Earnings Call Transcript.

August 10, 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 August 4, 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 Q1FY27. 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 Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT: MR. ABHYUDAY JINDAL – MANAGING DIRECTOR – JINDAL STAINLESS LIMITED MR. TARUN KHULBE – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR – JINDAL STAINLESS LIMITED MR. KUNJAL MEHTA – CHIEF FINANCIAL OFFICER – JINDAL STAINLESS LIMITED MR. KAPIL ARORA – ASSOCIATE VICE PRESIDENT, FINANCE – JINDAL STAINLESS LIMITED MR. ANGAD KHURANA – HEAD, INVESTOR RELATIONS – JINDAL STAINLESS LIMITED MR. ABHISHEK TAMBI – INVESTOR RELATIONS – JINDAL STAINLESS LIMITED MODERATOR: MR. PARTHIV JHONSA – ANAND RATHI SHARES AND STOCK BROKERS LIMITED Page 1 of 18 Jindal Stainless Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Jindal Stainless Limited Q1 FY27 Earnings Conference Call hosted by Anand Rathi Shares and Stock Brokers Limited. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference call to Mr. Parthiv from Anand Rathi Share and Stock Brokers. Thank you, and over to you, sir. Parthiv Jhonsa: Thank you, Pari. Good evening, everyone. And on behalf of Anand Rathi Group, I thank the management team of Jindal Stainless for this opportunity to host their Q1 FY27 Earnings Conference Call. We have the following members of the management with us today. We have Mr. Abhyuday Jindal, Managing Director; Mr. Tarun Khulbe, CEO and Whole Time Director; Mr. Kunjal Mehta, CFO; Mr. Kapil Arora, AVP, Finance; Mr. Angad Khurana, Head, Investor Relations; along with Mr. Abhishek Tambi, who is also part of IR team. I now hand over the call to Mr. Angad Khurana to take the conference call forward, followed by which we will open the floor for question-and-answer session. Thank you, and over to you, sir. Angad Khurana: Thank you, Parthiv. Good day, everyone, and thank you for joining us for the company's Q1 FY27 Earnings Call. I hope you all had a chance to review the results and the company presentation uploaded on the exchanges and on our website earlier. 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 2 of the earnings presentation. Joining me on the call today is our senior leadership team, who will take you through the key business developments and the performance for this quarter. After the remarks, we will open the floor for questions. With that, let me hand it over to our MD, Mr. Abhyuday Jindal, to take you through the highlights. Over to you, sir. Abhyuday Jindal: Thank you, Angad and a very good evening to everybody. I would like to welcome you all to the Q1 FY27 Earnings Call. I would also take the pleasure to introduce our Group CFO, Mr. Kunjal Mehta, who has joined us last quarter, and I'm sure you would see all of -- I mean, you would be meeting him physically over the next few months and quarters. I will begin by outlining the key business highlights for the quarter ending June 2026 and the progress we continue to make across our priority sectors. Following that, Mr. Khulbe will take you through our operational and financial performance. Page 2 of 18 Jindal Stainless Limited August 04, 2026 Our sales volume in Q1 FY27 remained resilient year-on-year despite a challenging operating environment marked by industrial gas supply constraints and logistics uncertainties due to the Middle East crisis in the initial weeks of the quarter. In the domestic market, JSL delivered a resilient performance, supported by steady demand across key end-use sectors such as automotive, railways, metros and white goods. Building on the strategic brand transformation initiated last year, we continue to strengthen JSL's consumer-facing presence while reinforcing our market leadership across the stainless steel value chain. During the quarter, we launched a nationwide print and television campaign featuring our brand ambassador, Ranveer Singh, significantly enhancing brand visibility across key markets. We further amplified our engagement through our association with Sunrisers Hyderabad through co-branded digital content, on-ground stadium branding, social media collaborations and customized retail activations. In addition, we expanded our presence on marquee sporting platforms through strategic partnerships with Jio Hotstar and Star Sports as the official Super 6 partner, Super 6 partner for the India versus Afghanistan series, enabling large-scale audience reach and brand recall. Together, these initiatives will help strengthen top-of-mind recall, support channel partners through co-branded outreach and enhance long-term brand equity as consumption-led applications of stainless steel scales up across India. Stainless steel demand in the passenger coach segment continues to be supported by the ongoing transition from ferritic to austenitic stainless steel in Vande Bharat train sets, further driving higher demand for value-added stainless steel grades. A key development during the quarter was ICF Chennai's specification for the K-RIDE project in Karnataka, which mandates the use of high-strength austenitic stainless steel for both coach shells and underframes, further expanding stainless steel applications in railway coach manufacturing. The ornamental pipe and tube segment is expected to benefit from improving market sentiments in the coming months, supported by enhanced channel engagement, focused market initiatives and increasing downstream visibility through digital partner programs. On the export front, global trade sentiments remain dynamic and regulatory challenges changes, evolving trade policies and geopolitical developments across several regions. Despite these headwinds, JSL demonstrated strong execution capabilities, delivering robust volumes on a quarter-on-quarter basis while maintaining a focus on expanding into markets such as Japan, South Korea, European Union and Americas. Quality standards are fundamental to ensuring public safety, product reliability and the long- term strength of India's manufacturing ecosystem. Continued clarity and consistency in the Page 3 of 18 Jindal Stainless Limited August 04, 2026 quality control framework will be important in maintaining a level playing field and supporting quality-focused stainless steel players across the value chain. We remain optimistic that the regulatory fr [Showing first 8,000 characters — download PDF for full document]