Credit Rating

October 08, 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 NCD’s issue 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 Brickwork Ratings vide its letter dated October 07, 2026 has reaffirmed the credit rating for NCD’s issue Rs. 500 Crores of the Company. Copy of said letter is 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 BWR/NCD/MUM/CRC/NKR/0127/2026-27 7 October 2026 Mr. Vinay Kumar Gupta President & Head (Treasury) Jindal Saw Limited Jindal Centre 12, Bhikaji Cama Place, New Delhi – 110066, India Dear Sir, Sub: Review of Rating of NCD Issue of M/s Jindal Saw Limited for ₹ 500.00 Crores (₹ Five Hundred Crores Only) with a tenor up to 31 March, 2031, as per the mandate dated 4 August 2026 and BWR rating letter dated 9 October, 2025. Upon reviewing the performance of M/s Jindal Saw Limited, based on the information provided by you and publicly available sources, we are pleased to inform you that Brickwork Ratings has reaffirmed the BWR AA/ Stable rating for M/s Jindal Saw Limited’s NCD issue of ₹500.00 Crores, initially rated by us on 9 October, 2025. Instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations and carry very low credit risk. Please note that the rating is valid till 7 October 2027, subject to the terms and conditions outlined in your mandate. Brickwork Rating’s standard disclaimer is appended below. Non submission of No Default Statement (NDS) on a monthly basis will result in publishing your Company’s name on our website under “NDS not submitted”. Please note that on non-submission of NDS for consecutive 3 months or BWR's inability to validate your timely debt servicing through any other source, your rating will be migrated to the Issuer Not Co-operative (INC) category within 5 working days from three consecutive months of non-submission of NDS. BWR may, in its judgement, migrate your rating to the INC category before the expiry of three consecutive months of non-receipt of NDS. The rating rationale issued by us in this regard is enclosed for your information. We are endorsing a copy of this letter along with a copy of the said rating Rationale to your Debenture Trustee, Axis Trustee Services Limited, for their information and records. We look forward to your continued cooperation in maintaining timely submissions for accurate surveillance. Regards, Niraj Rathi, Senior Director-Ratings. Note: Rating Rationale of all accepted ratings are published on the Brickwork Ratings website. Please refer to our website at www.brickworkratings.com. If you cannot view the rationale, inform us at clientsupport@brickworkratings.com. Instrument Issue Date Amount in ₹ Cr Coupon Rate Maturity Date ISIN Particulars Complexity NCDs 26 Mar 500.00 8.25% payable 31 Mar 2031 INE324A07179 Simple (Issued) 2021 semiannually Annexure – Details of Rated NCD’s For more information, visit www.brickworkratings.com/download/ComplexityLevels.pdf Disclaimer Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness. Ratings are current only as of the date of publication and may be revised based on new or unavailable information. No Advice or Recommendation: Ratings, reports, and related communications are not investment advice and do not constitute recommendations to buy, sell, or hold securities, or to sanction, renew, or disburse credit facilities. They do not represent offers or solicitations for any transaction. Users must rely on their own independent judgment and professional advice. Access to or use of these materials does not create any client relationship with BWR. Liability, Usage & Regulatory Framework: This content is published for the purpose of dissemination of information as required under applicable laws and regulations. BWR holds exclusive copyright over the content. It may be used with appropriate credit to BWR, provided that the content is not altered or modified in any way that could change its meaning or intent. BWR retains the exclusive right to distribute or share its rating rationales, directly or indirectly, through any print, digital, or electronic media. All reports are provided on an "as is" basis without warranties of any kind, express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement. BWR and its affiliates shall not be liable for any direct, indirect, incidental, or consequential losses or damages arising from the use of these reports. Ratings are subject to continuous surveillance and may be revised, suspended, or withdrawn at any time without notice. These reports are intended for use within India only. BWR operates under SEBI Regulations and Code of Conduct. For more information on policies and ratings, please visit our www.brickworkratings.com Page 2 of 3 Page 3 of 3