Jindal Saw Ltd. — Capital/Financing Update 2025

Sep 23, 2025

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September 23, 2025

BSE Limited National Stock Exchange of India Limited, Corporate Relation Department Listing Department, 1st Floor, New Trading Ring Exchange Plaza, Rotunga Building Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai - 400 001 Mumbai – 400 051 Stock code: 500378 Stock code: JINDALSAW

Sub.:- Disclosure of Credit Rating of the Company - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

This is with reference to the captioned subject, we wish to inform you that CARE Ratings Limited (“CARE”) vide its letter dated September 22, 2025 issued the credit rating for Commercial Paper (CP) of the Company. Copy of said letter is attached for your reference.

This is for your information and record.

Thanking you,

Yours faithfully, For Jindal Saw Limited,

Digitally signed by SUNIL KUMAR JAIN DN: c=IN, postalCode=110087, st=DELHI, SUNIL street=WEST DELHI, l=WEST DELHI, o=Personal, serialNumber=cae3445e545680b5a6a2b3c48 701defa014a81587d8bcfac5d63574d4c845c0 0, KUMAR pseudonym=f347d48c4d624af9a955e35e5c68f089, 2.5.4.20=f3920032fcfecff0d9cf750fe7967b75 2ec364a68d4ef72da6ace99afc8dde4c, email=SUNIL.JAIN@JINDALSAW.COM, JAIN cn=SUNIL KUMAR JAIN Date: 2025.09.23 12:11:52 +05'30'

Sunil K Jain Company Secretary FCS- 3056

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No. CARE/HO/RL/2025-26/2842

Shri Vinay Kumar President Head and Treasury Jindal Saw Limited 28, Shivaji Marg Nazafgarh Road, Moti Nagar New Delhi Delhi 110015

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September 22, 2025

Confidential

Dear Sir,

Credit rating for Commercial Paper (CP) issue aggregating Rs.400.00 crore[1]

Please refer to our letter no. CARE/HO/RL/2025-26/1932 dated July 01, 2025 and your request for revalidation of the rating assigned to the CP issue of your company, for a limit of Rs.400.00 crore, with a maturity not exceeding one year.

1. The following rating(s) have been reviewed:

Instrument	Instrument	Amount (₹ crore)	Rating2	Rating Action
Commercial Paper (Carved *out) **		400.00	CARE A1+	Reaffirmed
*carved out of the sanctioned working capital limits of the company.

1. Please arrange to get the rating revalidated in case the issue is not made within two months from the date of this letter i.e. by November 22, 2025. Once the CP is placed, the rating is valid for the tenure of such instrument till redemption.

2. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

Instrumen t type	ISI N	Issu e Size (Rs cr.)	Coupo n Rate	Coupon Paymen t Dates	Terms of Redemptio n	Redemptio n date	Name and contact details of Trustee/IP A	Details of top 10 investor s

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1 This represents the aggregate of all CP issuances of the company outstanding at any point in time.

2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications.

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CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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1. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

2. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the debt instruments, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such instruments. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

3. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

4. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.

5. CARE Ratings Ltd. ratings are not recommendations to buy, sell, or hold any securities.

If you need any clarification, you are welcome to approach us in this regard.

Thanking you,

Yours faithfully,

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Himanshu Mahlyan Analyst himanshu.mahlyan@careedge.in

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Hitesh Avachat

Associate Director hitesh.avachat@careedge.in

Encl.: As above

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CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Disclaimer

This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user.

CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NONINFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of CareEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp downgrades. CareEdge Ratings has established policies and procedures as required under applicable laws and regulations which are available on its website. Privacy Policy applies. For Privacy Policy please refer to https://www.careratings.com/privacy_policy

© 2025, CARE Ratings Limited. All Rights Reserved.

This content is being published for the purpose of dissemination of information. Any use or reference to the contents herein on an “as-is” basis is permitted with due acknowledgement to CARE Ratings. Reproduction or retransmission in whole or in part is prohibited except with prior written consent from CARE Ratings.

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CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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