Interim report
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^ SAIL ,No.CA-17(44)/2026-27 27'" October, 2026 The General Manager (MO) The Assistant. Vice President Bombay Stock Exchange National Stock Exchange of India Ltd. Through BSE Listing Centre ^ Through Neaps Sub: Unaudited Financial Results for the Quarter/Half Year ended 30^'' September. 2026. Dear Sir, The Board of Directors at its meeting held today i.e. 21^^ October, 2026, inter-alia, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter /Half year ended 30^^ September, 2026. A copy of the following is enclosed pursuant to SEBI (LODR) Regulations, 2015: • Unaudited Standalone and Consolidated Financial Results for the Quarter /Half Year ended 30^*^ September, 2026 along Segment Information, Statement of Assets and Liabilities and Cash Flow Statement. • Limited Review Report on Standalone and Consolidated Financial Results for the Quarter/Half Year ended 30^*^ September, 2026. • Security cover available in case of non-convertible debt securities. • Press Release. The Board Meeting commenced at 1600 hours and concluded at 1825 hours. The above are also being uploaded on the website of the Company at www.sail.co.in. Thanking you. Yours faithfully, For Steel Authority of India Limited (Mohit Malpani) ED (F&A) & Company Secretary End. As above. ci sraiiRcTi stRJ cil4l ^ 110 003, : Oil—24367481—86,^^: 011—24367015, www.saiI.co.ln Steel Authority of India Limited, Ispat Bhawan, Lodhi Road, New Delhi-110 003, Phone : 011-24367481-86, Fax; 24367015, Website : www.saii.co.ln SAIL PAN No. AAACS7062F SAIL Corporate Identity Number: L27109DL1973GOI006454 ^ ^ ^ ^ There's a little bit of SAIL In everybody's life
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I 2 3 4 A P T & Co. LLP Chartered Accountants, 308, 3rd Floor, Kanchenjunga Building, Barakhamba Road, Connaught Place, New Delhi-110001 V. N. Purohit & Co, Chartered Accountants, A-4 Nandlal Bithi, Ground floor, City Centre, Durgapur-713216, West Bengal V. K. Ladha & Associates, Chartered Accountants, 1st Floor, 36, Drawid Marg, Kshir Sagar Colony, Ujjain-456006, Madhya Pradesh C. K. Prusty & Associates, Chartered Accountants, 10, Rajarani Colony, Tankapani Road, Bhubaneshwar-751014, Odisha Independent Auditors' Limited Review Report on Unaudited Standalone Financial results of Steel Authority of India Limited for the quarter and half year ended 30"' September 2026 pursuant to the Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Steel Authority of India Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Steel Authority of India Limited ('the Company') for the quarter and half year ended 30'^ September 2026 being submitted by the Company pursuant to the requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), as prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our limited review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above and the consideration of the review reports of the branch auditors referred to in paragraph 6(b) below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting DURGAPUR 002301C EAViOlUl 1
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principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matter: (a) Note No. 3 to the accompanying Statement, which describes that the revenue from operations includes sales to Government agencies aggregating to ? 2,712.55 crore and K 4,775.53 crore for the quarter and six-month period ended 30^ September 2026 respectively (cumulative up to 30"" September 2026 of ? 2,3456.97 crores) which is recognized based on provisional prices as per the terms of sales with such Government agencies. (b) Note 6 (I) to the accompanying statement has considered ? 216.70 crore as exceptional item relating to Voluntary Retirement of Employees. (c) Note No. 7 to the accompanying statement, regarding suspension of certain officers and employees of the Company, basis directions from the Ministry of Steel, Government of India and related investigation to be conducted by external investigative agencies on certain matters relating to policy/pricing decisions of the Company. In view of the management, basis their internal assessment, the matter is not likely to have a material impact on the operations of the Company and/or these financial statements. Our conclusion is not modified in respect of above matters. 6. Other Matter: ■ (a) The composition of the Board of Directors of the Company does not have the requisite number of Independent Directors and Non-Executive Directors on the Board. Also, the company does not have a Woman Director on its Board. Consequently, the composition of the Board of Directors and certain Committees of the Board, including the Audit Committee and the Nomination and Remuneration Committee, was not in compliance with the requirements of Sections 149, 177 and 178 of the Act and Regulations 17, 18 and 19 read with Schedule II of the SEBI LODR Regulations. (b) We did not review the financial results of 09 (Nine) branches/units/marketing regions included in the Unaudited Standalone Financial Statement, whose interim financial information reflects total assets of ? 54,021.75 crore as at 30"^ September 2026 and total revenues of? 12,531.88 crore and ? 22,837.81 crore, total net profit after tax of ? 749.81 crore and ? 1,516.05 crore, and total comprehensive Income of (? 945.33) crore and (? 290.15) crore for the quarter and half year ended on 30''^ September 2026 respectively and cash flows (net) of ?7.24 crore for the half year ended on 30* September 2026, as considered in the Unaudited Standalone Financial Statement. These interim financial results have been reviewed by the branch auditors, whose ^AcC^ DURGAPUR t'oAocO 002301C 2
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reports have been furnished to us by the management, and our opinion, in so far as it relates to the amounts and disclosures included in respect of these branches/units/marketing regions, is based solely on the review report of such branch auditors. Our conclusion is not modified in respect of above matters. For A P T & Co. LLP Chartered Accountants Firm Registration No. 014621C/N500088 CA. Ashish Goyal Partner M. No. 534775 UDIN:26534775PWLBZD6719 For V. N. Purohit & Co Chartered Accountants Firm Re^tration No. 304040E CA. Harsh Vardhan Bhardwaj Partner M. No. 067993 UDIN:26067993LTAMYX6952 DURGAPUR ®dAcco For V. K. Ladha & Associates Chartered Accountants Firm Registration No. 002301C CA. Ashok Kumar Singh Partner M. No. 073620 UDIN: 26073620KDINJS8336 002301C For C. K. Prusty & Associates Chartered Accountants Firm RegistKtion No. 323220E CA. C. K. Prusty Partner M. No. 057318 UDIN:26057318DJHZZX3 072 Date: 27^ October 2026 Place: New Delhi 3
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STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LODl ROAD, NEW DELHI -110 003 Tel:+91 11-24367481, Fax;+91- 11 24367015, E-mail: investor.relation@sail.in, Website: www.sail.co.in Statement of Standalone Unaudited Financial Results for the Quarter and Half Year ended 30 September 2026? crores unless stated otherwise STANDALONE SI. No. Quarter ended Half Year ended Year ended Particulars 30th September 2026 30th June 2026 30th September 2025 30th September 2026 30th September 2025 31*' March 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income (a) Revenue from operations 31997.51 341.17 26245.64 203,51 26703.94 303.03 58243.15 544.68 52625.40 463.89 110810.24 1151.08 32338,68 26449.15 27006.97 58787.83 53089.29 111961.32 2 Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, work-in^progress and by-products d) Employee benefits expense e) Finance costs f) Depreciation and amortisation expenses 13887.75 417.65 2459.85 2861.63 523,40 1608.56 8150.76 12609.62 460.05 (2249.74) 2937.47 492.98 1559.82 8336.15 10373.41 1652.09 1,347.33 2938.76 484.28 1453.02 7865,75 26497.37 877.70 210.11 5799.10 1016.38 3168.38 16486.91 21116.07 3657.56 948.66 5882,79 1078.88 2894.05 15730.19 44358.14 5507.39 5156.85 11392.17 2158,10 5985,42 32401.17 29909.60 24146.35 26115.64 54055.95 51308.20 106959.24 3 Profit before Exceptional items and Tax (1-2) 2429.08 2302.80 891.33 4731.88 1781.09 5002.08 4 Add / (Less): Exceptional items (refer note 6) (72.69) (144.01) (338.44) (216.70) (338,44) (668.22) 5 2356.39 2158.79 552.89 4515.18 1442.65 4333.86 6 Tax expense a) Current tax 635.99 (53.331 660.27 (137.48) 196,83 (70.73) 1296.26 (190.81) 480.33 (149.95) 1397.10 (296.72) 582.66 522.79 126.10 1105,45 330.38 1100.38 7 1773.73 1636.00 426.79 3409.73 1112.27 3233.48 8 A Other Comprehensive income (OCI) (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to (256.67) 63.26 (147.31) 35,67 (27.93) 10.62 (403.98) 98.93 (180.60) 45.67 (66.14) 32,49 g Total Comprehensive Income for the period (7+8) 1580.32 1.524.36 409.48 3104.68 977.34 3199.83 10 Paid-UD Eouitv Share Caoitai (face value of ? 10/- each) 4130.53 4130.53 4130.53 4130.53 4130,53 4130.53 56198.84 55589.19 51842.34 56198.84 51842,34 54064.83 12 Earnings per equity share (of ?10/- each) (not annualised) 1. Basic (?) 4.29 4.29 3.96 3.96 1.03 1.03 8.25 8.25 2,69 2.69 7.83 7 83 0.52 0.54 0.60 0.52 0.60 0.55 2.90 2,41 4.82 2.64 3.48 3.84 15 Interest Service Coveraoe Ratio (number of times) 4.98 4.80 2,55 4,89 2,25 2.86 Note: Refer accompanying notes to the financial results. DURGAPUR ®c/AccC 002301C 4
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STEEL AUTHORITY OF INDIA LIMITED CIN; L27109DL1973GO1006454 REGISTERED OFFICEr ISPAT BHAWAN, LODI ROAD, NEW DELHI -110 003 Tel: +91 11-24367481, Fax: +91- 11 24367015, E-mall: lnvestor.relation@sail.tn. Website: www.sail.co.in 1 1 1 1 1 1 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES 1 1 ? crores unless stated otherwise STANDALONE Quarter ended Half year ended Year ended Particulars 30"' September 30" June 30" September30" September30" September 31*' March 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue from operations - Bhilai Steel Plant 9124.68 7485.33 7723.20 16610.01 15172.08 31872.59 - Durgapur Steel Plant 3282.90 2731.39 2769.99 6014.29 5427.34 11579.91 - Rcurkela Steel Plant 7934.52 7263.23 6252.34 15197.75 12219.82 25858.91 - Bokaro Steel Plant 8354.71 7204.82 6146.96 15559.53 12462.15 27407.02 - IISCO Steel Plant 4275.96 2771.02 3218.12 7046.98 6108.01 13064.88 -Alloy Steels Plant 411.49 357.53 346.41 769.02 658.26 1235.23 - Salem Steel Plant 557.11 434.06 523.08 991.17 1020.55 2022.97 - Visvesvaraya Iron & Steel Plant 124.30 76.02 53.61 200.32 110.05 259.43 - Others 785.72 776.87 1801.93 1662.59 3972.64 6964.73 Total segment revenue 34851.39 29100.27 28835.64 63951.66 57150.90 120265,67 Less: Inter-segment revenue 2853.88 2854.63 2131.70 5708.51 4525.50 9455.43 Net revenue from operations 31997.51 26245.64 26703.94 58243.15 52625.40 110810.24 Segment results (Profit / (Loss) before interest, exceptional items and tax) - Bhilai Steel Plant 963.71 838.38 505.37 1802.09 1267.27 2832.15 - Durgapur Steel Plant 118.76 168.98 89.17 287.74 159.79 475.06 - Rourkela Steel Plant 729.80 857.84 448.18 1587.64 706.63 1608.66 - Bokaro Steel Plant 849.07 844.90 170.58 1593,97 439.98 1415.15 - IISCO Steel Plant 366.74 270.41 166.89 637.15 384.98 982.22 -Alloy Steels Plant 12.23 9.31 2.69 21.54 (0.71) (2.67) • Salem Steel Plant (75.04) (66.07) (77.72) (141.11) (142.71) (217.69) - Visvesvaraya Iron & Steel Plant 9.04 (2.51) (9.21) 6.53 (19.78) (41.33) - Others (21.83) (125.46) 88.66 (147.29) 64.52 108.63 Total 2952.48 2795.78 1375.61 5748.26 2859.97 7160.18 Less; Finance costs 523.40 492.98 484.28 1016.38 1078,88 2158..10 Less: Exceptional items 72.69 144.01 338.44 216.70 338.44 668.22 Profit before Tax 2356.39 2158.79 552.89 4515.18 1442.65 4333^86 Segment Assets - Bhilai Steel Plant 34666.77 34303.36 32082.11 34666.77 32082.11 33878.87 - Durgapur Steel Plant 10455.36 10405.34 9484.46 10455.36 9484.46 9753.04 - Rourkela Steel Plant 29025.37 29380.30 28074.13 29025.37 28074.13 28104.17 - Bokaro Steel Plant 25124.18 25532.56 26233.93 25124.18 26233.93 24656.70 ■ IISCO Steel Plant 17199.76 17131.82 15936.63 17199.76 15936.63 16335.90 - Alloy Steels Plant 798.74 824.36 775.41 798.74 775.41 841.81 • Salem Steel Plant 2944.19 2744.31 2549.78 2944.19 2549.78 2692.23 - Visvesvaraya Iron & Steel Plant 257.84 268,01 253.83 257.84 253.83 277.61 - Others 15859.56 15022.75 13694.11 15859.56 13694.11 14468.15 Unallocated Assets 2565.30 2679.50 2575.47 2565.30 2575.47 2344.22 Total 138897.07 138292.31 131659.86 138897.07 131659.86 133252.70 Segment Liabilities - Bhilai Steel Plant 10993.19 10516.23 7198.78 10993.19 7198.78 10040.59 - Durgapur Steel Plant 3724.02 3753.23 3724.12 3724.02 3724.12 3744.40 - Rourkela Steel Plant 10453.09 10575.37 9577.51 10463.09 9577.51 10043.39 - Bokaro Steel Plant 8265.83 8310.81 7890.20 8265.83 7890.20 7769.43 - IISCO Steel Plant 1899.12 1739.61 1655.92 1899.12 1655.92 1710.68 - Alloy Steels Plant 377.10 365,86 375.81 377.10 375.81 358.96 - Salem Steel Plant 578.92 673.01 482.14 578.92 482.14 609.86 - Visvesvaraya Iron & Steel Plant 159.63 147.29 131.98 159.63 131.98 139,11 • Others 14176.69 13339.35 11370.26 14176.69 11370.26 12010.83 Unallocated Liabilities 27940.11 29151.83 33280.27 27940.11 33280.27 28630.09 Total 78567.70 78572.59 75686.99 78567.70 75686.99 75057.34 Note: Operating Segments have been identified in line with the Ind AS 108 - Operating Secments. DURQAPUR ?^ec/Acco^ 002301C 5
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STEEL AUTHORnV OF INDIA LIMITED STANDALONE STATEMENT OF CASH FLOWS (? crore) Half Year ended Half Year ended 30 September 2026 30 September 2025 Unaudited Unaudited 4515.18 1442.65 3168.38 2894.05 (20.09) 61.05 (192.57) (176.40) (116.51) (108.82) 1016.38 1078.88 - • (0.21) 22.48 (0.95) 19.96 112.47 (102.47) (73.81) 8310.74 5228.91 .1180.55 2364.84 (905.89) (1156.51) 1153.25 248.22 1680.84 310.69 (161.15) 127.06 (1966.18) 1207.46 9292.16 8330.67 (844.47) (349.17) 8447.69 7981.50 (5446.28) (4021.39) 111.50 422.42 (2.99) 0.16 (952.34) (49.46) 93.89 98.13 116.51 108.82 (6079.71] (3441.32 1,225.00 (2023.88) (356.59) . (281.01) (3059.67) (677.83) (401.14) (579.60 (772.65) (2337.32 (4590.05 30.66 (49.87) 9.51 285.62 40.17 235.75 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expenses (Gain)/Loss on disposal of fixed assets (net) Interest income Dividend income Finance costs (Gain)/Loss on sale of non-current investments Allowance for doubtful debts, loans and advances Other allowances Unclaimed balances and excess allowances written back Operating Profit before working capital changes Changes in assets and liabilities: Trade receivables Loans, other financial assets and other assets Trade payable Other financial liabilities and other liabilities Provisions Inventories , Cash flows from operating activities post working capital changes Income tax paid (net) Net cash generated/(used) In operating activities (A) CASH FLOWS FROM INVESTING ACTlVlTiES Purchase of property, plant & equipment (including capital work-in- progress) and intangibles Proceeds from sale/disposal of property, plant & equipment (Purchase)/Sale of current and non-current investments Movement in Bank balances other than cash and cash equivalents (net Interest received Dividend received Net cash used in investing activities (B) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds/(repayment) of short-term borrowings (net) Lease liabilities Finance cost paid Dividend paid Net cash generated in financing activities (C) Net change in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year* Cash and cash equivalents at the end of the year* The Statement of Cash Flows has been prepared using the Indirect Method as set out in Ind AS-7 The accompanying notes are an integral part of these standalone financial statements. •^y' w- \o DURGAPUR ecfAcoo^a'AccoS^ 002301C fias^ 6
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STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN. LODI ROAD. NEW DELHI -110 003 Tel:+91 11-24367481, Fax:+91- il 24367015, E-mail: inve8tor.relation@sai1.in.Website: www.sail.co.in STANDALONE STATEMENT OF ASSETS AND LIABILITIES (? crore) Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right of use assets (d).Investment property (e) Other intangible assets (f) Inventories [(g) Financial assets (I) Investments (ii) Loans I) Other financial assets |{h)Non-Current tax assets (net) 1(1) Other non-current assetsTotal non-current assets 1(2} Current assets (a) Inventories |(b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (Ii) above (iv) Loans (v) Other financial assets |(c) Income tax assets (d) Other current assets lAssets classified as held for sale Total current assets TOTAL ASSETS [EQUITY AND LIABILITIES 1(1) Equity(a) Equity share capital (b) Other equity Total equity |(2) Non-current liabilities ](a) Financial liabilities (i) Borrowings (ia) Lease liabilities (ii) Other financial liabilities |(b) Provisions (c) Deferred tax liabilities (net) 1(d) Other non-current liabilitiesTotal non-current liabilities |(3) Current liabilities |(a) Financial liabilities(I) Borrowings (ia) Lease liabilities (ii) Trade payables (a) total outstanding dues of micro and small enterprises (b) total outstanding dues of creditors other than micro and small enterprises (iii) Other financial liabilities |(b) Other current liabilities (c) Provisions 1(d) Current tax liabilities (net)' Total current liabilities TOTAL EQUITY AND LIABILITIES STANDALONE As at 30.09.2026 Unaudited 63541.72 12619.65 10351.83 0.91 2664.37 4311.34 1903.11 7.85 1848.05 689.40 2476.31 100414.54 25483.69 5343.93 40.17 1588.19 20.53 1380.50 4622.39 38479.40 3.13 38482.53 138897.07 4130.53 56198.84 60329.37 6003.21 9302.79 1699.24 6083.57 6200.09 491.79 29780.69 14579. 1578. 444. 11629. 13174. 4386. 1836. 1157. 48787. 138897. As at 31.03.2026 Audited 64666.28 10551.69 9888.98 0.93 1389.53 4347.61 1900.12 11.53 1735.99 474.93 2515.73 97483.32 23456.08 6541.39 9.51 635.85 20.91 1454.95 3646.20 35764.89 4.49 35769.38 133252.70 4130.53 54064.83 58195.36 7219.03 9536.64 1657.76 6144.48 6373.82 498.57 31430.30 14444.17 721.78 646.10 10273.88 11540.60 3860.88 1532.621 607.01 43627.04 133252.70 durgapur 002301C 7
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Notes to Standalone Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee (consisting of one functional Director, one government nominated Director and one independent Director, pending appointment of independent Directors) and approved by the Board of Directors in their meetings held on 21^ October, 2026. 2. The financial results have been reviewed by the Statutory Auditors as required under Regulation 33, 52, 54 read with regulation 63 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (as amended). 3. As per the terms of sales with certain Government agencies, the invoicing to these agencies are done at provisional prices, till a final price is subsequently agreed. The revenue recognized on aforementioned provisional prices basis is as under: ? in crore Quarter Half Year Cumulative Quarter HalfYear Cumulative ended ended till ended ended till 3C September, 2026 3C September, 2025 * * 2712.55 4775.53 23456.97 2505.40 4840.05 13882.85 * includes an amount of ? 309.03 crore provided on account of downward revision of rail price for the Financial Year 2024-25, based on the recommendation by the Office of the Chief Advisor-Cost, Ministry of Finance vide Order Dated 29th June; 2026 4. The inventory of sub-grade iron ore fines (SGFs) generated at the captive mines of the Company were not assigned any value in the books of accounts of the Company till the financial year ended 31st March 2019, since, the Government of India Notification dated 19^*^ September 2012 prohibited all captive miners from selling such sub-grade fines. Following the Government of India Order no.F.No.l6/30/2019-M.VI dated 16lh September 2019 allowing sale of sub-grade iron ore fines, the inventories of sub-grade fines held by the Company gained economic value. In this regard, the Company also obtained opinions from the Additional Solicitor General of India as well as the Expert Advisory Committee (EAC) of Institute of Chartered Accountants of India (ICAI). Based on the aforesaid opinions, the Company recognized these inventories as by-product inventory as at 31st March 2020. Since, these inventories were generated over many year, making it impracticable to ascertain the actual valuation, the Company assigned a valuation to such inventories basis average selling price of similar sub-grade fines over the last 36 months as declared by Indian Bureau of Mines (IBM), a Government of India organisation and as adjusted for royalty and other selling costs. The Company has obtained all clearances including environmental clearance and clearance from Director General of Mines Safety, Government of India. Further, procedural clearances have been obtained from the State Government of Odisha. In the State of Jharkhand, the Company is carrying Subgrade Iron ore Fines inventory of 31.83 Million Tons (as on 31st March 2026: 32.13 Million Tons) valuing ^3083.66 crore (as on 31st March 2026 valuing X 3112.01 crore) up to 30^*^ September, 2026 at GUA Mines. The evacuation of dumped fines from Duarguiburu lease of Gua Mine has started in FY 2023-24 for captive use, and for Topilore lease, the necessary permissions for dispatch is awaited. Further, during H,1 2026-27, a quantity of 292645T (506493T in FY 2025- 26) has been dispatched from Gua for captive consumption. With respect to sale, the delay is procedural and the management expects to receive the clearances in due course. □URGAPUR 002301C 8
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The management has been able to sell off such inventories in the state of Odisha. While, on an overall basis during the current and the previous years, there has been movement of 5.35 million tonnes in the volume of such inventories, there is significant market demand for sub-grade fines,and the recent sales price trends are indicative of considerable margins over and above the carrying value of such inventories. The management also has plans to set up beneficiation plant in future that will consume significant volume of sub-grade fines annually. Accordingly, in view of the management, there is no adjustment required in the carrying value of these inventories at this stage. Considering the substantial volume of inventories, the quantity estimated to be sold / consumed within the next one year has been recognized as current and the balance has been classified as non- current inventory. As at 30'^ September, 2026, the Company is carrying sub-grade iron-ore fines inventory of 37.63 Mt (as at 31st March 2026: 38.72 Mt) valuing ^3633.31 crore (as at 31st March 2026 valuing ^3732.90 crore) which includes 35.36 Mt valued at ^3423.50 crore classified as non-current inventory and 2.27 Mt valued at ?209.81 crore classified as current inventory at its various mines. Likewise, the Company - at its Barsua and Dalli Mines is carrying inventory of tailings of 11.99 Mt (as at 31st March'2026: 11.77 Mt) valuing ?557.49 crore (as at 31st March 2026 valuing ^550.08 crore) which includes 10.97 Mt valued at ^503.95 crore classified as non-current inventory and 1.02 Mt valued at ^53.54 crore classified as current inventory. - at its Bhilai and Rourkela Steel Plants is carrying inventory of extractable iron and steel scrap embedded in BF Slag and LD Slag of 0.40 Mt (as at 31st March 2026; 0.42 Mt) valuing ?400.73 crore (as at 31st March 2026 valuing ?423.19 crore) which includes 0.35 Mt valued at ^349.02 crore classified as non-current inventory and 0.05 Mt valued at ^51.71 crore classified as current inventory. - at its Chandrapur Ferro Alloys Plant is carrying inventory of Granulated high manganese ore (HMnO) slag and slag fines of 0.89 Mt (as at 31st March 2026: 0.86 MT) valuing ^47.65 crore (as at 31st March 2026 valuing ^49.02 crore) which includes 0.20 Mt valued at ^34.87 crore classified as non-current inventory and 0.69 Mt valued at ?12.78 crore classified as current inventory. The Company is formulating a detailed plan for disposal / consumption of these inventories. Considering the market volatility, steel market dynamics, possibility of future additions to steel and pellet making capacity in the country which may augment the demand of these materials, the carrying value of the non-current inventories need not be adjusted for any unforeseeable changes in the future prices. Accordingly, in view of the management, the carrying values of the aforementioned inventories are the best estimates basis the information available at this stage. 5. Based on the recommendation of the Board, the shareholders of the Company have approved final dividend of ^2.35 per equity share amounting to ^970.67 crore for FY 2025-26 at the 54'*^ Annual General meeting held on 24^*" September, 2026 which has since been paid in October, 2026. 6. Exceptional Items includes: (I) For the current half year ended 30^'' September, 2026: ^216.70 crore pertaining to Voluntary Retirement compensation of employees as per the Scheme. ^4cco\>^ DURGAPUR 002301C 9
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(II) For the previous half year ended 30^*^ September, 2025: ^338.44 crore pertaining to increase in Gratuity limit from Rs. 20 lakhs to Rs. 25 lakhs as a result of increase in DA above 50% of Basic Pay as calculated by actuary based on internal assessment of the company. 7. Ministry of Steel, Government of India, vide its letters dated 19'*^ January 2024 in exercise of the powers conferred by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of the Company had placed two directors of the Company on suspension with immediate effect and further complying with the Ministry of Steel, Government of India, letter dated 19'^^ January, 2024 the Company has placed some Below Board Level Officials of the Company, on suspension with immediate effect, basis a preliminary enquiry done by the Central Vigilance Officer on complaints received with respect to certain policy/pricing decisions of the Company. Now, pursuant to Government of India/Ministry of Steel orders dated 28'^ June, 2024, the suspension of the directors has been revoked with immediate effect. Further, the Company has also vide its order dated 28^^ June, 2024, in exercise of the powers conferred by sub-rule (5) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of the Company, revoked the suspension of all employees mentioned above with immediate effect. In view of the management, on the basis of their internal assessment, the matter is not likely to have a material impact on the operations of the company and/or these financial results. 8. The Government of India notified new labour codes, effective from November 21, 2025. The Ministry of Labour & Employment published Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation and assessed the impact of the changes, consistent with the Labour Codes, rules, FAQs and legal opinion. The Company has considered such incremental impact of ?198.14 crore in the Statement of profit and loss for the half year ended 30^^ September, 2026 (cumulative ^335.07 crore upto 30*^ September, 2026) (^136.93 crore as on 3E' March, 2026). 9. Pursuant to the SEBI Circular having reference number SEBI/HO/DDHS/DDHS- RACPODl/P/CIR/2023/172 dated October 19, 2023, with respect to the framework for fund raising by issuance of debt securities by Large Corporates, the company has been identified as a 'Large Corporate' as per the criteria mentioned in the circular and will comply with the requirements of the said circular. 10. The figures for the previous periods have been re-grouped, wherever necessary, so as to conform to the current periods classification. For and on behalf ofBoard of Directors Place: New Delhi Dated: 27'^ October, 2026 (Dr. Asho Chairman and anda) ingTDirector ^a/SAlL •^Acc#- DURGAPUR 002301C 10
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STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LODl ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.reIation@sail.in, Website: www.sall.co.ln Compliance under regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^^ September'2026. SI. No. Particulars Quarter ended 30'^ September, 2026 Quarter ended 30^^ June, 2026 Quarter ended 30**^ September, 2025 Half Year ended 30'^ September, 2026 Half Year ended 30^ September, 2025 Year ended 31®'March, 2026 1 Debt-Equity Ratio (Total borrowings/ Total equity) 0.52:1 0.54:1 0.60:1 0.52:1 0.60:1 0.55:1 2 Debt Service Coverage Ratio {Earning available for debt service/Debt sen/ice cost) 2.90 2.41 4.82 2.64 3.48 3.84 3 Interest Service Coverage ratio (EBIT/ Total finance costs) 4.98 4.80 2.55 4.89 2.25 2.86 4 Debenture Redemption Reserve (? in crore) 2.06 2.06 " 5 Net Worth (? In crore) 60329.37 59719.72 55972.87 60329.37 55972.87 58195.36 6 Net Proflt/(Loss) after tax (? in crore) 1773.73 1636.00 426.79 3409.73 1112.27 3233.48 7 Earnings per share (not annuallsed) 4.29 3.96 1.03 8.25 2.69 7.83 8 Current ratio (Current Assets/ Current Liabilities) 0.79 0.83 0.84 0.79 0.84 0.82 g Long term debt to working capital (Non-Current Borrowings including Current maturities of long term debt and lease liabilities/ working capital) # # # # # # OURGAPUR 002301C 11
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STEEL AUTHORITY OF INDIA LIMITED GIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LCD! ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.relation@sail.in, Website: www.sall.co.ln Compliance under regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^*^ September'2026. SI. No. Particulars Quarter ended September, 2026 Quarter ended 30*^ June, 2026 Quarter ended 30^*^ September, 2025 Half Year ended 30'^ September, 2026 Half Year ended 30*^ September, 2025 Year ended 31®'March, 2026 10 Bad debt to Account receivable ratio (Bad debts written off/ Accounts Receivable) - 11 Current liability ratio (Current liabilities/total liabilities) 0.62 0.61 0.61 0.62 0.61 0.58 12 Total debts to total assets (Total Debts/ Total Assets) 0.23 0.23 0.26 0.23 0.26 0.24 13 Debtors turnover (no. of days) (Average trade receivables/ Revenue from operations * no. of days) 15 20 19 19 22 23 14 inventory Turnover (no. of days) (Average inventories/ (Revenue from operations) * no. of days) 88 103 113 90 115 101 15 Operating margin (%) (Profit before depreciation, interest, tax and exceptional items/Revenue from operations) 14.25 16.60 10.59 15.31 10.93 11.86 16 Net Profit Margin (%) (Net Profit after tax/ Revenue from operations) 5.54 6.23 1.60 5.85 2.11 2.92 17. Outstanding redeemable Preference shares (Quantity & Value) NIL #Working capital is negative DURGAPUR 002301C 12
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STEEL AUTHORITY OF INDIA LIMITED GIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LCD! ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: lnvestor.relation@sail.in, Website: www.sail.co.ln Compliance under regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^^ S0pt0mber'2O26. SI. No. Particulars Quarter ended 30*'^ Sept., 2026 Quarter ended 30^ June, 2026 Quarter ended 30**^ Sept., 2025 HalfYear ended 30^ Sept., 2026 HalfYear ended 30'^ Sept., 2025 Year ended 31®' March, 2026 1. Securities Cover (number of times) [Value of assets having exclusive charge/(Outstanding value of corresponding debt + Interest Accrued)] 817.24 817.24 2. The Company has maintained security cover of 100% or higher in respect of its secured listed non-convertible debt securities as per the terms of offer document/ information Memorandum and/or Debenture Trust Deed, sufficient to discharge the principal amount and the interest thereon at ail times for the secured listed non convertible debt securities. Further, security has been created on specified assets of the Company through Equitable mortgage as per the terms of respective Debenture Trust Deeds for all secured listed non-convertible debt securities issued by the Company. The Company is also in compliance with ail the covenants, in respect of all listed non-convertible debt securities issued by the Company. LIST OF BONDS OUTSTANDING AS ON 30^" SEPTEMBER, 2026 SI. Series ISIN NO Date of Amount interest Tenure Redemption No allotment (Rs./Crs) Rate (%) (Years) Date N L S^o'Acco^ durgapur 002301C 13
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1 2 3 4 A P T & Co. LLP Chartered Accountants, 308,3rd Floor, Kanchenjunga Building, Barakhamba Road, Connaught Place, New Delhi-110001 V. N. Purohit & Co, Chartered Accountants, A-4 Nandlal Bithi, Ground floor. City Centre, Durgapur-713216, West Bengal V. K. Ladha «& Associates, Chartered Accountants, 1st Floor, 36, Drawid Marg, Kshir Sagar Colony, UjJain-456006, Madhya Pradesh C. K. Prusty & Associates, Chartered Accountants, 10, Rajarani Colony, Tankapani Road, Bhubaneshwar-751014, Odisha Independent Auditors' Limited Review Report on Unaudited Consolidated Financial results of Steel Authority of India Limited for the quarter and half year ended 30"' September 2026 pursuant to the Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Steel Authority of India Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Steel Authority of India Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), its associate and joint ventures (refer Annexure for the list of subsidiaries, associate and joint ventures included in the Statement) for the quarter and half year ended 30"" September 2026 being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), as prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRB) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. DURGAPUR 002301C etfAccQ % 14
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We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMDl/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the Listing Regulation, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the branch auditors and other auditors referred to in paragraph 6 (b), (c), (d), (e), (f) nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains aiiy material misstatement. 5. Emphasis of Matter: (a) Note No. 4(a) to the accompanying Statement, which describes that the revenue from operations includes sales to Government agencies aggregating to ? 2,712.55 crore and ? 4,775.53 crore for the quarter and six-month period ended 30"' September 2026 respectively (cumulative up to 30"^ September 2026 of? 23,456.97 crores) which is recognized based on provisional prices as per the terms of sales with such Government agencies. (b) Note No. 4(d)(1) to the accompanying statement as on 30"* September 2026 has considered ? 216.70 crore as exceptional item relating to Voluntary Retirement of Employees. (c) Note No. 4(e) to the accompanying statement, regarding suspension of certain officers and employees of the Company, basis directions from the Ministry of Steel, Government of India and related investigation to be conducted by external investigative agencies on certain matters relating to policy/pricing decisions of the Company. In view of the management, basis their internal assessment, the matter is not likely to have a material impact on the operations of the Company and/or these financial statements. Our conclusion is not modified in respect of these matters. 6. Other Matter (a) The composition of the Board of Directors of the Company does not have the requisite number of Independent Directors and Non-Executive Directors on the Board. Also, the company does not have a Woman Director on its Board. Consequently, the composition of the Board of Directors and certain Committees of the Board, including the Audit. Committee and the Nomination and Remuneration Committee, was not in compliance with the requirements of Sections 149, 177 and 178 of the Act and ReguIafignSsUj 18 and 19 read with SjAed^^rof the SEBI LODR Regulations. DURGAPUR edAcco 002301C 15
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(b) We did not review the financial results of 09 (Nine) branches/unils/marketing regions of holding company included in the Unaudited consolidated Financial Statement, whose interim financial information reflects total assets of ? 54,021.75 crore as at 30*^ September 2026 and total revenuesof? 12,531.88 crore and ? 22,837.81 crore, total net profit after tax of ?749.81 crore and ? 1,516.05 crore, and total comprehensive Income of (?945.33) crore and (?290.15) crore for the quarter and half year ended on 30'** September 2026 respectively and cash flows (net) of ?7.24 crore for the half year ended on 30"^ September 2026, as considered in the Unaudited consolidated Financial Statement. These interim financial results have been reviewed by the branch auditors, whose reports have been furnished to us by the management, and our opinion, in so far as it relates to the amounts and disclosures included in respect of these branches/units/marketing regions, is based solely on the review report of such branch auditors. (c) We did not review financial information of01 subsidiary included in the Unaudited Consolidated Financial Statement, whose interim financial information reflects total assets of? 300.60 crore as at 30'^ September 2026, and total revenues of? 53.40 crore and ? 98.45 crore, total net profit/(loss) after tax of? 0.68 crore and ? 2.22 crore, total comprehensive income/(loss) of ? 0.68 crore and ?2.22 crore, for the quarter and half year ended on 30*'' September 2026, respectively, as considered'in the unaudited Consolidated Financial Statement. These interim financial results have been reviewed by other auditor whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the review report of such other auditor and the procedures performed by us as stated in paragraph 3 above. (d) The Unaudited Consolidated Financial Statement also includes the Group's share of net profit/(loss) after tax of ? 80.80 crore and ? 106.60 crore, and total comprehensive income/(loss) of? 75.58 crore and ? 155.23 crore for the quarter and half year ended on SO''^ September 2026, respectively, in respect of 01 associate and 10 joint ventures, based on their interim financial information, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, are based solely on such unaudited/unreviewed financial information. According to the information and explanations given to us by the management, these unreviewed interim financial informations are not material to the Group. (e) The unaudited consolidated financial statements do not include the financial information in respect of I (one) subsidiary, which is currently dormant, including its total revenue, total net profit after tax, total comprehensive income, and net cash inflows for the half year ended 30"' September 2026, since the same is not available as per the Management. Also, the Statement does not include the Group's share of net profit/(loss) after tax and total comprehensive income/loss for th^uarter and 'half year ended on^QitS^^niber 2026, in respect of 04ffour^ DURGAP :^®bAccO'^ 002301C 16
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joint ventures, since the same is not available as per the Management and two of the entities are under closure. According to the information and explanations given to us by the management, these interim financial results are not material and significant to the Group. (f) The unaudited consolidated financial statements do not include the financial information in respect of 1 (one) subsidiary, which is incorporated in MCA, but formalities of registration are pending with IFSC authorities and as per the management does not have any financial transaction for the half year ended SO"' September 2026. Our conclusion is not modified in respect of above matters. For A P T & Co. LLP Chartered Accountants Firm Registration No. 0I4621C/N500088 CA. Ashish Goyal Partner M. No. 534775 UDIN:26534775RLOACN3923 «62AQ ^c'Acco'^ For V. N. Purohlt & Co Chartered Accountants Firm BrcSSstration No. 304040E CA. Harsh Vardhan Bhardwaj Partner M. No. 067993 UDIN:26067993WTNHQX6119 DURGAPUR ^c/AccO For V. K. Ladha «& Associates Chartered Accountants Firm Registration No. 002301C CA. Ashok Kumar Singh Partner M. No. 073620 UDIN:26073620PAVDAN7268 002301C For C. K. Prusty & Associates Chartered Accountants Firm R^istration No. 323220E . k: PrustyCA. C. k: Prusty Partner M.No. 057318 UDIN:260573I8CWRSPZ9310 Date: 27"^ October 2026 Place: New Delhi 17
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Annexurc to Auditor's Limited Review Report List of entities included in the Statement Subsidiaries — Reviewed SAIL Refractory Company Limited Associate - Unaudited Almora Magnesite Limited Joint Ventures- Unaudited NTPC-SAIL Power Co. Limited 2 Mjunction Services limited 3 Bastar railway Pvt. Limited 4 SAIL-RITES Bengal Wagon Industry Private Limited 5 SAIL-Bansal Service Centre Limited 6 GEDCOL SAIL Power Corporation Limited 7 Bokaro Power Supply Co. Private Limited S Prime Gold-SAIL JVC Limited 9 International Coal Ventures Private Limited 10 SAIL-Kobe Iron India Pvt. Limited Subsidiary-Not Available 1 Chattisgarh Mega Steel Limited # 2 SAIL Global IFSC Limited ^ Joint Ventures- Not Available 1 VSL SAIL JVC Limited $ 2 SAIL-SCL Kerala Limited* 3 Bhilai Jaypee Cement Limited* 4 Romelt SAIL (India) Limited $ * Companies under liquidation # Dormant Company $ Operations under Suspension Company under Incorporation $0'Acc0^$ DURGAPUR ecfAcco >■ FRN:002301c)5 18
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STEEL AUTHORITY OF INDIA LIMITED GIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LCD! ROAD, NEW DELHI - 110 003 Tel: +91 11-24367481, Fax: +91- 11 24367015, E-mail: investor.relation@sall.in, Website: www.saii.co.in Statement of Consolidated Unaudited Financial Results for the Quarter and Half Year ended 30 September 2026? crores unless stated otherwise CONSOLIDATED Quarter ended Half Year ended Year ended Si. No. Particulars 30th September 2026 30th June 2026 30th September 2025 30th September 2026 30th September 2025 31*' March 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 income (a) Revenue from operations 31997.55 232.33 26245.67 205.54 26704.17 205.87 58243.22 437.87 52625.93 368.01 110810.84 894.18 32229.88 26451.21 26910.04 58681.09 52993.94 111705.02 2 Expenses a) Cost of materials consumed b) Purchase of stock-in-trade 13914.49 417.65 12633.43 460.05 10394.37 1652.09 26547.92 877.70 21162.51 3657.56 44443.29 5507.39 c) Changes in inventories of finished goods, work-in-progress, by products & stock-in-trade d) Employee benefits expense e) Finance costs f) Depreciation and amortisation expenses 2469.69 2664.09 523.40 1609.17 8115.16 (2242.08) 2940.90 493.02 1560.34 8300.66 1335.71 2942.51 484.28 1453.48 7851.20 227.61 5804.99 1016.42 3169.51 16415.82 931.94 6890.26 1078.88 2894.97 15686.71 5131.28 11405.64 2158.15 5987.68 32323.25 29913.65 24146.32 26113.64 54059.97 51302.83 106956.68 3 Profit before Exceptional items, share of net Profit of investment accounted for uslnq equity method and Tax (1-2) 2316.23 2304.89 796.40 4621.12 1691.11 4748.34 4 Share of Profit in investments accounted for using equity method 80.80 25.80 98.18 106.60 171.28 425.39 5 Profit before Exceptional items and Tax (3+4) 2397.03 2330.69 894.58 4727.72 1862.39 5173.73 6 Add I (Less): Exceptional items (refer note 4(d)) (72.69) (144.01) (338.44) (216.70) (338.44) (668.22) 7 2324.34 2186.68 556.14 4511.02 1523.95 4505.51 8 Tax expense a) Current tax 636.39 660.73 198.05 1297.12 482.77 1399.47 (62.52) (118.10) (60.63) (180.62) (122.12) (266.76) 573.87 542.63 137.42 1116.50 360.65 1132.71 g 1750.47 1644.05 418.72 3394.52 1163.30 3372.80 10 Profit for the period attributabie to: a) Owners of the parent 1750.47 1644.05 418.72 3394.52 1163.30 3372.80 11 A Other Comprehensive income (OCI) (i) items that wiii not be reciassified to profit or ioss (256.67) (147.31) (27.93) (403.98) (180.60) (66.11) (ii) Income tax relating to items that wili not be reciassified to profit or loss 63.26 35.67 10.62 98.93 45.67 32.48 B (i) Items that will be reciassified to profit or ioss (5.23) 53.88 38.87 48.65 38.49 94.48 (II) Income tax relating to items that will be reciassified to profit or . . - 12 Total Comprehensive Income for the period (9+11) 1551.83 1586.29 440.28 3138.12 1066.86 3433.65 13 Total comprehensive income for the period attributabie to: a) Owners of the parent 1,551.83 1586.29 440.28 3138.12 1066.86 3433.65 14 4130.53 4130.53 4130.53 4130.53 4130.53 4130.53 15 58389.04 57807.86 54147.29 58389.04 54147.29 56225.36 16 Earnings per equity share (of ?10/- each) (not annuaiised) 1. Basic (?) 2. Diluted (?) 4.24 4.24 3.98 3.98 1.01 1.01 8.22 8.22 2.82 2.82 8.17 8.17 Note: Refer accompanying notes to the financial resuits. 1/ r 0^ DURGAPUR ^dAccci^ FRN-.0023010 §^Aoc^ 19
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1 i i ! 1 STEEL AUTHORITY OF INDIA LIMITED GIN; L27109DL1973GO1006454 RFGISTERED OFFICE; ISPAT BHAWAN, LCD) ROAD, NEW DELHI • 110 003 Tdi- +Q1 Ii.743fi7481 Fax: +91- 11 24367015, E-mail: investor.relation@sall.in, weDsite. www.saii.co.in t ! ■ i CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES ? crores unless stated otherwise CONSOLIDATED Quarter ended Haif year ended Year ended Particulars 30'" September 2026 30'" June 2026 30'" September 2025 30'" September 2026 30'" September 2025 31*' March 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue from operations - Bhilai Steel Plant - Durgapur Steel Plant 9124.68 3282.90 7485.33 2731.39 7723.20 2769.99 16610.01 6014,29 -15172.08 5427.34 31872.59 11579.91 - Rourkela Steel Plant 7934.52 7263.23 6252.34 15197.75 12219.82 25858.91 - Bokaro Steel Plant - IISCO steel Plant 8354.71 4275.96 7204.82 2771.02 6146.96 3218.12 15559.53 7046.98 12462.15 6108.01 27407.02 13064.88 - Alloy Steels Plant 411.49 357.53 346.41 769.02 658.26 1235.23 - Salem Steel Plant - Visvesvaraya Iron & Steel Plant 557.11 124.30 434.06 76.02 523.08 53.61 991.17 200.32 1020.65 110.05 2022.97 259.43 - Others 785.76 776.90 1802.16 1562.66 3973.17 6965.33 Total segment revenue Less: Inter-segment revenue 34851.43 2853.88 29100.30 2854.63 28835.87 2131.70 63951.73 5708.51 57151.43 4525.50 120266.27 9455.43 Net revenue from operations 31997.55 26245.67 26704.17 58243.22 52625.93 110810.84 Segment results (Profit/(Loss) before interest, exceptionai items - Bhilai Steel Plant 963.71 838.38 506.37 1802.09 1267.27 2832.15 - Durgapur Steel Plant 118.76 168.98 89.17 287.74 159.79 475.06 - Rourkela Steel Plant - Bokaro Steel Plant 729.80 849.07 857.84 844.90 448.18 170.58 1587.64 1693.97 706.63 439.98 1608.66 1415.15 - IISCO Steel Plant 366.74 270.41 156.89 637.15 384.98 982.22 -Alloy Steels Plant - Salem Steel Plant 12.23 (75.04) 9.31 (66.07) 2.69 (77.72) 21.54 (141.11) (0.71) (142.71) (2.67) (217.69) - Visvesvaraya Iron & Steel Plant 9.04 (2.51) (9.21) 6.53 (19.78) (41.33) - Others (53.88 (97.53) 91.91 (151.41) 145.82 280.33 2920.4: 2823.71 1378.86 5744.14 2941.27 7331.88 Less; Finance costs 523.40 493.02 484.28 1016.42 1078.88 2158.15 Less: Exceptional items 72.69 144.01 338.44 216.70 338.44 668.22 Profit before Tax 2324.34 2186.68 556.14 4511.02 1523.95 4506.51 Segment Assets - Bhilai Steel Plant 34665.77 34303.36 32082.11 34666.77 32082.11 __33878J7 - Durgapur Steel Plant 10455.36 10405.34 9484.46 10455.36 9484'.46 9753.04 - Rourkela Steel Plant - Bokaro Steel Plant 29025.37 25124.18 29380.30 25532.56 28074.13 26233".93 29025.37 25124.18 28074.13 26233.93 28104.17 24655.70 - IISCO Steel Plant 17199.76 17131.82 15936.63 17199.76 15936.63 16335.90 - Alloy Steels Plant ■ Salem Steel Plant 798.74 2944.19 824.36 2744.31 775.41 2549.78 798.74 2944.19 775.41 2549.78 841.81 2592,23 - Visvesvaraya Iron & Steel Plant - Others Unallocated Assets 257.84 268.01 253.83 257.84 253.83 277.61 18504.00 2565.30 17728.77 2679.50 16197.45 2575.47 18504.00 2565.30 16197.45 2575.47 17111.56 2344.22 Total 141541.51 140998.33 134163.20 141541.51 134163.20 135896.11 Segment Liabilities - Bhilai Steel Plant 10993.19 10516.23 7198.78 10993.19 7198.78 10040.59 - Durgapur Steel Plant - Rourkela Steel Plant 3724.02 10453.09 3753.23 10575.37 3724.12 9577.51 3724.02 10453.09 3724.12 9577.51 3744.40 10043.39 - Bokaro Steel Plant 8265.83 8310.81 7890.20 8265.83 789q.20_ 7769.43 '1710.68 358.96 - IISCO Steel Plant -Alloy Steels Plant 1899.12 377.10 1739.61 365.86 1655.92 375.81 1899.12 377.10 1655.92 375.81 - Salem Steel Plant 578.92 673.01 482.14 578.92 482.14 609.86 - Visvesvaraya Iron & Steel Plant - Others 159.63 14630.93 147.29 13826.70 131.98 11568.65 159.63 14630.93 131.98 11568-65 139.11 12493.71 Unallocated Liabilities 27940.11 29151.83 33280.27 27940.11 33280.27 28630.09 Total 79021.94 79059.94 75885.3E 79021.94 7S885.3f 75540.22 Note: 1 1 J _ Operating Segments have been identified in line with the Ind AS 108 - Operating Segments. -- — - ^mo? DURGAPUR 002301C 20
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STML AUTHORITV of INDIA LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (? crore) Half Year ended 30 September 2026 Unudited Half Year ended 30 September 2025 Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expenses (Gain)/Loss on disposal of fixed assets (net) Interest income Dividend income Finance costs (Gain)/ioss on sale of non-current investments Allowance for doubtful debts, loans and advances Other allowances Share of profit from joint ventures Unclaimed balances and excess allowances written back Operating Profit before working capita! changes Changes In assets and liabilities: Trade receivables Loans, other financial assets and other assets Trade payable Other financial liabilities and other liabilities Provisions Inventories Cash flows from operating activities post working capital changes Income tax paid (net) Net cash generated/(used) in operating activities (A) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant & equipment (including capital work-in-progress) and intangibles Proceeds.from sale/disposal of property, plant & equipment (Purchase)/Sale of current and non-current investments Movement in Bank balances other than cash and cash equivalents Interest received Dividend received Net cash used in investing activities (B) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds/(repayment) of short-term borrowings (net) Lease liabilities Finance cost paid Dividend paid Net cash generated in financing activities (C) Net change in cash and cash equivalents (A-t-B+C) Cash and cash equivalents at the beginning of the year* Cash and cash equivalents at the end of the year* (ne 4511.02 3169.51 (20.09) (196.59) (1.51) 1016.42 22.48 19.96 (106.60) (106.12 8308.48 1215.48 (902.30 1124.06 1679.09 (160.85 (1957.70 9306.26 (846.13 8460.13 (5333.38 111.50 (917.46 97.91 1.51 (6039.92 1225.00 (2023.88) (287.10) (677.83) (579.64) (2343.45) 76.76 28.66 105.42 1523.95 2894.97 61.05 (178.82) (8.82) 1078.88 (0.21) (0.77) 112.67 (171.28) (73.81 5237.81 2434.58 (1199.11) 219.00 307.04 127.90 1199.86 8327.08 (351.48) 7975.60 (3922.56) 422.42 0.22 (40.16) 100.55 8.82 (3430.71) (356.59 (3059.68 (401.14 (772.65 (4590.06 (45.17 291.58 246.41 * Includes balance with banks in current accounts, cheques in hand, term deposits and stamps in hand. The Statement of Cash Flows has been prepared using the Indirect Method as set out in Ind AS-7 The accompanying notes are an integral part of these consolidated financial statements. y 0? DURGAPUR ^o'Acctf^ 002301C % 21
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CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006464 REGISTERED OFPICE: ISPAt BHAWAN, LOOl ROAD, NEW DELHI -110 005 Te1:*91 11-24367481, Fax: *91. 11 24367016, E-mall: investor.relationgsall.ln. Website: www.sail.co.ln (? crore) Particulars Assns (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right of use assets (d) Investment property » Other intangible assets (f) investments accounted for using the equity method (g) inventories (h) Financial assets (i) Investments (ii) Loans (III) Other financial assets (1) Non-Current tax assets (net) (j) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Trade receivables (Ii) Cash and cash equivalents (Hi) Bank balances other than (11) above (iv) Loans (v) Other financial assets (c) Current tax assets (d) Other current assets Assets classified as held for sale Total current assets CONSOLIDATED As at 30.09.2026 Unudited 63584.01 12619.65 10351.83 0.91 2664.39 3864.80 4311.34 513.92 7.92 1849.11 691.71 2476.59 102936.18 25572.41 5277.99 105.42 1621.31 20.53 1380.94 4623.60 38602.20 3.13 38605.33 As at 31.03.2026 DURGAPU."^ Audited 64709.70 10551.69 9888.98 0.93 1389.55 3825.33 4347.61 513.92 11.60 1744.63 476.43 2516.01 99976.38 23553.28 6506.74 28.66 703.85 20.91 1455.42 3646.38 35915.24 4.49 35919.73 TOTAL ASSETS 141541.51 135896.11 EQUITY ANDLiABiLITlES (1) Equity (a) Equity share capital (b) Other equity (c) Non-controlling interest Total equity (2) Non-current liabilities 4130.53 58389.03 0.01 4130.53 56225.35 0.01 62519.57 60355.89 (a) Financial liabilities (1) Borrowings (ia) Lease liabilities 6003.21 9302.79 7219.03 9536.64 (ii) Trade payables (a) total outstanding dues of micro and smali enterprises (b) total outstanding dues of creditors other than micro - 5.93 1697.17 6156.16 6806.23 498.57 and smali enterprises (ii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities 5.93 1738.65 6095.25 6642.70 491.79 30280.32 31919.73 (3) Current liabilities (a) Financial liabilities (i) Borrowings (ia) Lease liabilities 14579.72 1578.74 14450.26 721.78 (11) Trade payables (a) total outstanding dues of micro and small enterprises 444.00 646.10 (b) total outstanding dues of creditors other than micro and small enterprises (ill) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities 11566.53 13187.31 4386.94 1841.12 1157.26 10240.37 11557.33 3860.94 1536.70 607.01 48741.62 43620.49 TOTAL EQUiTY AND LiABiLiTiES 141541.51 135896.11 002301C 22
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Notes to Consolidated Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee (consisting of one functional Director, one government nominated Director and one independent Director, pending appointment of independent Directors) and approved by the Board of Directors in their meetings held on 27^ October, 2026. 2. The financial results have been reviewed by the Statutory Auditors as required under Regulation 33, 52, 54 read with regulation 63 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (as amended). 3. The consolidated financial results include the share of net profit after tax and total comprehensive income of 1 (one) associate and 10 (Ten) jointly controlled entities which have not been audited by their auditors and does not include the share of net profit / (loss) after tax and share of total comprehensive income of 2(two) subsidiaries and 4 (four) jointly controlled entities which are not available. (List attached at Annexure-A) These financial results are not material and impact not significant to the Consolidated Unaudited Financial Results. 4. In respect of Steel Authority of India Limited (the Parent or Company): a. As per the terms of sales with certain Government agencies, the invoicing to these agencies are done at provisional prices, till a final price is subsequently agreed. The revenue recognized on aforementioned provisional prices basis is as under: ^ in crore Quarter Half Year Cumulative Quarter HalfYear Cumulative ended ended till ended ended till 3C September, 2026 30'^' September, 2025 * * 2712.55 4775.53 23456.97 2505.40 4840.05 13882.85 * includes an amount of ? 309.03 crore provided on account of downward revision of rail price for the Financial Year 2024-25, based on the recommendation by the Office of the Chief Advisor-Cost, Ministry of Finance vide Order Dated 29th June; 2026 b. The inventory of sub-grade iron ore fines (SGFs) generated at the captive mines of the Company were not assigned any value in the books of accounts of the Company till the financial year ended 3Ist March 2019, since, the Government of India Notification dated 19^^ September 2012 prohibited all captiye miners from selling such sub-grade fines. Following the Government of India Order no.F.No.I6/30/20I9-M.VI dated 16th September 2019 allowing sale of sub-grade iron ore fines, the inventories of sub-grade fines held by the Company gained economic value. In this regard, the Company also obtained opinions from the Additional Solicitor General of India as well as the Expert Advisory Committee (EAC) of Institute of Chartered Accountants of India (ICAI). Based on the aforesaid opinions, the Company recognized these inventories as by-product inventory as at 31st March 2020. Since, these inventories were generated over many year, making it impracticable to ascertain the actual valuation, the Company assigned a valuation to such inventories basis average selling price of similar sub-grade fines over the last 36 months as declared by Indian Bureau of Mines (IBM), a Government of India organisation and as adjusted for royalty and other selling costs. ^Accg^ OURGAPUR 23
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The Company has obtained all clearances including environmental clearance and clearance from Director General of Mines Safety, Government of India. Further, procedural clearances have been obtained from the State Government of Odisha. In the State of Jharkhand, the Company is carrying Subgrade Iron ore Fines inventory of 31.83 Million Tons (as on 31st March 2026: 32.13 Million Tons) valuing ?3083.66 crore (as on 31st March 2026 valuing ? 3112.01 crore) up to 30^"^ September, 2026 at GUA Mines. The evacuation of dumped fines from Duarguiburu lease of Gua Mine has started in FY 2023-24 for captive use, and for Topilore lease, the necessary permissions for dispatch is awaited. Further, during HI 2026-27, a quantity of 292645T (506493T in FY 2025- 26) has been dispatched from Gua for captive consumption. With respect to sale, the delay is procedural and the management expects to receive the clearances in due course. The management has been able to sell off such inventories in the state of Odisha. While, on an overall basis during the current and the previous years, there has been movement of 5.35 million tonnes in the volume of such inventories, there is significant market demand for sub-grade fines and the recent sales price trends are indicative of considerable margins over and above the carrying value of such inventories. The management also has plans to set up beneficiation plant in future that will consume significant volume of sub-grade fines annually. Accordingly, in view of the management, there is no adjustment required in the carrying value of these inventories at this stage. Considering the substantial volume of inventories, the quantity estimated to be sold / consumed within the next one year has been recognized as current and the balance has been classified as non- current inventory. As at 30^ September, 2026, the Company is carrying sub-grade iron-ore fines inventory of 37.63 Mt (as at 31st March 2026: 38.72 Mt) valuing ?3633.31 crore (as at 31st March 2026 valuing ^3732.90 crore) which includes 35.36 Mt valued at ^3423.50 crore classified as non-current inventory and 2.27 Mt valued at ^209.81 crore classified as current inventory at its various mines. Likewise, the Company - at its Barsua and Dalli Mines is carrying inventory of tailings of 11.99 Mt (as at 31st March 2026: 11.77 Mt) valuing ?557.49 crore (as at 31st March 2026 valuing ^550.08 crore) which includes 10.97 Mt valued at ^503.95 crore classified as non-current inventory and 1.02 Mt valued at ^53.54 crore classified as current inventory. - at its Bhilai and Rourkela Steel Plants is carrying inventory of extractable iron and steel scrap embedded in BF Slag and LD Slag of 0.40 Mt (as at 31st March 2026: 0.42 Mt) valuing ^400.73 crore (as at 31st March 2026 valuing ^423.19 crore) which includes 0.35 Mt valued at ^349.02 crore classified as non-current inventory and 0.05 Mt valued at ?51.71 crore classified as current inventory. - at its Chandrapur Ferro Alloys Plant is carrying inventory of Granulated high manganese ore (HMnO) slag and slag fines of 0.89 Mt (as at 31st March 2026: 0.86 MT) valuing ^47.65 crore (as at 31st March 2026 valuing <t49.02 crore) which includes 0.20 Mt valued at ^34.87 crore classified as non-current inventory and 0.69 Mt valued at ^12.78 crore classified as current inventory. The Company is formulating a detailed plan for disposal / consumption of these inventories. Considering the market volatility, steel market dynamics, possibility of future additions to steel and pellet making capacity in the country which may augment the demand of these materials, the carrying value of the non-current inventories need not be adjusted for any unforeseeable changes in the future prices. Accordingly, in view of the management, the carrying values of the aforementioned inventories are the best estimates basis the information available at this stage. IDURGAPUR 002301C 24
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c. Based on the recommendation of the Board, the shareholders of the Company have approved final dividend of ^2.35 per equity share amounting to ^970.67 crore for FY 2025-26 at the 54"^ Annual General meeting held on 24^*^ September, 2026 which has since been paid in October, 2026. d. Exceptional Items includes: (I) For the current half year ended 30'*^ September, 2026: ?216.70 crore pertaining to Voluntary Retirement compensation of employees as per the Scheme. e. (II) For the previous half year ended 30^^ September, 2025: ^338.44 crore pertaining to increase in Gratuity limit from Rs. 20 lakhs to Rs. 25 lakhs as a result of increase in DA above 50% of Basic Pay as calculated by actuary based on internal assessment of the company. Ministry of Steel, Government of India, vide its letters dated 19^"^ January 2024 in exercise of the powers conferred by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of the Company had placed two directors of the Company on suspension with immediate effect and further complying with the Ministry of Steel, Government of India, letter dated 19^^ January, 2024 the Company has placed some Below Board Level Officials of the Company, on suspension with immediate effect, basis a preliminary enquiry done by the Central Vigilance Officer on complaints received with respect to certain policy/pricing decisions of the Company. Now, pursuant to Government of India/Ministry of Steel orders dated 28'*^ June, 2024, the suspension of the directors has been revoked with immediate effect. Further, the Company has also vide its order dated 28*'' June, 2024, in exercise of the powers conferred by sub-rule (5) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of the Company, revoked the suspension of all employees mentioned above with immediate effect. In view of the management, on the basis of their internal assessment, the matter is not likely to have a material impact on the operations of the company and/or these financial results. The Government of India notified new labour codes, effective from November 21, 2025. The Ministry of Labour & Employment published Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation and assessed the impact of the changes, consistent with the Labour Codes, rules, FAQs and legal opinion. The Company has considered such incremental impact of?198.14 crore in the Statement of profit and loss for the half year ended 30*'' September, 2026 (cumulative ^335.07 crore upto 30"' September, 2026) (^136.93 crore as on 31®* March, 2026). g. Pursuant to the SEBI Circular having reference number SEBI/HO/DDHS/DDHS- RACPODl/P/CIR/2023/172 dated October 19, 2023, with respect to the framework for fund raising by issuance of debt securities by Large Corporates, the company has been identified as a 'Large Corporate' as per the criteria mentioned in the circular and will comply with the requirements of the said circular. f. U62\H DURGAPU 002301C 25
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5. The figures for the previous periods have been re-grouped, wherever necessary, so as to conform to the current periods classification. For and on behalf of"Board of Directors Place: New Delhi Dated: October, 2026 /' (Dr. Ashok imnVar Panda) • Chairman and Managing Director qWV Op ^a/SAlL Annexure-A Subsidiaries - Audited 1 SAIL Refractory Company Limited Associate — Unaudited 1 Almora Magnesite Limited Joint Ventures- Unaudited 1 NTPC-SAIL Power Co. Limited 2 mjunction Services limited 3 Bastar railway Pvt. Limited 4 SAIL-RITES Bengal Wagon Industry Private Limited 5 SAIL-Bansal Service Centre Limited 6 GEDCOL SAIL Power Corporation Limited 7 Bokaro Power Supply Co. Private Limited 8 Prime Gold-SAIL JVC Limited 9 International Coal Ventures Private Limited 10 SAIL-Kobe Iron India Pvt. Limited Subsidiary-Not Available 1 Chattisgarh Mega Steel Limited 2 SAIL Global IFSC Limited Joint Ventures- Not Available 1 VSL SAIL JVC Limited 2 SAIL-SCL Kerala Limited 3 Bhilai Jaypee Cement Limited 4 Romelt SAIL (India) Limited durgapur *. ,5'(fRN-.002301C)S{"IK L^i 26
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#rSAIL STEEL AUTHORITY OF INDIA LIMITED GIN: L27109DL1973GO1006454 REGISTERED OFFICE; ISPAT BHAWAN, LODI ROAD, NEW DELHI -110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: lnvestor.relation@sail.In, Website: www.sall.co.in Compliance under regulation 52 (7) & 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)) for the half year ended 30^ September, 2026 Pursuant to regulation 52(7) & 52(7A) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements), Regulations, 2015, statement on utilization of proceeds of Non-Convertible Securities (Nil Report) for the half year ended 30 September, 2026 is detailed below: A. Statement of utilisation of Issue proceeds; NIL Nam eof Issue r ISIN Mode of Fund Raising (Public Issue/ Private Placement) Type of Instru ment Listed at Date of raising funds Amount Raised Fund Utilized Any Deviation (Yes/No) If 9 Is yes, specify the purpose for which funds were utilized Remar ks. If any 1 2 3 4 5 6 7 8 9 10 11 SAIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL B. Statement of deviation/variation In use of Issue proceeds: NIL Particulars Name of Listed Entity iSIN Mode of Fund raising Type of Instrument Date of Raising Fund Amount raised Report Filed Is there a deviation/variation in use of funds raised? Whether any approval is required to vary the objects of the issue stated In the prospectus/offer document? If yes, details of the approval so required Date of approval Explanation for the deviation/variation Comments of the audit committee after review Comments of the auditors, if any Remarks SAIL NIL "nIT NIL NIL NIL "niT NIL NIL NIL NIL NIL NIL NIL Objects for which funds have been raised and where there has been a deviation/variation, in the following table: ISIN Original Object Modified Object, If any Original allocation Modified allocation, If any Funds Utilized Amount of deviation/variation for the quarter Remarks, if any NIL NIL NIL NIL NIL NIL NIL NIL Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Dated : 26"' October, 2026 Place: New Delhi SINGH STEEL AUTHORITY OF INDIA LIMITED (f^) / General Manager (Finance) ^ ^ STsfff^ISPAT Bhawan. LodhI Road New Delhi 1innn? STEELAUTHORITY OF INDIA LIMITED ^ aTNJ 110 003, : 0-11-74367481-86, Steel Authority of India Limited, Ispat Bhawan, Lodhi Road, New Delhi-110 003, Phone: 011-24367481l®^f SAIL Corporate Identity Number: L27109DL1973GOI006454SAIL PAN No. AAACS7062F 5? ^ lujeqcifl ^ ^ There's a little bit of SAIL In everybody's life 27
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^SAIL B. STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE. RIGHTS ISSUE, PREFERENTIAL ISSUE, QUALIFIED INSTITUTIONS PLACEMENT ETC. - Not Applicable C. FORMAT FOR DISCLOSING OUTSTADING DEFAULT ON LOANS AND DEBT SECURITI^ S, No. Particulars In INR crore 1. Loans/ revolving facilities like cash credit from banks/ financial institutions A Total amount outstanding as on date 20582.93 B Of the total amount outstanding, amount of default as on date Nil 2. Unlisted debt securities i.e. NCDs and NCRPS A Total amount outstanding as on date Nil B Of the total amount outstanding, amount of default as on date Nil 3. Total financial indebtedness of the listed entity including short-term and long-term debt 20582.93 Dated : 26^ October, 2026 Place; New Delhi TO 3ITI^/PAWAN KUlflAR^ARWALO . ^ . . - . . .A ia» Hqn cpniX oiyMiCTirMnnii nwmmww.......- (f^)/ChiefGen0ral Manas®/ STEEL AUTHORITY OF INDI^IMITED f^qicT TcR. efrsJt ^ Rcxi>110003ISPAT Bhawan, Lodhi Road, New DeIhi-110003 /WAyA*^;A SINGH General Manager (Finance) STEELAUTHORITY of INDIA LIMITED f^^-110003nH- O, SW WT, ^ 110 003, : 011-24367481-86, : 011-24367015, www.sallxo.in Steel Authority of India Limited, Ispat Bhawan, Lodhl Road, New Delhi-110 003, Phone : 011-24367481-86, Fax: 24367015, Website: www.sall.co.ln SAIL PAN No. AAACS7062F SAIL Corporate Identity Number: L27109DL1973GOI006454 57 ^ H^ccdf] ^ ^fT §'3jr ^ There's a little bit of SAIL in everybody's life 28
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V.K. LADHA & ASSOCIATE CHARTERED ACCOUNTANTS 1st Floor, 36, Drawid Marg, Khlrsagar Golony, Ujjain (M.P.) ^ 456006 Mobile:+91-9827081499,+91-8879667330 INDIA. E-mail ID: vkladha@gmall.com. vk ladha99(gihotmall.com website: www.vkladha.com SECURITY COVER CERTIFICATE Date: 27 October, 2026 To, |DBI Trusteeship Services Limited Universal Insurance Building, Ground Floor, Sir P M Road, Fort. Mumbai - 400001 - 1. This certificate is issued in accordance with the terms of our engagement with iDBI Trusteeship Services Limited acting as Debenture Trustee of M/s Steel Authority of India Limited ("the Company") having its office situated at Ispat Bhawan, Lodhi Road, New Delhi -110003 2. We V. K. Ladha & Associates, Chartered Accountants, have been requested, by the Debenture Trustee to examine the documents and details provided to us by the Company for issuing Security Cover Certificate as, per the requirements of SEBl/HO/DDHS-PoD1/P/CIR/2025/109 dated March 31, 2023 read with guidelines under sub regulation 56(1 )'(d) of SEBI LODR Regulations 2015 in respect of its listed non-convertible debt securities as on September 30,2026. This Report is required by the Debenture Trustee to ensure compliance with the SEBI Regulations. Management's responsibility 3. The preparation: of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation, and maintenance of internal control relevant to the preparation presentation of the Statement and applying an appropriate basis of preparation; and making- estimates that are reasonable in the circumstances. 4.* The Management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations, the Circular and the loan documents including the Debenture Trust Deed and for providing all relevant information to its lenders and for complying with all the covenants as prescribed in the respective loan documents and the Debenture Trust Deed in respect of the Debentures. 5. The Management is also responsible to ensure that Security Cover Ratio as on September 30, 2026 is in compliance with SEBI/HO/DDHS-PoD1/P/CIR/2025/109 dated March 31,2023 wjth the minimum-Security cover requirement :as per the Debenture Trust Deed as givenjn Annexure 1 attached to this certificate. 002301C 29
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Independent Auditor's responsibility 6. It is our responsibility to provide reasonable assurance that the details as referred to In the Statement enclosed herewith have been correctly extracted from the unaudited/audited financial statements and other records produced before us and for the same we have performed following procedures: - Read the unaudited standalone financial statements' of the Company for the year ended 30th September, 2026; Read the debenture trust deeds of the outstanding debentures covered by this certificate as on 30th September, 2026; - Verified the details of assets made available as security for the debentures and other borrowings of the Company; Verified the arithmetic accuracy of working for security coverage ratio and traced the figures in the working with reference to financial statement as on 30th September, 2026; Obtained such other documents, records and information from the Company and the Debenture Trustee as we deemed .relevant for our engagement; Made such enquiries with the management and executives of the Company as we deemed fit to enable us to present true and correct facts; 7. We have conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 9. Our scope of work did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial results of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the financial results, specified elements, accounts or items thereof, for the purpose of this report.. Accordingly, we do not express such opinion. 002301C 30
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10. This Certificate is being issued for the secured NCDs (List as per Annexure 1). Based on verification of documents and information and procedures conducted as above and compiiances made by the Company, we hereby certify that details as regards security coverage as 30th September, 2026; referred to In the Statement A is true and correct and that the Company has complied with all covenants and terms of issue of the debentures. 11. As on September 30 2026, the Company does not have any security cover; accordingly, the security cover ratio is not applicable. 12. This certificate is provided to IDS! Trusteeship Services Limited acting as Debenture Trustee of the Company to enable them to compiy with relevant provisions of SEBI (Debenture Trustee) Regulations, 1993 read with the circuiars and guidelines and SEBI (Listing Obligations and Disciosure Requirements) Regulations, 2015 and it should not be used for any other purpose without our prior written consent. We neither accept nor assume any duty or liability for any other purpose or to any other party to whom our certificate is shown or into whose hands it may come without our prior consent in writing. For V. K. Ladha & Associates Chartered Accountants Firm Registration Number-002301C if- 002301C OA Ashok Kumar Singh Partner Membership No.- 073620 Date: 27th October 2026 Place: New Delhi UDIN: 6 xo XC Enclosure: 1. Statement A (Security Cover working on a standalone basis) 2. Annexure -1 List of NCDs as on 30/09/2026 31
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Format of certificate for Security cover from the Statutory Auditor To, IDBI Trusteeship Services Limited Mumbai. Based on examination ofbooks of accounts and other relevant records/documents of C^e Company"), we hereby certify that: a) Security Cover for listed debt securities: i.The financial information as on 30-09-2026 has been extracted from the books ofaccounts for the halfyear ended 3(M)9-2026 and other relevant records ofthe listed entity; ii. The assets of the listed entity provides nil coverage as there are no outstanding bonds. yirf^id STR tatwi , w Siscurities end Exchange Board of India Column'A. . Column B .Cpiumn.cn]'Column Colurhh Epii],t|Cd|umnF(lv]- - tldumnGM 1 Column H[vn |coIumnl[vfrColumnJi' ColumnK' - Column L "CdumnM.>' ColumnN' •' 'WuihiiOii^: partleutare ExchtttvoCharge Exetuslve Charge Parl-Paseu Charge Part- Peaau Charge Pail-Paasu Charge Assets not ^fered asSecurtty Eliminati on (amount In negative ) (TotalCtoH) Related to only OtosoKemS covered by tMs certlflcale Oeaoiplbn of for which Ihle certlfleato relale Debt for which tMe cerUnoa Ce being Issued Other Secured 0«U Debt forwWch Ihia certBteale b^g Issued Assets Shared by pan passu debt holder (includes debt for which this certdieate is issued A charge) other debt with parl-passu Other assets on which there is pari- Passu charge (excluding items covered In column F) debt amount considere d more than once (due to exclusive plus pari passu charge) Market Value tor Assets charged en Exclusfve basis Carrying Ibook value for exclusive charge assets where market value is not aseertainable or applicable (For Eg. Bank Balance. DSRA market value is not applicable) Market Value for Par! passu charge Assets'" RUalIngto CehHwi Carrying value/book value for par! passu charge assets where market value is not aseertainable or applicable (For Eg. Bank Balance, DSRA market value is not applicable) Total Valiit{-K*L«M* N| Book Value Book Value Yesf No Book Value Book Value ASSETS Property, Plant and Equipment Property Plant & Equipment 10,008.30 Yes 33,533,42 63,541.72 Capital iilVort(.in- Progress 12,619.65 12,619.65 Right of Use Assets 10,351.83 10,351.83 • Gooctwill Intangible Assets 2,664.37 2.664.37 • Intangible Assets under Omlopment lirvestments 1,904.02 1,904.02 Loans 7,85 7.85 Inventories ** - 29,795.03 29,795.03 Trade Receivable s 5,343-93 5,343.93 Cash and Cash Equrvalsnts 40.17 40.17 Bank Balancaa otharthan Cash and Cash Eculvalants 1,388.19 1,588.19 n 3 ■Others 11,040.31 11,040.31 I JyrljTotal - I0,008j0 128,888.77 138,897.07 V\ 32
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UABILTTIES Debt securities to wtilcb this certificate pertains Other debt sharing pari.passu charge with above debt rtot to be fitted Other Debt 10,008.30 10,574,63 20,582.93 Suboatinat addebt Bommings Sank Debt Secunl/et Others Trade peyables 12,073 J3 12,073.23 Lease UebWIies 10,881.53 10,881.53 Provisiorts 7,920.31 7,920.31 Others *** 87,439.07 87,439.07 Total . I0.008.30 128,888.77 138.897.07 Cover on Book Value Cover on Market Value" ExMshre SecurttyCover Ratio Pail-Passu Security Cover Ratio NIL i This column shall include book value of assets having exclusive charge and outstanding book value of debtforwhich this certificate is issued. ii This column shall include book value of assets having exclusive charge and outstanding book value of all corresponding debt other than column C iii This column shall Include debt for which this certificate is issued having any pan passu charge - Mention Yes, else No. iv This column shall include a) book value of assets having pari-passu charge b) outstanding book value of debtfor which diis certificate is issued and cj. other debt sharing pari- passu charge along with debt for which certificate is issued. V This column shall include book value of all other assets having pari passu charge and outstanding book value of corresponding debt vi This column shall include all those assetswhich are not charged and shall include all unsecured borrowings including subordinated debt and shall include only those assets which are pald-for. vii In order to match the liabili^ amount withfinancials. It Is necessary to eliminate the debt which has been counted more than once (included under exclusive charge column as also under pari passu). On the assets side, there shall not be elimination as there is no overlap. viil Assetswhich are considered at MarketValue like Land, Building, Besidentlal/Commercial Real Estate to be stated at Market Value. Other assets having charge to be stated at book value/Carrying Value. ix The market value shall be calculated as per the total value of assets mentioned In Column 0. Notes: * The listed non-convertible debt securities as at 30th Septemebr 2026 is Nil. However, the charge created on Property, Plant and Equipment is yet to be satisfied. Therefore in column C (i), the book value of Property, Plant and Equipment is shown as Nil. ** Inventories includes Current and Non Current *** Others includes Equity and Reserves Inventories Includes both Current and Non Current 002301C 33
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Bond outstanding as on 30.09.2026- - NIL Tranche Series Date of Allotment Maturity Date Amount (Rs. In crs.) ISIN NO TOTAL 0.00 For V. K. Ladha & Associates Charter^ Accountants Firm registration No .002301C O02301C CA i^hok Kumar Singh Partner Membership Number-073620 . UDIN *2.4 o7?6 2.0 Date;27/I0/2026 Place: New Delhi. 34
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Press Release SAIL declares financial results for 02 and HI FY*27: delivers strong financial performance New Delhi, 21^^ October, 2026: The state owned Maharatna, Steel Authority of India Limited (SAIL) today announced its financial results for the quarter and half year ended 30^*^ September 2026 (Q2 and HI FY'27), showcasing resilient performance and improved profitability. Key highlights: • Sales Volume grows by 5% in Q2 FY 2026-27 over CPLY as the company increases outreach to retail and other consumers. • Boosted by growth in sales volume and steps taken towards cost optimization, Profit After, Tax (PAT) soars by -315% in Q2 FY 2026-27 over CPLY. • Debt falls to Rs. 20583 crore as thrust to reduce borrowing is in full harness. Performance of HI FY 27 (Standalone) at a glance: Unit. HI 25-26 HI 26-27 Crudel§teel Production]; s-Million Tonne. . 9.50 9.61 1 Sales Volume Million Tonne 9.46 9.33 iRevenue from-Operations .... Rs. Crore - 52,625 58,2#?: Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) Rs. Crore 5,754 8,917 ProfitBefore Exceptional Iteihs and Tax Rs. Crore ; 1,781 . - 4,732 ^ Exceptional Items Rs. Crore (338) (217) Profit Before Tax (PBT) , ' Rs. Crore ,1,443 4,515 Profit After Tax (PAT) Rs. Crore 1,112 3,410 Performance of Q2 FY 27 (Standalone) at a glance: Unit Q2 25-26 Q1 26-27 Q2 26-27 Crude Steel Production Million Tonne ; fri4.65 4.76 "4.85 Sales Volume Million Tonne 4.91 4.16 5.16 ■Ke^enue'from Rs. Crore 26,704 26,246 . 31,998 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) Rs. Crore 2,829 ^ 4,356 4,561 Profit Before Exceptional Itenis and Tax Rs. Croi'o ■ 891 " - " 2,303 " 2,429 Exceptional Items ' Rs. Crore (338) (144) (73) Profit Before Tax (PBT) Rs. Crore - 553 2,159 2,356 Profit After Tax (PAT) Rs. Crore 427 1,636 L774 Speaking on the occasion. Dr. A K Panda, CMD, SAIL said, "SAIL's performance in Q2 and HI FY 2026-27 reflects our operational resilience, financial prudence and strategic agility amid global market volatility. Leveraging India's strong infrastructure growth and rising domestic steel demand, we achieved a 24% QoQ growth in sales volume during Q2, 35
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supported by robust production, improvement in usage of raw material, reduction in steel inventory. There is also a significant increase in iron ore production and sales. Our focus remains on enhancing techno-economic parameters, rationalizing costs, maintaining inventory discipline and increasing the share of high end products to improve profitability." SAIL/PR/18/26-27 New Delhi 27-10-2026 36
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STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL-I973GOI0064S4 REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD. NEW DELHI • 110 003 Tel: «91 11-24367481, Fax: «S1- 11 2436701S, E-mall: investor.relatlenSsail.in, Website; www.sali.eo.in Extract of Standalone Unaudited Financial Results for the Quarter and Half Year ended 30 September 2026 F crores unless stated otherwise SI. No STANDALONE Quailer ended Half Year ended Year ended Particulars 30(h September 2026 30th June 2026 30th September 2025 30th September 2026 30th September 2025 31" March 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total income from operations 31997.51 26245.64 26703.94 68243.15 62625.40 110810.24 2 Net Profit / (Loss) for the period (before lax and exceptional items) 2429,08 2302.80 891.33 4731.88 1781.09 5002.08 3 Net Profit / (Loss) for the period before tax (after exceptional items) 2356.39 2158.79 552.89 4515.18 1442.65 4333.86 4 Net Profit / (Loss) for the period after tax 1773.73 1636.00 426.79 3409.73 1112.27 3233.46 5 Total Comprehensive income for the period (comprising Profit / (Loss) for the period (after tax) and other Comprehensive Income (after tax)1 1680.32 1524.36 409,48 3104.68 977,34 3199.33 6 Paid-up Equity Share Capital (face value of FlOA each) 4130.53 4130,53 4130.63 4130.63 4130.53 4130.53 7 Reserves (excluding revaluation reserve) 66193.84 55589.19 51842.34 56198.84 61842.34 54064,83 8 Securities Premium Account 235-10 235.10 235.10 235.10 235,10 235.10 9 Net Worth 50329.37 69719.72 55972.87 60329.37 55972.87 58195.36 10 Paid up Debt Capital/Outstanding Debt 31464.46 31969,95 33653-18 31464.45 33663,18 31921.62 11 Debt Equity Ratio 0.52 0.'64 0.50 0-52 0.60 0.55 12 Earnings per equity share (of ^10/- each) (not annuallsed) 1. Basic (F) 2. Diluted (Fi 4.29 4.29 3.96 3.96 1.03 1.03 8.25 8.25 2.69 2.69 7.83 7.83 13 Debenture Redemption Reserve 2.06 2.06 14 Debt Service Coverage Ratio (number of times) 2.90 2.41 4.82 2.64 3.43 3.84 15 Interest Service Coverage Ratio (number of times) 4.93 4,60 2.65 4.89 2.25 2.86 Extract of Consolidated Unaudited Financial Results for the Quarter and Half year ended 30 September 2026 F crores unless stated otherwise SI. No Particulars CONSOLIDATED Quarter ended Half Year ended Year ended 30th September 2026 30th June 2026 30th September 2025 30th September 2026 30th September 2025 31st March 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total Income from operations 31997.55 26245.67 26704,17 58243.22 52626.93 110810.84 2 Net Profit / (Loss) for the period (before tax and exceptional Items) 2397.03 2330.69 894.58 4727.72 1862.39 5173.73 3 Net Profit / (Loss) for the period before tax (after exceptional items) 2324.34 2188.68 556.14 4511,02 1623.96 4505.51 4 Net Profit / (Loss) for the period after tax 1760,47 1644.05 418.72 3394.52 1163.30 3372,80 S Total Comprehensive Income for the period [comprising Profit / (Loss) for ine period (after tax) and other Comprehensive Income (after tax)] 1551.83 1586.29 440.26 3138,12 1066.86 3433,65 6 Paid-up Equity Share Capital (face value of FIO/- each) 4130.53 4130.53 4130,53 4130.53 4130.53 4130.53 7 Reserves (excluding revaluation reserve) 58389.04 57807,86 54147.29 58389.04 54147.29 56225.36 8 Earnings per equity share (of F10A each) (not annuallsed) 1. Basic (F) 2. Diluted (?) 4.24 4.24 3.98 3.98 1.01 1.01 6.22 . 8.22 2.82 282 8.17 8.17 Note: ' 1)Tne above Financial Results have been reviewed by the Audit Committee and approved by the Soard of Directors at their respective meetings held on 27 October 2026. 2) The above Is an extract of the detailed format of Unaudited Financial Results for the Quarter and Half Year ended 30 September 2026. filed with the Stock Exchanges under regulation 33 and 52 of the SEE! (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of these Financial Results are availabldten the Stock Exchange websites of NSE and BSE atwww.ns9india.com and www.bseindia.com respectively and under the Investor Relations section on the Company's w^itewww.sail.co.in. For and on behalf of of Directors ( Dr/7TSWw^MW Panda) ChairmfM & Manaang Director Place: New Delhi Dated: 27 October 2026 37