Analysts/Institutional Investor Meet/Con. Call Updates

October 22, 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.: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of Investor conference call on the quarterly Financial Earnings of the Company Dear Sirs, This is with reference to the captioned subject and further to our letters dated October 14, 2026 and October 19, 2026, please find attached the transcript of the conference call organized by the ICICI Securities Limited for analyst and investors on the Unaudited (Standalone & Consolidated) financial results (Q2FY27) of the Company for the quarter ended September 30, 2026 on Monday, October 19, 2026 at 15:00 Hrs. (IST). The same has already been uploaded on the website of the Company. This is for your information and record please. Thanking you, Yours faithfully, For JINDAL SAW LTD., Sunil K. Jain Company Secretary FCS- 3056 “Jindal Saw Limited Q2 FY27 Earnings Conference Call” October 19, 2026 MANAGEMENT: MR. NARENDRA MANTRI – CHIEF OPERATING AND FINANCIAL OFFICER – JINDAL SAW LIMITED MR. VINAY KUMAR GUPTA – PRESIDENT AND HEAD TREASURY – JINDAL SAW LIMITED MR. RAJEEV GOYAL – SENIOR VICE PRESIDENT, CORPORATE FINANCE – JINDAL SAW LIMITED MODERATOR: MR. VIKASH SINGH – ICICI SECURITIES LIMITED Page 1 of 15 Jindal Saw Limited October 19, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Jindal Saw Limited's Q2 FY27 Earnings Conference Call, hosted by ICICI Securities Limited. Please note, this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of the future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Vikash Singh from ICICI Securities Limited. Thank you, and over to you, sir. Vikash Singh: Thank you, Erna. Good afternoon, everyone. A warm welcome on the Jindal Saw Q2 FY27 conference call. On behalf of ICICI Securities, I would like to thank management for giving us the opportunity. From the management side, we have with us Mr. Narendra Mantri, Chief Operating and Financial Officer; Mr. Vinay Kumar Gupta, President and Head Treasury; and Mr. Rajeev Goyal, Senior Vice President, Corporate Finance. Without taking any much time, I'll hand over the call to the management for their opening remarks. Over to you, sir. Vinay Kumar Gupta: Good afternoon, everyone. I am Vinay Gupta, representing Jindal Saw Limited on behalf of our management team, including Mr. Narendra Mantri, Mr. Rajeev Goyal. I'm delighted to welcome you to all to our Q2 2027 earnings conference call. Our sincere thanks goes to the team of ICICI Direct for facilitating this call also. Now let me take you through the operational and financial performance of Jindal Saw and its key major subsidiaries for the second quarter of FY27, with a focus on the key developments that are shaping our business performance and future growth prospects. In today's presentation, we will cover three key areas. First, the financial performance, which the board has approved on last Friday. This is for Q2 of FY27 and H1 of FY27. Second, the business scenario and outlook. And third, update on the new projects in MENA region. Through this discussion, we aim to provide you with the key perspective on our performance, business priorities, and growth opportunities going forward. Now let me first present the high-level summary for the Q2 FY27, comparing it with the Q1 FY27 and the corresponding quarter in the previous year. During Q2 FY27, the company delivered improved top line, with gross revenue hitting INR3,881 crores, which is up by 3% on quarter-to-quarter basis, and 14% year-on-year basis. However, operational has been compressed, the EBITDA to INR265 crores, down from INR341 crores in Q1 of FY27, and INR335 crores, which was in Q2 of FY 2026. Page 2 of 15 Jindal Saw Limited October 19, 2026 Below the operating line, finance expenses rose to INR92 crores, which includes INR15 crores negative forex impact. Normalized finance cost to that a modest of INR77 crores. And finally, the profit after tax, PAT, came in at INR71 crores, compared to INR110 crores in Q1 of FY27, and INR80 crores in Q2 of FY26. This is net of a INR27 crores tax credit received during the quarter. Financial performance on a standalone basis for H1 '27 and H1 of FY26: the company delivered improved top-line momentum in the first half of H1 FY27, with gross revenues rising 13% year- on-year to INR7,637 crores, up from INR6,736 crores in H1 of the previous year, which is FY26. However, operating profitability faced pressure, as EBITDA contracted to INR606 crores from INR894 crores in the similar period last year. On a positive note, finance costs fell to INR163 crores from INR239 crores in H1 of FY26, showcasing efficient capital management despite INR depreciation against the USD. Ultimately, higher tax expense in lower operating margins impacted the bottom-line performance of the company. PBT finished at INR189 crores, down from INR412 crores, while the PAT landed at INR181 crores, compared to INR443 crores in H1 '26. A reflection of INR8 crores tax expenses this half versus INR31 crores tax credit last year. Overall, H1 '27 has delivered a increase in the revenue and lower finance cost, although profitability remained under pressure due to lower operating earnings and couple of other things. On consolidated basis, this is we'll now discuss Q2 versus Q1 of FY27 with Q2 FY26. On a consolidated basis, gross open income increased by FY by just a sec. Okay, on a consolidated basis, our top-line expanded by its 0.8% sequentially to INR4,523 crores from INR4,476 crores in Q1 FY27 and rose 6% year-on-year basis from INR4,264 crores in Q2 FY26. The EBITDA slid to INR312 crores from INR420 crores in H1 in Q1 of FY27 and INR482 crores fuel in FY26. Finance expenses rose 15.7% sequentially up INR17 crores to INR125 crores from INR108 crores in Q1 FY27, although remained lower than INR153 crores which was logged in Q2 of FY26. PBT dropped to INR14 crores after the adjustment of the joint ventures and compared to INR143 crores in the previous quarter and INR183 crores year-on-year. Profit after tax is reported at INR35 crores from INR91 crores in Q1 FY27 and INR139 crores in Q2 FY26. Notably, INR27crores tax credit caused PAT to surpass PBT by that amount. On consolidation basis, our top line continued it our top line continued on a higher side, with gross income expanding by 8% to INR8999 crores. However, severe operating margin pressures impacted overall profitability. EBITDA declined by 37%, leading to a 5.9 percentage point contraction in EBITDA margin to 8%, while a 27.8% reduction in finance costs, down to INR234 crores, offered some relief. Pretax savings, PBT after JV share, fell 72% to INR157 crores. Finally, the operational slowdown combined with higher tax provisions, resulted in a 77% EBITDA in profit after tax. Now, in terms of our loan profile indebtedness, as of 30th September '26, the company's standalone net debt narrowed to INR2,245 crores versus INR2,346 crores on 30th June '26. This Page 3 of 15 Jindal Saw Limited October 19, 2026 includes long-term debt of INR522 crores, which is the NCD subscribed by LIC a [Showing first 8,000 characters — download PDF for full document]