Analysts/Institutional Investor Meet/Con. Call Updates

CA-17(44)/2026-27 SI"* October, 2026 The General Manager( MO) The Asstt. Vice President Bombay Stock Exchange National Stock Exchange ofI ndia Ltd. Through NEAPS Through BSE Listing Centre Sub: Transcript of conference call held with Analysts & Investors on 28 October. 2026. Ref: Regulation 46 of SEBRLODR)R egulations. 2015:( Security ID:SAIL). Dear Sir, This is in continuation to our letter No.CA-17(44)/2026-27 dated 28^ October, 2026, intimating the link to the Audio Recording of the Conference Call held on 28^ October, 2026. Transcript of aforesaid Conference Call is attached herewith. Thanking you, Yours faithfully, For Steel Authority ofI ndia Limited (Mohit Malpani) BD(F&A)& Company Secretary End: As above ^ m WT, ^ no cos, nn 0n-24367481-86,4^ nn 0n-24367015, www.sail.co.in Steel Authority of India Limited,( spat Bhawan, Lodhi Road, New Delhi-110 003, Phone: 011-24367481-86, Fax: 24367015, Website : www.sail.co.in SAIL PAN No. AAACS7062F Corporate Identity Number: L27109DL1973GOI006454 There's a little bit ofS AIL in everybody's life “Steel Authority of India Limited Q2 FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: DR. ASHOK KUMAR PANDA – CHAIRMAN AND MANAGING DIRECTOR – STEEL AUTHORITY OF INDIA LIMITED MR. T.N. NATARAJAN – DIRECTOR (COMMERCIAL) – STEEL AUTHORITY OF INDIA LIMITED MODERATOR: MR. ASHISH KEJRIWAL – NUVAMA WEALTH MANAGEMENT Page 1 of 18 Steel Authority of India Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q2 FY27 Earnings Conference Call of Steel Authority of India Limited hosted by Nuvama Wealth Management. As a reminder, all participants' line 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 touch-tone phone. Please note that, this conference is being recorded. I now hand the conference over to Mr. Ashish Kejriwal from Nuvama Wealth Management. Thank you, and over to you. Ashish Kejriwal: Thank you, Iqra. Good morning, everyone. On behalf of Nuvama Wealth Management, we again welcome you for Q2 FY27 conference call of Steel Authority of India. We are privileged to have with us Dr. Ashok Panda, our Chairman and Managing Director. We also have Director, Commercial with us along with his team. Now, I'd request Mr. Panda for his opening remarks. And after that, we can open the floor for Q&A. Over to you, sir. Ashok Kumar Panda: Thank you very much, Mr. Ashish Kejriwal. Very good morning, everybody. I welcome all our investors and analysts who are joining this results con call for the financial results of SAIL for the quarter Q2 and H1 FY27. Before we move to the Q&A session, let me briefly run through the presentation on the results. Before that, let's have a look at the economic scenario, starting with the economic scenario, which had been prevalent during the period of the results. The resilience shown by the global economy has been much higher than the expectations despite effects of Middle East situation and trade tensions. However, as we know, there are pressures globally regarding increase in the Fed rate and then repo rate in our country. That is again, because of the inflationary pressures all over. The investment drive is being run by AI technology areas, and that is going to be the future. Projections have accordingly improved for calendar year 2026. The overall projections for calendar year 2027 are better than that of calendar year 2026, driven by growth in emerging and developing economies as advanced economies are expected to shrink. For Indian economy, the story has been brighter. The GDP estimates for Q1 FY27 for India were significantly higher than the expected numbers. Accordingly, the projections for India have been revised upwards by almost all major agencies. The projections are in excess of 7% by the agencies like IMF, World Bank, RBI, etcetera. Coming to global and Indian steel scenario, the growth factors for steel are closely linked to the economic performance. In fact, it is observed that the GDP growth rate bears direct correlation to the steel consumption. Accordingly, as on expected line, this short-range outlook, SRO published by WSA during October 2026 has projected a stable demand for steel in current year 2026, followed by an increase of almost 1.7% in calendar year 2027. Page 2 of 18 Steel Authority of India Limited October 28, 2026 Production and consumption continued to decline consistently in China. The current year up to August has already seen the production dip by around 3% in China over CPLY. Despite the above, China continues to dominate the world production with a share of more than 53%. SRO projects that the demand should shrink by 2% and 1% during calendar year 2026 and calendar year 2027, respectively, in China. Excluding China, the world is expected to see the steel demand grow by 1.5% and 4% in calendar year 2026 and calendar year 2027, respectively. Indian steel industry outshines the global counterparts in this area as well. Production in India during the current year up to August has shown a growth of 6% over CPLY as per WSA data. However, JPC data in FY26-'27, the production during H1 has grown by 3% over CPLY, while the consumption has got a robust growth of 8% during the same period. As per SRO, the growth in consumption is expected to be 8% for calendar year 2026 and calendar year 2027 as well, respectively. Meanwhile, India continues to be a net importer of steel during H1 FY27 and net import of around 0.6 million tons. Coming to the performance, company performance for Q2 and H1 FY26-'27. The highlights are as follows for Q2. Crude steel production in Q2 is 4.85 million tons with a growth of 2% over Q1 and 4% over Q2 last year. Sales volume of 5.2 million tons improved by 5% and 24% over CPLY and previous quarter, respectively. On the back of higher volumes, despite fall in realizations, sales turnover at INR31,766 crores in Q2 by SAIL increased by 20% over CPLY and 22% over previous quarter. As the prices of input, especially the imported coking coal increased during Q2, the EBITDA margins suffered. However, boosted by volume, as I have described already, EBITDA improved to stand at INR4,561 crores during Q2 of this year. Coming to PBT and PAT, PBT and PAT stood at INR2,356 crores and INR1,774 crores in Q2, respectively, as against INR553 crores and INR427 crores during CPLY, and INR2,159 crores and INR1,636 crores during quarter 1 of this year. With effective treasury management, the borrowings reduced further to INR20,583 crores as against INR21,729 crores as on 30th June 2026 with a reduction of INR1,146 crores in quarter 2, and with a reduction of INR1,080 crores in H1. As a result of the debt equity ratio further improved to stand at 0.34x on actual basis at the end of Q2 FY26-'27. Coming to the performance of the company during H1 of FY26-'27 highlights are as follows. Crude steel production is at 9.6 million tons, while sales volume stood at 9.33 million tons. Better realizations helped the sales turnover grew by 11% over CPLY to stand at INR57,776 crores. The production -- in the production also there is a growth of around 2% over CPLY. EBITDA, PBT and PAT figures for H1 stand at INR8,917 crores, INR4,515 crores and INR3,410 crores, respectively, as against INR5,754 crores, INR1,443 crores and INR1,112 crores during CPLY registering a hefty growth -- robust growth of 55% in EBITDA, 213% in PBT and 207% in PAT, respectively. Page 3 of 18 Steel Authority of India Limited October 28, 2026 With effective treasury management, the borrowings reduced to INR20,583 crores as against INR21,663 crores as on 31st March with a reduction of INR1,080 crores. The finance cost has also come down and cost of borrowings is also at 6.34%, which is better than last year as well. But with the repo rate going up, probably it is going to increase [Showing first 8,000 characters — download PDF for full document]