Credit Rating

June 26, 2026 BSE Limited National Stock Exchange of India Limited, Corporate Relation Department Listing Department, 1st Floor, New Trading Ring Exchange Plaza, Rotunga Building Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai - 400 001 Mumbai – 400 051 Stock code: 500378 Stock code: JINDALSAW Sub.:- Disclosure of Credit Rating for various instruments/banking facilities of the Company - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir, This is with reference to the captioned subject, we wish to inform you that CARE Ratings Limited (“CARE”) vide its letters dated June 25, 2026 issued the credit rating for various instruments/banking facilities of the Company. Copies of said letters are attached for your reference. This is for your information and record. Thanking you, Yours faithfully, For Jindal Saw Limited, Sunil K Jain Company Secretary FCS- 3056 No. CARE/HO/RL/2026-27/1736 Shri Vinay Gupta President - Finance & Accounts Jindal Saw Limited 28, Shivaji Marg Nazafgarh Road, Moti Nagar New Delhi Delhi 110015 June 25, 2026 Confidential Dear Sir, Credit rating for Non-Convertible Debenture issue On the basis of recent developments including operational and financial performance of your Company for FY26 (Audited) and the possible impact of the same on the credit profile of your company our Rating Committee has reviewed the following ratings: Amount Sr. No. Instrument Rating1 Rating Action (₹ crore) CARE AA; 1. Non Convertible Debentures 500.00 Reaffirmed Stable 2. The NCDs are repayable by March 26, 2031 in annual installments of Rs.166.70 crore starting from March 26, 2029.. 3. The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2. We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 03, 2026, we will proceed on the basis that you have no any comments to offer. 4. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications. CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 1 of 3 5. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you. 6. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades. 7. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating. 8. CARE Ratings Ltd. ratings are not recommendations to buy, sell, or hold any securities. If you need any clarification, you are welcome to approach us in this regard. Thanking you, Yours faithfully, Himanshu Mahlyan Hitesh Avachat Lead Analyst Director himanshu.mahlyan@careedge.in hitesh.avachat@careedge.in Encl.: As above CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 2 of 3 Disclaimer This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user. CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON- INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of CareEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp downgrades. CareEdge Ratings has established policies and procedures as required under applicable laws and regulations which are available on its website. Privacy Policy applies. For Privacy Policy please refer to https://www.careratings.com/privacy_policy © 2026, CARE Ratings Limited. All Rights Reserved. This content is being published for the purpose of dissemination of information required as per applicable law and regulations and CARE Ratings Limited holds exclusive copyright over the same. Any reproduction, retransmission, modification, derivative works or use or reference to the contents, in whole, in part or in any form, is prohibited except with prior express written consent from CARE Ratings Limited. CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital [Showing first 8,000 characters — download PDF for full document]