JINDALSTEL

July 24, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, E x c h a n g e P l a z a , 5 t h F l o o r, 1st Floor, New Trading Ring, P l o t N o . C / 1 , G B l o c k Rotunda Building, P J Towers, B a n d r a - K u r l a C o m p l e x , Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 corp.relations@bseindia.com cmlist@nse.co.in Scrip Code: 532286 S ymbol: JINDALSTEL Dear Sir/Madam Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Investor Presentation Please find enclosed herewith Q1FY27 Earnings Presentation. We have uploaded the same on the website of the Company at www.jindalsteel.in. This is for your information and records. Thanking you. Yours faithfully, For Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) Damodar Mittal Wholetime Director Encl.: as above Jindal Steel Ltd. (erstwhile Jindal Steel & Power Ltd.) Q1FY27 Earnings Presentation 24th July 2026 Safe Harbour Statement This presentation may contain certain forward looking statements concerning steel sector, economy and Jindal Steel Limited future business prospects and profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. We do not undertake to update our forward-looking statements. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Jindal Steel or any of it’s subsidiary undertakings or any other invitation or inducement to engage in investment activities, neither shall this presentation nor the fact of it’s distribution form the basis of, or be relied on in connection with, any contract or investment decision. Few numbers in this presentation are purely indicative & provisional and could change later. Estimates regarding economy, steel & power sector, company and related areas are purely indicative and could change with market conditions and host of other factors. © 2026 Jindal Steel. All rights reserved. Jindal Steel – Building a Nation of our Dreams Growth Focussed Strong Financials Sustainability Driven Industry 4.0 & AI • Scaling up world-class, integrated • Best in class balance sheet • World's first and largest coal • Enterprise AI Transformation — steel production capacity gasification plant for steel-making Company wide rollout to lift • Most diversified product portfolio productivity, throughput, and margin • Innovative, value-added products • Adding Renewable power in our • Industry leading EBITDA per tonne to support our dream of Viksit journey to Net Zero • Enterprise Intelligence Layer — • Strong liquidity of INR 6,080 cr Bharat AI is being embedded across key • 192 km eco-friendly slurry pipeline * • Net Debt/EBITDA at 1.71x functions supporting decision making • High performance, people and and 10 km Coal pipe conveyor customer-centric culture • Computer Vision & Predictive AI — • Positively impacting 14.6 million+ AI-based predictive models, digital lives twins and video analytics * Final stage of completion Slide 3 © 2026 Jindal Steel. All rights reserved. World class assets – Built across an integrated value chain Iron Ore Iron Making Liquid Steel Finished Steel 13.61 ✓# 17.02 15.60 ✓# 13.75 MTPA MTPA MTPA MTPA ✓# 13.25 ✓# 15.02 10.61 10.42 9.60 7.25 MTPA MTPA MTPA MTPA Iron-ore^ Flats Direct Reduce Iron (DRI) Steel Melting Shop (SMS) 3.11 MTPA 7.5 MTPA 3 MTPA# 2.5 3.0 MTPA Tensa Kasia Roida - I 3.12 MTPA 5.12 MTPA 9.60 MTPA 15.60 MTPA# Plate Mill 6.0 MTPA# 1.2 MTPA# Hot Strip Mill Cold Roll Mill * Coal Longs Blast Furnace (BF) 4 MTPA# 3.37 MTPA# 8 MTPA Gare Palma IV/6 Utkal C Utkal B1 & B2 1.0 MTPA 2.40 MTPA 7.30 MTPA 11.90 MTPA# RUBM Bar Rod Mill 5 MTPA 1.2 MTPA Mozambique South Africa 0.75 MTPA 0.6 MTPA Special Profiling Mill Wire Rod Mill Expansion # Commissioned ^Excludes Thakurani-A1 iron ore block awarded to Jindal Steel in Mar’26; resources of ~50 mn tonnes *Excludes Saradhapur Jalatap East coal block (partially explored) awarded to Jindal Steel in Mar’25; geological resources of 3.25 bn tonnes Slide 4 © 2026 Jindal Steel. All rights reserved. Consolidated performance highlights – Q1FY27 INR 17,834 cr 2,667 cr INR 844 cr s t h g ilh Gross Revenue Adjusted EBITDA Profit after Tax g ih e c n a m r o f 2.40 MT 2.23 MT 1.71x r e P Production Sales Net Debt to EBITDA Other key highlights • CARE ratings upgraded the long-term credit rating from AA/stable to AA+/stable • Share of Value-add steel increased from 61% in Q4FY26 to 66% in Q1FY27 • Coal dispatch started from Utkal B1 mine Note Gross revenue includes GST and Other income Adjusted EBITDA is after considering FX gain/loss Slide 5 © 2026 Jindal Steel. All rights reserved. CY26 demand outlook – India remains the strongest growth market World China India e t a d p 1,780 0% 2% 3% 800 -1% 0% 0% 195 8% 7% 9% 12% u y 1,755 -2% 775 -7% -5% 180 6% r t -2% s 165 u 1,730 750 -10% 0% d n I 1,705 8 17 ,1 4 2 7 ,1 2 6 7 ,1 -7% 725 6 9 7 4 8 7 4 8 7 -15% 1 1 5 35 0 0 6 1 2 7 1 7 8 1 -6% 1,680 -12% 700 -20% 120 -12% CY25 CY26E CY27E CY25 CY26E CY27E CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) Steel Demand (MT) Demand Growth (YoY%) Steel Demand (MT) Demand Growth (YoY%) USA EU & UK Japan 96 2% 2% 2% 5% 155 3% 3% 5% 52 2% 5% 1% 0% 94 150 0% 0% 50 0% 92 -4% 145 90 -5% -5% 48 -5% 140 88 86 19 2 9 4 9 -10% 135 5 4 7 4 15 -10% 46 8 4 8 4 9 4 -10% 1 1 1 84 -15% 130 -15% 44 -15% CY25 CY26E CY27E CY25 CY26E CY27E CY25 CY26E CY27E Steel Demand (MT) Demand Growth (YoY%) Steel Demand (MT) Demand Growth (YoY%) Steel Demand (MT) Demand Growth (YoY%) India to drive global steel demand growth amid weakness in China Source: World Steel Association - Short Range Outlook Apr 2026 Slide 6 © 2026 Jindal Steel. All rights reserved. China's supply discipline strengthens, but demand continues to weaken Crude Steel Production Steel Demand (Apparent Steel Consumption) e t a d p 1,100 8% 7% 7% 7% 10% 1200 9% 8% 9% 18% u y r t s 1,0 9 0 00 0 -9% 0% -3% -2% 1% -3% -5% 0 5 % % 1 8 00 0 0 0 -4% 1% 4% -3% -3% -6% -5% -7% - 8 2 % % u 800 804 808 871 929 995 1,065 1,035 1,018 1,029 1,000 950 -5% 761 767 794 866 936 1,018 986 961 905 857 796 d n 700 -10% 600 -12% I 5 1Y C 6 1Y C 7 1Y C 8 1Y C 9 1Y C 0 2 Y C 12 Y C 2 2 Y C 3 2 Y C 4 2 Y C 5 2 Y C 5 1Y C 6 1Y C 7 1Y C 8 1Y C 9 1Y C 0 2 Y C 12 Y C 2 2 Y C 3 2 Y C 4 2 Y C 5 2 Y C Production (MT) Production Growth (YoY %) ASC (MT) ASC Growth (YoY %) Steel Exports China HRC Export Price (USD/t) 150 25% 35% 22% 50% 1,150 7% 100 0% -3% -8% -7% -17% 1% 950 -31% 0% 50 750 501 112 109 76 70 64 54 67 67 91 111 119 - -50% 550 5 1Y C 6 1Y C 7 1Y C China s 8 1Y C teel expo 9 1Y C rts (MT) 0 2 Y C 12 Y C E 2 2 Y C xports gr 3 2 Y C owth % 4 2 Y C 5 2 Y C 350 0 2 - p e S 0 2 - c e D 12 - r a M 12 - n u J 12 - p e S 12 - c e D 2 2 - r a M 2 2 - n u J 2 2 - p e S 2 2 - c e D 3 2 - r a M 3 2 - n u J 3 2 - p e S 3 2 - c e D 4 2 - r a M 4 2 - n u J 4 2 - p e S 4 2 - c e D 5 2 - r a M 5 2 - n u J 5 2 - p e S 5 2 - c e D 6 2 - r a M 6 2 - n u J Weak property sector continues to weigh on China's steel demand Source: Production and Demand – WSD, Bloomberg; Exports volume/Price – Bloomberg Slide 7 © 2026 Jindal Steel. All rights reserved. India steel scenario – Q1FY27 • Crude steel production declined 6% Crude Steel Production (mt) Finished Steel Consumption (mt) QoQ to 42.0 MT in Q1FY27, though 3% e t a +11% higher YoY. d +8% p u y 169.2 164.2 • Finished steel consumption was also r 152.0 152.0 t s u +3% +8% lower 7% QoQ to 41.5 MT in Q1FY27, d while increasing 8% higher YoY. n I -6% -7% • Finished steel exports contracted 12% 40.8 44.7 42.0 38.4 44.6 41.5 QoQ to 1.6 MT in Q1FY27, though up 31% YoY. Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 • Finished steel imports rose 10% QoQ and 49% YoY to 2.1 MT in Q1FY27. Finished Steel Exports (mt) Finished Steel Imports (mt) -32% • India remained a net importer in 9.6 Q1FY27, with net imports of 0.5 MT, +36% marking the second consecutive 6.6 6.5 quarter of net import position. +49% +31% 4.9 +10% -12% 1.8 1.6 1.9 2.1 1.2 1.4 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 India remained net importer in Q1FY27 for two consecutive quarters Source: JPC Slide 8 © 2026 Jindal Steel. All rights reserved. Resilient HRC prices supported spreads amidst rising input costs HRC: India domestic and Export FOB Coking Coal: Premium HCC (CNF Australia origin) HRC premium to TMT (INR/t) e t HRC (INR/t) Q1FY26 Q4FY26 Q1FY27 Abs YoY Abs QoQ HCC (USD/t) Q1FY26 Q4FY26 Q1FY27 Abs YoY Abs QoQ 8,000 7,050 a 6,000 d Dom Mum 51,731 53,758 58,627 6,896 4,869 PHCC Australia 199 253 261 62 8 p 4,000 u Export FOB 48,186 48,636 55,213 7,028 6,578 y 2,000 r t 405 - s u 62,500 345 -2,000 262 d n 55,000 285 -4,000 I 47,500 225 -6,000 40,000 165 -8,000 3 3 4 4 4 4 5 5 5 5 6 6 3 3 4 4 4 4 5 5 5 5 6 6 3 3 4 4 4 4 5 5 5 5 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u p e c e r a n u S D M J S D M J S D M J S D M J S D M J S D M J S D M J S D M J S D M J Rebar: India domestic Iron Ore: Domestic Fines and Lumps (Odisha Index) • HRC prices maintained upward momentum while TMT weakened towards quarter-end due to TMT (INR/t) Q1FY26 Q4FY26 Q1FY27 Abs YoY Abs QoQ Iron ore (INR/t) Q1FY26 Q4FY26 Q1FY27 Abs YoY Abs QoQ seasonal weakness. Dom Mum 55,362 57,208 57,115 1,754 -92 Fines 62 Fe (0-10 mm) 5,119 5,873 5,354 235 -519 • PHCC prices rose on account of seasonal supply Lumps 63 Fe (5-18 mm) 7,335 7,958 7,412 77 -546 tightness in Australia coupled with strong 65,000 demand from China. 60,000 8,500 55,000 • Domestic iron ore prices remained elevated 7,000 50,000 during the quarter before moderating towards 5,500 45,000 the end of the period. 3 3 4 4 4 4 5 5 5 5 6 6 4,000 2 2 2 2 2 2 2 2 2 2 2 2 - p e S - c e D - r a M - n u J - p e S - c e D - r a M - n u J - p e S - c e D - r a M - n u J 3 2 - p e 3 2 - c e 4 2 - r a 4 2 - n u 4 2 - p e 4 2 - c e 5 2 - r a 5 2 - n u 5 2 - p e 5 2 - c e 6 2 - r a 6 2 - n u • Overall, steel spreads improved during Q1FY27. S D M J S D M J S D M J TMT shifted to a discount to HRC towards the end of the quarter due to seasonal weakness Source: Bigmint and Fastmarkets Slide 9 © 2026 Jindal Steel. All rights reserved. Operational highlights – Q1FY27 Crude Steel Production (mt) Sales (mt) s t h g +14% tot F a la l s ts a a le s s a v o % l u o m f e 44% 52% 53% 43% 49% ilh g 9.25 +9% ih 8.12 la 8.68 n 7.97 o +14% it +17% a r e -10% -15% p O 2.09 2.65 2.40 1.90 2.62 2.23 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Domestic Sales (mt) Exports (mt) +8% Export as a % of 7% 5% 9% 6% 7% 8.09 total sales volume 7.46 +15% 0.59 +52% +15% 0.51 -19% +60% 2.49 2.03 0.21 1.77 0.14 0.13 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Share of Value-added sales at 66% in Q1FY27 Slide 10 © 2026 Jindal Steel. All rights reserved. Diversified product portfolio with strong value-added mix Sector wise Sales distribution TMT Sales Distribution, in ‘000 tonnes s t h g ilh 4,835 5,702 5,888 Number of g 3% 2% 3% dealers ih la 14% 21% 18% n 534 621 528 o 11% it a 11% 19% r e p O 33% 46% 47% 35% 29% 68% 40% 31% 31% 54% 53% 32% Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Infrastructure Distribution Engineering & Packaging Retail Project Building & Constr Automotive Strong customer relationships with diversified end-market presence & deep channel reach Slide 11 © 2026 Jindal Steel. All rights reserved. Supporting India’s infrastructure build-out 7 s t h g ilh g ih la n o it a r e p O HPCL Refinery IOCL Gujarat Refinery Amazon Data Centre Rajasthan Gujarat Telangana Jewar Airport RVNL Tunnel Jodhpur Airport Uttar Pradesh Uttarakhand Rajasthan © 2026 Jindal Steel. All rights reserved. Steel products: End use applications 7 s t h g ilh g ih la n o it a r e p O Defense (Tank Body Structural Beams Automotive Application) Yellow Goods Shipbuilding Coal Gasifier Equipment Slide 13 © 2026 Jindal Steel. All rights reserved. AI driven transformation AI agents going live across multiple areas: spanning people, processes and plants IA d n a la Personal AI Functional AI Industrial AI t ig iD Transforming how work gets Empowering every individual Intelligence on the plant floor done Department agents that speed decisions Physical and industrial AI moving plants Personal productivity for every employee: and automate routine work across the from recommendations toward from the shop floor to the boardroom enterprise autonomy JARVIS personal assistant Leadership Sales BF2 Raigarh: production and coke-rate reduction AIKSHAM: enabling people to use AI for HR Procurement Asset reliability and predictive summaries, presentations and maintenance analysis Finance Planning Experimenting with humanoids Workforce People Processes Plants Unified by JARVIS: Jindal AI for Real time Visibility, Intelligence & Systems: one governed, Jindal-owned platform across all three layers Slide 14 © 2026 Jindal Steel. All rights reserved. Digital transformation Building an intelligent, connected and integrated steel enterprise IA d n a la t ig iD Plant Automation Smart Plant & Logistics Intelligent Functions Connected Workforce AI Based Prediction Models Integrated Terminal Customer Self Service portal JARVIS: Jindal’s Virtual AI for Blast Furnace Operating Systems for port: for order visibility Assistant Project Kicked off CRM Plant Automation and Unified procurement system: Workforce Safety: Jindal SAP Implementation Digital twin expansion to SMS Project Kicked off Suraksha Kavach Sales Order automation & In plant movement TAT Transforming Sales and Integrated Security linkage to production plan at improvements Operations Planning process Command and Control Plate mill Centre Slide 15 © 2026 Jindal Steel. All rights reserved. ESG achievements and plan • Expanded syngas deployment from the coal gasification based DRI route to galvanising, colour y coating and blast furnace applications t ilib Syngas a Integration • Improved fuel flexibility by reducing dependence on imported natural gas, LPG and coking coal n ia • Strengthened energy security while creating a platform for future emissions intensity reduction t s u through efficient gas utilisation and CCUS integration S • Raigarh: ~40 tCO₂e avoided in Q1FY27 through LNG powered vehicles Cleaner • An electric billet-transport pilot between Angul and Patratu avoided approximately 240 litres of Logistics diesel and up to 600 kg CO₂ per trip • Collaborating with IIT Bombay and the Ministry of Steel to develop an electrochemical CO₂ to CO conversion process CO 2 • Advancing circular carbon utilisation by converting captured CO₂ into a reusable industrial Circularity feedstock • Supports future reuse of carbon monoxide in ironmaking and as a feedstock for low carbon fuels and chemicals Slide 16 © 2026 Jindal Steel. All rights reserved. Social impact across key themes 6,62,464 3,23,604 2,00,580 34,100 10,437 No. of Community Provided With Clean Community Members Women and Children Animals provided with R S Members Benefited Water Benefited Catered Coverage C 10,000 7,576 6,297 5,870 4,762 Members Provided with Elderly Individuals Students Provided with Women and Farmers Farmers Provided with Sanitation & Hygiene Catered Quality Education Empowered Benefits 4,049 2,180 2,062 1,230 898 Patients Treated Community members Artists Provided with Sports Players Students Provided with Empowered Benefits Served Skill Education Slide 17 © 2026 Jindal Steel. All rights reserved. Awards & Accolades • Bharat CSR & Sustainability Summit & Awards • Zero Harm Safety Culture Award • CSR Journal • Energy Management System ISO 50001 – 2018 s • Golden Peacock CSR Excellence Award Certification d r a Award • AIBCF CSR & • NAMC Gold Award 2025-26 w A • National CSR Award Sustainability Award • Excellence in Stakeholder Engagement and Value • FICCI CSR Award • Global CSR Award Creation • CSR Times Award • 30 Top Corporate Communication Teams 2026 • NCQC Par Excellence and Excellence Awards 2022 2024 2026 YTD 2019 2023 2025 2026 Awards • 7th ICC CSR Impact Award • Best Women • 12th National CSR Sumit and CSR Times Award Empowerment • Bharat CSR & Sustainability Summit & Awards • Golden Peacock Initiative • BCC&I Social Leadership Award CSR Award • CSR Journal • Brand Honchos Indian Social Impact Award Excellence Award • Rotary International (National and Eastern Region) CSR Award • GEEFGlobal Water Tech Awards • CSR Universe Award • 21stFICCI CSR Award Slide 18 © 2026 Jindal Steel. All rights reserved. Q1FY27 Highlights – Consolidated s la ic n a ₹ 17,834 cr ₹ 2,667 cr ₹ 11,937 ₹ 844 cr n iF Gross revenue* Adjusted EBITDA# Adjusted EBITDA per ton PAT Q4FY26 - ₹ 19,399 cr Q4FY26 - ₹ 2,647 cr Q4FY26 - ₹ 10,093 Q4FY26 - ₹ 1,041 cr Q1FY26 - ₹ 14,336 cr Q1FY26 - ₹ 2,984 cr Q1FY26 - ₹ 15,680 Q1FY26 - ₹ 1,496 cr 2.40 MT 2.23 MT ₹ 15,927 cr 1.71x Steel Production Steel Sales Net Debt Net Debt to EBITDA(TTM) Q4FY26 – 2.65 MT Q4FY26 – 2.62 MT Q4FY26 - ₹ 16,019 cr Q4FY26– 1.66x Q1FY26 – 2.09 MT Q1FY26 – 1.90 MT Q1FY26 - ₹ 14,400 cr Q1FY26 – 1.49x *Incl. GST and Other income # Adjusted for one-off FX Loss of INR 6 cr in Q1FY27, FX gain of INR 292 cr in Q4FY26 and FX gain of INR 21 cr in Q1FY26. Slide 19 © 2026 Jindal Steel. All rights reserved. Financial performance – Consolidated INR cr Quarterly Performance s la ic n Particulars Q1FY27 Q4FY26 Q1FY26 a n iF Gross Revenue* 17,834 19,399 14,336 Net Revenue 15,501 16,484 12,325 Adjusted EBITDA** 2,667 2,647 2,984 Depreciation & Amortization 926 862 722 Finance Cost (net) 548 442 297 Profit before tax 1,205 1,074 2,018 Profit after tax 844 1,041 1,496 * Incl. GST and Other income ** Adjusted for one-off FX Loss of INR 6 cr in Q1FY27, FX gain of INR 292 cr in Q4FY26 and FX gain of INR 21 cr in Q1FY26. Slide 20 © 2026 Jindal Steel. All rights reserved. Key factors influencing the consolidated performance – Q1FY27 All figures in INR Cr Key factors s la ic n a • n Production volume was down sequentially due to planned maintenance shutdown iF Volumes • Sales volume declined QoQ commensurate with production • Net Revenue was lower QoQ driven by decline in volume but was partly offset by higher ASP Revenue / NSR • Increase in ASP was driven by better steel prices and a richer value-add product mix RM and other operating • Raw material costs increased QoQ on account of higher coking coal cost costs • Other operating costs increased QoQ due to lower fixed cost absorption from lower volumes • Finance and depreciation costs have increased in line with assets capitalized towards the end of the Finance/ Depreciation cost previous quarter Tax expense • ETR increased due to changes in the profit mix across entities with different tax rates PAT • PAT declined on account of lower other income QoQ Slide 21 © 2026 Jindal Steel. All rights reserved. Financial performance – Standalone INR cr Quarterly Performance s la ic n Particulars Q1FY27 Q4FY26 Q1FY26 a n iF Gross Revenue* 17,565 18,803 14,506 Net Revenue 15,292 16,200 12,436 Adjusted EBITDA** 2,227 1,705 2,859 Depreciation & Amortization 620 606 578 Finance Cost (net) 147 441 97 Profit before tax 1,474 (197) 2,197 Profit after tax 1,086 (143) 1,624 * Incl. GST and Other income ** Adjusted for one-off FX Loss of INR 3 cr in Q1FY27, FX gain of INR 293 cr in Q4FY26 and FX loss of INR 2 cr in Q1FY26. Slide 22 © 2026 Jindal Steel. All rights reserved. Q1FY27 Net debt and EBITDA bridge Consolidated Net Debt Movement (INR cr) s la ic n 16,019 1,125 -1,119 15,927 a -268 170 n iF As at 31st Mar’26 Long term Long term debt Short term loans Change in C&CE As at 30th Jun’26 debt raised repayment Consolidated Adjusted EBITDA Movement (INR cr) 80 -393 2,647 1,343 -1,010 2,667 Q4FY26 NSR Subsidiaries Volume Cost Q1FY27 Capital Acceptances of INR 369 cr as at Jun’26 and INR 300 cr as at Mar’26 not included in net debt movement Slide 23 © 2026 Jindal Steel. All rights reserved. Prudent capital investment, primarily funded through internal accruals Net Debt (INR cr) Cumulative Capex (INR cr) s la -56% ic n a n iF 35,918 22,146 8,876 6,953 11,203 11,957 16,019 15,927 1,665 2,515 5,304 11,752 20,269 30,876 40,450 42,409 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Net Debt/EBITDA (x) CDreubdte/E Sqtueietyl C (xa)pacity and -63% -64% 4.56 2.00 0.57 0.70 1.10 1.26 1.66 1.71 1.2 0.9 0.4 0.3 0.4 0.38 0.43 0.41 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Slide 24 © 2026 Jindal Steel. All rights reserved. Capital allocation framework – status update Our commitment Current status s la ic ➢ Continue to invest in steel & ancillary business ➢ Continue to invest - Angul expansion n a Scope & area of n (mines, power, ports) with green-tech primarily • Angul expansion to 12 MT completed iF operations in India (organic + inorganic) • Utkal B1 mines – Dispatch started ➢ Annual INR 7,500 -10,000 cr with project pre-tax ➢ Capex as per guidance, ROCE - Current 7%, set Growth CAPEX & ROCE of 18-20% (update capex forecast to improve as new facilities further ramp up Target ROCE annually) primarily using internal accruals ➢ Funding primarily via internal accruals ➢ Maintain INR 2,000 cr liquidity ➢ Cash balance – INR 6,080 cr Liquidity & Debt ➢ Net debt to EBITDA below 1.5x through the cycle ➢ Net debt to EBITDA – 1.71x Dividends / ➢ To reward shareholders after meeting growth ➢ Declared 200% dividend in FY26 while investing Buybacks capital requirements in growth capex Growth Anchored in Disciplined Capital Allocation Slide 25 © 2026 Jindal Steel. All rights reserved. Investor Relations Contact: ir@jindalsteel.in Corporate Office: Jindal Centre 12, Bhikaiji Cama Place, New Delhi Website – www.jindalsteel.in © 2026 Jindal Steel. All rights reserved.