Analysts/Institutional Investor Meet/Con. Call Updates

October 30, 2026 BSE Limited National Stock Exchange of India Limited 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 , Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 corp.relations@bseindia.com cmlist@nse.co.in Scrip Code: 532286 Symbol: JINDALSTEL Dear Sir / Madam, SUBJECT: TRANSCRIPT OF EARNINGS CONFERENCE CALL HELD ON OCTOBER 23, 2026 This is in furtherance to our letter dated October 19, 2026, w.r.t the Earnings Conference Call intimation for the financial results with the Institutional investors/ analysts. In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Earnings Conference Call is enclosed herewith and has also been uploaded on the website of the Company at www.jindalsteel.in. You are requested to take the above information on record. Thanking you. Yours faithfully, For Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) Damodar Mittal Whole-time Director Encl.: as above “Jindal Steel Limited Q2FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. VIDYA RATAN SHARMA – MANAGING DIRECTOR MR. RAJIV KUMAR – CHIEF OPERATING OFFICER MR. SANDEEP MODI – CHIEF FINANCIAL OFFICER MR. DAMODAR MITTAL – WHOLE-TIME DIRECTOR MR. DEBOJYOTI ROY – WHOLE-TIME DIRECTOR MS. ROOPALI MEHRA – HEAD SALES AND MARKETING MR. VISHAL CHANDAK – HEAD INVESTOR RELATIONS MODERATOR: MR. VIKASH SINGH – ICICI SECURITIES LIMITED Page 1 of 20 Jindal Steel Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Jindal Steel Q2FY27 Earnings Conference Call hosted by ICICI Securities Limited. 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 the conference over to Mr. Vikash Singh. Thank you, and over to you, sir. Vikash Singh: Thank you, Anam. A warm welcome to everybody. Good evening. We would like to thank the management to give us the opportunity to host them. Without taking any much time, I'll hand over to Vishal for the management introduction and opening the call. Over to you, Vishal. Vishal Chandak: Thank you very much, Vikash. Ladies and gentlemen, a very good afternoon. Thank you very much for joining us to discuss the Q2FY27 earnings release of Jindal Steel. Joining us on today's call are members of our senior management team, Mr. V.R. Sharma, Managing Director; Mr. Rajiv Kumar, Chief Operating Officer; Mr. Sandeep Modi, CFO; Mr. Damodar Mittal, Whole- Time Director; Mr. Debojyoti Roy, Executive Director, Raigarh; and Ms. Roopali Mehra, Head of Sales and Marketing. I will now hand over the floor to Mr. V.R. Sharma for his opening remarks. Over to you, sir. V.R. Sharma: Good afternoon, ladies and gentlemen, my friends, the well-wishers of our company, the media persons. I'm delighted to invite you on today's interaction. It's not only an investor meet or investors discussion, this is a 2-way exchange. We will be happy to take your questions after this particular session. The company has done wonderfully well in last quarter. We have done a record sales in the history of this company in any quarter in the last so many years. That is INR 19,448 crores. So, I think we are now on a path to reach to INR 1 lakh crores per year of sales. This is what our aim is. The INR 19,448 crores, if we multiply by 4 quarters, which should be INR 80,000 crores, but our aim is to reach to INR 1 lakh crores as early as possible. The steel sales are up by 27% Y-o-Y. EBITDA is up by 34% Y-o-Y despite of very bad weather in Odisha, a lot of rains were there. The iron ore mines were full of water. We could manage a fairly good production. And we are now going to ramp up further. Our aim is to reach to about 11-million-ton production in this financial year as targeted earlier. We have reached to a level of about 4.79 million tons in H1. And the next, that is H2, we are aiming for 6 million tons. So, this is net steel, the gross steel may be about 11 million tons. The company is doing very well in terms of availability of the raw material, whether it is coking coal or it is iron ore or availability of pellets through our internal resources or other consumables. Page 2 of 20 Jindal Steel Limited October 23, 2026 We have seen in last 3 months' time, very topsy-turvy situation, where we found that there was a shortage of natural gas in the country and there was a shortage of propane. And this was difficult time basically because of this Hormuz issue or the Iran and U.S. war. So fortunately, we are having the coal gasification plant. And we switched over to coal gas, that is, syngas for many of the reheating furnaces, galvanizing lines, color-coating lines, and there was no impact on our productivity, production and profitability. And still, we are continuing. We are not using propane or natural gas. We are using our coal gas, that is, coal syngas or you can say the gas through coal gasification route. Our DRI plant has also done well, and this is based on coal gas. That is, again, we call it, syngas. We have 2 blast furnaces in Angul and 2 blast furnaces in Raigarh. So, all 4 blast furnaces, they are doing well now. The new blast furnace, which we installed last year, which has reached to a level of about 10,000 tons per day, which is in Angul. Hopefully, we will ramp it up in this particular month, say, today is 23rd, so I think in 7 days' time, we should reach to about 10,500 tons per day. And in November, we are aiming for 11,000 tons and then December 12,000 tons per day. Availability of iron ore from OMC and NMDC is seamless. There is no problem. The problems related to land slide from NMDC route to Angul route, those are over now. Railway is working. And the water from mines is already receded. So now the operations at OMC, all 8 mines, they are working very well. So, our own mine, Kasia mines that also is being ramped up, and we are sourcing material from our own mines also. We have 2 pellet plants in Barbil, both are running well. And the pellet plant in Angul is also running well. So by and large, I would say that the company is in a very, very solid state, and we'll be making a record production in the Q3, which will be ending on December 2026. Q4, we are further looking very positive, and we feel that we'll be surpassing the records what we are going to make in Q3. I think Q4 will be much better. As far as the market is concerned, the market is supporting very well, though the input costs have gone up, but we could recover the entire input costs, and we could make some positive impact in NSR while we compare on the input costs. So, the steel scenario is very good. I think it is now around 10% Y-o-Y basis, there's a growth. Though our production has gone up by 20%. The industry overall growth is about 10%. So, we are aiming that we'll continue making such performance in other 2 quarters also, that is Q3 and The exports are also picking up. We are doing about 100,000 tons of export every month, mainly hot-rolled coils, plates and some quantity in rails and the structures. We are hopeful the honourable Commerce Minister, Mr. Piyush Goyal, is already in Germany. Page 3 of 20 Jindal Steel Limited October 23, 2026 And I think he is negotiating with EU on the basis of the mother of all deals, what we signed is FTA. So, I'm sure he is taking up with the government, European EU Parliament, how to give us the most favoured steel suppliers status. So hopefully, this will be done. We are very sure. And government is trying its best to utilize the FTAs in the interest [Showing first 8,000 characters — download PDF for full document]