Investor/Analyst Presentation - Post Q2 Results.

JSWSL: MUM: SEC: SE: 2026-27/10/11 October 23, 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 half year ended September 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) Q2 FY27 Results Presentation 23 October 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 andretain highly skilledprofessionals, 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 madefrom time totime by oronbehalfof thecompany. JSW Steel Q2 FY27 Results Presentation/ 2 Agenda Business Operational Strategy Sustainability Environment Performance Financial Project Digitalisation at Appendix Performance Updates JSW Steel JSW Steel Q2 FY27 Results Presentation/ 3 Key Highlights – Q2 FY27 • Revenue from Operations: ₹54,486 crore in Q2 • Reported EBITDA: ₹10,120 crore; Adjusted EBITDA1: ₹9,941 crore Financial • Net Profit: ₹5,359 crore Performance • Net Debt to Equity: 0.39x and Net Debt to EBITDA2: 1.28x • India Capacity Utilisation at 88% in Q2, with BF-3 ramping up well and reaching ~90% utilisationduring the quarter • Highest ever consolidated crude steel production of 7.27mt in Q2, up 5% YoY Operational • Highest ever consolidated steel sales of 7.46mt, up 13% YoY Performance • 0.5mtpa Scrap Processing Centre at Khopoli, Maharashtra: Baler commissioned • Key New Projects Announced: o JSW Utkal Steel, Odisha: Phase-II of 5mtpa o Vasind: 1.8mtpa CRM complex Corporate o JJSL Joint Venture: 5mtpa expansion Developments • MdRMozambique: Capex approved for ~9mt coking coal mine • Credit Rating Upgrades: Moody’s: Investment Grade -Baa3 (Stable Outlook); Fitch: BB+ (Positive Outlook); CARE, ICRA & Ind-Ra: AA+ (Stable Outlook) • JSW One filed DRHP in September 2026 for IPO • 2026 worldsteelSteelie Award for Excellence in Clean Steel Production • Iconic Brands of India Award by ET Edge for JSW Neosteel Awards & • Service Excellence Award at Isuzu Supplier Conference 2026 Recognitions 1: Excludes FX gains/losses on long-term borrowings net of intercompany receivables 2: Based on LTM EBITDA JSW Steel Q2 FY27 Results Presentation/ 4 Note: Since BPSL has been de-consolidated with effect from 27 March 2026, previous year has been compared excluding BPSL for comparability 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 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 Q2 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 in 2020, to see gradual decline; other developed markets to see muted growth • 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 • Draft India National Steel Policy 2047: 604mtpa capacity; 531mtpa production; 505mtpa consumption at 302 kg per capita JSW Steel Q2 FY27 Results Presentation/ Source: World Steel Dynamic, National Steel Policy, and 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 64.8 79.5 • Expansion at Utkal for 5mt Organic • Brownfield Green Steel at Salav 1.5 • Expansion of EAF at Kadapa 16.0 New • Keonjhar-Odisha and Gadchiroli- 9.5 62.0 5.0 Sites Maharashtra for further expansion 53.8 1.0 5.0 USA 4.5 1.5 0.9 5.0 • Selectively explore value-accretive JVs Inorganic acquisitions India 31.9 • 5.5mt expansion at JSW JFE Steel • 6mt Greenfield at POSCO JV Current FY27 Sep'27E FY29E FY30E FY31E FY31E FY32E Approved Growth Potential Maintain >50% share of VASP in total sales Underpinned by Raw Material Security and Target of 62mtpa (+JV’s) by FY32. On path to deliver 13% capacity CAGR Strong Balance Sheet JSW Steel Q2 FY27 Results Presentation/ All capacities are in million tonnes. 8 Strategic Priorities to Create Shared and Sustainable Value Mainstreaming Strategic growth with Cost leadership through Enhance value-added Being future ready Strong financial profile sustainabilityacross efficient capital resource optimisation product portfolio with through technology-led and credit ratings the business allocation and improved raw innovation and R&D transformation & material security digitalisation Creating Value for all Stakeholders JSW Steel Q2 FY27 Results Presentation/ 9 Sustainability Sustainability Business Operational Financial Digitalisation Project Updates Strategy Appendix Environment Performance Performance at JSW Steel Sustainability at JSW Steel Governance & Oversight by Board-level Business Responsibility & Sustainability Committee Climate Change Energy Our Indigenous People Resources Cultural Heritage Business Ethics Water Resources Focus Employee Wellbeing Human Rights Waste Local Considerations Supply Chain Waste [Showing first 8,000 characters — download PDF for full document]