Jindal Saw Ltd. - Capital/Financing Update 2025

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July 01, 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 letters dated July 01, 2025 issued the credit rating for various instruments/banking facilities of the Company. Copies of said letters are 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 SUNIL DN: c=IN, postalCode=110087, st=DELHI, street=WEST DELHI, l=WEST DELHI, o=Personal, serialNumber=cae3445e545680b5a6a2b3c48701d efa014a81587d8bcfac5d63574d4c845c00, pseudonym=f347d48c4d624af9a955e35e5c68f08 KUMAR 9, 2.5.4.20=f3920032fcfecff0d9cf750fe7967b752ec36 4a68d4ef72da6ace99afc8dde4c, [email protected], cn=SUNIL KUMAR JAIN JAIN Date: 2025.07.01 16:14:00 +05'30'

Sunil K Jain Company Secretary FCS- 3056

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No. CARE/HO/RL/2025-26/1934

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place,

New Delhi Delhi 110066

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July 01, 2025

Confidential

Dear Sir,

Credit rating for Non-Convertible Debenture issue

On the basis of recent developments including operational and financial performance of your Company for FY25 (Audited) and the possible impact of the same on the credit profile of your company our Rating Committee has reviewed the following ratings:

Sr. No.	Instrument	Amount (₹ crore)	Rating1	Rating Action
1.	Non Convertible Debentures	500.00	CARE AA; Stable	Reaffirmed

The NCDs are repayable by March 26, 2031 in annual installments of Rs.166.70 crore starting from March 26, 2029.
The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2 . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 09, 2025, we will proceed on the basis that you have no any comments to offer.
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.

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1Complete 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

Page 1 of 3

CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, 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 bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. 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.
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.
Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
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 [email protected]

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Hitesh Avachat

Associate Director [email protected]

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

Page 2 of 3

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 CARE and the user.

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.

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

Page 3 of 3

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No. CARE/HO/RL/2025-26/1929

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place,

New Delhi Delhi 110066

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July 01, 2025

Confidential

Dear Sir,

Credit rating for bank facilities

Facilities	Amount (₹ crore)	Rating1	Rating Action
Long Term Bank Facilities	1,980.83 (Reduced from 2,475.57)	CARE AA; Stable	Reaffirmed
Short Term Bank Facilities	9,000.00	CARE A1+	Reaffirmed

Refer Annexure 1 for details of rated facilities.

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1Complete 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

Page 1 of 5

The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2 . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 09 2025, we will proceed on the basis that you have no any comments to offer.
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.
CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, 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 bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. 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 aforementioned rating actions in any manner considered appropriate by it, without reference to you.
Our ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans.
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.
Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
CARE Ratings Ltd. ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities.

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

Thanking you,

Yours faithfully,

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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

Page 2 of 5

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Himanshu Mahlyan Analyst [email protected]

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Hitesh Avachat Associate Director [email protected]

Encl.: As above

Disclaimer

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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

Page 3 of 5

Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Debt Repayment Terms
1.	South Indian Bank Ltd.	37.59	To be paid in 28 Monthly instalments of ?125.40 lakhs from June 18, 2025 to Sep 18, 2027, and 6 monthly instalments of ?41.20 lakhs from Oct 18,2027 to March 18,2028.
2.	Aditya Birla Finance Ltd.	16.90	Outstanding 22.54% amounting to Rs 16.90 Cr to be paid in two tranches of Rs 8.45 Crore each in June 25 and Dec 25
3.	ICICI Bank Ltd.	11.83	To be paid in two tranches of Rs ~5.92 Crore each in June 25 and Dec 25
4.	SBM Bank (India) Ltd.	11.27	To be paid in two tranches of Rs ~5.64 Crore each in June 25 and Dec 25
5.	South Indian Bank Ltd.	3.24	O/s Rs. 3.24 Crore to be paid in 10 Monthly instalments of ?32.42 lakhs from June 11,2025 to March 11,2026.
	Total	80.83

1.B. Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	750.00	Inclusive of eVFS facilityworth Rs 300 crore
2.	HDFC Bank Ltd.	250.00
3.	Punjab National Bank	195.00
4.	Axis Bank Ltd.	150.00
5.	ICICI Bank Ltd.	125.00
6.	Indian Bank	125.00
7.	Bank of Baroda	120.00
8.	Standard Chartered Bank	60.00
9.	Union Bank of India	50.00
10.	Induslnd Bank Ltd.	50.00
11.	RBL Bank Limited	25.00
	Total	1,900.00

Total Long Term Facilities : Rs.1,980.83 crore

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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

Page 4 of 5

2. Short Term Facilities

2.A. Non-Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)
1.	State Bank of India	2,903.00
2.	ICICI Bank Ltd.	890.00
3.	Punjab National Bank	805.00
4.	HDFC Bank Ltd.	790.00
5.	Indian Bank	735.00
6.	Axis Bank Ltd.	660.00
7.	Union Bank of India	550.00
8.	Standard Chartered Bank	527.00
9.	Bank of India	350.00
10.	Bank of Baroda	325.00
11.	RBL Bank Limited	265.00
12.	Induslnd Bank Ltd.	200.00
	Total	9,000.00

Total Short Term Facilities : Rs.9,000.00 crore

Total Facilities (1.A+1.B+2.A) : Rs.10,980.83 crore

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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

Page 5 of 5

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No. CARE/HO/RL/2025-26/1932

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place,

New Delhi Delhi 110066

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July 01, 2025

Confidential

Dear Sir,

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

On the basis of recent developments including operational and financial performance of your company for FY25 (Audited) and the possible impact of the same on the credit profile of your company our Rating Committee has reviewed the following rating(s):

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.

The CP issue would be for a maturity not exceeding one year..
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 September 01, 2025. Once the CP is placed, the rating is valid for the tenure of such instrument till redemption.
Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

Instrument type	ISIN	Issue Size (Rs cr.)	Coupon Rate	Coupon Payment Dates	Terms of Redemption	Redemption date	Name and contact details of Trustee/IPA	Details of top 10 investors

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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

Page 1 of 3

The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly/by end of the day, a draft of which is enclosed for your perusal as Annexure . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 09, 2025 the end of the day, we will proceed on the basis that you have no any comments to offer.
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.
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.
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.
Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
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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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

Page 2 of 3

Himanshu Mahlyan Analyst [email protected]

Hitesh Avachat Associate Director [email protected]

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Encl.: As above

Disclaimer

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==> picture [101 x 37] intentionally omitted <==

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

Page 3 of 3

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No. CARE/HO/RL/2025-26/1936

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Jindal Centre, 12, Bhikaji Cama Place,

New Delhi Delhi 110066

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July 01, 2025

Confidential

Dear Sir,

Issuer Rating

Type of Rating	Rating1	Rating Action
Issuer rating	CARE AA; Stable	Reaffirmed

The rating is only an opinion on the general creditworthiness of the Company and not specific to any particular debt instrument.
The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2 . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 09, 2025, we will proceed on the basis that you have no any comments to offer.
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.

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1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications.

==> picture [37 x 37] intentionally omitted <==

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

Page 1 of 3

CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, 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, CARE Ratings Ltd. shall carry out the review on the basis of best available information. 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.
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.
Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.
Our Issuer Ratings are not recommendations to buy or sell any securities of the issuer.

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 [email protected]

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Hitesh Avachat Associate Director [email protected]

Encl.: As above

==> picture [121 x 170] intentionally omitted <==

==> picture [101 x 37] intentionally omitted <==

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

Page 2 of 3

Disclaimer

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.

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==> picture [37 x 37] intentionally omitted <==

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

Page 3 of 3

AI assistant

Jindal Saw Ltd. — Capital/Financing Update 2025

61025_rns_2025-07-01_94290d90-dafe-417f-9ae0-cf10bf9816c1.pdf

No. CARE/HO/RL/2025-26/1934

Confidential

CARE Ratings Limited

Hitesh Avachat

CARE Ratings Limited

CARE Ratings Limited

No. CARE/HO/RL/2025-26/1929

Confidential

Credit rating for bank facilities

CARE Ratings Limited

CARE Ratings Limited

Encl.: As above

Disclaimer

CARE Ratings Limited

Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

1.B. Fund Based Limits

Total Long Term Facilities : Rs.1,980.83 crore

CARE Ratings Limited

2. Short Term Facilities

2.A. Non-Fund Based Limits

Total Short Term Facilities : Rs.9,000.00 crore

Total Facilities (1.A+1.B+2.A) : Rs.10,980.83 crore

CARE Ratings Limited

No. CARE/HO/RL/2025-26/1932

Confidential

CARE Ratings Limited

CARE Ratings Limited

Encl.: As above

Disclaimer

CARE Ratings Limited

No. CARE/HO/RL/2025-26/1936

Shri Neeraj kumar Chief Executive Officer Jindal Saw Limited

Confidential

Issuer Rating

CARE Ratings Limited

CARE Ratings Limited

CARE Ratings Limited

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Jindal Saw Ltd. Capital/Financing Update 2025