Transcript of Earnings Conference Call held on July 25, 2026

July 31, 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 JULY 25, 2026 This is in furtherance to our letter dated July 21, 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 Q1FY27 Earnings Conference Call” July 25, 2026 MANAGEMENT: MR. VIDYA RATAN SHARMA – MANAGING DIRECTOR – JINDAL STEEL LIMITED MR. RAJIV KUMAR – CHIEF OPERATING OFFICER – JINDAL STEEL LIMITED MR. SANDEEP MODI – CHIEF FINANCIAL OFFICER – JINDAL STEEL LIMITED MR. DAMODAR MITTAL – WHOLE-TIME DIRECTOR – JINDAL STEEL LIMITED MR. DEBOJYOTI ROY – WHOLE-TIME DIRECTOR – JINDAL STEEL LIMITED MR. BIJU NAIR – EXECUTIVE DIRECTOR, ANGUL – JINDAL STEEL LIMITED MR. SUNIL AGARWAL – EXECUTIVE VICE PRESIDENT, FINANCE – JINDAL STEEL LIMITED MS. ROOPALI MEHRA – HEAD SALES AND MARKETING – JINDAL STEEL LIMITED MR. VISHAL CHANDAK – HEAD INVESTOR RELATIONS – JINDAL STEEL LIMITED MODERATOR: MR. PARTHIV JHONSA – ANAND RATHI SHARES AND STOCK BROKERS LIMITED Page 1 of 23 Jindal Steel Limited July 25, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Jindal Steel Limited Q1FY27 Earnings Conference Call. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Parthiv Jhonsa, Vice President from Anand Rathi Shares and Stock Brokers Limited. Thank you, and over to you, sir. Parthiv Jhonsa: Thank you, Steve. Good afternoon, everyone, and thank you for joining us today. We at Anand Rathi are pleased to host Q1FY27 Earnings Conference Call of Jindal Steel Limited. I will now hand over the call to Mr. Vishal Chandak, Head Investor Relations, to introduce the senior management and initiate the proceedings of the call, which would then be followed by question- and-answer session. Thank you, and over to you, sir. Vishal Chandak: Thank you very much, Parthiv. Ladies and gentlemen, a very good afternoon. Thank you very much for joining us on a Saturday afternoon to discuss the financial results of Jindal Steel for the first quarter of FY27. Joining us on today's call are members of our senior management team: Mr. Damodar Mittal, Whole-Time Director; Mr. Debojyoti Roy, Whole-Time Director; Mr. Biju Nair, Executive Director, Angul; Mr. Sunil Agarwal, Executive Vice President, Finance; Ms. Roopali Mehra, Head of Sales and Marketing. Before we begin, it gives me immense pleasure to introduce three distinguished members who have recently joined the company's leadership team. Firstly, I am delighted to introduce our Managing Director, Mr. V.R. Sharma. Though he needs no introduction, let me begin by saying Mr. V.R. Sharma is a distinguished industry leader with over four decades of international leadership experience across the steel, power, metals, and cement sectors. A mechanical engineer with an MBA from the College of Applied Science UK, he has held several leadership positions across the industry. Mr. Sharma previously served us as the Managing Director of Jindal Steel Limited from 2019 to 2022 and before that as the Deputy Managing Director and Chief Executive Officer of the company from 2010 to 2014. He has worked with several steel companies in India and abroad during his long tenure of more than four decades. I am also delighted to introduce Mr. Rajiv Kumar, Chief Operating Officer. Mr. Kumar is a highly accomplished steel industry leader with over 35 years of experience spanning operations, manufacturing, project execution, and business leadership. A Metallurgical Engineer from BIT Sindri, he brings deep expertise in integrated steel operations, product development, operational excellence, and the successful execution and scaling of large manufacturing facilities. Mr. Kumar served as CEO of the Aluminium business of Vedanta prior to joining Jindal Steel. He has also had a distinguished career at Tata Steel in various leadership roles. Lastly, I am equally pleased to introduce Mr. Sandeep Modi, our Chief Financial Officer. Mr. Modi is an accomplished finance leader with over two decades of experience across the metals, mining, and power sectors. A Chartered Accountant and a Master of Commerce, he possesses Page 2 of 23 Jindal Steel Limited July 25, 2026 extensive expertise in corporate finance, business strategy, treasury, taxation, commercial operations, capital markets, investor relations, and M&A, among other critical areas. He is an All-India Rank holder in his Chartered Accountancy examination and has received numerous recognitions for excellence in finance leadership. He was previously the Chief Financial Officer at Hindustan Zinc and has spent more than 20 years with the Vedanta Group before joining Jindal Steel. I request you all to please join me in welcoming Mr. V.R. Sharma, Mr. Rajiv Kumar, and Mr. Sandeep Modi. With that, I will now hand over the floor to Mr. Sharma for his opening remarks. Over to you, sir. Vidya Ratan Sharma: Good afternoon, ladies and gentlemen, and thank you, Vishal, for the introduction. My name is V.R. Sharma, full name is Vidya Ratan Sharma. I have more than four decades of experience in steel and metal industry. It is a privilege to lead Jindal Steel once again. I was the Managing Director in the year 2019 to 2022. You have seen that it was a great comeback by Jindal Steel under the leadership of Naveen Jindal ji during that tenure. So, I am again delighted, yes, to be part of this company and part of wonderful team what we have today. When I look around the teams at Angul and Raigarh, it reinforces my belief that we are building not just world-class assets in terms of plant and equipment, but also a world-class organization driven by exceptional and outstanding professionals what the company has chosen from different fields and different companies. I welcome you all to Jindal Steel's Q1FY27 earning briefing and thank you all for taking out time on weekly off, that is Saturday, to attend this particular meet. Let me begin with a brief overview of the global macroeconomics landscape. As you all know that the world has been passing through a very critical geopolitical situation. For the last four years, we are seeing that Ukraine and Russia war is going on, which has shattered the economy, which has shattered not only the economy in Europe but everywhere in the world. Now for the last one year, the ripples and then a big fight in between America, Israel together with Israel and Iran. So, this has also created lot of problems for the whole world. The economy has dwindled, the fuel prices have gone up, the steel consumption, per se, at the moment is stable with a slight downward trend. But you know there is always a light after the end of tunnel. So, we are seeing that in times to come, there will be a solution to both these problems - to [Showing first 8,000 characters — download PDF for full document]