Interim report
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JSWSL: MUM: SEC: SE: 2026-27/10/09 October 23, 2026 To, 1. National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G Block Bandra – Kurla Complex Bandra (E), Mumbai – 400 051 NSE Symbol: JSWSTEEL Kind Attn.: Listing Department 2. BSE Limited Corporate Relationship Dept. Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001. Scrip Code No.500228 Kind Attn.: Listing Department Dear Sir/Madam, Sub: Intimation under Regulation 30, 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Outcome of Board Meeting held on October 23, 2026 Pursuant to Regulation 30, 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), Unaudited Standalone and Consolidated Financ ial Results of the Company for the quarter and half year ended September 30, 2026 were approved by the Board of Directors at its meeting held today. A copy of the same cont aining disclosures required under Regulations 33, 52 and other provisions of the Listing Regulations as applicable, together with the limited review report of the Statutory Auditor thereon is enclosed. A copy of the press release issued in this connection is also enclosed. The aforesaid disclosure is also available on the Company’s website at www.jsw.in. The Board Meeting commenced at 10.00 am and concluded at 14.40 pm. This is for your information and records. Yours faithfully, For JSW Steel Limited Manoj Prasad Singh Company Secretary (in the interim capacity) Encl: as above cc. Singapore Exchange Securities Trading Limited 11 North Buona Vista Drive, #06-07, The Metropolis Tower 2, Singapore 138589 Hotline: (65) 6236 8863 Fax: (65) 6535 0775
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SR BC& CO LLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 02B, India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors JSW Steel Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of JSW Steel Limited (the "Company") for the quarter ended September 30, 2026 and year to date April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 Standards on Auditing 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. 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 the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matter: We draw attention to Note 1, Note 2 and Note 3 of the Statement regarding the restatement of comparative information included in the Statement to give effect to the following schemes of amalgamation: a. Restatement of comparatives for the quarter ended September 30, 2025, year to date April 01, 2025 to September 30, 2025, and for the year ended March 31 , 2026, to give the effect of the adjustments arising from Scheme of Amalgamation between the Company and its wholly owned subsidiaries, Amba River Coke Limited, Monnet Cement Limited and JSW Retail & Distribution Limited, as approved by National Company Law Tribunal vide its order dated July 2, 2026; b. Restatement of comparatives for the quarter ended June 30, 2026, September 30, 2025, year to date April 01, 2025 to September 30, 2025, and for the year ended March 31 , 2026 , to give the effect of the adjustments arising from Scheme of Amalgamation between the Company and its subsidiary, Piombino Steel Limited, as approved by National Company Law Tribunal vide its order dated October 16, 2026 . SR 8 C & CO LLP, a Limited Liability Partnership with LLP Identi ty No. AAB-4318 Regd. Office: 22, Camac Street. Block '8', 3rd Floor, Kolkata-700 016
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SR BC& CO LLP Chartered Accountants JSW Steel Limited Page 2 of 2 The comparatives used in the preparation of the Statement in respect of Monnet Cement Limited and Piombino Steel Limited have been considered basis the reviewed/audited financ ial information/financial statements respectively which have been reviewed/audited by their respective statutory auditors who have expressed an unmodified conclusion/opinion on those financial information/financial statements. Our conclusion is not modified in respect of above matters. 6. The accompanying Statement includes the unaudited interim financial results of Piombino Steel Limited whose financial results and other unaudited financial information reflect total assets of Rs. 36,709 crores as at September 30, 2026, total revenue of Rs. 62 crores and Rs. 436 crores, total net profit after tax of Rs. 35 crores and Rs. 2,959 crores and total comprehensive income of Rs. 35 crores and Rs. 2,959 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, and net cash inflow of Rs. 1,407 crores for the period from April 01, 2026 to September 30, 2026 , as considered in the Statement, which has been reviewed by the other auditor. The report of the other auditor on financial results and financial information of the aforesaid entity has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the aforesaid entity, is based solely on the report of the other auditor . Our conclusion is not modified in respect of this matter . For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 ~~, per Suresh Yadav Partner Membership No.: 119878 UDIN:2,'=,l\qg1caKPK8PQ3 Place: Mumbai Date: October 23, 2026
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~ Steel Limited Registered Office: JSW Centre, Sandra Kurla Complex, Sandra (East), Mumbai • 400051 CIN: L27102MH1994PLC15292S Statement of Unaud ited Standalone Financial Results for the quarter and half year ended 30 September 2026 Quarter Ended Half Year Ended Sr. No. I II Ill IV V VI VII VIII IX X XI XII Particulars 30.09.2026 Unaudited Revenue from operations a) Gross sales 41,076 b) Other operating income 932 Total Revenue from operations 42,008 Other Income 413 Total Income (I+ II) 42,421 Expenses a) Cost of materials consumed 22,201 b) Purchases of stock-in-trade 1,299 c) Changes in inventories of fini shed goods & semi-finished, 1,068 work-in-progress and stock-in-trade d) Minin g premium and royalties 1,452 e) Employee benefits expense 740 f) Finance costs 1,646 g) Depreciation and amortisation expense 1,568 h) Power and fuel 3,269 i) Other expenses 4,618 Total Expenses (IV) 37,861 Profit before exceptional Items and Tax (Ill • IV) 4,560 Exceptional Items (refer note 5) - Profit before Tax (V-VI) 4,560 Tax Expense/ (credit) a) Current tax 1,118 b) Deferred tax 46 Total Tax Expense/ (credit) 1,164 Net Profit for the period/ year (VII-VIII) 3,396 Other Comprehensive Income (OCI) A. i) Items that will not be reclassified to profit or loss (848) ii) Income tax relating to items that will not be reclassified to profit or loss 125 S. i) Items that will be reclassified to profit or loss (318) ii) Income tax relating to items that will be reclassified to 80 profit or loss Total Other Comprehensive lncome/(Loss) (961} Total Comprehensive Income for the period/year (Comprising Profit and Other Comprehensive Income /(Loss) 2,435 for the period/year) (IX+X) Earnings per equity share (not annualised) Basic (Rs.) 13.55 Diluted (Rs.) 13.53 • Restated pursuant to merger (refer note 1,2 & 3) SIGNED FOR IDENTIFICATION BY ~ SRBC~ OLLP MUMBAI 30.06.2026 30.09.2025 30.09.2026 30.09.2025 Unaudited* Unaudited* Unaudited Unaudited* 34,703 32,219 75,779 63,151 837 785 1,769 1,673 35,540 33,004 77,548 64,824 3,358 1,487 3,771 2,059 38,898 34,491 81,319 66,883 20,182 18,207 42,383 33,985 838 675 2,137 1,255 (2,276) (838) (1,208) (838) 1,835 1,449 3,287 3,309 708 648 1,448 1,322 1,733 1,762 3,379 3,348 1,540 1,603 3,108 3,197 3,210 2,701 6,479 5,564 4,437 5,173 9,055 9,588 32,207 31,380 70,068 60,730 6,691 3,111 11,251 6,153 - - - - 6,691 3,111 11,251 6,153 885 589 2,003 1,350 56 105 102 121 941 694 2,105 1,471 5,750 2,417 9,146 4,682 1,032 39 184 (107) (148) (1) (23) 30 (251) 913 (569) 989 63 (230) 143 (249) 696 721 (265} 663 6,446 3,138 8,881 5,345 22.94 9.65 36.49 18.69 22.90 9.63 36.43 18.65 (Rs. in Crores) Year Ended 31.03.2026 Audited* 1,29,360 4,048 1,33,408 5,291 1,38,699 67,949 2,957 1,586 6,954 2,628 6,479 6,274 11,215 19,605 1,25,647 13,052 487 12,565 3,004 (3,588) (584) 13,149 (634) 104 935 (235) 170 13,319 52.47 52.37
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_.,.i, Steel Limited STANDALONE STATEMENT OF ASSETS AND LIABILITIES: (Rs. in Crores) As at As at Particulars 30.09.2026 31.03.2026 Unaudited Audited* A ASSETS 1 Non-current assets (a) Property, plant and equipment 75,430 75,351 (b) Capital work-in-progress 17,180 13,942 (c) Right of Use Assets 3,702 3,899 (d) Goodwill 413 413 (e) Intangible assets 1,760 1,812 (f) Intangible assets under development 572 416 (g) Investments in subsidiaries, associates and joint ventures 53,800 53,172 (h) Financial assets (i) Investments 5,515 5,443 (ii) Loans 17,332 8,515 (iii) Derivative assets 128 271 (iv) Others financial assets 8,515 7,970 (i) Non-current income tax (net) 1,411 1,135 (j) Other non-current assets 6,592 6,059 Total Non-current assets 1,92,350 1,78,398 2 Current assets (a) Inventories 25,220 22,326 (b) Financial assets (i) Investments 2,886 515 (ii) Trade receivables 7,353 7,611 (iii) Cash and cash equivalents 5,037 6,673 (iv) Bank balances other than (iii) above 8,081 974 (v) Loans - 2,345 (vi) Derivative Assets 717 2,071 (vii) Others financial assets 1,165 9,060 (c) Other current assets 3,491 4,084 (d) Assets classified as held for sale 442 Total Current assets 54,392 55,659 TOT AL ASSETS 2,46,742 2,34,057 B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital 305 305 (b) Other equity 1,20,502 1,13,297 Total Equity 1,20,807 1,13,602 2 Non-current liabilities (a) Financial liabilities (i) Borrowings 48,175 58,710 (ia) Lease Liabilities 3,090 3,299 (ii) Other financial liabilities 1,511 853 (b) Provisions 1,668 1,618 (c) Deferred tax liabilities (net) 8,331 8,348 (d) Other non-current liabilities 89 85 Total Non-current liabilities 62,864 72,913 3 Current Liabilities (a) Financial liabilities (i) Borrowings 21,009 10,634 (ia) Lease Liabilities 484 511 (ii) Acceptances 17,751 15,885 (iii) Trade payables (a) Total outstanding, dues of micro and small enterprises 1,439 1,259 (b) Total outstanding, dues of creditors other than micro and small 11,345 9,359 enterprises (iv) Derivative liabilities 103 37 (v) Other financial liabilities 4,024 4,540 (b) Provisions 266 255 (c) Other current liabilities 4,020 3,859 (d) Current tax liabilities (net) 2,495 1,203 (e) Liabilities classified as held for sale 135 - Total Current liabilities 63,071 47,542 TOTAL EQUITY AND LIABILITIES 2,46,742 2,34,057 ~~GNED FORl lDENTIFICATION • Restated pursuant to merger (refer note 1,2 & 3) s RB & CO LLP MUMBAI
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.... Steel Limited STANDALONE CASH FLOW STATEMENT: (Rs. in crores) Half Year Ended Pa rticu la rs 30.09.2026 Unaudited Cash flow from operating activities Profit before tax 11,251 Adjustments for : Depreciation and amortisation expense 3,108 Loss on sale of property, plant & equipment (net) 42 Gain on sale of financial investments designated as Fair value through (87) profit & loss account ('FVTPL') Interest income (588) Gain arising of financial instruments designated as FVTPL (67) Unwinding of interest on financial assets carried at amortised cost (2) Dividend income (3,019) Interest expense 3,219 Share based payment expense 82 Export obligation deferred income amortization (28) Unrealised exchange (gain)/ loss (net) 607 Allowance for doubtful debts, loans, advances and others 2 Impairment loss on investments 3,269 Operating profit before working capital changes 14,520 Adjustments for : (Increase) in inventories (2,894) Decrease I (Increase) in trade receivables 459 Decrease/ (Increase) in other assets 430 Increase in trade payable 2,226 Increase in acceptances 1,785 (Decrease) in other liabilities (2,729) Increase in provisions 6 (717) Cash flow from operations 13,803 Income tax paid (net of refund received) (982) Net cash generated from operating activities (A) 12,821 Cash flow from investing activities Purchase of property , plant and equipment , intangible assets (including (4,394) under development and capital advances) Proceeds from sale of property, plant & equipment 3 Investment in subsidiaries, joint ventures and other related parties (459) including advances Sale of other investments 7,875 Purchase of current investments (8,703) Sale of current investments 6,456 Bank deposits not considered as cash and cash equivalents (net) (7,107) Loans to related parties (9,348) Loans repaid by related parties 3,243 Interest received 742 Dividend received 3,019 Net cash used in investing activities (B) (8,673) Cash flow from financing activities Payment for purchase of treasury shares (26) Proceeds from non current borrowings 25,092 Repayment of non current borrowings (26,801) Proceeds from current borrowings (net) 1,344 Repayment of lease liabilities (250) Interest paid (3,206) Dividend paid (1,736) Net cash used in financing activities (C) (5,583) Net (decrease) in cash and cash equivalents (A+B+C) (1,435) Cash and cash equivalents - opening balances# 6,472 Cash and cash equivalents - closing balances 5,037 • Restated pursuant to merger (refer note 1,2 & 3) # Restated pursuant to merger (refer note 1,2 & 3) and amendment to lndAS 109 - Financial Instruments SIGNED FOR IDENTIFICATION BY V/ SR B ~ CO LLP MUMBAI 30.09.2025 Unaudited* 6,153 3,197 31 (13) (823) (1,195) (2) (18) 3,057 82 929 51 57 5,353 11,506 (3,540) (304) (890) 1,899 2,182 (356) 32 (977) 10,529 (997) 9,532 (3,782) 7 (767) - (353) 353 (991) (1,758) 347 214 18 (6,712) (141) 8,084 (8,069) 347 (236) (3,235) (685) (3,935) (1,115) 9,760 8,645
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~ Steel Lim ited Additional informat ion pursuan t to Regulation 52(4) and Regulation 54 (2) of Securiti es and Exchange Board of India (Listing Obligations and Disclosure Requirem ents) Regulations , 2015, as amended as at and for the quarter and half year ended 30 September 2026 Sr. Quarter Ended Particulars No. 30.09.2026 30.06.2026 30.09.2025 Unaudited Unaudited * Unaudited * 1 Debt Equity Ratio 0.57 0.60 0.77 ( Total Borrowings I Total Equity) 2 Debt service coverage ratio (not annualised) 2.53 1.89 3.49 Debt service coverage ratio (trailing twelv e mon ths) 2.47 2.63 2.98 ( Profit before Tax, Exceptional Items, Depreciation, Net Finance Charges I (Net Finance Charges + Long Term Borrowings scheduled 'principal repayments (excluding prepayments/ refinancing) 'during the period) (Net Finance Charges: Finance Costs - Interest Income - Net Gain /(Loss) on safe of current investments) 3 Interest service coverage ratio (not annualised) 5.86 6.70 4.48 Interest service coverage ratio (trailing twelve month s) 6.05 5.67 4.42 ( Profit before Tax, Exceptional Items, Depreciation , Net Finance Charges/ Net Finance Charges) 4 Current Ratio 0.86 0.89 1.16 ( Current Assets/ Current Liabilities) 5 Long ter m debt to work ing capital (230.96) 4.84 4.11 (Non-current borrowings + Current maturit ies of long term borrowings/ Current Assets - (Current liabilities - Current maturiti es of Jong term borrowings) 6 Bad debts to Accounts receivable ratio - (Bad debts/ Trade receivables) 7 Current liability ratio 0.50 0.51 0.39 ( Current Liabilities/ Total Liabilities) 8 Total debts to total assets 0.28 0.29 0.33 (Total borrowings/ Total Assets) 9 Trade receivables Turnover (no. of days) 17 20 17 (Average Trade receivables/ Gross Sales X No. of days) 10 Inventory Turnover (no. of days) 75 85 87 (Average inventory I (Cost of materials consumed+ Purchases of stock-in- trade+ Changes in inventories + Mining premium and royalties + Power and fuel+ Stores & spares consumed+ Repairs & Maintenance + Job work charges + Labour charges + M ining & development cost) X No. of days) 11 Operating EBIDTA M argin( %) 17.52% 18.59% 15.12% (Profit before depreciation, Interest, Tax and exceptional items Jess Other Income/ Revenue from operations) 12 Net Profit M argin(%) 8.08% 16.18 % 7.32% ((Net profit / (loss) fo r the period/ year)/ Revenue from operations)) 13 Paid up Equity Share Capital 244 244 244 (face value of Re.1 per share) 14 Other Equity excluding Revaluation Reserves 1,20,502 1,19,787 87,608 15 Capital Redemption Reserve 997 997 997 16 Networth (As per Com ponies Act 2013) 1,12,614 1,10,948 78,998 17 Securities Premium 7,742 7,742 7,742 18 Paid up Debt capital 6,750 6,250 11,625 Borrowing excludes lease liabilities 19 Security Coverage Ratio ("SCR") (in times) (Security Coverage Ratio • Specific assets given as secu rity fo r NCDs/ Secured borrowings fa r those specif ic assets) Particulars 8.90% Non-Converti ble Debentures of Rs 1,000 crores 8. 79% Non-Convert ible Debentu res of Rs 2,000 crores 8. 76% Non-Convertible Debentu res of Rs 1,000 crores 8.35% Non-Convert ible Debent ures of Rs 1,750 crores 8.43% Non-Convertible Debentur es of Rs 500 crores • Restate d pursuant to merger (refe r note 1,2 & 3} Outstanding as on SCRas at 30.09.2026 30.09.2026 1,000 3.43 2,000 1.99 1,000 1.99 1,750 3.88 500 3.46 6,250 SIGNED FOR IDENTIFICATION BY i SR BC & CO LLP MUM0AI Outstanding as on 31.03.2026 1,000 2,000 1,000 1,750 500 6,250 Half Year Ended Year Ended 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited * Audited * 0.57 0.77 0.61 2.12 2.49 2.81 2.47 2.98 2.81 6.31 4.72 5.18 6.05 4.42 5.18 0.86 1.16 1.17 (230.96) 4.11 4.01 - 0.50 0.39 0.39 0.28 0.33 0.30 18 17 19 76 85 78 18.01% 16.41% 15.38% 11.79% 7.22% 9.86% 244 244 244 1,20,502 87,6 08 1,13,298 997 997 997 1,12,614 78,998 1,05,162 7,742 7,742 7,742 6,750 11,625 6,750 SCR as at 31.03.2026 3.17 1.94 1.94 3.00 1.77
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Notes 1. The Board of Directors of the Company at their meeting held on 17 October 2025 considered and approved the Scheme of Amalgamation ("the Scheme") pursuant to Section 230-232 and other applicable provisions of the Companies Act, 2013, providing for amalgamation of its wholly owned subsidiaries Amba River Coke Limited, Monnet Cement Limited and JSW Retail and Distribution Limited with the Company. The Mumbai Bench of the National Company Law Tribunal ("NCLT"), through its order dated 2 July 2026, approved the Scheme. Since the NCLT order was received prior to the approval of the financial results for the quarter ended 30 June 2026 and the amalgamation is a common control business combination within the scope of Appendix C to Ind AS 103 - Business Combinations, effect of NCLT order was given in the financial results for the quarter ended 30 June 2026. 2. The Board of Directors of the Company at their meeting held on 3 December 2025 considered and approved the Scheme of Amalgamation ("the PSL Scheme") pursuant to Section 230-232 and other applicable provisions of the Companies Act 2013, providing for amalgamation of its subsidiary Piombino Steel Limited (PSL) with the Company. The Mumbai Bench of NCLT, through its order dated 16 October 2026, has approved the PSL Scheme. Since the NCLT order was received prior to approval of the financial results for the quarter and half year ended 30 September 2026 and the amalgamation is a common control business combination within the scope of Appendix C to Ind AS 103 - Business Combinations, the effect of NCLT order has been given in the financial results for the quarter and half year ended 30 September 2026 as follows : (i) Pursuant to the PSL Scheme, the assets, liabilities and reserves of PSL have been recognised at their respective carrying values appearing in the consolidated financial statements of PSL and investments in subsidiary has been recognised in accordance with the applicable IND AS. Inter-company balances between PSL and the Company have been eliminated and the value of the investments held by the Company in PSL stands cancelled. (ii) As a consideration for amalgamation, the Company is required to issue and allot 65,384,615 equity shares of Rs. 1 each at face value/nominal value to the shareholders of PSL, other than the Company, pursuant to the approved share swap ratio. The Company is in the process of completing such allotment. Pending the allotment of the said shares, an amount equivalent to their face /nominal value, aggregating to Rs. 7 crores, has been recognised as 'Shares Pending Allotment' under 'Other Equity'. (iii) Surplus arising after taking effect of (i) and (ii) above, has been recognised as capital reserve amounting to Rs. 168 crores . 3. The previous period/year numbers have been accordingly restated for Note 1 and 2 above. The impact of the amalgamations on the Statement of Unaudited Standalone Financial Results for the quarter and half year ended 30 September 2026 is as under: Quarter ended Particulars 30.06.2026 Reported Restated Revenue from 35,539 35,540 operations Profit before tax 3,792 6,691 Profit after tax 2,826 5,750 SIGNED FOR IDENTIFICATION BY i- SR BC & CO lLP MUMBAI 30.09.2025 Reported Restated 32,859 33,004 2,016 3,111 1,493 2,417 (Rs. in Crores) Half year ended Year ended 30.09.2025 31.03.2026 Reported Restated Reported Restated 64,472 64,824 132,847 133,408 4,941 6,153 8,807 12,565 3,671 4,682 6,522 13,149
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(Rs. in Crores) 31.03.2026 Particulars Reported Restated Total assets 203,211 234,057 Total liabilities 117,551 120,455 Total equity 85,660 113,602 4. The Board of Directors of the Company at their meeting held on 14 May 2026 considered and approved Scheme of Amalgamation pursuant to Section 230-232 and other applicable provisions of the Companies Act, 2013, providing for amalgamation of BMM !spat Limited, a related party , with the Company. Pursuant to the Board approval, the Scheme has been filed with the concerned Stock Exchanges and Competition Commission of India for requisite approvals. The Competition Commission of India has approved the proposed amalgamation vide its order dated 6 October 2026. The amalgamation is subject to regulatory and other approvals . Accordingly, no impact is given on account of this in the Statement of Unaudited Standalone Financial Results for the quarter and half year ended 30 September 2026. 5. Exceptional items comprises impact of Labour codes on employee benefits amounting to Rs.487 crores for the year ended 31 March 2026. 6. The Company is in the business of manufactur ing steel products and hence has only one reportable operating segment as per Ind AS 108 - Operating Segments. 7. The above results have been reviewed by the Audit committee and approved by the Board of Directors at their meetings held on 22 October 2026 and 23 October 2026 respectively . The statutory auditors have carried out a Limited Review of the results for the quarter and half year ended 30 September 2026. For JSW Steel Limited SIGNED FOR IDENTIFICATION BY l S R BC & CO LLP MUMBAI
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SR BC & CO LLP Chart ered Account ants 12 th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West ) Mumbai • 400 028 , India Tel :+912268198000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors JSW Steel Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of JSW Steel Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 Standards on Auditing and consequently does not enable us to obta in assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standard s (' Ind AS') specified under Section 133 of the Companies Act, 2013 , as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying Statement includes the unaudited interim financial results and other unaudited financial information in respect of : • 8 subsidiaries, whose unaudited interim financial results and other unaudited financial information include total assets of Rs. 91,220 crores as at September 30, 2026, total revenues of Rs. 12,893 crores and Rs. 24,746 crores, total net profit after tax of Rs. 806 crores and Rs. 4,535 crores, total comprehensive income of Rs. 730 crores and Rs. 4,580 crores, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30 , 2026 respectively and net cash outflow of Rs. 29,185 crores for the period from April 01 , 2026 to September 30, 2026, as considered in the Statement whose unaudited interim financial results and other unaudited financ ial information have been reviewed by their respective independent audito rs. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office : 22 . Camac Street. Block '8' . 1rd Floor. Kolkal.i-700 01 6
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SR BC & CO LLP Chartered Accountants JSW Steel Limited Page 2 of 4 • 4 joint ventures, whose unaudited interim financial results and other unaudited financial information include Group's share of net profit of Rs. 305 crores and Rs. 126 crores and Group's share of total comprehensive income of Rs. 306 crores and Rs. 127 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, as considered in the Statement whose unaudited interim financial results and other unaudited financial information have been reviewed by their respective independent auditors. The independent auditor's reports on unaudited interim financial results and other unaudited financial information of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and joint ventures is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 7. Certain of these subsidiaries and joint ventures are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries . The Holding Company's management has converted the financial results of such subsidiaries and joint ventures located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries and joint ventures located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of: • 17 subsidiaries, whose unaudited interim financial results and other unaudited financial information reflect total assets of Rs. 4,979 crores as at September 30, 2026, and total revenues of Rs. 52 crores and Rs. 91 crores , total net loss after tax of Rs. 52 crores and Rs. 120 crores, total comprehensive loss of Rs. 87 crores and Rs. 154 crores , for the quarter ended September 30 , 2026 and for the period from April 01, 2026 to September 30, 2026 respectively and net cash inflows of Rs. 2 crores for the period from April 01, 2026 to September 30, 2026. • 5 associates and 6 joint ventures , whose unaudited interim financial results and other unaudited financial information includes the Group's share of net profit of Rs. 29 crores and Rs. 36 crores and Group's share of total comprehensive income of Rs. 29 crores and Rs. 36 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively . The unaudited interim financial results and other unaudited financial information of these subsidiaries, associates and joint ventures have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, associates and joint ventures, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these unaudited interim financial results and other unaudited financial information are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 6, 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management. For SR BC & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 $~ per Suresh Yadav Partner Membership No.: 119878 UDIN:lbl r:t~-rr>H?.rcfFca3 Place: Mumbai Date: October 23, 2026
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SR BC & CO LLP Chartered Accountants Annexure I - List of entities included in the accompanying statement Subsidiaries: 1. JSW Steel (Netherlands) B. V. 2. Periama Holdings, LLC 3. JSW Steel (USA), Inc 4. Planck Holdings, LLC 5. Lower Hutchinson Minerals, LLC 6. Hutchinson Minerals, LLC 7. Meadow Creek Minerals, LLC 8. JSW Panama Holdings Corporation 9. lnversiones Eurosh Limitada 10. JSW Natural Resources Limited 11. JSW Natural Resources Mozambique Limitada 12. JSW ADMS Carvao Limitada 13. JSW Mineral Resources Mozambique LOA 14. Acero Junction Holdings, Inc 15. JSW Steel (USA) Ohio, Inc. 16. JSW Steel Italy S.r.L 17. JSW Steel Italy Piombino S.p.A 18. Piombino Logistics S.p.A. - A JSW Enterprise 19. GSI Lucchini S.p.A. 20. JSW Steel (UK) Limited 21. JSW Steel Coated Products Limited 22. JSW Jharkhand Steel Limited 23 . JSW Bengal Steel Limited 24. JSW Natural Resources India Limited 25. JSW Energy (Bengal) Limited 26. JSW Natural Resources Bengal Limited 27 . Peddar Realty Limited 28 . JSW Realty & Infrastructure Private Limited 29. JSW Industrial Gases Limited 30 . JSW Utkal Steel Limited 31. JSW Vijayanagar Metallics Limited 32. Piombino Steel Limited (upto September 30, 2026) 33. Bhushan Power and Steel Limited 34. Neotrex Steel Limited 35 . JSW Steel Global Trade Pte Limited 36. Chandranitya Developers Limited 37 . JSW Rayalaseema Steel Limited (formerly known as JSW AP Steel Limited) 38. NSL Green Steel Recycling Limited 39 . Mivaan Steel Limited 40 . JSW Green Steel Limited JSW Steel Limited Page 3 of 4 41. JSW JFE Kalinga Steel Limited (formerly known as JSW Kalinga Steel Limited) (w.e.f. April 26, 2025, till March 26, 2026) 42. JSW JFE Steel Limited (formerly known as JSW Sambalpur Steel Limited) (w.e.f. September 30, 2025, till March 26, 2026) 43 . APJSW Private Limited (w.e.f. August 25, 2025) 44. Saffron Resources Private Limited (w.e.f. December 03, 2025) 45. Minas de Revuboe Limitada (w.e.f. March 26 , 2026)
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SR BC & CO LLP Chartered Accountants Joint ventures: 1. Vijayanagar Minerals Private Limited 2. Rohne Coal Company Private Limited 3. Gourangdih Coal Limited 4. JSW Ml Steel Service Center Limited (Consolidated) 5. JSW Severfield Structures Limited 6. JSW Structural Metal Decking Limited 7. JSW One Platforms Limited (Consolidated) 8. MP Monnet Mining Company Limited 9. Urtan North Mining Company Limited 10. JSW JFE Electrical Steel Private Limited (Consolidated) 11. M Res NSW HCC Pty Ltd. (Consolidated) 12. Ayena Innovation Private Limited JSW Steel Limited Page 4 of 4 13. JSW JFE Kalinga Steel Limited (Consolidated) (formerly known as JSW Kalinga Steel Limited) (w.e.f. March 27, 2026) Associates: 1. JSW Renewable Energy (Vijayanagar) Limited 2. JSW Paints Limited (Consolidated) 3. JSW Renewable Energy (Dolvi) Limited 4. JSW Renewable Energy (Anjar) Limited (w.e.f. May 29, 2025) 5. JSW Renewable Energy Coated Two Limited (w.e.f. September 14, 2026)
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_J~ V Steel Li rn ited Registered Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai- 400051 CIN: L27102MH1994PLC152925 Statement of Unaudited Consolidated Financial Results for the quarter and half year ended 30 September 2026 Sr. No. I II Ill IV V VI VII VIII IX X XI XII XIII XIV xv XVI XVII Particulars Revenue from operations a) Gross sales b) Other operating income Total Revenue from operations Other Income Total Income (1+11) Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in inventories of finished and semi-finished goods, work-in- progress and stock-in-trade d) Mining premium and royalties e) Employee benefits expense f) Finance costs g) Depreciation and amortisation expense h) Power and fuel i) Other expenses Total expenses (IV) Profit before share of profit/(loss) of joint ventures and associates, exceotional items and tax lnetl 1111-IVl Share of profit/(loss) of joint ventures and associates (net) Profit before exceptional items and tax (V+VI) Exceptional items (net) (refer note 3) Profit before tax (VII-VIII) Tax expense/ (credit) a) Current tax b) Deferred tax Total tax expenses/ (credit) Net Profit for the period/ year (IX-X) Other comprehensive income (OCI) (A) (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss (B) (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss Total other comprehensive income/(loss) Total comprehensive income/ (loss) for the period/ year (Comprising Profit / (loss) and Other comprehensive income/ (loss) for the period/year) (Xl+XII) Net Profit/ (loss) for the period/year attributable to : -Owners of the Company -Non-controlling interests Other comprehensive income/ (loss) attributable to: -Owners of the Company -Non-controlling interests Total comprehensive income/ (loss) for the period/year attributable to: -Owners of the Company -Non-controlling interests Earnings per equity share (not annualised) Basic (Rs.) Diluted (Rs.) SIGNED FOR tDENTIFICATIIN BY @ SA BC & CO LLP MUMBAI Quarter ended 30.09.2026 30.06.2026 30.09.2025 Unaudited Unaudited Unaudited 53,697 46,662 44,560 789 702 592 54,486 47,364 45,152 441 724 284 54,927 48,088 45,436 26,917 24,586 23,921 2,443 1,814 722 817 (2,285) (1,363) 1,452 1,835 1,449 1,339 1,306 1,307 1,602 1,712 2,413 2,200 2,137 2,554 4,255 4,116 4,096 7,143 6,609 7,905 48,168 41,830 43,004 6,759 6,258 2,432 292 {98) (88) 7,051 6,160 2,344 7,051 6,160 2,344 1,415 1,265 608 277 199 90 1,692 1,464 698 5,359 4,696 1,646 (928) 1,134 84 135 (163) 1 (487) (204) 579 83 51 (229) (1,197) 818 435 4,162 5,514 2,081 5,279 4,651 1,623 80 45 23 5,359 4,696 1,646 (1,198) 818 435 1 - (1,197) 818 435 4,081 5,469 2,058 81 45 23 4,162 5,514 2,081 21.63 19.05 6.66 21.59 19.02 6.64 (Rs. in Crores) Half Year ended Year ended 30.09.2026 30.09.2025 31.03.2026 . Unaudited Unaudited Audited 1,00,359 87,020 1,82,037 1,491 1,279 3,433 1,01,850 88,299 1,85,470 1,165 634 1,248 1,03,015 88,933 1,86,718 51,503 44,683 88,836 4,257 1,276 3,036 (1,468) (1,542) 4,719 3,287 3,309 6,954 2,645 2,625 5,285 3,314 4,630 9,102 4,337 5,091 9,601 8,371 8,221 16,152 13,752 15,036 30,667 89,998 83,329 1,74,352 13,017 5,604 12,366 194 (188) (475) 13,211 5,416 11,891 (17,359) 13,211 5,416 29,250 2,680 1,401 3,799 476 160 (57) 3,156 1,561 3,742 10,055 3,855 25,508 206 (78) (656) (28) 34 115 (691) 654 (79) 134 (241) (228) (379) 369 (848) 9,676 4,224 24,660 9,930 3,807 22,316 125 48 3,192 10,055 3,855 25,508 (380) 369 (848) 1 - (379) 369 (848) 9,550 4,176 21,468 126 48 3,192 9,676 4,224 24,660 40.68 15.60 91.43 40.61 15.57 91.25
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..r.fiv Steel Limited CONSOLI DATED STATEMENT OF ASSETS AND LIABILITIES: A ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Investment property (d) Right-of-use assets (e) Goodwill (f) Others intangible assets Particulars (g) Intangible assets under development (h) Investments in joint ventures and associates (i) Financial assets (i) Investments (ii) Loans (iii) Derivati ve assets (iv) Others financial assets U) Non current tax assets (net) (k) Deferred tax assets (net) (I) Other non-current assets Total 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) Derivative assets (vii) Other financial assets (c) Current tax assets (net) (d) Other current assets (e) !).ssets classified as held for sale Total Current assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equity Equity attri butable to owners of the Company Non controlling interests Total Equity 2 Non-current liabilities (a) Financial liabilities (i) Borrowing s (ia) Lease liabilities (ii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities Total Non-current liabilities 3 Current liabilities (a) Financial liabilitie s (i) Borrowings (ia) Lease liabilities (ii) Acceptances (iii) Trade payables (a) Total outstanding , dues of micro and small enterprises (b) Total outstanding, dues of creditors other than micro and small enterprises (iv) Derivati ve liabilitie s (v) Other financial liabilities (b) Other current liabilitie s (c) Provisions (d) Current tax liabilities (net) (e) Liabilitie s classified as held for sale Total Current liabilities TOTAL EQUITY AND LIABILITIES SIGNED FOR IDENTIFICATION &Y ® SR BC & CO Llf MUMBAI As at 30.09.2026 Unaudited 1,10,426 26,025 66 4,689 657 1,888 602 5,099 5,445 3 128 8,809 1,654 26 8,850 1,74,367 36,056 2,899 12,343 6,658 11,760 95 758 1,784 - 5,295 619 78,267 2,52,634 305 1,13,001 1,13,306 169 1,13,475 50,700 3,127 3,561 2,062 9,679 1,736 70,865 15,551 442 20,537 1,724 15,488 123 5,802 5,421 351 2,704 151 68,294 2,52,634 (Rs in crores) As at 31.03.2026 Audited 1,09,532 21,892 66 4,922 655 1,954 423 4,577 5,123 3 271 7,854 1,330 18 7,621 1,66,24 1 32,765 518 11,260 39,256 1,733 90 2,279 9,24 7 3 6,203 81 1,03,435 2,69,676 305 99,748 1,00, 053 5,422 1,05,475 75,608 3,306 2,783 1,939 9,293 1,895 94,824 19,924 472 19,817 1,541 13,125 79 7,222 5,596 332 1,262 7 69,377 2,69 ,676
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~ Steel Limited CONSOLIDATED STATEMENT OF CASH FLOWS (Rs in crores) Particulars Half year ended 30.09.2026 30.09.202S Unaudited Unaudited A. Cash flow from operating activities Profit before ta x 13,211 5,416 Adjustments for : Depreciation and amortisation expense 4,337 5,091 (Gain) / Loss on sale of property, plant & equipme nt (net) (98) 37 Gain on sale of fi nancial investments designated as Fair value through profit & loss ('FVTPL') (87) (13) Export obligation deferred income amortizatio n (111) (14) Interest income (689) (349) Dividend income (20) (23) Inte rest expense 3,079 4,338 Unrealised exchange (gain)/ loss (net) 904 1,437 Gain on fi nanical instruments designated as FVTPL (46) (209) Unwindi ng of inte rest on financia l assets carried at amor ti sed cost (3) (2) Share based payment expense 82 82 Share of (profit)/ loss of joint vent ures and associates (net) (194) 188 Allowance fo r doubtful receivable and advances 7 59 Gain on deemed disposal of stake in joint venture (191) 6,970 10,622 Operating profit before working capital changes 20,181 16,038 Adjustments for: (Increase) in inventor ies (3,292) (4,720) (Increase) in trade receivables (872) (730) Decrease I (I ncrease) in other assets 461 (753) Increase in acceptances 639 1,434 Increase in trade payable and other liabilities 2,023 1,583 Increase in provisions 89 108 (952) (3,078) Cash flow from operations 19,229 12,960 Income taxes oaid (net of refund received) (1,557) (968) Net cash genera ted from operating activities (A) 17,672 11,992 B. Cash flow from investi ng activities Purchases of property, plant and equipme nt and intangibles assets (including under development and capital (10,604) (6,835) advances) Proceeds from sale of property, plant and equipment and intangible assets 146 7 Investme nt in join t ventures and associates (259) (419) Equity investme nt in othe r related parties/ others (80) (1) Sale of other investments (refer note 2) 7,875 . Purchase of cu rrent investments (8,713) (350) Sale of curren t investments 6,456 350 Bank deposits not considered as cash and cash equiva lents (net) (10,323) (1,027) Interest received 804 314 Dividend received 20 23 Net cash used in investing activities (B) (14,678) (7,938) C. Cash flow from financing activities Payment for purchase of treasury shares (26) (141) Proceeds from non-current borrowings 2,446 8,573 Repayment of non-current borrowi ngs (33,689) (9,004) Proceeds from current borrowi ngs (net) 1,574 394 Repayment of lease liabilities (223) (205) Interest paid (3,725) (4,530) Dividend paid (1,736) (685) Net cash used in financinl! activities (C) (35,379) (5,598) Net decrease in cash and cash equivalents (A+B+C) (32,385) (1,544) Cash and cash equiva lents - opening balances• 39,045 11,655 Add: Translation adjustment in cash and cash equivalents (2) (18) Cash and cash equivalents - closinl! balances 6,658 10,093 • restated pursuant to amendmen t to lndAS 109 - Financial Instruments SIGNE!t FGR IDENTIFICATISN 8Y ~ SA 8 C & CO LU• MUMBAI
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~ Steel Limited Additional information pursuant to Regulation 52(4) and Regulation 54 (2) of Securities and Exchange Board of India (Listing Obligat ions and Disclosure Requirements) Regulations, 2015, as amended as at and for the quarter and half year ended 30 September 2026 Sr. Particulars Quarte r Ended No. 30.09 .2026 30.06.2026 30.09.2025 Unaudited Unaud ited Unaudited 1 Debt Equity Ratio 0.58 0.61 1.15 ( Total Borrowings / Total Equity) 2 Debt service coverage ratio ( not annualised) 3.48 0.71 2.15 Debt service coverage ratio ( trailing twelve months) 1.50 1.34 2.15 ( Profit bef ore Tax, Exceptional Items, Depreciation , Net Finance Charges I (Net Finance Charges+ Long Term Borrow ings scheduled 'prin cipal repayments (excluding prepayments/ refinancing) 'duri ng the period) (Net Finance Charges: Finance Costs - Interest Income - Net Gain /(Loss) on sale of current investments) 3 Interest service coverage ratio ( not annualised) 8.89 7.08 3.18 Interest service coverage ratio ( trailing twelve months) 5.51 4.27 3.25 ( Profit before Tax, Exceptional Items, Depreciation, Net Finance Charges/ Net Finance Charges) 4 Current Ratio 1.15 1.15 1.09 ( Current Assets/ Current Liabilities) 5 Long term debt to working capital 3.10 2.79 3.97 (Non-current borrowings + Current matu rities of long term borrowings)/ {Current Assets - {Current liabili ties - Current maturities of long term borrowings)) 6 Bad debts to Accounts receivable ratio - /Bod debts/ Trade receivables) 7 Current liability ratio 0.49 0.49 0.43 ( Current Liabilities/ Toto/ Liabilities) 8 Total debts to total assets 0.26 0.27 0.39 {Total borrowi ngs/ Total Assets) 9 Trade receivable turnover (no. of days) 21 23 19 {Average Trade receivables/ Gross Soles • No. of days) 10 Inventory Turnover (no. of days) 85 95 111 (Average inventor y/ {Cost of materials consumed+ Purchases of stock-in-trade + Changes in inventories + Mining premium and royalties + Powe r and fue l + Stores & spares consumed + Repairs & Maintenance + Job work charges + Labour charges + Mining & development cost) • No. of days) 11 Operating EBIDTA Margin (%) 18.57% 19.81% 15.76% (Profit before depreciatio n1 lnterest1 Tax and exceptional items less Other income/ Revenue f rom operatio ns) 12 Net Profit/ (loss) Margin (%) 9.84% 9.91% 3.65% {/Net profit for the period/ year)/ Revenue fro m operatio ns)) 13 Paid up Equity Share Capital 244 244 244 (face va lue of Re.l per share) 14 Other Equity excluding Revaluation Reserves 1,13,00 1 1,05,260 82,628 15 Capital Redempt ion Reserve 774 774 774 16 Networth (As per Companies Act 2013) 1,06,474 97,553 74,455 17 Securities Premium 7,720 7,720 7,720 18 Paid up Debt capital 6,750 6,750 11,625 Sorrowing excludes lease lrab1ht1es 19 Security Coverage Ratio ("SCR") (in times) {Asset Coverage Ratio • Specific assets given as security for NCDs/ Secured borrowings for those specific assets) Particulars 8.90% Non-Convertible Debentures of Rs 1,000 crores 8.79% Non-Convertib le Debentures of Rs 2,000 crores 8.76% Non-Convertibl e Debentur es of Rs 1,000 crores 8.35% Non-Convertible Debentures of Rs 1,750 crores 8.43% Non-Converti ble Debentures of Rs 500 crores SIGNED FOPI IDENTIFICATION IY ~ S ft 8 C & CO llP MUMBAI Outstanding as on 30.09.2026 1,000 2,000 1,000 1,750 500 6,250 SCR as at Outstanding as on 30.09.2026 31.03.2026 3.43 1,000 1.99 2,000 1.99 1,000 3.88 1,750 3.46 500 6,250 Half Year Ended Year Ended 30.09 .2026 30.09.2025 31.03 .2026 Unaudited Unaudited Audited 0.58 1.15 0.91 1.21 1.94 2.09 1.50 2.15 2.09 7.91 3.46 3.67 5.51 3.25 3.67 1.15 1.09 1.49 3.10 3.97 1.84 0.49 0.43 0.42 0.26 0.39 0.35 22 18 20 88 110 94 19.15% 16.64% 16.08% 9.87% 4.37% 13.75% 244 244 244 1,13,001 82,628 99,748 774 774 774 1,06,474 74,455 92,862 7,720 7,720 7,720 6,750 11,625 6,750 SCRas at 31.03.2026 3.17 1.94 1.94 3.00 1.77
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Notes 1. The Board of Directors of the Company at their meeting held on 14 May 2026 considered and approved Scheme of Amalgamation ("Scheme") pursuant to Section 230-232 and other applicable provisions of the Companies Act, 2013, providing for amalgamation of BMM lspat Limited, a related party, with the Company. Pursuant to the Board approval, the Scheme has been filed with the concerned Stock Exchanges and Competition Commission of India for requisite approvals. The Competition Commission of India has approved the proposed amalgamation vide its order dated 6 October 2026. The amalgamation is subject to regulatory and other approvals. Accordingly, no impact is given on account of this in the Statement of Unaudited Consolidated Financial Results for the quarter and half year ended 30 September 2026. 2. The Board of Directors of the Company at their meeting held on 3 December 2025 considered and approved entering into a 50:50 joint venture with JFE Steel Corporation, Japan ("JFE"), for the steel business undertaking of Bhushan Power and Steel Limited ("BPSL"). Pursuant to the aforesaid transaction, on 27 March, 2026, JSW JFE Steel Limited ("JSW JFE Steel") (formerly known as JSW Sambalpur Steel Limited) acquired the steel business undertaking of BPSL for a cash consideration of Rs. 29,475 crores, including customary closing adjustments, subsequent to receipt of necessary approvals, including from the Competition Commission of India. Further, on 30 March, 2026, JFE invested Rs. 7,875 crores, representing the first tranche of its investment in JSW JFE Kalinga Steel Limited ("JSW JFE Kalinga") (formerly known as JSW Kalinga Steel Limited), resulting in JFE holding a 25% shareholding in JSW JFE Kalinga on a fully diluted basis. Consequent to the aforesaid allotment and changes in the Board composition in accordance with the Joint Venture Agreement dated 3 December 2025, Piombino Steel Limited ("Piombino Steel"), erstwhile subsidiary of the Company, and JFE have obtained joint control over JSW JFE Kalinga and its wholly owned subsidiary, JSW JFE Steel, with effect from 27 March, 2026. During the year ended 31 March 2026, the Company had accounted for the arrangement as a 50:50 joint venture considering the additional 25% stake to be acquired by JFE in JSW JFE Kalinga basis contractual obligation on a fully diluted basis at an agreed price. Accordingly, the Company had recognised a gain on loss of control over the steel business undertaking of BPSL amounting to Rs. 18,051 crores in accordance with Ind AS 110 - Consolidated Financial Statements and Ind AS 28 - Investments in Associates and Joint Ventures, which has been disclosed as an exceptional item in the year ended 31 March 2026. On 30 June 2026, JFE has acquired the aforesaid additional 25% stake in JSW JFE Kalinga basis contractual obligation and accordingly has become a 50:50 joint venturer . 3. Exceptional items comprise of the following : (Rs in crores) Exceptional items Quarter ended Half year ended Year ended Gain on loss of control over the steel business undertaking of BPSL (refer note 2) Impact of Labour codes on employee benefits Total (Gain)/ Loss 30.09.2026 30.06.2026 30.09.2025 SIGNED FOft IDENTIFICATl8N BY ® S IUI C & CO UP MUMB~I 30.09.2026 30.09.2025 31.03.2026 (18,051) 692 (17,359)
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4. The Group is majorly in the business of manufacturing steel products and hence has only one reportable operating segment as per Ind AS 108 - Operating Segments. s. The above results have been reviewed by the Audit committee and approved by the Board of Directors at their meetings held on 22 October 2026 and 23 October 2026 respectively. The statutory auditors have carried out a Limited Review of the results for the quarter and half year ended 30 September 2026. For JSW Steel Limited Ja Jt. ctor & CEO 23 October 2026 SIGNED FOR IDENTIFICATIGN BY ~ SR IC It CO u, MUMBAI
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PRESS RELEASE 23rd October 2026 ~ _ftl/Vsteel Financial Performance for Second Quarter FY 2026-27 Mumbai, India: JSW Steel Limited ("JSW Steel" or the "Company") today reported its financial results for the Second Quarter ended 30th September 2026 ("Q2 FY27" or the "Quarter"). Key Highlights for Q2 FV27 - Consolidated Performance ■ Highest ever Crude Steel Production: 7 .27 million tonnes ■ Highest ever Saleable Steel Sales: 7.46 million tonnes ■ Revenue from Operations: ,54,486 crores ■ Reported EBITDA: , 10,120 crores ■ Adjusted EBITDA*: , 9,941 crores ■ Net Profit after Tax: , 5,359 crores ■ Net Debt to Equity: 0.39x and Net Debt to EBITDA: 1.28x *Excludes FX gains/losses on long-term borrowings net of intercompany receivables Global economic activity remained resilient during the quarter despite continued geopolitical uncertainties and resulting inflation. The IMF recently upgraded its global growth forecast for 2026 by 10 basis points to 3.1%, while maintaining its 2027 outlook at 3.4%. Al-led investments, improving manufacturing indicators and resilient consumer demand have provided support to growth. However, ongoing conflict in the Middle East continues to create uncertainty through its impact on energy markets and commodity prices, while inflation and fiscal concerns have kept bond yields elevated and prompted major central banks to hike rates. Among major economies, the US continues to demonstrate resilience, aided by ongoing investments in technology and artificial intelligence, and strong consumer spending. In China, robust exports have supported manufacturing activity, while recent policy measures aimed at the real estate sector and infrastructure development are expected to provide support to domestic growth amidst weak demand. India remains a bright spot in the global economy, with growth being driven by resilient domestic demand, a robust investment cycle and improving industrial activity. Reflecting confidence in the economy's underlying strength, the RBI has raised its FY27 GDP growth forecast to 7.1% from 6.7% earlier . Industrial production and exports have remained healthy despite external headwinds, with engineering exports continuing to demonstrate resilience. Momentum in the automotive sector also remains strong, supported by healthy consumer demand and sustained economic activity. India's steel consumption remained strong, growing 7.0% YoY to 43.4mt in Q2 FY27 and by 7.5% in Hl FY27, supported by steady domestic demand as well as healthy exports of engineering goods. During Hl, exports and imports of total steel (including semi-finished steel) were broadly balanced. However, India remained a net importer of finished steel. In China, steel production and consumption continued to decline. During January-September CY26, steel production fell by 2.9% while consumption contracted by 3.9%. While finished steel exports declined 2% during this period, total steel exports including semi finished steel, increased 3.3%, driven by a 46% YoY rise in semi-finished steel exports . 1
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PRESS RELEASE 23rd October 2026 Consolidated Performance - Q2 FY27: Particulars Q2 FY27 Production (mn ton) 7.27 Sales (mn ton) 7.46 Revenue From Operations 54,486 Reported EBITDA (, crs) 10,120 Adj. EBITDA (, crs)** 9,941 Adj. EBITDA (Vton) 13,329 Adj. EBITDA Margin 18.3% ~ ..-,sl'Vsteel Consolidated Financial Highlights Ql FY27 QoQ Q2 FY26 PF* YoY 6.59 10% 6.95 5% 6.25 19% 6.62 13% 47,364 15% 41,469 31% 9,383 8% 6,395 58% 9,373 6% 7,129 39% 14,990 -11% 10,772 24% 19.8% 17.2% *Since BPSL has been de-con solidated with effect from 27 March 2026, the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL to make it comparable ** Excludes FX gains/lo sses on long-term borrow ings net of inte rcompany receivables Consolidated Production for the Quarter was highest ever at 7.27 million tonnes, higher by 5% YoY and 10% QoQ as Vijayanagar BF-3 has ramped up well following light-up in end-June, reaching ~go% utilisat ion. Steel Sales for the Quarter were highest ever at 7.46 million tonnes , up 13% YoY and 19% QoQ. Sales of Flats and VASP were highest ever, up 16% and 11% YoY, respectively. Domestic sales stood at a record 6.29 million tonnes, up 12% YoY and 18% QoQ. The Institutional sales volumes stood at 4.15 million tonnes , up 15% YoY. Sales to the Auto sector were highest-ever, up 36% YoY. Exports stood at 0.98 million tonnes , contributing to 13% of sales from India operations for Q2 FY27. The Company registered quarterly Revenue from Operations of ~54,486 crores and Adjusted EBITDA of ,9,941 crores, with an EBITDA margin of 18.3% during the Quarter. The EBITDA increased 6% QoQ, driven by higher volumes, partly offset by higher coking coal prices and lower realisations . Reported EBITDA was U0,120 crores during the Quarter . Profit after Tax for the Quarter was ~5,359 crores. The Company's Net Gearing (Net Debt to Equity) stood at 0.39x at the end of the Quarter, as against 0.42x at the end of Ql FY27 and Leverage (Net Debt to EBITDA) stood at 1.28x, as against 1.46x at the end of Ql FY27. Net Debt as of 30th September 2026 stood at ~44,482 crores, lower by ~1,675 crores compared to 30th June 2026. _____ JJ),_v _ 2
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PRESS RELEASE 23rd October 2026 ~ ~Steel India Operations Performance - Q2 FY27: Particulars Q2 FY27 India Operations Financial Highlights Ql FY27 QoQ Q2 FV26 PF* VoY Production (mn ton) 7.07 6.35 11% 6.71 5% Sales (mn ton) 7.27 6.02 21% 6.35 14% Revenue From Operations 50,188 42,894 17% 38,466 30% Reported EBITDA (, crs) 9,812 9,089 8% 6,160 59% Adj. EBITDA (, crs)** 9,636 9,096 6% 6,893 40% Adj. EBITDA (,/ton) 13,248 15,108 -12% 10,849 22% Adj. EBITDA Margin 19.2% 21.2% 17.9% * Since BPSL 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 . ** Excludes FX gains/lo sses on long-term borrowing s net of intercompany receivables. Crude Steel Production for the Quarter was highest ever at 7.07 million tonnes, up 5% YoY and 11% QoQ. The capacity utilisation for India Operations for the Quarter stood at 88%. Steel Sales for the Quarter were highest ever as well at 7.27 million tonnes, up 14% YoY and 21% QoQ. The India Operations registered Revenue from Operations of ,50,188 crores and Adjusted EBITDA of ,9,636 crores, with an EBITDA margin of 19.2% during the Quarter. Performance of Subsidiaries -Q2 FY27: JSW Vijayanagar Metallics Ltd. (JVML), Vijayanagar: During the Quarter JVML reported Crude Steel Production of 1.24 mill ion tonnes and Sales volume of 1.23 million tonnes. Revenue from Operations and Adjusted EBITDA for the Quarter stood at ,7,582 crores and ,1,630 crores, respectively. Adjusted EBITDA decreased by 10% QoQ, primarily due to higher input material costs. JVML reported a Profit after Tax of ,1,000 crores for the Quarter . JSW Steel Coated Products: During the Quarter, JSW Steel Coated Products registered a production volume {GI/GL, Tin, CRCA & other saleable products) of 1.19 mil lion tonnes and sales volume of 1.24 million tonnes . Revenue from Operations for the Quarter stood at ,11,344 crores, and Adjusted EBITDA was '708 crores. The subsidiary reported a net profit of ,352 crores for the Quarter. USA- Ohio: The EAF-based steel manufacturing facility in Ohio, USA, produced 2,24,933 net tonnes of slabs during the Quarter , with a capacity utilisation of 62%. Slab production were lower QoQ, mainly due to a scheduled shutdown for electrical upgrades and maintenance activities . Sales volume for the Quarter stood at 1,12,663 net tonnes of Slabs and 91,198 net tonnes of HRC. It reported an EBITDA of US$ 5.85 million for the Quarter, up by 22% QoQ, driven by better sales realisations, partly offsetting the impact of lower volumes . 3
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PRESS RELEASE 23rd October 2026 USA - Plate & Pipe Mill: ~ _pt/VSteel The Plate & Pipe Mill based in Texas, USA, produced 1,09,953 net tonnes of plates and 23,846 net tonnes of pipes, reporting a capacity utilisation of 42% and 17%, respectively, during the Quarter. Plate production was lower QoQ, mainly due to a scheduled shutdown for upgradation of the plate mill and annual maintenance shutdown from 10th September 2026. Sales volumes for the Quarter stood at 93,995 net tonnes of plates and 13,121 net tonnes of pipes. The subsidiary reported an EBITDA of US$ 13.06 million for the Quarter, up by 18% QoQ, primarily due to higher net sales realisations. Italy Operations: The Italy-based rolled long products manufacturing facility produced 70,079 tonnes, up 29% QoQ, following the annual shutdown of the rail mill in the previous quarter . Sales of rolled products was 77,224 tonnes during the Quarter . The subsidiary reported an EBITDA of EUR 6.98 million for the Quarter. Update on Projects: The BF-3 at Vijayanagar ramped up well during the Quarter, reaching ~go% uti lisation and contributing incremental volumes in Q2 FY27. At Dolvi, the Phase-Ill expansion from 10 MTPA to 15 MTPA is progressing well. Civil works and equipment erection are underway, and project completion is targeted for September 2027. At the JSW Utkal project in Odisha, the two pellet plants of 8 MTPA each are on track to be commissioned by FY28, and the 5 MTPA steel capacity of Phase-I will be commissioned by Q3 FY30. The 30 MTPA slurry pipeline in Odisha (being setup by JSW Infrastructure Ltd.), is expected to be commissioned by end-FY27. The 5 MTPA brownfield expansion at JVML-Vijayanagar is also progressing well with equipment ordering in progress, and the project is expected to be commissioned by FY30. At Kadapa, in the Rayalaseema region of Andhra Pradesh, the 1 MTPA EAF and Structural Mill project is progressing as planned, with civil work underway and the project is expected to be commissioned by FY29. The various downstream projects across locations are progressing well, for commissioning as per announced timelines . The Company is building an ecosystem for sustainable steel recycling with mechanised scrap processing centres planned to be set up across various locations. The first 0.5 MTPA recycling facility is being set up at Khopoli. The baler at the facility was commissioned during the Quarter, and the shredder is expected to be commissioned in Q3 FY27. The recycling facility will support resource circularity, decarbonisation and reduction in import dependency. Today, the Board has approved additional investments across steel making, downstream, mining and joint ventu re operations. The Board has approved three steelmaking projects : 1. Phase-II of 5 MTPA at the JSW Utkal facility in Odisha, with a capital outlay of ~16,150 crores and targeted for commissioning by Ql FY31. The project will add 5 MTPA of steelmaking capacity, taking the total capacity under construction at the site to 10 MTPA.
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PRESS RELEASE 23rd October 2026 ~ ~Steel 2. 8 MTPA pellet plant at JVML-Vijayanagar, which will reduce dependence on iron ore lumps. Further, an additional converter and caster is planned to be set up in the JVML Phase-II expansion announced earlier. 3. Additional Strand of Caster and a Plate Processing Facility to be added at the ongoing Dolvi Phase- Ill expansion, to enhance the utilisation of the Rolling Mill. In line with the Company's strategy to enhance downstream capabilities to address market requirements, the Board has approved an expansion at Vasind comprising a 1.8 MTPA Cold Rolling Mill complex, along with 1.2 MTPA metal coating facility, including Zero Sprangle (ZS) and Zinc-Aluminum-Magnesium (ZAM) facility . The project is targeted for commissioning by Q2 FY30. To bolster raw material security, the Board has approved the expansion of the MdR coking coal mine in Mozambique to a capacity of 9 MTPA of prime hard coking coal. Production is targeted to commence from CY28 in a phased manner. The Company had acquired the MdR coking coal deposit in Mozambique in March 2026. Further, the Board has approved capex for the development of captive iron ore mines, and coking coal mines and washeries in India. The Board and our joint venture partner, JFE Steel, has approved a 5 MTPA expansion at JSW JFE Steel Ltd .. This will take the total capacity of the plant to 9.5 MTPA and is planned to be commissioned by FY31. The Company reported its highest ever quarterly consolidated capex spend of ,6,266 crores in Q2 FY27. Capex for Hl FY27 stood at ,11,136 crores . Capital expenditure for FY27 is expected to be in the range of ,22,000-24,000 crores. Awards and Recognitions: JSW Steel won the 2026 worldsteel Steelie Award for Excellence in Clean Steel Production, recognising its efforts towards sustainable steelmaking. JSW Neosteel was recognised with the Iconic Brands of India Award at the 9th edition of the Brands of India Awards organised by ET Edge. JSW Steel won the Best Risk Management Solution award in the Highly Commended Winners category at the Adam Smith Awards Asia 2026. JSW Steel received the Service Excellence Award at the Isuzu Supplier Conference 2026 in recognition of its dependable steel supply and customer service. JSW Steel became the first steel company to win the Golden Peacock Award for ESG, reinforcing its commitment to sustainable and responsible business practices. The Dolvi plant received the Platinum Award at the 8th ICC National Occupational Health & Safety Awards 2026 for excellence in health and safety practices. 5
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PRESS RELEASE 23rd October 2026 Outlook ~ .--'5f/VSteel The IMF has upgraded its 2026 global growth forecast to 3.1% from 3.0% projected earlier and maintained the 2027 forecast at 3.4%, reflecting continued resilience in the global economy despite geopolitical uncertainties and inflationary pressures. Global growth continues to be supported by strong Al-driven investments and India's relative outperformance . However, ongoing tensions in the Middle East continue to create supply-side risks and keep energy and commodity prices elevated. Inflationary and fiscal concerns have contributed to higher bond yields, prompting major central banks to maintain a cautious policy stance. Looking ahead, easing geopolitical tensions could lead to reconstruction-led demand and boost growth. In the United States, economic growth continues to be supported by robust Al-related investments and resilient consumer spending despite inflationary pressures. China's manufactu ring sector continues to expand, supported by strong export momentum. Recent measures aimed at supporting the real estate sector and infrastructure investment should support economic activity going forward, although weak domestic demand continues to remain a concern . In the Eurozone, improving PMI trends and a strong GDP print for Q2CY26 reflect economic resilience, even as higher energy costs continue to weigh on the growth outlook. India continues to remain the fastest-growing major economy, underpinned by resilient domestic demand, robust investment activity and improving industrial performance . Industrial output and exports have remained healthy despite external headwinds, with engineering exports demonstrating resilience, while the automotive sector continues to exhibit robust momentum. Strong public and private sector investments across infrastructure, manufacturing and emerging industries continue to support the capex cycle and long-term growth prospects. However, elevated energy prices and inflationary pressures arising from a deficient monsoon remain key risks, prompting the RBI to adopt a more hawkish stance and raise policy rates. Despite these challenges, India's economic fundamentals remain supportive of sustained growth. Reflecting confidence in the economy's underlying strength, the RBI has raised its FY2027 GDP growth forecast to 7.1% from 6.7% earlier. About JSW Steel: • JSW Steel is the flagship business of the diversified, US$ 25 billion JSW Group. As one of India's leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital. • Over the last three decades, JSW Steel has grown from a single manufacturing unit to become India's leading integrated steel company with combined crude steel capacity of 37.9 MTPA including 4.5 MTPA through the JSW JFE Steel JV. Its next phase of growth will take combined capacity to 64.8 MTPA over the next five years. The Company's plant in Vijayanagar, Karnataka is the largest single-location steel-producing facility in India with current capacity of 19.5 MTPA, and is being expanded to ~25 MTPA by FY30, which would make it the world's largest steel plant. • JSW Steel has always been at the forefront of research and innovation. It has a strategic collaboration with JFE Steel of Japan, enabling JSW to access new and state-of-the-art technologies to produce and offer high-value special steel products to its customers. These products are extensively used across industries and applications including construction , infrastructure, automobile , electrical applications, and appliances.
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PRESS RELEASE 23rd October 2026 ~ _--'5H'steel • JSW Steel is widely recognized for its excellence in business and sustainability practices. Some of these recognitions include WorldSteel's Steel Sustainability Champion (consecutively for 8 years from 2019 to 2026), Deming Prize for TQM for its facilities at Vijayanagar (2018), and Salem {2019). It is a constituent of FTSE4Good Index and the Dow Jones World and Emerging Markets Sustainability Indices (DJS/ 2025), and ranked #1 globally in the steel sector in the S&P Global Corporate Sustainability Assessment (CSA 2025). • JSW Steel's 4 operations are now Responsible Steel Certified and more than 80% of domestic crude steel production is are covered under the Responsible Steel™ Certified Sites. • JSW Steel's Sustainable Energy Environment & Decarbonisation (SEED) project was awarded the Energy Transition Changemakers recognition at COP28. • JSW Steel is ranked 6th among the top 34 world-class steelmakers, according to the 'World-Class Steelmaker Rankings' by World Steel Dynamics (WSD) as of December 2025. • As a responsible corporate citizen, JSW Steel's CO2 emission reduction goals are aligned with India's Climate Change commitments under the Paris Accord. • JSW Steel aims to reduce its CO2 emissions by 42% from its steel-making operations by 2030 and has committed to achieve net neutral in carbon emission for all operations under its direct control by 2050. • Sustainability targets include achieving no net-loss in biodiversity at the operating sites by 2030, substantially improving air quality, reducing water consumption in all operations and maintaining Zero Liquid Discharge. • JSW Steel has emerged as an organisation with a strong work culture foundation. It is certified by Great Places to Work (2021, 2022 and 2023) as well as ranked as one of the Best Employers among Nation Builders (2023 and 2024) and one of India's best workplaces in Health & Wellness (2023). Forward Looking and Cautionary Statements: Certain statements in this release 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 risks 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, 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 - has made strategic investments, withdrawal of fiscal governmental incentives, 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. For media in_quiries, please contact: media.queries@jsw.in 7