Jindal Stainless Limited · NSE:JSL
Jindal Stainless — Investor Presentation (November 2025)
53 slides from Jindal Stainless's investor presentation, Nov 18, 2025
Slide 1: Exchange intimation cover letter
November 18, 2025 BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Department, Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring, Plot no. C/1, G Block Rotunda Building, P J Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 Ph.
Slide 2: Corporate Presentation Nov 2025
CORPORATE PRESENTATION Nov 2025
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which has been prepared by Jindal Stainless Limited (the "Company"), has been prepared purely for information purposes only and is not, and is not intended to be, an offer, or solicitation of offer, or invitation or recom
Slide 4: Content
CONTENT 1 2 3 4 5 6 OVERVIEW SECTOR CORE ESG FINANCIALS ANNEXURES DYNAMICS & STRENGTHS DIVERSIFIED APPLICATIONS 3
Slide 5: Overview
ls OVERVIEW \ |
Slide 6: Jindal Stainless Leader in Specialized Products
Jindal Stainless Leader in Specialized Products #1 #5 3mtpa Stainless steel Top Global producer producer in Ex - China Stainless steel capacity India Scaling up to 4.2mtpa ~₹ 412bn ~₹ 50bn 0.2x/0.7x Revenue (Net)* EBITDA* Net Debt to Equity/ Net Debt to EBITDA* 50+ >120 grades > 24,000 Exports to co
Slide 7: Diverse Product Portfolio Redefining Possibilities
Diverse Product Portfolio Redefining Possibilities Unleashing the spectrum of stainless steel solutions SMS CRAP 3,000,000 2,050,000 HSM (including JUSL) Special Product Division 3,920,000 94,000 Narrow Tandem Mill Ferro Alloy 250,000 384,675 Long Products Power (MW) 160,000 264 HRAP SMS : Steel Mel
Slide 8: Ingenuity Meets Manufacturing Excellence
Ingenuity Meets Manufacturing Excellence The heart of our operations ODISHA HISAR Capacity – 2.2 MTPA Capacity - 0.8 MTPA Million Tonnes per Annum 7
Slide 9: Sector Dynamics & Diversified Applications
SECTOR DYNAMICS & DIVERSIFIED APPLICATIONS 8
Slide 10: Stainless Steel At The Vanguard
Stainless Steel At The Vanguard characteristics and popularity Value - added & Sustainable Metal Low maintenance Low Life Cycle Cost Corrosion resistance under wet /dry salt water environment 25 Corrosion Resistance Recyclability/ 19.95 Circularity 20 14.54 15 (Mils per Year) Corrosion loss Aestheti
Slide 11: Stainless Steel At The Vanguard
Stainless Steel At The Vanguard characteristics and popularity Favorable growth trajectory India poised for healthy growth 1.6x …With stainless steel as the fastest growing metal 2.1x Stainless Steel 5.4% 20.9% 13.0% 3.7% 1980-2021 CAGR Aluminium 1.1x Copper 2.5% 8.3% Carborn Steel 2.4% 7.2% 10.0% 6
Slide 12: Stainless Steel's Shining Surge
Stainless Steel's Shining Surge Global SS Consumption (MTPA) India SS Consumption (MTPA) Covid impact CAGR 3-4% Covid impact CAGR 8-9% & Subsequent & Subsequent latent demand latent demand 7.4 63 52.1 48.8 48.6 50.1 44.4 43.9 4.8 37.4 4.4 4.0 3.5 3.6 2.9 22.4 1.7 2009 2015 2019 2020 2021 2022 2023 2
Slide 13: JSL Shaping the Global Landscape
JSL Shaping the Global Landscape Setting new benchmarks in the global stainless steel market Tsingshan Jiangsu Delong Baosteel Among TISCO Top Posco Acerinox Aperam/Outokumpu/Guangxi Jindal Stainless E-United Liusteel group Xiamen Xiangu, Jiangsu Delong Among Top Shandong Shengyang Group AK Steel Gl
Slide 14: Extensive Product Portfolio
Empowering Industries with an Extensive Product Portfolio Automobile Offering a Railway & Transport comprehensive selection of quality products for existing and new sectors Process & Engineering Architecture Building Construction PRODUCT APPLICATIONS Consumer Durables 13
Slide 15: Diversified Consumption Pattern supporting consistent performance
Diversified Consumption Pattern supporting consistent performance Evolution in Sectoral Growth & Earnings India SS Industry India SS Industry JSL India CS Industry 2% 3% 6% 5% 20% 19% 19% 27% 2023 15% 1998 43% 9% 12% 62% 80% 27% 31% 20% Consumer durable Others ABC ART Process Consumer Durables Other
Slide 16: Charting New Territories in Consumption
Charting New Territories in Consumption Discover the latest market developments and stainless steel applications Progressive Potential Market Particulars Foot Over Bridge Road Over Bridge Flyovers Underframes Railway Station Airport (ABC+Structurals) ABC+Structurals Consumption 100-150Mt/Bridge 250-
Slide 17: Charting New Territories in Consumption
Charting New Territories in Consumption Discover the latest market developments and stainless steel applications Progressive Potential Market Particulars Ethanol Green Hydrogen Water Nuclear Consumption per 100 klpd, 450-500 MT 5MMTA of hydrogen will use 300-500 MT per 100 MLD Nuclear plant of 700-8
Slide 18: Project – FOB – Naupada – East Coast Railway
PROJECT – FOB – Naupada – East Coast Railway Application All load Bearing Members including Girders, Columns, Cross Beams etc. 17
Slide 19: Project – Himalaya FOB – CSMT, BMC, Mumbai
PROJECT – HIMALAYA FOB – CSMT, BMC, Mumbai Application All load Bearing Members including Girders, Columns, Cross Beams etc. 18
Slide 20: Project – ROB – Kalyan Shilphata – Kalyan Patripool
PROJECT – ROB – Kalyan Shilphata – Kalyan Patripool - MSRDC Application Foundations of Bridges, Columns etc. 19
Slide 21: India Growth & Infrastructure Push - Driving Demand
India Growth & Infrastructure Push -Driving Demand Leveraging sectoral opportunities Auto Railways and Transport Infrastructure Process Industry 400 new Vande Bharat trains to be introduced in the next Transforming 508 railway stations across the country For achieving 280 GW of solar capacity by 203
Slide 22: Government Notifications
Government Notifications Strong Regulatory Support With a view to strengthening the quality of infrastructure build-out in the country, the Government of India has issued several circulars directing the usage of Stainless Steel in key infrastructure sectors. This is providing a tailwind to the for S
Slide 23: Core Strengths
2) a5 - O = Lu [a - ” Lu oc O O
Slide 24: Solution Provider
Solution Provider Exploring the various solutions One stop solution provider Grade Quality Ensures availability Identifying recommendation / Control of all supportive implementation customization components for vendors implementation Dedicated JSL Welder Consultancy in Fabrication technical resource
Slide 25: Reaching New Horizons with our Presence
Reaching New Horizons with our Presence Extending our footprint worldwide, empowering growth and collaboration. Global footprint Domestic footprint Hisar Haryana Gurugram Delhi Corporate Office Russia Germany United Kingdom Belgium Turkey Ahmedabad Spain South Korea Vadodara Kolkata USA Taiwan Mumba
Slide 26: Nurturing Expertise & Brand Excellence
Nurturing Expertise & Brand Excellence Building enduring partnerships with key customers Investing in various Branding & Jindal Saathi marketing Stainless Steel Pipes Key Visuals Initiatives to enhance & Tubes campaign overall market Increased genuine Jindal potential Saathi Seal recognition among f
Slide 27: The Stainless Academy Redefining Stainless Power
The Stainless Academy Redefining Stainless Power Stainless Academy (Awareness & Eco - system Development) Stainless Education Fabrication Upskilling Workshops for hands-on Skill enhancement Courses in Introduction of SS program across 18,000+ Fabricators Under Skill India training program, Supported
Slide 28: Empowering Our Nation: Safeguarding Security and Driving Growth
Empowering Our Nation: Safeguarding Security and Driving Growth Nuclear Space Application Green Ballistic And Blast Marine Missile Applications Hydrogen Protection Application Application We are one of the two Suppling Critical Supplied 40 Mt for 238 Various grades for the Super duplex Stainless ste
Slide 29: Harnessing Technology for Customer Experience
Harnessing Technology for Customer Experience Unlocking efficiency and connectivity through digitization Real time data & Presales/Sales Personalized Cu 360 degree Higher market Higher customer amp; powerful data mobility on cloud reports and les st customer view share & amp; avoid satisfaction & am
Slide 30: Fueling Innovation and Advancement through R&D
Fueling Innovation and Advancement through R&D Key focus areas for innovation R&D division plays a pivotal role in retaining and consolidating JSL’s leadership position providing agility to Advance R&D division - a key factor driving new customer additions alter product and geographical mix with mar
Slide 31: Structural Changes
Structural Changes Sourcing and sales strategy More than Five decades of Planning, operations, sales, experience supported by Drastic shift in raw material Reduced inventory pipeline, and sourcing underwent a data analytics helped in procurement moved to releasing working capital. complete overhaul
Slide 32: ESG
ESG 31
Slide 33: Sustainability in Action: JSL's ESG Commitment at a Glance
Sustainability in Action: JSL's ESG Commitment at a Glance Paving the Way to Excellence JSL ESG Ratings MSCI DJSI Pledged to the Aligns with the BB 60 Science Based Targets initiative (SBTi) Paris Agreement's 1.5°C Crisil CDP 56 B EcoVadis Sustainalytics 36.7 61 (Bronze) CSR HUB 78% 32
Slide 34: JSL's Commitment to Environmental Responsibility
JSL’s Commitment to Environmental Responsibility Championing environmental stewardship aligned to global standards 31,105 MWh 76,595 TCO2e Renewable Carbon energy consumed Abated through projects 50% ~1 GW 34.5 MWp 6.41m3/TCS 2.15 TCO2e/TCS Reduction in Wind-Solar Hybrid Rooftop Solar Water Intensit
Slide 35: Promoting Social Welfare & Enriching Communities
Promoting Social Welfare & Enriching Communities Empowering lives through training, safety, and social initiatives Social Community Development Safety management Training and development Learning & Development PARIVARTAN 4.5 Lakh+ Continuous safety E-learning modules for workers a high potential dev
Slide 36: Leading with Integrity and Responsibility
Leading with Integrity and Responsibility Upholding ethical standards and effective governance frameworks Governance Policies Product Stewardship Stakeholder engagement Jindal Stainless have formulated several policies within the Company’s Corporate R&D lab at both plants implemented The process of
Slide 37: Renewable Energy Green Hydrogen
Renewable Energy Green Hydrogen For incremental Jindal Stainless To increase the Floating Solar Partnered with Green Hydrogen to Expected Carbon First Green energy requirement imports RE power Renewable Energy Project (Installed Hygenco India replace fossil fuels abatement hydrogen plant, of 1MTPA t
Slide 38: Financials
FINANCIALS 37
Slide 39: JSL's Stellar Performance
JSL’s Stellar Performance Sales Volume (‘000) Revenue (Rs.Cr) CAGR 15% CAGR 19% 2,175 2,373 35,697 38,562 39,312 1,671 1,764 32,733 1,338 1,274 19,592 21,100 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY24 FY25 H1FY26 EBITDA (Rs.Cr) & EBITDA/t (Rs.) PAT (Rs.Cr) EBITDA EBITDA/TON 30,461 18,489 20
Slide 40: Financial Metrics
Financial Metrics Cultivating value through streamlined operations and improved financial performance 1.4 16,708 18,106 14,375 9,890 11,968 0.7 0.8 0.8 0.9 35% 0.7 6,683 0.5 19% 19% 20% 17% 3,934 3,991 0.4 16% 3,415 3,640 2,912 3,646 0.2 0.3 0.2 0.2 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY2
Slide 41: Strengthening Financial Position
Strengthening Financial Position Charting the path for De-leveraging Net Debt (Rs. Cr.)^ D/E (x) Net Debt^/EBITDA (x) 11.0 30,0 00 8.4 15.0 14.0 13.0 12.0 4.2 11.0 10.0 9.0 2.7 2.6 8.0 25,0 00 2.3 7.0 1.3 6.0 0.7 0.7 5.0 0.6 0.6 0.5 4.0 3.0 2.0 3.4 3.2 1.0 20,0 00 2.9 - 1.4 1.4 -1 .0 0.9 0.5 0.3 0.2
Slide 42: Growth Roadmap
Growth Roadmap Strategic Expansion Plan - Upstream and Downstream Augmentation Three-pronged investment strategy ~INR 5,700 crore to achieve global leadership in stainless steel Chromeni acquisition (100%) ~1,618 Cr 0.6 MTPA Cold Rolling in Gujarat Z With landbank of ~400 acre JV with 49% stake in ~
Slide 43: Noteworthy Acquisition
Noteworthy Acquisition Significant progress and milestones in JSL's journey JUSL Stake in NPI Facility Rathi Super Steel Ltd Rabirun Vinimay Pvt Ltd Integrating the Enhancing Product Diversification Product Diversification Operations Raw Material Security In November 2022, Jindal JUSL acquisition co
Slide 44: Strategic Capital Allocation for Sustainable Growth
Strategic Capital Allocation for Sustainable Growth Optimizing returns through resource optimization Capital Expenditure Organic & Sustaining Capex inorganic Capex for cost and Growth projects operational efficiencies ensure IRR ~15% Capital Allocation Dividend Target a dividend pay-out upto 20% of
Slide 45: Journey to Superior Ratings
Journey to Superior Ratings Advancing credit ratings to increase investor confidence OCT 23 - till TERM LOAN AA/STABLE APR 23 TERM LOAN AA-/POSITIVE JAN 22 TERM LOAN AA-/STABLE MAY 21 TERM LOAN A+ STABLE JAN 21 RATINGS 6 NOTCHES HIGHER TERM LOAN BBB+/ STABLE JAN 20 TERM LOAN BBB/ STABLE 44
Slide 46: Leading the Way
Leading the Way Strong Growth and Sustainable Practices in the Value-Added Stainless Steel Sector Market Leader with continuous focus ESG Commitment, on the growth and capacity EAF manufacturing ~72% expansion – To be scrap utilization adding #1 player ex - China to circular economy Strong and delev
Slide 47: Contact Us
Contact Us India’s leading stainless-steel manufacturer, Jindal Stainless, had an annual turnover of INR 40,182 crore (USD 4.75 billion) in FY25 and is ramping up its facilities to reach 4.2 million tonnes of annual melt capacity in FY27. It has 16 stainless steel manufacturing and processing facili
Slide 48: Thank You
THANK YOU Copyright © 2023 | All Rights Reserved | Privacy Policy 47
Slide 49: Annexures
ANNEXURES Copyright © 2023 | All Rights Reserved | Privacy Policy 48
Slide 50: JUSL Snapshot
JUSL Snapshot EBITDA (Cr.) Interest cost (Cr.) PAT (Cr.) Net Debt (Cr.)^ 316 781 289 712 708 236 213 258 2,030 1,956 590 204 178 1,731 1,743 175 1,450 397 148 87 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 49 ^Net debt includes loans fr
Slide 51: Accolades of Distinction
Accolades of Distinction Recognitions and certifications highlighting industry leadership Quality Environment Management Energy Efficiency Best Raw Material Supplier Supplier Excellence 22ND GREENTECH Fame Environment Excellence Golden Peacock Award SEEM National Energy Supplier Award given to Excel
Slide 52: Shareholding Pattern
Shareholding Pattern Floating Stock (%) Promoters Fll 61.2% 21.4% Others 38.8% Retail & Others Dll 10.3% 7.1% Copyright © 2023 | All Rights Reserved | Privacy Policy 51 Note: Period ending September 30, 2025
Slide 53: Slide 53
Jindal Stainless — Investor Presentation (November 2025) on 6ix