Outcome of Board Meeting

JSWSL: MUM: SEC: SE: 2026-27/10/09 October 23, 2026 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza, Plot No. C/1, G Block Corporate Relationship Dept. Bandra – Kurla Complex Phiroze Jeejeebhoy Towers Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001. NSE Symbol: JSWSTEEL Scrip Code No.500228 Kind Attn.: Listing Department Kind Attn.: Listing Department Dear Sir/Madam, Sub: Intimation under Regulation 30, 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Outcome of Board Meeting held on October 23, 2026 Pursuant to Regulation 30, 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026 were approved by the Board of Directors at its meeting held today. A copy of the same containing disclosures required under Regulations 33, 52 and other provisions of the Listing Regulations as applicable, together with the limited review report of the Statutory Auditor thereon is enclosed. A copy of the press release issued in this connection is also enclosed. The aforesaid disclosure is also available on the Company’s website at www.jsw.in. The Board Meeting commenced at 10.00 am and concluded at 14.40 pm. This is for your information and records. Yours faithfully, For JSW Steel Limited Manoj Prasad Singh Company Secretary (in the interim capacity) Encl: as above cc. Singapore Exchange Securities Trading Limited 11 North Buona Vista Drive, #06-07, The Metropolis Tower 2, Singapore 138589 Hotline: (65) 6236 8863 Fax: (65) 6535 0775 SR BC& CO LLP 12th Floor, The Ruby 29 Senapati Bapat Marg Chartered Accountants Dadar (West) Mumbai -400 02B, India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors JSW Steel Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of JSW Steel Limited (the "Company") for the quarter ended September 30, 2026 and year to date April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matter: We draw attention to Note 1, Note 2 and Note 3 of the Statement regarding the restatement of comparative information included in the Statement to give effect to the following schemes of amalgamation: a. Restatement of comparatives for the quarter ended September 30, 2025, year to date April 01, 2025 to September 30, 2025, and for the year ended March 31, 2026, to give the effect of the adjustments arising from Scheme of Amalgamation between the Company and its wholly owned subsidiaries, Amba River Coke Limited, Monnet Cement Limited and JSW Retail & Distribution Limited, as approved by National Company Law Tribunal vide its order dated July 2, 2026; b. Restatement of comparatives for the quarter ended June 30, 2026, September 30, 2025, year to date April 01, 2025 to September 30, 2025, and for the year ended March 31, 2026, to give the effect of the adjustments arising from Scheme of Amalgamation between the Company and its subsidiary, Piombino Steel Limited, as approved by National Company Law Tribunal vide its order dated October 16, 2026. SR 8 C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street. Block '8', 3rd Floor, Kolkata-700 016 SR BC& CO LLP Chartered Accountants JSW Steel Limited Page 2 of 2 The comparatives used in the preparation of the Statement in respect of Monnet Cement Limited and Piombino Steel Limited have been considered basis the reviewed/audited financial information/financial statements respectively which have been reviewed/audited by their respective statutory auditors who have expressed an unmodified conclusion/opinion on those financial information/financial statements. Our conclusion is not modified in respect of above matters. 6. The accompanying Statement includes the unaudited interim financial results of Piombino Steel Limited whose financial results and other unaudited financial information reflect total assets of Rs. 36,709 crores as at September 30, 2026, total revenue of Rs. 62 crores and Rs. 436 crores, total net profit after tax of Rs. 35 crores and Rs. 2,959 crores and total comprehensive income of Rs. 35 crores and Rs. 2,959 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, and net cash inflow of Rs. 1,407 crores for the period from April 01, 2026 to September 30, 2026, as considered in the Statement, which has been reviewed by the other auditor. The report of the other auditor on financial results and financial information of the aforesaid entity has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the aforesaid entity, is based solely on the report of the other auditor. Our conclusion is not modified in respect of this matter. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 per Suresh Yadav Partner Membership No.: 119878 UDIN:2,'=,l\qg1caKPK8PQ3 Place: Mumbai Date: October 23, 2026 ~ Steel Limited Registered Office: JSW Centre, Sandra Kurla Complex, Sandra (E [Showing first 8,000 characters — download PDF for full document]