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Q2 FY27 Results Presentation 23 October 2026
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2JSW Steel Q2 FY27 Results Presentation/ Forward Looking and Cautionary StatementCertain statements in this report concerning our future growth prospects are forward looking statements, which involve anumber of risks, and uncertainties that could cause actual results to differ materially from those in such forward lookingstatements. The risk and uncertainties relating to these statements include, but are not limited to risks and uncertaintiesregarding fluctuations in earnings, our ability to manage growth, intense competition within Steel industry including thosefactors 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 timeand costs, our ability to raise the finance within time and cost client concentration, restrictions on immigration, our ability tomanage our internal operations, reduced demand for steel, our ability to successfully complete and integrate potentialacquisitions, liability for damages on our service contracts, the success of the companies in which the Company has madestrategic investments, withdrawal of fiscal/governmental incentives, impact of regulatory measures, political instability, legalrestrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and generaleconomic conditions affecting our industry. The company does not undertake to update any forward-looking statements thatmay be made from time to time by or on behalf of the company.
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3JSW Steel Q2 FY27 Results Presentation/ AgendaSustainability Business Environment Financial Performance ProjectUpdates Digitalisation at JSW Steel Appendix Operational Performance Strategy
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4JSW Steel Q2 FY27 Results Presentation/ Key Highlights – Q2 FY27•Revenue from Operations: ₹54,486 crore in Q2•Reported EBITDA: ₹10,120 crore; Adjusted EBITDA1: ₹9,941 crore•Net Profit: ₹5,359 crore•Net Debt to Equity: 0.39x and Net Debt to EBITDA2: 1.28xFinancial Performance•India Capacity Utilisation at 88% in Q2, with BF-3 ramping up well and reaching ~90% utilisation during the quarter•Highest ever consolidated crude steel production of 7.27mt in Q2, up 5% YoY•Highest ever consolidated steel sales of 7.46mt, up 13% YoYOperational Performance•0.5mtpa Scrap Processing Centre at Khopoli, Maharashtra: Baler commissioned•Key New Projects Announced:oJSW Utkal Steel, Odisha: Phase-II of 5mtpaoVasind: 1.8mtpa CRM complexoJJSL Joint Venture: 5mtpa expansion•MdR Mozambique: Capex approved for ~9mt coking coal mine •Credit Rating Upgrades: Moody’s: Investment Grade - Baa3 (Stable Outlook); Fitch: BB+ (Positive Outlook); CARE, ICRA & Ind-Ra: AA+ (Stable Outlook)•JSW One filed DRHP in September 2026 for IPOCorporate Developments•2026 worldsteel Steelie Award for Excellence in Clean Steel Production•Iconic Brands of India Award by ET Edge for JSW Neosteel•Service Excellence Award at Isuzu Supplier Conference 2026Awards & Recognitions 1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables 2: Based on LTM EBITDANote: Since BPSL has been de-consolidated with effect from 27 March 2026, previous year has been compared excluding BPSL for comparability
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5JSW Steel Q2 FY27 Results Presentation/ JSW JFE Steel Ltd. (JJSL) Joint Venture: Presentation and Accounting Impact •The steel business undertaking of Bhushan Power and Steel Limited (BPSL), a subsidiary of the Company, was transferred on a slump-sale basis to JSW Sambalpur Steel Ltd. (JSSL) with effect from 27 March 2026 •JFE invested the second tranche of ₹7,875 crore at the end of June 2026, with the JV transaction completed•BPSL steel business has been de-consolidated from JSW Steel's financials with effect from 27 March 2026•Hence the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL in this document to make it comparableto the current period•JSW Steel's share in JJSL earnings is reflected in the Share of Profit/(Loss) of Joint Ventures line of the P&L
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Sustainability Business EnvironmentOperationalPerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategyStrategy
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JSW Steel Q2 FY27 Results Presentation/ 7 India to be Key Steel Market Over Next DecadeSteel Consumption as % of World0%15%30%45%60%0%10%20%30%40%2000 2005 2010 2015 2020 2025 2030e 2035eIndiaEU + UKUSJapanChina (RHS)•China Steel Production and Consumption as % of World peaked in 2020, to see gradual decline; other developed markets to see muted growth•India going through Nation-Building Phase: Long runway of Steel Demand Growth outpacing Real GDP Growth •India as #2 Steel producer and consumer will continue to increase as % of World. India Production growth likely to lag Consumption•Draft India National Steel Policy 2047: 604mtpa capacity; 531mtpa production; 505mtpa consumption at 302 kg per capita Source: World Steel Dynamic, National Steel Policy, and market intelligence
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JSW Steel Q2 FY27 Results Presentation/ 8 31.953.862.04.55.09.516.00.95.01.05.05.05.01.51.51.5Current FY27 Sep'27E FY29E FY30E FY31E FY31E FY32E India JVsBMMAcquisitionDolviKadapaUtkalVijayanagarU.S.A.JSW Steel: Growth Path64.879.5Approved GrowthPotential Growth Options in the Portfolio37.9 All capacities are in million tonnes. Target of 62mtpa (+JV’s) by FY32. On path to deliver 13% capacity CAGRIndiaJVsUSA•Expansion at Utkal for 5mt•Brownfield Green Steel at Salav•Expansion of EAF at KadapaOrganicJVsInorganic•Selectively explore value-accretive acquisitions NewSites•Keonjhar-Odisha and Gadchiroli-Maharashtra for further expansion•5.5mt expansion at JSW JFE Steel•6mt Greenfield at POSCO JVMaintain >50% share of VASP in total salesUnderpinned by Raw Material Security andStrong Balance Sheet
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JSW Steel Q2 FY27 Results Presentation/ 9 Strategic Priorities to Create Shared and Sustainable Value Mainstreaming sustainabilityacross the businessStrategic growth with efficient capital allocationCost leadership through resource optimisationand improved raw material securityEnhance value-added product portfolio with innovation and R&DBeing future ready through technology-led transformation & digitalisationStrong financial profile and credit ratings Creating V alue for all Stakeholders
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Sustainability Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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11JSW Steel Q2 FY27 Results Presentation/ Sustainability at JSW Steel `Aligned to national & international frameworks Driving sustainability initiatives across platforms Indigenous PeopleCultural HeritageEmployee WellbeingLocal ConsiderationsSocial SustainabilityClimate ChangeEnergyResourcesWater ResourcesWasteWaste WaterAir EmissionsBiodiversitySustainable MiningBusiness EthicsHuman RightsSupply Chain Our Focus Areas Reporting Integrated Report| ESG Databook| Climate Action Report| TNFD Report Governance & Oversight by Board-level Business Responsibility & Sustainability Committee
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12JSW Steel Q2 FY27 Results Presentation/ Environment: Our Targets & Commitments Target reduction for CO2emissions, 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 CO2to 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 digitalisationfor better water control and monitoringWater SecurityCircularity & BiodiversityAir EmissionsEnergy TransitionClimate Change
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13JSW Steel Q2 FY27 Results Presentation/ Building a Strong Health & Safety Culture Note: All figures are for integrated steel plants at JSW Steel Standalone and JVML-Vijayanagar; excludes Raigarh0.550.320.200.090.19 0.190.26FY15 FY22 FY23 FY24 FY25 FY26 H1FY27LTIFRZero major incidentsZero injuryZero harmJSW Steel’s Vision 000JSW Steel’s Vision 000Safety PerformanceEffective Leadership•Hosted 14thISA Health & Safety Committee Meeting at Vijayanagar attended by all major peers for industry-wide safety collaboration•Process Safety Management initiated at Salem in partnership with dss+ (formerly DuPont)Robust Systems•JSW Safety Assurance Protocol across Vijayanagar, Dolvi and Salem shows 11% improvement in audit scores for H1•‘Seeing is Believing’ safety videos launched for cross-learning, replication and standardisationCompetent Workforce•Safety Quizathon launched for strengthening safety awareness and culture, engaging 10,500+ participants over two-month campaign•46 Virtual Reality safety modules launched; trained over 41,000 manpower till date in critical-risk activities Safety Highlights Fire Fighting Drill at Vijayanagar
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JSW Steel Q2 FY27 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 MilestonesPhase-I2030Phase-II2050 1.95tCO2/tcs42% from base yearStrategic LeversProcess efficiency – SEED3Energy transition - Renewable powerImprove material quality - BeneficiationAlternative fuel sources - BiomassMaterial circularity - increased scrap usePiloting breakthrough technologiesNet Neutral in Carbon emissionsStrategic LeversScrap-based electric arc furnacesCommercial deployment of green hydrogen for steel-makingCarbon offset and sequestrationAlternate steel-making technologies, e.g. ElectrolysisIncreasing demand side material efficiencyLarge scale implementation of CCUS2Nature-based solutionsEnergy EfficiencyUse of syngas and TGR1in BF(Carbon Circularity)Progress Update•Sustainable Mobility: Deployed 134 electric buses and 98 electric cars till date across Vijayanagar, Dolviand Salem•Renewable Energy: ~1.1 GW of renewable energy capacity commissioned across operations as of Q2 FY27•Resource Circularity: Ramping up steel scrap charge, with scrap utilisation up 10% in H1 FY27 Electric Bus Terminus at Vijayanagar
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JSW Steel Q2 FY27 Results Presentation/ 15 Sustainability Initiatives & Recognitions JSW Steel won the 2026 worldsteel Steelie Award for Excellence in Clean Steel ProductionSteelie Award for Clean Steel ProductionDolvi plant received Platinum Award at 8th Indian Chamber of Commerce National Occupational Health & Safety Awards 2026ICC Platinum Award for Occupational Health & Safety ExcellenceEcosystem for Sustainable Steel Recycling • JSW Steel’s 1stScrap Processing Centre at Khopoli (0.5 mtpa)• Setting up mechanised scrap processing centres across various locations• 0.5 mtpa facility at Khopoli: Baler commissioned in Q2 FY27 and Shredder to be commissioned in Q3• Scrap sources: automobile manufacturers, end-of-life vehicles, white-goods, construction & demolition, industrial, etc.• High quality and clean scrap: low contamination, high bulk density, no radioactivity0.5 mtpa Scrap Processing Centre, KhopoliResource CircularityDecarbonisationReduce Import Dependency
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JSW Steel Q2 FY27 Results Presentation/ 16 Our Commitment to Society: Impacting 3mn lives annually HealthEducation Skill Development Art, Culture & Heritage Education Agriculture Sports Water, Environment & Sanitation Waste Management26,06,401Health Consultations46,850Individuals Benefitted14Projects Supported54,522 Individuals Trained19,80,519Students Benefitted14,35,751 Individuals Benefitted58,74,500 Individuals Benefitted1,01,800 Farmers BenefittedNote: Data is from April 2020 onwards
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JSW Steel Q2 FY27 Results Presentation/ 17 2.492.502.362.442.372.362.40FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27Environmental PerformanceSpecific Energy Consumption (Gcal/tcs)GHG Emission Intensity (tCO2/tcs)Specific Freshwater Consumption (m3/tcs)Dust Emissions (kg/tcs)SOx & NOxWaste Utilisation (%)Note: All figures are for integrated steel plants at JSW Steel Standalone and JVML-Vijayanagar; excludes Raigarh 6.386.045.665.685.485.555.64FY21 FY22 FY23 FY24 FY25 FY26 H1 FY272.412.45 2.452.392.352.33 2.33FY21 FY22 FY23 FY24 FY25 FY26 H1 FY270.480.490.420.380.360.330.31FY21 FY22 FY23 FY24 FY25 FY26 H1 FY272.051.901.691.661.511.341.301.521.261.191.191.091.031.02FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27SOx (kg/tcs)NOx (kg/tcs)92.67100.0099.7799.1199.9899.8999.00FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27
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BusinessEnvironment Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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19JSW Steel Q2 FY27 Results Presentation/ 3.0%3.8%1.7%6.4%4.6%2.3%0.9%0.6% 3.1%3.7%2.1%7.0%4.5%2.3%1.1%0.7% 3.4%4.4%1.8%7.0%4.0%2.3%1.2%0.7%World EMDEs AEs India China US Euro area JapanCY26F (July 26)CY26F (Oct 26)CY27F (Oct 26)Global Economy AI capex keeps global growth resilient, India stays robust. Inflation, interest rates and energy are key monitorables GDP Growth Forecasts (%YoY)•Global growthremains resilient despite geopoliticaluncertainties. IMF upgraded CY26 growth by 10bps to 3.1%•Middle Eastwar causing supply pressures and high energyand commodity prices. Resolution and post warreconstruction could bolster growth outlook•Inflation and fiscal concernsdriving higher bond yields.Central banks on rate hiking cycle•USeconomy expanding at a solid pace, driven by AIinvestments; consumer spending resilient so far despiteinflationary pressures•China:Export strength supports manufacturing; recentmeasures for real estate and infra investments to supportgrowth amidst weak demand•Eurozone:Improving PMI trend and strong Q2CY26 GDPprint reflects resilience even as the energy shock weighs onthe outlookPMI - ManufacturingCPI – Inflation (YoY, NSA)44464850525456USChinaEurozoneJapanGlobal-1012345USEurozoneChinaJapanSource: IMF: World Economic Outlook October’26; Bloomberg. India’s GDP forecast pertains to fiscal year. EMDEs: Emerging Market & Developing Economies, AEs: Advanced Economies. Note: US CPI-Inflation not released for Oct’25, hence the gap in the graph.
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20JSW Steel Q2 FY27 Results Presentation/ 4005006007008002006001,0001,400Oct-24 Apr-25 Oct-25 Apr-26 Oct-26N.America ExWN.Europe ExWBlack Sea FOB (RHS)China FOB (RHS)Global SteelHRC Prices US$/tSource: World Steel Association (WSA), WSA Oct’26 SRO; Bloomberg, Platts Note: Some numbers may not foot due to rounding. 6735611,2346525731,225China World ex-China WorldJan-Aug CY25Jan-Aug CY26Crude Steel Production – Jan-May (mt) China Steel Production and Export (mt)-3.1%-0.7%2.2%Finished Steel Demand1(mt) 7969281,7247809421,7227729801,752China World ex-China WorldCY25CY26(f)CY27(f)-2.0%-0.1%+1.5%Positive World ex-China demand outlook for CY27. Significant cost inflation; regional divergence in prices due to trade policies02468101214050100150Sep-24 Mar-25 Sep-25 Mar-26 Sep-26China Crude Steel Production (LHS)Exports (RHS)010020030075100125150175200Oct-24 Apr-25 Oct-25 Apr-26 Oct-26Iron Ore 62% FeHCC Premium LV FOB Aus. (RHS)HCC CFR China (RHS)Raw Material Prices (US$/t)
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21JSW Steel Q2 FY27 Results Presentation/ GDP Growth - RBI forecasts (% yoy)Indian Economy Source: Bloomberg, RBI, CMIE, Ministry of Commerce, MOSPI, SIAM, TMA, PIBQuarterly Domestic Sales ('000s) PMI – Manufacturing & Services 4550556065ManufacturingServicesMerchandise Exports (US$ bn)•RBI’s FY27 GDP growth projection at 7.1% reflects robustmomentum in economic activity indicators•Industrial output and exports have accelerated despiteglobal headwinds; engineering exports showing a robusttrend•Auto industry momentum remains strong. Healthy taxcollections reflect economy’s resilience•High oil prices and deficient monsoon driving inflationarypressures; RBI has shifted to hawkish stance and hiked rate•Capex outlook constructive with strong growth in publiccapex; Energy, Data Centres, Defence, Maritime showingpromising prospects•Broader macros resilient amidst external headwinds; strongresponse to RBI’s scheme for attracting NRI deposits hasbolstered FX reservesIndia’s economy continues to be robust; elevated energy prices a risk20253035406080100120140Merchandise ExportsEngineering goods (RHS)1,0002,0003,0004,0005,0006,0007,00002004006008001,0001,2001,4001,600PVCVTractor2W (RHS) 6.88.48.07.87.87.87.26.96.87.1Up from 6.7% earlier+21.4% YoY
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22JSW Steel Q2 FY27 Results Presentation/Source: Joint Plant Committee Indian Steel Strong steel demand growth continues; however, India remains a net importer of finished steel Steel Consumption (mt)Production and Consumption (mt)41.8140.6141.8641.5843.2543.37Crude Steel Production Apparent Steel ConsumptionQ2 FY26Q1 FY27Q2 FY27+6.8%YoY +3.5%YoY 24.7228.2533.2437.2540.6243.37Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27300500700900ExportsImportsFinished Steel Exports and Imports (kt)
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OperationalPerformanceOperationalPerformance Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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JSW Steel Q2 FY27 Results Presentation/ 2424 6.626.257.46Q2 FY26 PF Q1 FY27 Q2 FY27Steel Sales (mt)6.956.597.27Q2 FY26 PF Q1 FY27 Q2 FY27Crude Steel Production (mt)Q2 FY27 Volumes – JSW Steel Consolidated+19%QoQ+13%YoY +10%QoQ +5% YoY Q2 FY27Q1 FY27Q2 FY26 PFmillion tonnes7.276.026.35India Operations87%89%89%Domestic13%11%11%Export0.180.230.26USA - Ohio OperationsQ2 FY27Q1 FY27Q2 FY26 PFmillion tonnes7.076.356.71India Operations5.414.885.09Flat1.221.131.27Long0.200.240.24USA - Ohio OperationsSince BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparableDomestic-Export split pertains to India Operations
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25JSW Steel Q2 FY27 Results Presentation/ 3.723.654.11Q2 FY26 PF Q1 FY27 Q2 FY27Value-Added and Special Products (mt)59% 56% 61% Q2 FY27 Sales: JSW Steel Consolidated – India 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. 35%36%34%17%18%16%13%16%15%36%30%34%Q2 FY26 PF Q1 FY27 Q2 FY27RetailAutoIndustrialConstruction& InfraDomestic Sales by Customer Segment6.29mt 5.34mt % of Total Sales+12% YoY+18% QoQ 5.64mt •Highest Ever:oQuarterly sales of 7.27mt (+14% YoY) and Domestic sales (+12% YoY)oVASP sales (+11% YoY)oSales to Auto (+36% YoY)oSales of Flats (+16% YoY), Alloy Longs (+13% YoY) and CRCA (+10% YoY)•Sales to Appliances up 28% YoY and Renewables up 14% YoYNote: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable
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26JSW Steel Q2 FY27 Results Presentation/940 854 1,041 1,083 769 1,103 Q2 FY26 PF Q1 FY26 PF Q2 FY27Branded ProductsOthersRetail Segment & Branded Stores: JSW Steel Consolidated – India Operations+32% QoQ2,0232,1451,623+6%YoY•Retail segment sales up 6% YoY, Branded Products sales up 11%•Presence in more than 26,500 retail stores across 1,909 towns in India•Strong distribution channel of 2,710 points•419 distributors and 2,291 Branded Stores•662 JSW Shoppe spread across urban areas and 1,629 JSW Shoppe Connect in semi-urban and rural areas•Sales up 21% YoY via JSW Shoppe and JSW Shoppe Connect outlets •JSW Privilege Club partners enrollment around 1,53,000, with volumes through this program up 14% YoY•32 Experience Centres across India662 1,629 2,291 JSW Shoppe JSW Shoppe Connect TotalRetail Sales (in kt) Branded Stores (number of outlets) Note: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable
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27JSW Steel Q2 FY27 Results Presentation/ Q2 FY27 Production & Sales SalesCrude Steel ProductionParticulars YoYQ2 FY26 PFQ2 FY27YoYQ2 FY26 PFQ2 FY27In million metric tonnes14%6.357.275%6.717.07Consolidated India Operations-30%0.260.18-16%0.240.20USA – Ohio Operations13%6.627.465%6.957.27JSW Steel Consolidated Operations11%0.830.92-5%0.960.91JSW JFE Steel Ltd. (JJSL)1 14%7.3428.384%7.908.18JSW Steel Combined Operations1: Pursuant to the transfer of BPSL’s steel business to the JSW JFE JV, BPSL has been de-consolidated and JV figures are shown separately2: After eliminating inter-company transfers since BPSL was a subsidiary in Q2 FY26Guidance for JSW Steel Consolidated Volumes for FY27: Production 29.75mt & Sales 28.6mtIndia Operations guidance includes BMM Ispat production of 0.75mt and sales of 0.70mt; excludes JSW JFE Steel JVNote: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable YoYH1 FY26 PFH1 FY27YoYH1 FY26 PFH1 FY2710%12.1313.294%12.8513.41Consolidated India Operations-20%0.520.42-7%0.480.45USA – Ohio Operations8%12.6513.714%13.3213.86JSW Steel Consolidated Operations11%1.611.794%1.841.90JSW JFE Steel Ltd. (JJSL)1 11%14.02215.504%15.1615.76JSW Steel Combined Operations
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28JSW Steel Q2 FY27 Results Presentation/ 30 Grades/Products Approved in Q2 FY27 Rear Housing(37C15 Dia 75.0 & 80.0 mm– Long & Special Alloy)Bull Gear(20MnCr5 – Long & Special Alloy)Differential Case(AISI 1020- Long & Special Alloy)Solar Structural Purlins(IZMC420S – Coated)Automotive Body(IS 513 - CR)Concrete Pipe Tube(JD39 C30 – HR)
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JSW Steel Q2 FY27 Results Presentation/ 29 JSW One: One of the Fastest Growing B2B Commerce Players in India*•JSW One operates a unified technology-enabled platform providing anintegrated full-stack ecosystem•The platform integrates commerce, embedded financing solutions,logistics and value-added services such as processing andcustomisation capabilities and private brands across steel and relatedproducts, cement and other construction materials•Pan-India footprint with 12 contract service centers; 9 contractmanufacturers for private brands business•₹6,989 cr GMV in Q2 FY27, up 77% YoY•Robust financial performance and strong unit economics deliveringcapital-efficient growth•JSW Steel holds 66.15% of the paid-up Equity Share capitalJSW One JSW One Continued to Deliver EBITDA Profitability in Q2 FY27 Reference of DRHP : https://www.jswonemsme.com/corporate/investor-relations-offer-documents*as on June 30th2026 as per 1lattice
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JSW Steel Q2 FY27 Results Presentation/ 30 JSW One: One of the Fastest Growing B2B Commerce Players in India*Significant growth in Volumes & GMV in Q2 FY27Steel 9,06,193tonnes+53%YoYCement 68,173 tonnes+10%YoY1: Excluding ESOP cost and NBFC*as on June 30th2026 as per 1lattice Credit ₹2,432 Cr+91%YoY3,92018,5975,9506,989Q 2F Y 2 6F Y 2 6 Q 1F Y 2 7Q 2F Y 2 7GMV (₹ Cr)Profitability (₹ Cr)21.714.1Q2 FY27EBITDA¹Q2 FY27PBT¹ •One Helix Fintech an embedded finance stack•Financing is orchestrated through financing partners, including banks,NBFCs and JOFL, an RBI-registered NBFC•Improved access to financing products enhances repeat purchases onthe platform, supported by the closed-loop model that drives deeperengagement and wallet share•JOFL Q2 FY27: ₹370 cr AUMJSW One Finance Ltd. (JOFL) & One Helix Fintech
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FinancialPerformance Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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32JSW Steel Q2 FY27 Results Presentation/ Financials – ConsolidatedReportedFY26PFH1 FY26PFH1 FY27Q1 FY27Q2 FY26 PFQ2 FY27ParticularsFY26H1 FY26Q2 FY261,85,47088,29945,1521,70,18681,3491,01,85047,36441,46954,486Revenue from operations29,82114,6917,11526,66313,21119,5039,3836,39510,120Reported EBITDA32,04815,7157,84928,88814,23519,3149,3737,1299,941Adjusted EBITDA1 1,2486342841,7009091,165724430441Other Income9,1024,6302,4138,4864,3183,3141,7122,2551,602Finance Cost9,6015,0912,5548,6574,3884,3372,1372,1982,200Depreciation(475)(188)(88)98648194(98)(11)292Share of Profit/ (Loss) of JVs17,359--(611)-----Exceptional Items Gain/(Loss)29,2505,4162,34411,5955,46213,2116,1602,3607,051Profit Before Tax3,7421,5616983,0201,5613,1561,4646981,692Tax Expenses25,5083,8551,6468,5753,90110,0554,6961,6625,359Profit after Tax91.2515.576.6432.1715.7240.6119.026.6921.59Diluted EPS*Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables*Not Annualized ₹ crore
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33JSW Steel Q2 FY27 Results Presentation/ Q2 FY27 Consolidated Results – Drivers of Performance•Consolidated crude steel production of 7.27mt, up 5% YoY and 10% QoQ, with BF-3 ramping up well and reaching ~90% utilisation during the quarter•Total sales volumes of 7.46mt, up 13% YoY and up 19% QoQVolumes•Revenue from operations up 31% YoY driven by higher realisations and sales volumes. Revenues up 15% QoQ, driven by higher volumes, partially offset by lower realisationsRevenue and Realisations•Costs at India operations increased mainly due to higher coking coal and other input costs on a QoQ basisOperating Costs•Interest cost down by 29% YoY and 6% QoQ, primarily driven by lower debt levels and lower interest ratesFinance Costs•Effective tax rate excluding Share of Profit/Loss from JV is 25% Tax Expenses•US: Ohio Operations EBITDA improved both YoY and QoQ despite lower volumes, driven by higher realisations. Plate & Pipe Mill EBITDA remained stable YoY and up QoQ•Italy: EBITDA remained stable YoY and QoQInternational OperationsNote: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable
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3434JSW Steel Q2 FY27 Results Presentation/ Consolidated Adj. EBITDA Movement – Q2 FY27 vs. Q1 FY27₹ crore9,373 9,941 1,893 387 965 66 39 Adj. EBITDAQ1 FY27Volume NSR Cost OverseassubsidiariesConsol Adj. Adj. EBITDAQ2 FY27
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35JSW Steel Q2 FY27 Results Presentation/ Financials – India OperationsReportedFY26PFH1 FY26PFH1 FY27Q1 FY27Q2 FY26 PFQ2 FY27JSW Steel – India Operations (₹ crore)FY26H1 FY26Q2 FY2629.3114.697.6625.4512.8513.416.356.717.07Crude Steel Production (mt)28.7613.507.0725.6812.1313.296.026.357.27Steel Sales (mt)1,74,85482,65842,1491,59,57075,70993,08142,89438,46650,188Revenue from Operations29,24014,3776,88126,08212,89718,9009,0896,1609,812Operating EBITDA31,38315,2887,61428,22313,80718,7319,0966,8939,636Adj. Operating EBITDA1 26,7994,2951,7789,8664,34110,0264,9271,7955,099Profit/(Loss) after TaxIndia Operations: JSW Steel standalone + India subsidiaries, after eliminating inter company transactions1: Excludes FX gains/losses on long-term borrowings net of intercompany receivablesNote: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable ₹ crore
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3636JSW Steel Q2 FY27 Results Presentation/ Consolidated Net Debt Movement Note: Net Debt excludes Leases and Revenue Acceptances. Net Debt/EBITDA on LTM basis 30.09.202530.06.202630.09.2026Particulars79,15346,15744,482Net Debt (₹ Cr)19,07721,63021,768Cash & Cash Equivalents (₹ Cr)0.93x0.42x0.39xNet Debt/Equity2.97x1.46x1.28xNet Debt/EBITDA ₹ crore 46,157 2,298 4,435 600 44,482 Net DebtJun'26NewLoans TakenRepayments Forex Impact Movementin CashNet DebtSep'26139
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3737JSW Steel Q2 FY27 Results Presentation/ Debt Profile and Credit Ratings Note: Net Debt/EBITDA on LTM basisSignificant Deleveraging following JSW JFE JV Transaction•Deleveraging of ~₹37,000 crore completed with Net Debt reducing to ₹44,482 crore as on September 30, 2026•Early redemption of USD 500 million 3.95% bonds on October 7, 2026, 6 months ahead of its schedule maturity in April 2027•Significant improvement in financial metrics, with leverage reduced to 1.28x and net gearing reduced to 0.39x•Rating Upgrades during the Quarter —Investment Grade RaƟng from Moody’s: Ba1 → Baa3 (Stable Outlook) ; Fitch: BB → BB+ (PosiƟve Outlook) ; CARE ICRA and India RaƟngs: AA → AA+ (Stable Outlook)Stated caps were revised downward in Q4 FY26: ND/Equity from 1.75x to 1.25x and ND/EBITDA from 3.75x to 3.00xStrong Liquidity and Access To Diversified Funding Sources•Cash and Cash Equivalents of ₹21,768 crore and undrawn committed credit lines•Strong relationships with domestic and international banks and financial institutions, and debt capital markets•Issued global steel industry’s first USD Sustainability Linked Bond in September 2021 Net Gearing (ND/Equity)Stated cap revised to 1.25x1.15x0.77x0.87x0.91x0.94x0.51x0.39xFY21 FY22 FY23 FY24 FY25 FY26 Q2 FY27Leverage (ND/EBITDA)Stated cap revised to 3.00x2.56x1.35x3.13x2.58x3.34x1.81x1.28xFY21 FY22 FY23 FY24 FY25 FY26 Q2 FY271.25x3.00xBaa3 (Stable Outlook)Moody’sInternationalBB+ (Positive Outlook)FitchA- (Stable Outlook)JCR and R&IAA+ (Stable)ICRA, CARE and IndRaDomestic3.75x1.75x
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Project Updates Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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39JSW Steel Q2 FY27 Results Presentation/ JSW Steel Consolidated Capex Update *Net of ₹678 cr of balance capex pertaining to JSW JFE Steel Ltd as of 1stApril 2026 Note: The above capex will be spent over 5-6 years. Capex spend for FY27 expected at ₹22,000-24,000 crores.Steelmaking Capacity Growth, 67%Value Added Product Facilities, 12%Mining and Cost Saving Projects , 11%Sustenance and Other Capex, 10%Capex BreakupParticulars (₹ crore)96,888Capex carried forward as on 1stApril 2026*(including Creditors and Acceptances)TotalAnnounced at Q2 ResultsAnnouncedso farNew Projects approved since 1stApril 2026:Steelmaking:26,00026,000JVML Phase-II capacity expansion of 5mtpa4,9504950-8mtpa Pellet plant at JVML, and BOF and Caster at JVML Phase-II2,0002,000Additional facilities at Dolvi Phase-III2,0002,000Caster & Plate Processing Facility at Dolvi Phase-III16,15016,150-Utkal Phase-II of 5mtpaValue Added Product Facilities:2,3502,350Capacity enhancement at various locations2,6002,6001.8mtpa CRM Complex at VasindMining and Cost Saving Projects:3,1503,150Expansion of MdR Mozambique Coking Coal mine to 9mtpa, and Development of Iron Ore and Coking Coal Mines in India3,4502003,250Sustenance Capex159,538Total(11,136)Less: Spent during H1 FY27148,402Balance Capex to be spent
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40JSW Steel Q2 FY27 Results Presentation/ Key Project Updates – Steelmaking ProjectsUpgradation and Expansion of BF-3 from 3.0mtpa to 4.5mtpa at Vijayanagar•BF-3 ramped up well, reaching ~90% utilisation following light up in June 2026JVML Vijayanagar – Phase-II 5mtpa expansion•Equipment ordering in progress•To be commisioned by FY30JSW Utkal, Paradip – Phase-I 5mtpa Greenfield project •Two Pellet Plants (8mtpa each): to be commissioned by FY28•5mtpa Blast Furnace, 6mtpa SMS and 6mtpa HSM-2: to be commissioned by Q3 FY30Dolvi Phase-III - Expansion from 10 to 15mtpa •Civil work and equipment erection underway•Project to be commissioned by Sep’271mtpa EAF and Structural mill at Kadapa•Civil work underway•To be commisioned by FY2930mtpa Slurry Pipeline in Odisha (302km)1•Progressing well; to be commissioned by Mar’271: Slurry Pipeline project was transferred to JSW Infrastructure in FY25Dolvi Phase-III under constructionPellet Plant under construction at JSW Utkal
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41JSW Steel Q2 FY27 Results Presentation/ Key Project Updates – Downstream Projects0.55mtpa CRNO plant in Vijayanagar•Equipment ordered. To be commissioned by March 20280.5mtpa Continuous Galvanising Line in Vijayanagar•High Strength Automotive grade steel•Equipment ordered. To be commissioned by Q2 FY290.6mtpa CRM and 0.96mtpa Continuous Galvanising Line in Khopoli•CGL-2 (Construction Grade): Civil work underway; to be commissioned by Q1 FY28•CGL-3 (Zero Spangle & ZAM): Civil work underway; to be commissioned by Q1 FY290.2mtpa Tinplate and 0.6mtpa Continuous Galvanising Line in Rajpura•Equipment ordered•To be commissioned by FY281mtpa Structural and Rail mill in Raigarh•Equipment ordered•Section mill to be commissioned by Q3 FY29•Rail capability, to be commissioned by Q1 FY30ZAM: Zinc-Aluminium-Magnesium CGL-2 under construction, KhopoliCGL-2 under construction, Khopoli
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Digitalisationat JSW SteelDigitalisationat JSW Steel Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisationat JSW SteelAppendixStrategy
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43JSW Steel Q2 FY27 Results Presentation/ Digitalisation at JSW SteelIncreased SalesPrimaryFocusMiningSales and MarketingSupply ChainFinanceManufacturingHuman Resources Automation, Integration and IntelligenceEnd-to-End Functional Transformation FocusFuture-ready Digital WorkforceCost OptimisationAsset AvailabilityEmissions Reduction Safety Enhancement Employee Satisfaction and Wellbeing ANTICIPATED IMPACTADDITIONAL FOCUSSafety, Security, GovernanceSustainability led R&DCultural TransformationIntegrated Control Tower ManufacturingManufacturingPrimaryFocusManufacturingSupply ChainMiningSales and MarketingHuman Resources Finance
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44JSW Steel Q2 FY27 Results Presentation/ Digitalisation Transformation in Mining: Delivering end-to-end Traceability and Control MDO: Mine Development Operator; R&R: Resettlement & RehabilitationHigher asset productivity, lower operating cost and audit-ready governance across mining value chainDigital Logistics Management System20–25%Lower turnaround time per vehicle•~800 trips/day monitored live, mine to railway siding•30% faster resolution of bottlenecks•100% report integrity and trip reconciliationFuel Management System100%Authorised, system-reconciled refuelling•Audit trail on every litredispensed•Fuel wastage checked in real time•100% speed monitoring,strengthening site safetyIntegrated Mine Management System80%+Reduction in MDO billing Inefficiencies•70% reduction in discrepancies and disputes•Weighbridge fully automated, resulting in 100% traceability from production to dispatchLand and R&RManagement System100%Land and R&R activities captured in the workflow•Single source of truth on every case and payment•End-to-end trail from acquisition to closure•Faster approvals with stronger compliance
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Cool Roof Appendix Sustainability Business EnvironmentOperational PerformanceProject UpdatesFinancial PerformanceDigitalisation at JSW SteelAppendixStrategy
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46JSW Steel Q2 FY27 Results Presentation/ 5.815.246.31Q2 FY26 Q1 FY27 Q2 FY27Steel Sales (mt)5.815.185.79Q2 FY26 Q1 FY27 Q2 FY27Crude Steel Production (mt)Quarterly Volumes – Standalone+20%QoQ+9%YoY +12%QoQ -0.3% YoY
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47JSW Steel Q2 FY27 Results Presentation/ Financials – StandaloneFY26H1 FY26H1 FY27Q1 FY27Q2 FY26Q2 FY27Particulars1,33,40864,82477,54835,54033,00442,008Revenue from Operations20,51410,63913,9676,6064,9897,361Reported EBITDA22,07011,22813,8536,6805,5397,173Adjusted EBITDA1 5,2912,0593,7713,3581,487413Other Income6,4793,3483,3791,7331,7621,646Finance Cost6,2743,1973,1081,5401,6031,568Depreciation(487)-----Exceptional Items Gain/(Loss)12,5656,15311,2516,6913,1114,560Profit before Tax(584)1,4712,1059416941,164Tax Expenses13,1494,6829,1465,7502,4173,396Profit after Tax52.3718.6536.4322.909.6313.53Diluted EPS*₹ crore 1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables* Not AnnualisedNote: Results for previous periods have been restated due to amalgamation of subsidiaries (Amba River Coke Limited, Monnet Cement Limited, JSW Retail & Distribution Limited and Piombino Steel Limited) w.e.f. 1stApril 2026
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48JSW Steel Q2 FY27 Results Presentation/ Financials –JVML-Vijayanagar and JSW Steel Coated ProductsFY26H1 FY26H1 FY27Q1 FY27Q2 FY26Q2 FY27JVML-Vijayanagar3.991.602.351.120.851.24Crude Steel Production (mt)4.081.632.371.140.841.23Steel Sales (mt)22,7149,99314,6147,0325,0577,582Revenue from Operations (₹ crore)3,8441,3933,4521,8216271,630Adjusted EBITDA1(₹ crore)1,2991812,2231,223(1)1,000Profit/(Loss) after Tax (₹ crore)JVML: JSW Vijayanagar Metallics Ltd.1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables 2: Production= GI/GL + Tin + CRCA & Other SaleableFY26H1 FY26H1 FY27Q1 FY27Q2 FY26Q2 FY27JSW Steel Coated Products4.702.332.341.151.201.19Production2(mt)4.692.272.351.111.171.24Sales (mt)36,47017,70821,3359,9919,07111,344Revenue from Operations (₹ crore)2,5361,2551,406698699708Adjusted EBITDA1(₹ crore)1,102572706354324352Profit/(Loss) after Tax (₹ crore)
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49JSW Steel Q2 FY27 Results Presentation/ Financials – US OperationsFY26H1 FY26H1 FY27Q1 FY27Q2 FY26Q2 FY27USA – Ohio Operations9,13,1505,25,8534,91,3512,66,4182,66,5192,24,933Production -Crude Steel (net tonnes)7,18,4844,52,6562,74,2611,61,5982,31,0241,12,663Sales -Slab (net tonnes)2,39,1461,20,2261,85,64994,45160,19491,198HRC (net tonnes)704.47410.31403.21217.65194.02185.56Revenue from Operations (US$ mn)(6.77)0.2710.654.80(1.08)5.85Operating EBITDA (US$ mn)USA – Plate and Pipe Mill5,24,4132,79,7522,57,7801,47,8271,42,7671,09,953Production -Plate Mill (net tonnes)65,23632,47942,42018,57518,85123,846Pipe Mill (net tonnes)4,56,1312,46,0332,12,1561,18,1611,29,12493,995Sales -Plate Mill (net tonnes)47,13221,87431,20818,0877,94813,121Pipe Mill (net tonnes)676.80346.27357.65188.90173.34168.75Revenue from Operations (US$ mn)42.5032.3224.1311.0713.2713.06EBITDA (US$ mn)35.7332.5934.7815.8712.1818.91Combined US Operations EBITDA (US$ mn)Net tonnes = 0.907 metric tonnes
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50JSW Steel Q2 FY27 Results Presentation/ Financials – Piombino, ItalyFY26H1 FY26H1 FY27Q1 FY27Q2 FY26Q2 FY27Piombino, Italy2,88,0361,32,8711,07,30345,18468,84062,119Production –Rolled Products (tonnes)26,6388,69117,2649,3053,2427,960Grinding Balls (tonnes)2,74,8171,44,4811,33,90268,51574,70565,387Sales –Rolled Products (Bars, Wire Rod & Rails) (tonnes)26,39110,88823,12411,2874,50911,837Grinding Balls (tonnes)330.57140.73177.8086.7455.3591.06Revenue from Operations (€ mn)16.436.9614.037.055.616.98Operating EBITDA (€ mn)
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51JSW Steel Q2 FY27 Results Presentation/ Financials – JSW JFE Steel Ltd. 1: Excludes unrealised FX gains/losses on long-term borrowings net of unrealised FX gains/losses on intercompany receivables Note: JSW JFE Steel Ltd. (JJSL) is a 100% subsidiary of JSW JFE Kalinga Steel Ltd. (JJKSL). JJKSL is a 50:50 JV between JSW Steel & JFE Steel.H1 FY27Q1 FY27Q2 FY27JJSL1.900.990.91Crude Steel Production (mt)1.790.860.92Steel Sales (mt)12,8396,0226,818Revenue from Operations (₹ crore)2,2061,0691,137Adjusted EBITDA1(₹ crore)148176(28)Profit/(Loss) after Tax (₹ crore)
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JSW Steel Investor Presentation: Aug 2025 / Investor Relations Contact:ir.jswsteel@jsw.in Pipe Conveyorin Vijayanagar