Investor Presentation

JSWSL: MUM: SEC: SE: 2026-27/07/18 July 17, 2026 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza Corporate Relationship Dept. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street, Mumbai – 400 001. Bandra (E), Mumbai – 400 051 Scrip Code No.500228 NSE Symbol: JSWSTEEL Kind Attn.: Listing Department Kind Attn.: Listing Department Sub: Investor/Analyst Presentation - Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 30 of the Listing Regulations, we enclose herewith a copy of the presentation being made to Investors /Analysts on the Financial Results for the quarter and year ended June 30, 2026 The aforesaid disclosure is also available on the Company’s website at www.jsw.in. This is for your information and records. Thanking you, Yours faithfully, For JSW Steel Limited Manoj Prasad Singh Company Secretary (in the interim capacity) Q1 FY27 Results Presentation 17 July 2026 Forward Looking and Cautionary Statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risk and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition within Steel industry including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, our ability to commission mines within contemplated time and costs, our ability to raise the finance within time and cost client concentration, restrictions on immigration, our ability to manage our internal operations, reduced demand for steel, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which the Company has made strategic investments, withdrawal of fiscal/governmental incentives, impact of regulatory measures, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company. JSW Steel Q1 FY27 Results Presentation / 2 Agenda Business Operational Strategy Sustainability Environment Performance Financial Project Digitalisation at Appendix Performance Updates JSW Steel JSW Steel Q1 FY27 Results Presentation / 3 Key Highlights – Q1 FY27 • Revenue from Operations: ₹47,364 crore in Q1 • Reported EBITDA: ₹9,383 crore in Q1; Adjusted EBITDA1: ₹9,373 crore in Q1 Financial • Net Profit: ₹4,696 crore in Q1 Performance • Net Debt to Equity: 0.42x and Net Debt to EBITDA2: 1.46x • India Capacity Utilisation at 94% in Q1 (excl. Vijayanagar BF-3 which was under shutdown) vs. 88% in Q1 FY26, through efficient operation of assets across plants • Consolidated crude steel production of 6.59mt in Q1, up 3% YoY; up 15% excl. BF-3 Operational • Consolidated steel sales of 6.25mt, up 4% YoY Performance o Flats sales up 9% YoY as production focused on Flats due to better demand and pricing o VASP sales up 8% YoY • JSW JFE JV: 2nd tranche of ₹7,875 crore equity investment received from JFE on 30th June, 2026 • Vijayanagar BF-3 upgradation and expansion to 4.5mtpa completed, BF lit up in June 2026 and ramping up well Corporate • 1mtpa EAF at Kadapa: Groundbreaking ceremony on 3rd July 2026 Developments • Credit Rating: Upgraded by Fitch from BB to BB+ (Positive Outlook) and by CARE Ratings from AA to AA+ • JSW Group earned recognition as India’s Fastest Growing Conglomerate Brand by Brand Finance India; ranked #25 among India’s most valuable brands • Diamond Prize in Partnerships for Sustainable Development and Platinum Prize in Climate Action for Project SEED at Global Awards & ESG Awards Recognitions • Standout Investor Relations Award from Investor Relations Society India 1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables 2: Based on LTM EBITDA JSW Steel Q1 FY27 Results Presentation / Note: Since BPSL has been de-consolidated with effect from 27 March 2026, previous year has been compared excluding BPSL for comparability 4 JSW JFE Steel Ltd. (JJSL) Joint Venture: Presentation and Accounting Impact • The steel business undertaking of Bhushan Power and Steel Limited (BPSL), a subsidiary of the Company, was transferred on a slump-sale basis to JSW Sambalpur Steel Ltd. (JSSL) with effect from 27 March 2026 • JFE invested the second tranche of ₹7,875 crore at the end of June 2026, with the JV transaction now completed • BPSL steel business has been de-consolidated from JSW Steel's financials with effect from 27 March 2026 • Hence the previous year, FY26, has been presented on a Proforma (PF) basis excluding BPSL in this document to make it comparable to the current period • JSW Steel's share in JJSL earnings is reflected in the Share of Profit/(Loss) of Joint Ventures line of the P&L JSW Steel Q1 FY27 Results Presentation / 5 Strategy Business Operational Financial Digitalisation Sustainability Environment Performance Performance Project Updates at JSW Steel Strategy Appendix India to be Key Steel Market Over Next Decade Steel Consumption as % of World India EU + UK US Japan China (RHS) 0% 0% 2000 2005 2010 2015 2020 2025 2030e 2035e • China Steel Production and Consumption as % of World peaked out in 2020, to see gradual decline • India going through Nation-Building Phase: Long runway of Steel Demand Growth outpacing Real GDP Growth • India as #2 Steel producer and consumer will continue to increase as % of World. India Production growth likely to lag Consumption • The other developed markets to see muted growth JSW Steel Q1 FY27 Results Presentation / Source: WSD, NSP, Market Intelligence 7 JSW Steel: Growth Path India JVs BMM Dolvi Kadapa Utkal Vijayanagar U.S.A. Growth Options in the Portfolio Acquisition 37.9 54.8 79.5 • Expansion potential at Utkal for 10mt 1.5 Organic • Brownfield Green Steel at Salav • Expansion of EAF at Kadapa 16.0 62.0 1.5 New • Keonjhar, Odisha and Gadchiroli, Sites Maharashtra for further expansion 48.8 1.0 5.0 USA 4.5 1.5 0.9 5.0 • Selectively explore value-accretive India 31.9 Inorganic acquisitions • 10.5mt expansion potential at JSW JVs JFE Steel • 6mt Greenfield at POSCO JV Current FY27 Sep'27E FY29E FY30E FY30E FY32E Approved Growth Future Potential Maintain >50% share of VASP in total sales Maintain FY31 India target of 50mtpa (+JV’s). Target of 62mtpa (+JV’s) by FY32 Underpinned by Raw Material Security and On path to deliver 13% CAGR of total capacity Strong Balance Sheet JSW Steel Q1 FY27 Results Presentation / All capacities are in mt. 8 Joint Ventures with JFE Steel and POSCO JSW JFE Steel Ltd. JSW Steel and POSCO • 50:50 JV announced on 3rd Dec’25 • JV announced on 20th Apr’26 at the India-Korea Business Forum in New Delhi • BPSL Steel business transferred on slump-sale basis to JSW JFE Steel Ltd and • To set up a greenfield 6mtpa integrated steel plant in Dhenkanal, Odisha deconsolidated from JSW Steel. JFE invested 2 tranches of equity of ₹7,875 crore each in end-Mar and end-Jun’26, respectively as scheduled • Facility will comprise steelmaking, hot rolling, and cold rolling/coating processes. High-grade flat steel for diverse applications including automotive • Total deleveraging of ~₹37,000 crore for JSW Steel • Partnership brings together JSW’s India expertise with JFE’s technological • JV also aims to leverage the integration with PO [Showing first 8,000 characters — download PDF for full document]