Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Investor Presentation (October 2025)
62 slides from Jsw Steel's investor presentation, October 2025
Slide 1: Investor Presentation October 2025
Investor Presentation October 2025 JSW Steel Investor Presentation: Oct 2025 / 1
Slide 2: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The
Slide 3: Agenda
Agenda Sustainability Company India Growth JSW Steel Products and Overview Opportunity Delivering Brands Portfolio Growth & Value 04 15 21 25 31 Digitalisation Governance Balance Sheet Appendix and R&D and Board and Debt Profile 41 45 48 52 JSW Steel Investor Presentation: Oct 2025 / 3
Slide 4: Sustainability
Sustainability JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Overview Opportunity Delivering Brands Portfolio and R&D and Board and Debt Profile Appendix Growth & Value
Slide 5: Sustainability at JSW Steel
Sustainability at JSW Steel Governance & Oversight by Board-level Business Responsibility & Sustainability Committee Climate Change Energy Our Resources Indigenous People Cultural Heritage Business Ethics Water Resources Focus Waste Employee Wellbeing Local Considerations Human Rights Supply Chain W
Slide 6: Environment: Our Targets & Commitments
Environment: Our Targets & Commitments Circularity & Climate Change Water Security Energy Transition Air Emissions Biodiversity • Targeting Net Neutrality • Maintaining zero liquid • Transition from • PM, SOx and NOx • Promoting Circular in carbon emissions by discharge thermal to renewables emissio
Slide 7: Building a Strong Health & Safety Culture
Building a Strong Health & Safety Culture AI-based Kiosk Capability Building Initiatives ZERO major incidents Safety ZERO injury Vision • Safety Culture Survey ZERO harm o JSW Safety Assurance Program (JSAP): third-party assurance done by DNV 0.55 LTIFR o AI-based Kiosk: Conversational kiosk for emp
Slide 8: Targeting Net Neutral by 2050: Decarbonisation Agenda
Targeting Net Neutral by 2050: Decarbonisation Agenda Phase-I Two Phases, Phase-II Progress Update 2030 Two Milestones 2050 1.95tCO2/tcs Net Neutral in 42% from base year Carbon emissions Strategic Levers Strategic Levers Use of syngas and TGR1 in BF Energy Efficiency (Carbon Circularity) Commercial
Slide 9: Biodiversity: Committed to “No Net Loss” by 2030
Biodiversity: Committed to “No Net Loss” by 2030 • Biodiversity Management Plan for all steelmaking sites in place • Made significant positive impact in freshwater ecosystem • Created positive biodiversity impact of approx. 4,000 hectares through afforestation carried out with the Karnataka Forest D
Slide 10: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions Leading Collaboration on CCUS Product Sustainability for Decarbonisation Pioneering an industry consortium with global steelmakers and value-chain partners to launch CCUS Hub Study to accelerate JSW Steel has launched GreenEdge, a ‘Low Emission Steel’ brand
Slide 11: Our Commitment to Society: Benefitting over 2.7mn Lives Annually
Our Commitment to Society: Benefitting over 2.7mn Lives Annually Education Health Skill Development Art, Culture & Heritage Education 19,73,600 21,64,000 52,900 13 Students Benefitted Health Consultations Individuals Trained Projects Supported Water, Environment & Waste Management Sports Agriculture
Slide 12: Our Commitment to Society
Our Commitment to Society Education Education Health Skill Development Art, Culture & Heritage • Roof to Dream: Refurbished • Mobile Health Units: Over 4.7 • Shakti all-women BPO: • Hampi Art Labs: new-age 41 schools in Maharashtra for lakh patient counsultations,12 Empowers 260 women for constellat
Slide 13: Our Commitment to Society
Our Commitment to Society Agriculture Water, Environment Waste Management Sports and Sanitation • Inspire Institute of Sports • Enhancing • Lake rejuvenation in • EcoKaari project: Upcycles (Vijayanagar): High agri-value chain: Supporting Bangalore and Gujarat: 4,000+ kg of waste plastic Performance
Slide 14: Environmental Performance Dashboard
Environmental Performance Dashboard Specific Energy Consumption (Gcal/tcs) GHG Emission Intensity (tCO2/tcs) Specific Freshwater Consumption (m3/tcs) 2.45 2.45 6.38 2.49 2.50 2.41 6.04 2.44 2.41 2.36 2.37 2.39 5.66 5.68 5.66 2.36 5.48 2.35 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY24 FY25 H1F
Slide 15: Company Overview
Cool Roof Company Overview JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 16: JSW Group Overview
JSW Group Overview • India’s largest steel producer with • Power producer with 13.2 GW • 2nd largest private port operator capacity of 35.7 mtpa installed generation capacity in India with 177mtpa capacity • Growing to 44.4 mtpa by FY29 • Targeting 30 GW generation and 40 • Strategically located 3 P
Slide 17: JSW Group Overview
JSW Group Overview Sports • One of India’s leading integrated • High Performance Training centre at • Portfolio of signature residential, B2B e-commerce platforms Vijayanagar and 4 satellite centres - mixed-use developments, • Offers building material products, trained Olympic medal winners township
Slide 18: JSW Steel: India’s Leading Steel Manufacturer
JSW Steel: India’s Leading Steel Manufacturer Fastest growing Indian steel producer Healthy balance sheet and access to Generated superior shareholder returns over the past two decades diversified funding sources Sustainability & Governance Integrated Manufacturing Diversified Product Portfolio at t
Slide 19: Growth and Value Creation Track Record
Growth and Value Creation Track Record Fastest growing steelmaker in India… … delivered 21% EBITDA CAGR … CAGR (FY02-Current) 14% 39.0 34.2 28.2 27.0 27.7 22.9 India Steelmaking ₹000’s 20.1 capacity (mtpa) 18.0 18.0 18.5 cr 11.9 7.8 4.2 1.6 0.3 FY02 FY10 FY20 FY21 FY22 FY23 Current FY02 FY10 FY20 FY
Slide 20: Most Geographically Diversified Steel Producer in India
Most Geographically Diversified Steel Producer in India J&K Europe India Rajpura BPSL Chandigarh Bawal BPSL Kolkata Piombino, Italy Kalmeshwar Anjar Nashik USA Khopoli BPSL Jharsuguda: 4.5 Vasind & Tarapur mtpa Dolvi: 10 mtpa Raigarh: 0.95 mtpa Ohio: 1.5 mtpa Vijayanagar: 17.5 mtpa Raipur: 0.25 mtpa
Slide 21: India Growth Opportunity
India Growth Opportunity JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 22: India steel demand poised for healthy growth
India steel demand poised for healthy growth Nation-Building Phase Steel demand accelerates sharply once ASU per capita nears 100 kg • India is going through a ‘Nation-Building Phase’ with rising urbanisation and infrastructure investment 450 400 • India’s elasticity of steel demand to GDP growth ov
Slide 23: India: Strong Demand Tailwinds from Infra and Construction
India: Strong Demand Tailwinds from Infra and Construction Now Viksit Bharat by 2047 Infrastructure: National Infrastructure Pipeline of US$2.6 trn1 Policy Thrust Areas Manufacturing: Increasing share as a % of GDP from ~17% to 25% by 35% 53%3 20472; PLI scheme targeted to promote manufacturing Urba
Slide 24: India: Automotive and Energy Transition
India: Automotive and Energy Transition India has one of the largest Renewable capacities Low car penetration offers growth headroom 860 China 1,878 GW 251 GW 2024 India Registered PVs per US 447 GW (Aug’25) 1,000 people 612 627 Brazil 214 GW 458 358 277 223 India renewable India’s FY32 target 33 50
Slide 25: JSW Steel Delivering Growth & Value
JSW Steel Delivering Growth & Value JSW Steel Company India Growth Delivering Products and Digitalisation Governance Balance Sheet Sustainability Appendix Overview Opportunity Growth & Value Brands Portfolio and R&D and Board and Debt Profile
Slide 26: Strategic Priorities to Create Shared and Sustainable Value
Strategic Priorities to Create Shared and Sustainable Value Mainstreaming Strategic growth Cost leadership Enhance value- Being future ready Strong financial sustainability with efficient through resource added product through profile and credit across the capital allocation optimisation and portfol
Slide 27: JSW Steel: Growing with India
JSW Steel: Growing with India India Capacity U.S. Capacity Vijayanagar Salem Dolvi BPSL Kadapa 35.7 44.4 51.5 1 1.5 7.1 50.0 0.5 1.0 1.5 44.4 0.2 5.0 42.9 1.5 36.4 2.0 Growth Options in the Portfolio 34.2 Organic • Brownfield growth potential of ~5mt at each of Vijayanagar and BPSL • 4mt brownfield
Slide 28: JSW Steel: Transforming Scale and Profitability
JSW Steel: Transforming Scale and Profitability India Capacity (mt) U.S. Capacity (mt) EBITDA (₹ cr) Share of 1 VASP55 25% 53% 62%2 51.5 50 1.5 35000 ₹22,904cr 50.0 44.4 45 1.5 30000 40 42.9 35.7 25000 35 ₹18,952cr 1.5 30 34.2 20000 25 15000 ₹9,165cr 19.5 20 1.5 10000 15 18.0 10 14.3 5000 5 0 3 FY14
Slide 29: JSW Steel: Pillars of Transformation
JSW Steel: Pillars of Transformation Raw Materials Decarbonisation Growth Product Enrichment Cost Optimisation Security and Green Steel ➢ Strategy focused on ➢ Targeting VASP share ➢ Achieved 100% self ➢ Geographic ➢ Targeting 18mt of CO2 growth in India, >50% sufficiency in coke and optimisation of
Slide 30: Strong Raw Material Linkages
Strong Raw Material Linkages Iron Ore 12 Operational Iron Ore Mines Coking Coal 23 Mines with 1.6bnt R&R Karnataka • 12 mines currently operational: • Secured 3 coking coal mines – 9 Iron Ore mines 9 in Karnataka (~11mtpa1) and 3 in Jharkhand, India with R&R in Odisha (~15mtpa1) • c.24km long convey
Slide 31: Products and Brands Portfolio
Products and Brands Portfolio Company India Growth JSW Steel Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 32: Steel Products for Diverse Applications
Steel Products for Diverse Applications Infra & Construction Consumer Durables Pipes & Tubes Key Products • HR Plates, Coils & Sheets • HRPO • CRCA • Buildings (Resi. & • High Speed Rail • Electrical Steel Commercial) • Shipbuilding Flats • Roads • Renewables • Refrigerators • Oil & Non-Oil Cans • G
Slide 33: Focus on Building Brands and Increasing Value Added Sales
Focus on Building Brands and Increasing Value Added Sales Colour Coated Super premium, colour coated coils & sheets, with a 20-year warranty Premium colour coated coils & sheets, with a 15-year warranty High quality Al-Zn alloy & colour coated anti- corrosion roofing sheets with 7-year warranty Supe
Slide 34: Focus on Building Brands and Increasing Value Added Sales
Focus on Building Brands and Increasing Value Added Sales Galvanised and Galvalume for Roofing Solutions Galvanised Premium Al-Zn coated roofing (galvalume) sheets & coils with 7-year warranty Premium GC Premium galvalume sheets (galvanised corrugated) offering corrosion protection Lead-free galvani
Slide 35: Focus on Building Brands and Increasing Value Added Sales
Focus on Building Brands and Increasing Value Added Sales Tinplate Zn-Mg-Al Coated Zn-Al Coated Tinplate coils and sheets used in Al-Zn-Mg coated galvanised steel offering better Al-Zn coated coils and sheets food and non-food packaging protection against moderate to aggressive corrosive designed fo
Slide 36: Focus on Building Brands and Increasing Value Added Sales
Focus on Building Brands and Increasing Value Added Sales Other Brands GreenPro certified TMT bars with unique rib pattern that provides best bonding with cement LRPC strands that enable longer ERW and superior quality GP span concrete structures pipes and tubes Cut-to-Length HR sheets Steel doors &
Slide 37: CRGO Steel: Supporting India’s Energy Transition
CRGO Steel: Supporting India’s Energy Transition Cold Rolled Grain-Oriented (CRGO) Steel is a specialised electrical steel with a highly uniform grain structure, optimised for low core loss and high magnetic permeability • Primarily used in transformers for efficient energy transmission and distribu
Slide 38: Strong Retail and Influencer Network
Strong Retail and Influencer Network Retail Footprint • Presence in ~20,100 retail stores 20,314 20,078 16,030 17,136 18,529 across 1,909 towns in India 15,964 2,499 2,820 1,953 632 798 1,356 • Strong distribution channel of 2,820 points 17,815 17,258 16,576 15,780 15,332 15,232 o 481 distributors o
Slide 39: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs JSW One • Offers a range of industrial and building material products, logistics, and credit solutions via its tech platform. Operates through two subsidiaries: JSW One Distribution & JSW One Finance • Pan-India footprint
Slide 40: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction and customer base Significant growth in Volumes & GMV in Q2 Steel Cement Credit 3,000+ Transacted customers base in Q2 5,90,704 62,349 ₹1,100 Cr tonnes tonnes Up 53% Up 39% Up 30% YoY YoY YoY 135,000+ Vi
Slide 41: Digitalisation and R&D
Digitalisation and R&D JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 42: Digitalisation at JSW Steel
Digitalisation at JSW Steel Increased Sales Manufacturing Manufacturing Manufacturing Supply Supply Chain Chain ADDITIONAL FOCUS Cost Optimisation ANTICIPATED IMPACT Safety, Security, Governance Asset Availability Primary Primary Sustainability Finance Finance Mining Mining Focus Focus led R&D Emiss
Slide 43: AI-Powered Transformation Across Functions
AI-Powered Transformation Across Functions Commercial Excellence Manufacturing Efficiencies Safety & Sustainability Employee Engagement Digital Sales & Marketing Quality Safety Human Capital Management • SmartLeads.Ai • Vision.Ai: sense raw material • Vision.Ai to detect safety • Ai assisted employe
Slide 44: R&D at JSW Steel
R&D at JSW Steel Focus Areas R&D Track Record FY20-25 New Product Development 178 patents Partnerships granted Process Innovations 157 technical papers published Energy Optimisation Achievements in FY25 Waste Utilisation 83 new products developed of which 6 are developed first time in India Upgradat
Slide 45: Governance and Board
Governance and Board JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 46: Strong and Experienced Board
Strong and Experienced Board Savitri Jindal Sajjan Jindal Jayant Acharya Gajraj Singh Rathore Arun Maheshwari Chairperson - Emeritus Chairman and MD Joint Managing Director and CEO Chief Operating Officer Director, Commercial & Marketing Board member from 2005 to Mechanical Engineer; At JSW Steel si
Slide 47: Robust Governance, Board with Diverse Skillsets
Robust Governance, Board with Diverse Skillsets Independent Audit Independent Directors 25% Women Independent Directors and Nominations & with wide range of expertise, Directors heading all major board Remunerations committees backgrounds and experience committees Statutory auditor Designated Lead 5
Slide 48: Balance Sheet and Debt Profile
Anti-dust & High Gloss Balance Sheet and Debt Profile JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Sustainability Delivering Appendix Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 49: Strong Financial Growth driven by Prudent Capital Allocation
Strong Financial Growth driven by Prudent Capital Allocation Strong track record of Volume growth… … resulting in healthy Revenue growth (₹000’s Cr) 16.27 16.69 16.06 15.15 19.51 24.16 26.43 27.792 176.0 167.0 168.1 26.452 147.9 24.78 22.39 18.18 15.55 15.60 14.90 15.08 85.0 80.4 73.4 73.9 FY18 FY19
Slide 50: Track Record of Delivering Strong Shareholder Returns
Track Record of Delivering Strong Shareholder Returns ROCE Consistent Dividends (₹/share) 20.0 29.8% 15.0 19.6% 19.5% 10.0 13.1% 16.4% 14.8% 5.0 2.8 9.6% 7.6% 8.2% 0.0 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Market cap (₹ Cr) 10-y
Slide 51: Strong Credit Ratings and Diversified Funding
Strong Credit Ratings and Diversified Funding Net Gearing (ND1/Equity) within the Leverage (ND1/EBITDA) within Funding Sources stated cap of 1.75x the stated cap of 3.75x 1.75x 3.75x Bonds and 1.15x INR debt, 3.34x debentures, 0.91x 0.94x 0.93x 2.56x 3.13x 2.97x 42% 0.87x 2.58x 29% 0.77x Foreign 1.3
Slide 52: Appendix
Appendix JSW Steel Company India Growth Products and Digitalisation Governance Balance Sheet Appendix Sustainability Delivering Overview Opportunity Brands Portfolio and R&D and Board and Debt Profile Growth & Value
Slide 53: Proven Track Record of Organic and Inorganic Growth
Proven Track Record of Organic and Inorganic Growth 2002-2005 2006 2007 2009 2010 2011-2012 Capacity expanded • Capacity increased • Capacity • 3.5 mtpa (HSM-2) • 49.3% stake in • • Capacity from 1.6 mtpa to 2.5 to 4.8 mtpa increased to • JSW-JFE strategic Ispat industries increased to mtpa • 1.0 mt
Slide 54: Case Study: Turnaround Strategy at JSW Ispat’s Dolvi plant
Case Study: Turnaround Strategy at JSW Ispat’s Dolvi plant Proven track record of identifying, acquiring and integrating assets creating synergies and optimising costs Completed initiatives – FY2016 – 2017 FY2018 onwards FY2011 – 2015 At Acquisition • Infusion of equity • Capacity expanded to 5 mtpa
Slide 55: Proven Track Record of JVs and Partnerships
Proven Track Record of JVs and Partnerships JFE Steel JSW Severfield Structures JSW MI • JFE acquired 14.99% stake in JSW Steel in • 50:50 JV with Severfield Plc, the largest • 50:50 JV with Marubeni Itochu Steel since 2010, one of the largest FDI in the Metals & steel fabricator in UK, since 2009 2
Slide 56: Plant-wise Steel Capacity
Plant-wise Steel Capacity In million metric tonnes per annum Approved Plant Current FY29 Expansion Vijayanagar 17.5 2.0 19.5 Dolvi 10.0 5.0 15.0 BPSL - Jharsuguda 4.5 0.5 5.0 Salem 1.0 0.2 1.2 Raigarh 0.95 - 0.95 Raipur 0.25 - 0.25 Kadapa 0.0 1.0 1.0 India Operations 34.2 8.7 42.9 USA Ohio Operation
Slide 57: Global Steel
Global Steel Crude Steel Production – Jan-Sep (mt) Finished Steel Demand (mt) China Steel Production and Export (mt) China Crude Steel Production (LHS) Jan-Sep CY23 Jan-Sep CY24 Jan-Sep CY25 CY24 CY25(f) CY26(f) 150 12 -1.6% Exports (RHS) +0.0% 10 -2.9% 0.0% 100 8 1,423 1,396 1,374 +1.9% 1,773 -2.0%
Slide 58: Indian Steel
Indian Steel Production and Consumption (mt) Apparent Steel Consumption (mt) Q2 FY25 Q1 FY26 Q2 FY26 +13.2% +8.8% 40.55 YoY YoY 37.25 41.56 40.55 33.24 40.51 28.25 36.71 37.25 38.31 24.72 Crude Steel Production Apparent Steel Consumption Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Steel Imports (mt) Ste
Slide 59: Q2 FY26 Production and Sales
Q2 FY26 Production and Sales In million metric tonnes Particulars Crude Steel Production Sales Q2 FY25 Q2 FY26 YoY Q2 FY25 Q2 FY26 YoY Consolidated India Operations 6.63 7.66 16% 5.961 7.07 19% USA – Ohio Operations 0.14 0.24 71% 0.17 0.26 53% JSW Steel Consolidated Operations 6.77 7.90 17% 6.131 7.
Slide 60: Awards and Recognitions
Awards and Recognitions Steel Sustainability CDP’s Supplier Retained in the British Safety Council Champion for the 7th Engagement Assessment FTSE4Good Index 5-star rating and Sword consecutive year (SEA) A-list for 2024 Series with an of Honor award disclosure cycle improved score Certified as Grea
Slide 61: Our Steel is Helping Build Key Infrastructure in India
Our Steel is Helping Build Key Infrastructure in India Rail Pipelines Metro Infra Renewables Nuclear High Speed Rail Water Pipelines 51 km Metro Expressways and 2.1 GW Solar 763 MW Nuclear (Mumbai-Ahmedabad 2,182 km Projects Highways 864 km Projects Power Plants Bullet Train) (Mumbai, Delhi, Roads &
Slide 62: Investor Relations Contact
Investor Relations Contact: ir.jswsteel@jsw.in Vijayanagar Steel Plant JSW Steel Investor Presentation: Aug 2025 /