Analysts/Institutional Investor Meet/Con. Call Updates

October 28, 2026 BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Department, E x c h a n g e P l a z a , 5 t h F l o o r , 1st Floor, New Trading Ring, P l o t n o . C / 1 , G B l o c k Rotunda Building, P J Towers, B a n d r a - K u r l a C o m p l e x , B a n d ra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 Email: corp.relations@bseindia.com Email: cmlist@nse.co.in Security Code No.: 532508 Security Code No.: JSL Subject: Transcript of Earnings call held on October 23, 2026 - Disclosure under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“SEBI Listing Regulations”) Dear Sirs, In terms of Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Call for Q2 & H1FY27. The same is also being uploaded on the website of the Company at the following web-link: https://www.jindalstainless.com/financials/earnings-presentation/ You are requested to take the above information on record. Thanking you, Yours Faithfully, For Jindal Stainless Limited Navneet Raghuvanshi Head-Legal, Company Secretary & Compliance Officer Encl. as above “Jindal Stainless Limited Q2 & H1 FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. ABHYUDAY JINDAL – MANAGING DIRECTOR – JINDAL STAINLESS LIMITED MR. TARUN KUMAR KHULBE – CHIEF EXECUTIVE OFFICER & WHOLE TIME DIRECTOR – JINDAL STAINLESS LIMITED MR. KUNJAL MEHTA – CHIEF FINANCIAL OFFICER - JINDAL STAINLESS LIMITED MR. KAPIL ARORA – HEAD, CORPORATE FINANCE – JINDAL STAINLESS LIMITED MR. SANJAY KUMAR GUPTA – SENIOR VICE PRESIDENT OF FINANCE – JINDAL STAINLESS LIMITED MR. ANGAD KHURANA – HEAD, INVESTOR RELATIONS – JINDAL STAINLESS LIMITED MR. ABHISHEK TAMBI – INVESTOR RELATIONS – JINDAL STAINLESS LIMITED MODERATOR: MR. VIKASH SINGH – ICICI SECURITIES LIMITED Page 1 of 17 Jindal Stainless Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Jindal Stainless Limited Q2 FY27 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participants' 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, Iqra. Good afternoon, everyone. A warm welcome on today's con-call. We would like to thank the JSL management for giving us the opportunity to host them. From the management side, we have with us Mr. Abhyuday Jindal, MD; Mr. Tarun Kumar Khulbe, CEO; Mr. Kunjal Mehta, CFO; Mr. Kapil Arora, Head of Corporate Finance; Mr. Sanjay Kumar Gupta, SVP Finance; Mr. Angad Khurana, Head of Investor Relations; and Mr. Abhishek Tambi, Investor Relations. Without taking any more time, I will hand it over to Angad to start the call. Over to you. Angad Khurana: Thank you, Vikash. Good day, everyone, and thank you for joining us for the company's Q2 and H1 FY27 Earnings Call. I hope all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our websites. Our discussion on the call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be forward-looking in nature and are covered by the disclaimer on slide two of the earnings presentation. Joining me on the call today is the senior leadership team, who will take you through the key business developments and performance for this quarter. After the remarks, we will open the floor for the questions. With that, let me hand it over to our MD, Mr. Abhyuday Jindal. A small note here, Abhyuday sir is traveling right now. He is in a different time zone and may have to drop in during the middle of the call. Over to you, sir. Abhyuday Jindal: Thank you, Angad, and good evening to everyone. I would like to welcome you all to the Q2 and H1 FY27 earnings call. I will begin by outlining the key business highlights for the quarter ended September 2026, following which Mr. Khulbe will take you through our operational and financial performance. The second quarter marked a strong recovery from disruptions witnessed in Q1 of this year. We delivered double-digit quarter-on-quarter growth in both sales volume and net revenue, supported by a high share of value-added products, driven by the strong momentum in automotive and ornamental pipe and tube segments. Turning to market demand, domestic demand remained healthy across our key end-user segments, including automotive, railways, metros, lifts, elevators, and white goods. This was Page 2 of 17 Jindal Stainless Limited October 23, 2026 supported by robust economic growth and an increasing awareness about lifecycle costing. We also witnessed global acceptance of plates and ferritic grades across white goods and lift and elevator applications. On the international front, exports recorded strong growth both sequentially and year-on-year, reflecting our continued focus on market diversification. We are expanding our presence across markets, including South Korea, Colombia, South Africa, Brazil, and Japan as we continue to pursue value-added opportunities globally. On the operational front, industrial gas availability remained stable during Q2, with no reoccurrence of the challenges experienced in the previous quarter. We continue to be watchful of developments on this front as uncertainties continue to resurface. Amidst this, our transition to natural gas has strengthened operational resilience, supporting uninterrupted operations. Alongside strengthening our presence in established segments, we continue to expand our product portfolio, and develop new applications for stainless steel. Key achievements include the development of India's first high-aluminum stainless steel grade for catalytic converters and development of two new 400 series grades, one of which has opened up a new market in South Africa. Additionally, we entered into a technical assistance agreement with Japan's JFE Steel for selected ferritic grades, further strengthening our technical capabilities. During the quarter, we also made progress on strengthening our corporate structure and credit profile. The board approved the amalgamation of four wholly owned subsidiaries into Jindal Stainless Limited, a step towards simplifying our group structure and enhancing operational efficiency and governance as well. Further, CARE Ratings upgraded our long-term debt credit rating to AA+ Stable. On brand and customer engagement, we continue to expand our reach through our pipe and tube campaign. With airport branding at Delhi and Mumbai airports and influencer-led digital outreach, we also expanded our brand ambassador, Ranveer Singh's, presence across partner packaging and marketing collaterals. Our Jindal Saathi loyalty program continued to gain traction amongst retailers and fabricators, receiving gold and silver awards at the ET Brand Equity MarTech and DigiPlus awards. The Saathi Seal co-branding initiative was also extended to water tanks, strengthening our engagement with channel partners. We have made further progress in skill development and digitalization. Stainless academy signed an agreement with NCVET for recognition as an awarding body, paving the way for government-recognized certification programs for the stainless steel ecosystem. Our B2B platform achieved full digital adoption among MOU trade and plates and tube manufacturing partners. In addition, Jindal Lifestyle commissioned a new powder coating facility at Pathredi to cater to metro and infrastructure applications. Sustainabi [Showing first 8,000 characters — download PDF for full document]