW Steel Chairman & MD and Mr. Masayuki Hirose, JFE Steel President
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9JSW Steel Q3 FY26 Results Presentation / JSW Utkal Steel: Integrated Steel Plant Strategic port-based location with efficient raw material logisitcs • Phase-I of 5mtpa, expandable up to 13.2 mtpa • Phase-I plan o 5mtpa Blast Furnace o 6mtpa SMS o 6mtpa HSM, width range of 900–2,150 mm • Phase-I Capex: ₹31,600 crore • To be commissioned by FY30 Steel Plant approved at Jagatsinghpur, Odisha • Site infrastructure including power and water • 2 Pellet Plants (8mtpa each), to be commissioned by FY28 • 30mtpa Slurry Pipeline: 302km line from mines to site under development by JSW Infrastructure; to be commissioned by FY27 • 30mtpa Jatadhar Port under development, to be commissioned by FY27 Projects Underway at the site Jagatsinghpur and Jatadhar Port ` Slurry pipeline from mine to plant Nuagaon Iron ore mine Odisha State
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Sustainability Sustainability Business Environment Operational Performance Project UpdatesFinancial Performance Digitalisation at JSW Steel AppendixStrategy
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11JSW Steel Q3 FY26 Results Presentation / Sustainability at JSW Steel ` Aligned to national & international frameworks Driving sustainability initiatives across platforms Indigenous People Cultural Heritage Employee Wellbeing Local Considerations Social Sustainability Climate Change Energy Resources Water Resources Waste Waste Water Air Emissions Biodiversity Sustainable Mining Business Ethics Human Rights Supply Chain E S G Our Focus Areas Reporting Integrated Report | ESG Databook | Climate Action Report Governance & Oversight by Board-level Business Responsibility & Sustainability Committee
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12JSW Steel Q3 FY26 Results Presentation / Environment: Our Targets & Commitments Target reduction for CO2 emissions, specific energy consumption, specific water consumption, specific process dust emissions, SOx and NOx emissions by 2030 is from baseline 2005 levels • Targeting Net Neutrality in carbon emissions by 2050 • 42% reduction of CO2 to 1.95 tCO2/tcs by FY30, aligned with India’s NDC’s • Increased use of scrap in steelmaking • Adoption of disruptive technologies (Green H2, CCUS, etc.) in a progressive manner • Promoting Circular Economy • Focus on ‘Zero waste to Landfill’ • ‘No net loss’ of Biodiversity by FY30 • Increase green cover across operations • PM, SOx and NOx emission targets of 0.26, 0.82 and 0.91 kg/tcs respectively, by FY30 • Adoption of best available technologies like MEROS, Oven Pressure Control, CDQ, TRT etc. • Transition from thermal to renewables • 19% reduction in specific energy consumption to 5.65 Gcal/tcs by FY30 • Energy efficiency and process efficiency improvements through BATs • Maintaining zero liquid discharge • 39% reduction in specific water consumption to 2.21 m3/tcs by FY30 • Adopting digitalisation for better water control and monitoring Water Security Circularity & BiodiversityAir EmissionsEnergy TransitionClimate Change
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13JSW Steel Q3 FY26 Results Presentation / Building a Strong Health & Safety Culture Note: All figures are for integrated steel plants at JSW Steel Standalone and JVML-Vijayanagar; excludes Raigarh 0.55 0.32 0.20 0.09 0.19 0.13 FY15 FY22 FY23 FY24 FY25 9MFY26 LTIFR Zero major incidents Zero injury Zero harm JSW Steel’s Vision 000 Safety Performance Effective Leadership • Contractor Safety Management framework showcased at Worldsteel meet in Istanbul, highlighting progress towards Vision 2030 Zero Harm Robust Systems • JSW Safety Assurance Protocol (JSAP) launched in Q1FY26 as a safety assurance and governance framework • All sites now assessed, covering critical safety management systems • DNV engaged for 3rd party assessment Competent Workforce • Process Safety Competency Development Program launched in partnership with dss+ to improve competency on process safety • ~80% of O&M workers involved in high-risk activities trained via virtual reality modules in FY26 Safety Highlights Using Arc Flash Suits to work on electrical panels Safety briefing at Dolvi
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JSW Steel Q3 FY26 Results Presentation / 14 Targeting Net Neutral by 2050: Decarbonisation Agenda 1: Top Gas Recovery; 2: CCUS: Carbon Capture, Usage and Storage; 3: SEED: Sustainable Energy, Environment and Decarbonisation Two Phases, Two Milestones Phase-I 2030 Phase-II 2050 1.95tCO2/tcs 42% from base year Strategic Levers Process efficiency – SEED3 Energy transition - Renewable power Improve material quality - Beneficiation Alternative fuel sources - Biomass Material circularity - increased scrap use Piloting breakthrough technologies Net Neutral in Carbon emissions Strategic Levers Scrap-based electric arc furnaces Commercial deployment of green hydrogen for steel-making Carbon offset and sequestration Alternate steel-making technologies, e.g. Electrolysis Increasing demand side material efficiency Large scale implementation of CCUS2 Nature-based solutions Energy Efficiency Use of syngas and TGR1 in BF (Carbon Circularity) Progress Update • Zero Emission Locomotive: India’s first Diesel-to- Battery converted locomotive commissioned at Vijayanagar • Polymer Injection Technology: Agreement signed with University of New South Wales to implement Polymer Injection in EAF for low carbon steel manufacturing • Energy Transition: 2.5GW of RE and 320MWh Battery Storage capacity approved ~1GW capacity commissioned
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JSW Steel Q3 FY26 Results Presentation / 15 Our Commitment to Society: Touching ~3.0mn Lives Annually Health Education Skill Development Art, Culture & Heritage Education AgricultureSports Water, Environment & Sanitation Waste Management 22,54,230 Health Consultations 38,350 Individuals Benefitted 13 Projects Supported 52,980 Individuals Trained 19,73,600 Students Benefitted 9,56,850 Individuals Benefitted 49,74,850 Individuals Benefitted 1,01,800 Farmers Benefitted Note: Data is from April 2020 onwards
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16JSW Steel Q3 FY26 Results Presentation / Awards and Recognitions Dolvi plant awarded India’s ‘Best- Performing Unit’ (ISPs) by Ministry of Power, presented by the President of India. BPSL received the Certificate of Merit for ‘Energy Efficient Plant’ 35th National Energy Conservation Awards 2025 Salem plant awarded as the Sustainability Leader, Metals, Large businesses by Frost & Sullivan JSW Steel achieved #1 rank in global steel sector in the S&P Global Corporate Sustainability Assessment Corporate Sustainability Assessment by S&P Global Frost & Sullivan Awards JSW Steel recognised as a champion of Circular Revolution 2025 at the Global Sustainability Alliance by ET Edge Champions of Circular Revolution by ET Edge
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17JSW Steel Q3 FY26 Results Presentation / 2.49 2.50 2.36 2.44 2.37 2.41 FY21 FY22 FY23 FY24 FY25 9MFY26 Environmental Performance Specific Energy Consumption (Gcal/tcs) GHG Emission Intensity (tCO2/tcs) Specific Freshwater Consumption (m3/tcs) Dust Emissions (kg/tcs) SOx & NOx Waste Utilisation (%) Note: All figures are for integrated steel plants at JSW Steel Standalone and JVML-Vijayanagar; excludes Raigarh 6.38 6.04 5.66 5.68 5.48 5.65 FY21 FY22 FY23 FY24 FY25 9MFY26 2.41 2.45 2.45 2.39 2.35 2.35 FY21 FY22 FY23 FY24 FY25 9MFY26 0.48 0.49 0.42 0.38 0.36 0.34 FY21 FY22 FY23 FY24 FY25 9MFY26 2.05 1.90 1.69 1.66 1.51 1.351.52 1.26 1.19 1.19 1.09 1.04 FY21 FY22 FY23 FY24 FY25 9MFY26 SOx (kg/tcs) NOx (kg/tcs) 92.67 100.00 99.77 99.11 99.98 100.00 FY21 FY22 FY23 FY24 FY25 9MFY26
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CoolRoof Business Environment Sustainability Business Environment Operational Performance Project UpdatesFinancial Performance Digitalisation at JSW Steel AppendixStrategy
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19JSW Steel Q3 FY26 Results Presentation / 3.3% 4.4% 1.7% 7.3% 5.0% 2.1% 1.4% 1.1% 3.1% 4.0% 1.6% 6.2% 4.2% 2.1% 1.2% 0.6% 3.3% 4.2% 1.8% 6.4% 4.5% 2.4% 1.3% 0.7% World EMDEs AEs India China US Euro area Japan CY25F (Jan 26) CY26F (Oct 25) CY26F (Jan 26) Global Economy Global growth remains resilient; Fed’s rate cuts and China’s policy initiatives to support 2026 outlook Source: IMF World Economic Outlook January’26; Bloomberg. Note: US CPI-Inflation not released for Oct’25, hence the gap in the graph Note: GDP forecast for India pertains to fiscal year. EMDEs: Emerging Market and Developing Economies, AEs: Advanced Economies GDP Growth Forecasts (%YoY) • Global: Global growth tracking above 3% despite tariffs and geopolitical challenges. Trade deals and resilient economic data in DMs supported business and market sentiment in Q4CY25, but recent developments have raised tariff concerns again • US: Strong growth in CY25 with a surge in tech-related investments. Consumer spending robust, though labour market gradually cooling. After 75 bps rate cuts in 2025, some more easing expected this year. Limited impact of tariffs on inflation and growth so far, but risk of lagged effects remains • Eurozone: Economic activity in modest expansion, led by Services, even as Manufacturing remains weak. Policy rates on hold amid near-target inflation and upward revisions to growth outlook. Expansionary fiscal policy to support growth, especially manufacturing, in the medium-term • China: Growth momentum slowed in H2CY25 amid weak FAI and continued contraction in real estate sector. Manufacturing and exports showed positive growth. Fiscal and monetary policy expected to be growth-supportive in 2026, with continued consumption subsidies and anti-involution measures PMI - Manufacturing CPI – Inflation (YoY, NSA) 44 46 48 50 52 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 US China Eurozone Japan Global -1 0 1 2 3 4 5 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 US Eurozone China Japan
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20JSW Steel Q3 FY26 Results Presentation / 200 600 1,000 1,400 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 N.America ExW N.Europe ExW Black Sea FOB China FOB 0 200 400 75 125 175 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Iron Ore 62% Fe HCC Premium LV FOB Aus. (RHS) HCC CFR China (RHS) Global Steel HRC Prices US$/t Source: World Steel Association (WSA); Bloomberg, Platts Note: Some numbers may not foot due to rounding. 1: CY24 figures taken from WSA. CY25 and CY26 forecast by WSD, calculated at 96% of crude steel demand Raw Material Prices (US$/t) 955 766 1,720 929 767 1,696 892 771 1,662 China World ex-China World Jan-Nov CY23 Jan-Nov CY24 Jan-Nov CY25 Crude Steel Production – Jan-Nov (mt) China Steel Production and Export (mt) -4.0% -2.0% 0.4% Finished Steel Demand1 (mt) 857 893 1,749 827 909 1,737 825 930 1,757 China World ex-China World CY24 CY25(f) CY26(f) -3.5% -0.7% +1.8% Elevated China exports kept Asian prices subdued in '25. Policy support in China should be supportive for prices 0 2 4 6 8 10 12 0 50 100 150 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 China Crude Steel Production (LHS) Exports (RHS)
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21JSW Steel Q3 FY26 Results Presentation / Mfg. Capacity Utilisation % (4 quarter MA) Indian Economy Source: MOSPI, SIAM, TMA, Ministry of Commerce, RBI, CMIE, PIB Manufacturing capacity utilisation is on a rolling 4 quarter basis. Quarterly Domestic Sales ('000s) PMI – Manufacturing & Services 45 50 55 60 65 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 PMI Manufacturing PMI Services Merchandise Exports (US$ bn) • Advance NSO estimates peg FY26 growth at a robust 7.4%. Global headwinds balanced by policy support. Acceleration of reforms and recent trade agreements bode well for medium-term prospects • Double-digit growth in Auto sales in Q3FY26, with strong post-GST momentum in consumption; other discretionary consumption also improving • Rural indicators positive: strong tractor and 2W sales, growth in kharif output and rabi sowing, lower MNREGA demand • Central govt. capex eased in Oct-Nov’25, though up 28% in Apr- Nov’25 due to strong H1; FY capex target on track • Commercial real estate showing robust trend, even as Residential sales somewhat soft • Conditions for private capex conducive with improving capacity utilisation and healthy balance sheets • RBI’s rate cuts and liquidity infusion to further support domestic growth impulses • Merchandise exports exhibiting resilience despite US tariffs, up 2% in Q3FY26 Growth outlook robust with healthy macros and economic reforms, despite global headwinds 15% 25% 35% 40 70 100 130 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Merchandise Exports (US$ Bn) % Engineering goods (RHS) 72.0 73.0 74.0 75.0 76.0 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Avg. (FY16-20) 1,000 2,000 3,000 4,000 5,000 6,000 0 200 400 600 800 1,000 1,200 1,400 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 PV CV Tractor 2W (RHS)
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22JSW Steel Q3 FY26 Results Presentation / 2.69 1.96 1.30 0.14 0.58 0.33 Q3 FY25 Q2 FY26 Q3 FY26 -35.9% QoQ -42.4 % YoY Source: Joint Plant Committee (Ministry of Steel) Indian Steel Industry well positioned to service seasonally stronger Q4 demand Steel Imports (mt) Steel Exports (mt) Production and Consumption (mt) 38.62 38.9341.59 40.5542.50 40.74 Crude Steel Production Apparent Steel Consumption Q3 FY25 Q2 FY26 Q3 FY26 +4.6% YoY +10.0% YoY 1.29 1.60 1.990.53 0.31 0.48 Q3 FY25 Q2 FY26 Q3 FY26 2.47 1.901.82 +29.8% QoQ +35.5% YoY 1.63 2.54 2.83 111.84 111.73 124.55 119.57 Crude Steel Production Apparent Steel Consumption 9M FY25 9M FY26 +7.0% YoY +11.4% YoY
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Operational Performance Sustainability Business Environment Operational Performance Project Updates Financial Performance Digitalisation at JSW Steel AppendixStrategy
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JSW Steel Q3 FY26 Results Presentation / 2424 6.71 7.34 7.64 Q3 FY25 Q2 FY26 Q3 FY26 Steel Sales (mt) 7.03 7.90 7.48 Q3 FY25 Q2 FY26 Q3 FY26 Crude Steel Production (mt) Q3 FY26 Volumes – JSW Steel Consolidated +4% QoQ +14% YoY -5% QoQ +6% YoY Domestic-Export split pertains to Indian Operations 1: Includes trial run production of 0.12mt. 2: Includes trial run sales of 0.01mt million tonnes Q3 FY25 Q2 FY26 Q3 FY26 Indian Operations 6.54 7.07 7.42 Domestic 92% 90% 89% Export 8% 10% 11% USA - Ohio Operations 0.17 0.26 0.22 million tonnes Q3 FY25 Q2 FY26 Q3 FY26 Indian Operations 6.82 7.66 7.28 Flat 4.84 5.75 5.37 Long 1.53 1.48 1.50 USA - Ohio Operations 0.21 0.24 0.20 2 21 1
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25JSW Steel Q3 FY26 Results Presentation / 3.90 4.31 4.54 Q3 FY25 Q2 FY26 Q3 FY26 Value-Added and Special Products (mt) 61%2 61%364%2 Q3 FY26 Sales: JSW Steel Consolidated – Indian Operations Value-added products include HRPO, CRFH, CRCA, Elec. Steel, Galvanised, Colour Coated, Tinplate and Special Bars & Rounds. Special products include HR Special, TMT Special and WR Special. 1: Includes trial run sales of 0.01mt in Q3 FY25 2: Excl. JVML volumes 3: Incl. JVML volumes 34% 33% 34% 17% 16% 16% 12% 13% 13% 36% 38% 37% Q3 FY25 Q2 FY26 Q3 FY26 Retail Auto Industrial Construction & Infra Domestic Sales by Customer Segment 6.59mt6.33mt % of Total Sales +10% YoY +4% QoQ5.99mt1 • Highest ever sales from India Operations, up 14% YoY • Domestic sales up 10% YoY, vs. Indian market growth of 4.6% • Highest ever VASP sales, up 16% YoY. Share of VASP sales at 61% • Highest ever Flat and Long Products sales, up 16% and 12% YoY, respectively • Highest ever sales to Auto and Renewables sector, up 15% and 10% YoY, respectively
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26JSW Steel Q3 FY26 Results Presentation / 1,016 1,114 1,184 1,152 1,297 1,250 Q3 FY25 Q2 FY26 Q3 FY26 Branded Products Others Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations +1% QoQ 2,168 2,4342,411 +12% YoY • Retail segment sales up 12% YoY and 1% QoQ • Presence in approx. 20,100 retail stores across 1,909 towns in India • Strong distribution channel of 2,718 points o 407 Distributors and 2,311 Branded Stores o 685 JSW Shoppe spread across urban areas o 1,626 JSW Shoppe Connect in semi-urban and rural areas • Enrollment of partners in JSW Privilege Club crossed 1,32,000 count. 32 Experience Centres across India JSW Shoppe JSW Shoppe Connect Total 2,311 1,626 685 Retail Sales (in kt) Branded Stores (number of outlets)
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27 JSW Steel Q3 FY26 Results Presentation / Q3 FY26 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q3 FY25 Q3 FY26 YoY Q3 FY25 Q3 FY26 YoY Consolidated India Operations 6.821 7.28 7% 6.542 7.42 14% USA – Ohio Operations 0.21 0.20 -5% 0.17 0.22 26% JSW Steel Consolidated Operations 7.031 7.48 6% 6.712 7.64 14% Guidance of Total Consolidated Volumes for FY26: Production 30.5mt & Sales 29.2mt 9M FY25 9M FY26 YoY 9M FY25 9M FY26 YoY Consolidated India Operations 19.581 21.97 12% 18.402 20.92 14% USA – Ohio Operations 0.58 0.68 16% 0.56 0.74 31% JSW Steel Consolidated Operations 20.161 22.65 12% 18.962 21.66 14% 1: Includes trial run production of 0.12mt in Q3 and 9M FY25 2: Includes trial run sales of 0.01mt in Q3 FY25 and 0.04mt in 9M FY25
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28JSW Steel Q3 FY26 Results Presentation / 27 Grades/Products Approved in Q3 FY26 Back Plate of Braking Pad for Automotive (Gr2, E250A, E350A, E34, S420MC, S550MC, S500MC, SAPH440 – HR) Chain Sprocket for Automotive (16MnCr5 – HR) Gear and shaft (20MnCr5 – Long & Special Alloy) Roofing & Cladding (SDP YS 550MPa – Coated) Welding Wires (EM12K – Long & Special Alloy)Ship Building (IRS Grade A – HR)
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JSW Steel Q3 FY26 Results Presentation / 29 JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs • Offers a range of industrial and building material products, logistics, and credit solutions via its tech platform. Operates through two subsidiaries: JSW One Distribution & JSW One Finance • Pan-India footprint with 13 service centers in 6 states; 8 facilities for private label business • Delivered 226 homes under JSW One Homes since launch; full-stack home construction solutions for Individual Home Builders • ₹4,544cr GMV in Q3 FY26, YoY growth of 36% • ~₹1,306cr of GMV on credit1 • ₹575cr raised in 2nd external funding round in Jun’25 1: During Q3 FY26, 2: OMS: Order Management System JSW One • Launched in Aug 2024 • Diversified Product Basket: Purchase and Vendor Finance, Working Capital Loans offering dual model of Principal & Co-lending • 12+ banks and NBFCs as registered lenders JSW One Finance Ltd. (JOFL)
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JSW Steel Q3 FY26 Results Presentation / 30 3,333 4,544 Q3 F Y 2 5 Q3 F Y 2 6 JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction highlights for Q3 GMV (₹ Cr) Up 36% YoY Significant growth in Volumes & GMV in Q3 Steel 6,92,285 tonnes Up 43% YoY Cement 66,762 tonnes Up 12% YoY Visits on platform 134,000+ Total number of orders 15,000+ Repeat customers1 ~70% Transacted customers base 3,100+ 1: Monthly average for Q3 FY26 Credit ₹1,306 Cr Up 42% YoY 8,639 12,413 9M F Y 2 5 9M F Y 2 6 Up 44% YoY
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Financial Performance Sustainability Business Environment Operational Performance Project UpdatesFinancial Performance Digitalisation at JSW Steel AppendixStrategy
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32JSW Steel Q3 FY26 Results Presentation / Financials – Consolidated ₹ crore Particulars Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Revenue from operations 45,991 41,378 45,152 1,34,290 1,24,005 1,68,824 Reported EBITDA 6,496 5,579 7,115 21,187 16,526 22,904 Adjusted EBITDA1 6,620 5,414 7,849 22,335 16,478 22,964 Other Income 273 147 284 907 464 694 Finance Cost 2,304 2,115 2,413 6,934 6,318 8,412 Depreciation 2,362 2,336 2,554 7,453 6,812 9,309 Share of Profit/ (Loss) of Joint Ventures (117) 6 (88) (305) (68) (311) Exceptional Items Gain/(Loss) (529) (103) - (529) (445) (489) Profit Before Tax 1,457 1,178 2,344 6,873 3,347 5,077 Tax Expenses (953) 536 698 608 1,575 1,804 Tax impact of earlier years - (77) - - (218) (218) Profit after Tax 2,410 719 1,646 6,265 1,990 3,491 Diluted EPS* 8.75 2.93 6.64 24.31 8.19 14.32 1: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables * Not Annualized
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33JSW Steel Q3 FY26 Results Presentation / Q3 FY26 Consolidated Results – Drivers of Performance Volumes • Consolidated crude steel production of 7.48mt, up 6% YoY driven by ramp-up of JVML-Vijayanagar. Production was down 5% QoQ due to shutdown of BF-3 in Vijayanagar for expansion • Capacity utilisation of 93% (excl. Vijayanagar BF-3; 85% utilisation incl. BF-3) at Indian operations • Total sales volumes at 7.64mt, up 14% YoY and 4% QoQ Revenue and Realisations • Revenue from operations up 11% YoY and 2% QoQ on the back of higher volumes, partially offset by lower NSR Operating Costs • Cost at Indian operations increased mainly due to higher coking coal costs on a QoQ basis, partially offset by lower power costs on lower thermal coal prices • Adverse unrealised FX impact of ₹124 crores on foreign currency loans net of fluctuations on intercompany receivables, due to INR depreciation Finance Costs • Interest cost higher by 9% YoY due to capitalisation of new capacities and adverse FX movement • However, they were lower by 5% QoQ due to lower weighted average interest rates and gross debt Tax Expenses • Deferred tax assets of ₹1,439 crores recognised on the brought forward unabsorbed depreciation of BPSL during Q3, arising from the transfer of steel business of BPSL by way of slump sale International Operations • US: Higher NSR and volumes led to improved YoY performance. However, QoQ performance was impacted by lower sales volumes at Ohio due to plant shutdown for caster upgradation and lower realisations for plates at Baytown • Italy: Performance was better on a YoY basis on higher volumes. On a QoQ basis, performance was marginally lower on lower sales volumes of rolled products
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3434JSW Steel Q3 FY26 Results Presentation / Consolidated Adj. EBITDA Movement – Q3 FY26 vs. Q2 FY26 ₹ crore 7,849 6,620 380 1,061 411 119 18 Adj. EBITDA Q2 FY26 Volume NSR Cost Overseas subsidiaries Consol Adj. Adj. EBITDA Q3 FY26
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35JSW Steel Q3 FY26 Results Presentation / Financials – Indian Operations ₹ crore Indian Operations: JSW Steel standalone + Indian subsidiaries, after eliminating inter company transactions 1: Includes trial run production of 0.12mt in Q3 and 9M FY25, and 0.33mt in FY25. 2: Includes trial run sales of 0.01mt in Q 3 FY25, and 0.04mt in 9M FY25 and FY25. 3: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables. JSW Steel – Indian Operations Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Crude Steel Production1 (mt) 7.28 6.82 7.66 21.97 19.58 26.98 Steel Sales2 (mt) 7.42 6.54 7.07 20.92 18.40 25.67 Revenue from Operations 43,422 39,440 42,149 1,26,081 1,17,473 1,60,153 Reported EBITDA 6,400 5,564 6,881 20,777 16,472 22,908 Adjusted EBITDA3 6,522 5,496 7,614 21,809 16,473 22,965 Profit/(Loss) after Tax 2,668 1,045 1,778 6,963 3,062 5,245
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3636JSW Steel Q3 FY26 Results Presentation / Consolidated Net Debt Movement Note: Net Debt excludes Leases and Revenue Acceptances. Net Debt/EBITDA on LTM basis Particulars 31.12.2025 30.09.2025 31.12.2024 Net Debt (₹ Cr) 80,347 79,153 80,921 Cash & Cash Equivalents (₹ Cr) 16,737 19,077 11,969 Net Debt/Equity 0.92x 0.93x 1.00x Net Debt/EBITDA 2.91x 2.97x 3.57x ₹ crore 79,153 80,347 4,851 6,573 576 2,340 Net Debt Sep'25 New Loans Taken Repayments Forex Impact Movement in Cash Net Debt Dec'25
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3737JSW Steel Q3 FY26 Results Presentation / Debt Profile and Credit Ratings Note: Net Debt/EBITDA on LTM basis Strong Liquidity and Credit Ratings • Cash and Cash Equivalents of ₹16,737 crore • Credit Ratings: o International: Moody’s: Ba1 (Positive) and Fitch: BB (Rating Watch Positive) Japanese Credit Rating Agency: A- (Stable), Research & Investment Inc.: A- (Stable), both one notch above India’s sovereign rating o Domestic: ICRA: AA (Watch with Positive Implications), IndRa: AA (Watch with Positive Implications) and CARE: AA (Stable) Debt Profile • Access to diverse pools of liquidity. Strong relationships with domestic and international banks and financial institutions • Successfully raised US$3.84bn through global bond markets since 2014 of which US$1.9bn repaid till April 2025 • Issued global steel industry’s first USD Sustainability Linked Bond in September 2021 • Successfully raised ECB of US$1.8bn through syndicated loans in the past 18 months • BPSL transaction will enable deleveraging by ~₹37,000 crore Net Gearing (ND1/Equity) within the stated cap of 1.75x 1.15x 0.77x 0.87x 0.91x 0.94x 0.92x FY21 FY22 FY23 FY24 FY25 Q3 FY26 Leverage (ND1/EBITDA) within the stated cap of 3.75x 2.56x 1.35x 3.13x 2.58x 3.34x 2.91x FY21 FY22 FY23 FY24 FY25 Q3 FY26 1.75x 3.75x Diversified Funding Sources INR debt, 40% Foreign currency debt, 60% Bonds and debentures, 25% Loans and others, 75%
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Project Updates Sustainability Business Environment Operational Performance Project UpdatesFinancial Performance Digitalisation at JSW Steel AppendixStrategy
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39JSW Steel Q3 FY26 Results Presentation / JSW Steel Consolidated Capex Update 1: Reduced by ₹1,980 cr following transfer of Slurry pipeline to JSW Infrastructure in FY25 2: Subject to closure of acquisition 3: Excluding capex acceptances of ₹966cr in 9MFY26 Dolvi Plant Particulars ₹ Cr Capex carried forward as on 1st April 2025 (including Creditors and Acceptances) 47,7981 New Projects approved since 1st April 2025: Steelmaking: Dolvi 5mtpa facility (additional facilities) Kadapa 1mtpa EAF and section mill Odisha 5mtpa ISP facility and enabling infrastructure 3,151 3,800 31,600 Mining and Cost Saving projects 8,828 Value Added Product facilities 11,248 Sustenance Capex 4,824 Less: Capex spent during 9M FY26 (10,018)3 Total 101,231 Includes new approval of ₹1,158cr for 0.2mtpa Tinplate & 0.36mtpa CGL at Rajpura New approval Includes new approval of ₹3,185cr for Mozambique coking coal mine project2 Note: Cashflow for the above capex will be over 4-5 years and details will be updated at the FY26 results. Expect to spend ₹15,000-16,000 crores during FY26
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40JSW Steel Q3 FY26 Results Presentation / Key Project Updates – Vijayanagar 5mtpa Expansion at JVML-Vijayanagar • Project fully commissioned and ramped up Other Projects at Vijayanagar 0.4mtpa Continuous Galvanising Line • High Strength Automotive grade steel • Equipment ordering in progress. To be commissioned by June 2028 0.55mtpa CRNO plant • Equipment ordering in progress. To be commissioned by March 2028 Coke Ovens (4 x 0.75mtpa) • Two Batteries commissioned earlier • Third commissioned in Q3 FY25, Fourth Battery to be commissioned by end of FY26 BF-3 Upgradation by 1.5mtpa • Planned shutdown and expansion of BF-3 started in end-September 2025; expected to be commissioned by end of Q4 FY26 Note: JVML: JSW Vijayanagar Metallics Ltd. Aerial view of JVML-Vijayanagar BF-3 upgradation project at Vijayanagar
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41JSW Steel Q3 FY26 Results Presentation / Key Project Updates – Dolvi & Others 1mtpa EAF and Structural mill at Kadapa • Technical and commercial discussions for equipment in progress • To be commisioned by FY29 0.2mtpa Tinplate and 0.36mtpa Continuous Galvanising Line in Rajpura • Approved by board in Jan’26 • To be commissioned by FY28 1mtpa Structural mill at Raigarh • Equipment ordering in progress • To be commisioned by FY29 0.6mtpa CRM and 0.86mtpa Continuous Galvanising Line in Khopoli • CGL includes a Zero Spangle line • Equipment ordering in progress. To be commissioned by Q1 FY28 Other Projects Dolvi Phase-III Expansion from 10 to 15mtpa • Long lead-time items ordered, Letters of Credit established • Project to be completed by Sep’27 Dolvi Plant
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Digitalisation at JSW Steel Sustainability Business Environment Operational Performance Project Updates Financial Performance Digitalisation at JSW Steel AppendixStrategy
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43JSW Steel Q3 FY26 Results Presentation / Digitalisation at JSW Steel Increased Sales Primary Focus Mining Sales and Marketing Supply Chain Finance Manufacturing Human Resources Automation, Integration and Intelligence End-to-End Functional Transformation Focus Future-ready Digital Workforce Cost Optimisation Asset Availability Emissions Reduction Safety Enhancement Employee Satisfaction and Wellbeing ANTICIPATED IMPACT ADDITIONAL FOCUS Safety, Security, Governance Sustainability led R&D Cultural Transformation Integrated Control Tower ManufacturingManufacturing Primary Focus Manufacturing Supply Chain Mining Sales and Marketing Human Resources Finance
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44JSW Steel Q3 FY26 Results Presentation / Burner Running Instant flame and pilot burner detection prevents DRI plant shutdowns Unlocking the Power of AI-Driven Operational Efficiency Material Analysis Real-time material verification ensures accurate downstream feeding and prevents loss JSW Vision.AI platform deployable across plants to transforms camera feeds into intelligent, actionable insights Flame Progression Hotspot and Coldspot patterns detection optimises sinter bed fuel efficiency Flare Stack Real-time flare gas monitoring enables efficient rerouting to power plants or boilers Yield Improved Reduced Fuel Energy Saved Reduced Downtime JSW Vision.AI is delivering measurable gains in yield, safety, and sustainability ~₹20 cr of savings expected in 1st year. Potential for ~₹100 cr p.a. through deployment for other use cases >40,000 tCO₂ Emissions Avoided 1,000 Safety & Reliability Incidents Prevented Conveyor Sway Real-time sway detection prevents belt fold and costly shutdowns Enhanced Reliability
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Appendix Sustainability Business Environment Operational Performance Project UpdatesFinancial Performance Digitalisation at JSW Steel AppendixStrategy
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46JSW Steel Q3 FY26 Results Presentation / 5.59 5.81 5.55 Q3 FY25 Q2 FY26 Q3 FY26 Steel Sales (mt) 5.70 5.81 5.08 Q3 FY25 Q2 FY26 Q3 FY26 Crude Steel Production (mt) Quarterly Volumes – Standalone -5% QoQ -1% YoY -13% QoQ -11% YoY
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47JSW Steel Q3 FY26 Results Presentation / Financials – Standalone Particulars Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Revenue from Operations 32,127 31,799 32,859 96,599 95,231 1,27,702 Reported EBITDA 4,121 4,397 4,907 14,613 13,313 18,381 Adjusted EBITDA1 4,227 4,342 5,457 15,308 13,267 18,399 Other Income 361 452 445 1,303 1,287 1,865 Finance Cost 1,609 1,633 1,776 4,986 4,891 6,486 Depreciation 1,506 1,475 1,560 4,622 4,423 5,913 Exceptional Items Gain/(Loss) (338) (103) - (338) (445) (1,304) Profit before Tax 1,029 1,638 2,016 5,970 4,841 6,543 Tax Expenses 272 429 523 1,542 1,269 924 Tax impact of earlier years - (77) - - (218) (218) Profit after Tax 757 1,286 1,493 4,428 3,790 5,837 Diluted EPS* 3.10 5.26 6.11 18.11 15.50 23.87 ₹ crore 1: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables. * Not Annualized
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48JSW Steel Q3 FY26 Results Presentation / Financials – BPSL and JVML-Vijayanagar BPSL Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Crude Steel Production (mt) 1.00 0.96 0.96 2.84 2.56 3.54 Steel Sales (mt) 0.98 0.88 0.83 2.59 2.37 3.31 Revenue from Operations (₹ crore) 5,770 5,340 5,162 15,930 15,804 21,440 Adjusted EBITDA3 (₹ crore) 611 540 724 2,097 1,643 2,213 Profit/(Loss) after Tax (₹ crore) 1,578 11 166 2,075 218 260 JVML-Vijayanagar Crude Steel Production1 (mt) 1.18 0.12 0.85 2.78 0.12 0.80 Steel Sales2 (mt) 1.23 0.22 0.84 2.86 0.27 0.96 Revenue from Operations (₹ crore) 6,099 1,345 5057 16,083 1,561 5,641 Adjusted EBITDA3 (₹ crore) 921 (64) 627 2,315 (114) 194 Profit/(Loss) after Tax (₹ crore) 382 (243) (1) 563 (516) (497) 1: Includes trial run production of 0.12mt in Q3 and 9M FY25, and 0.33mt in FY25. 2: Includes trial run sales of 0.01mt in Q3 FY25, and 0.04mt in 9M FY25 and FY25. 3: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables. Note: JVML: JSW Vijayanagar Metallics Ltd.
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49JSW Steel Q3 FY26 Results Presentation / Financials – JSW Steel Coated Products JSW Steel Coated Products1 Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production (mt) 1.16 1.15 1.20 3.49 3.38 4.58 Sales (mt) 1.18 1.15 1.17 3.44 3.29 4.51 Revenue from Operations (₹ crore) 8,776 8,600 9,071 26,484 25,456 34,491 Adjusted EBITDA2 (₹ crore) 532 507 699 1,787 1,217 1,784 Profit/(Loss) after Tax (₹ crore) 178 170 324 750 286 507 1: JSW Steel Coated Products: Production= GI/GL + Tin + CRCA & Other Saleable Products 2: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables.
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50JSW Steel Q3 FY26 Results Presentation / Financials – US Operations USA – Ohio Operations Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production - Crude Steel (net tonnes) 2,19,197 2,31,872 2,66,519 7,45,050 6,41,179 8,90,182 Sales - Slab (net tonnes) 1,88,837 1,28,394 2,31,024 6,41,494 4,49,896 6,31,763 HRC (net tonnes) 52,391 63,817 60,194 1,72,617 1,70,363 2,30,897 Revenue from Operations (US$ mn) 179.08 123.62 194.02 589.39 418.36 588.36 Operating EBITDA (US$ mn) 0.20 (15.58) (1.08) 0.46 (47.33) (54.84) USA – Plate and Pipe Mill Production - Plate Mill (tonnes) 1,22,981 1,09,490 1,42,767 4,02,732 3,24,487 4,53,713 Pipe Mill (net tonnes) 15,647 11,287 18,851 48,125 29,172 41,084 Sales - Plate Mill (net tonnes) 1,08,387 90,796 1,29,124 3,54,420 2,90,348 4,05,940 Pipe Mill (net tonnes) 8,446 12,210 7,948 30,320 30,910 41,567 Revenue from Operations (US$ mn) 156.36 120.43 173.34 502.63 405.91 547.78 EBITDA (US$ mn) 2.87 (2.28) 13.27 35.19 15.75 20.15 Combined US Operations EBITDA (US$ mn) 3.06 (17.86) 12.18 35.65 (31.58) (34.69) Net tonnes = 0.907 metric tonnes
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51JSW Steel Q3 FY26 Results Presentation / Financials – Piombino, Italy Piombino, Italy Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production – Rolled Products (tonnes) 69,666 60,237 68,840 2,02,537 2,02,907 2,66,305 Grinding Balls (tonnes) 7,385 8,672 3,242 16,077 26,435 35,069 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 71,962 55,084 74,705 2,16,443 1,87,128 2,35,753 Grinding Balls (tonnes) 6,575 10,067 4,509 6,575 26,950 33,625 Revenue from Operations (€ mn) 84.46 60.25 84.38 254.22 215.81 275.72 Operating EBITDA (€ mn) 5.25 1.85 5.61 12.21 15.68 14.98
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JSW Steel Investor Presentation: Aug 2025 / Investor Relations Contact: ir.jswsteel@jsw.in Pipe Conveyor in Vijayanagar