Jindal Saw Ltd. — Interim / Quarterly Report 2026

Oct 17, 2025

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October 17, 2025

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

Sub: Information pursuant to Regulations 30 read with Regulation 33 & 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)

Dear Sir,

This is with reference to the captioned subject, we wish to inform you that pursuant to Regulation 30(2) read with Schedule III Part A Para A and Regulations 33 & 52 of the Listing Regulations, please find enclosed herewith the Unaudited Financial Results (Standalone & Consolidated) of the Company for the 2[nd] quarter/half year ended 30[th] September, 2025 along with the Limited Review Report thereon by Price Waterhouse Chartered Accountants LLP, Statutory Auditors.

The Board Meeting commenced at 12:30 p.m. and concluded at 02:20 p.m.

This is for your information and record.

Thanking you,

Yours faithfully, For JINDAL SAW LTD.,

Digitally signed by SUNIL KUMAR JAIN DN: c=IN, postalCode=110087, st=DELHI, street=WEST DELHI, l=WEST DELHI, o=Personal, SUNIL serialNumber=cae3445e545680b5a6a2b3c48701defa014a81587d8bcfac5d63574d4c845c00, pseudonym=f347d48c4d624af9a955e35e5c68f089, 2.5.4.20=f3920032fcfecff0d9cf750fe7967b752ec364a KUMAR JAIN 68d4ef72da6ace99afc8dde4c, email=SUNIL.JAIN@JINDALSAW.COM, cn=SUNIL KUMAR JAIN Date: 2025.10.17 14:24:33 +05'30'

SUNIL K. JAIN COMPANY SECRETARY FCS- 3056

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Price Waterhouse Chartered Accountants LLP

Review Report

To

The Board of Directors Jindal Saw Limited Jindal Centre, 12, Bhikaji Cama Place, New Delhi - 110066

1. We have reviewed the unaudited standalone financial results of Jindal Saw Limited (the “Company”) (refer paragraph 6 below) for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025, which are included in the accompanying ‘Statement of unaudited standalone financial results for the quarter and half year ended September 30, 2025’, the ‘Statement of unaudited assets and liabilities as on that date’ and the ‘Statement of unaudited standalone cash flows for the half-year ended on that date’ (the “Statement”). The Statement has been prepared by the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations, 2015”). The Statement is the responsibility of the Company’s management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.

3. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. We draw attention to note 1 to the Statement relating to the appeal filed by Jindal ITF Limited (JITF), a Subsidiary of the Company, before the divisional bench of Delhi High Court and the Company’s assessment of expected outcome of the matter and its impact on the carrying value of the investment in JITF.

Our conclusion on the Statement is not modified in respect of this matter.

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002

T: +91 (124) 6169910

Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, Gate No 2. New Delhi - 110002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

1. The interim financial results of the Samruddhi Employees Trust (formerly known as Jindal Saw Employee Welfare Trust) (the “Trust”) reflect total assets of Rs. 8.05 Crores and net assets of Rs. (2.40) Crores as at September 30, 2025, total income of Rs. Nil and Rs. 0.48 Crores, total excess of income over expenditure of Rs. (0.00) Crores and Rs. (0.03) Crores for the quarter and half year ended September 30, 2025, respectively, and cash flows (net) of Rs. (0.03) Crores for the period from April 01, 2025 to September 30, 2025, as considered in the unaudited standalone financial results. These interim financial results of the Trust have been reviewed by other auditors and their report dated October 08, 2025 vide which they have issued unmodified conclusion on financial results, has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the Trust, is based on the report of the other auditors and the procedures performed by us. Our conclusion on the Statement is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Digitally signed by SANDEEP CHADDHA DN: c=IN, o=Personal, title=1630, SANDEEP pseudonym=3nLNvbf0SqYf4uJ7WABAScurarm7m128, 2.5.4.20=9c1e566d2d2bf0adf10147d8dee67cb53b56c68a 8b991842170994cb237f622a, postalCode=110092, st=Delhi, serialNumber=55ea107f622b69a6100113cffe5c6eac3220f CHADDHA 2aaa12403c3d6a1ec66897ac482, cn=SANDEEP CHADDHA Date: 2025.10.17 14:22:53 +05'30'

Sandeep Chaddha

Partner Membership Number: 096137 UDIN: 25096137BMOQEU9800

Place: New Delhi Date: October 17, 2025

JINDAL SAW LIMITED

Regd. Off.: A-1, UPSIDC Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.)-281403 Corp. Office: Jindal Centre, 12, Bhikaiji Cama Place, New Delhi- 110066 CIN- L27104UP1984PLC023979

Statement of unaudited standalone financial results for the quarter and half year ended September 30, 2025

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(₹ Crores)
S. Particulars Quarter ended Half year ended Year ended
No. 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Income
Revenue from operations 3,371.85 3,300.37 4,724.50 6,672.22 9,061.44 17,936.16
Other income 37.21 26.44 65.73 63.65 145.91 241.54
Total income (I) 3,409.05 3,326.82 4,790.23 6,735.87 9,207.35 18,177.70
II Expenses
Cost of materials consumed 2,057.43 2,708.95 2,461.42 4,766.38 5,128.62 10,316.67
Purchases of stock-in-trade - - - - - -
Changes in inventories of finished goods, work-in-progress and scrap (67.70) (916.98) 311.85 (984.68) 104.15 107.99
Employee benefits expense 318.01 312.57 303.35 630.58 587.78 1,191.06
Finance costs 108.35 131.01 130.83 239.37 252.86 488.35
Depreciation and amortisation expense 121.72 121.62 119.33 243.34 238.26 479.49
Other expenses 766.49 662.66 838.49 1,429.15 1,669.44 3,106.22
Total expenses (II) 3,304.30 3,019.84 4,165.27 6,324.14 7,981.11 15,689.78
III Profit before tax (I-II) 104.75 306.98 624.96 411.73 1,226.24 2,487.92
IV Tax expense (Refer note 3):
Current tax [expense/(credit)] 23.80 (63.66) 151.73 (39.86) 319.37 604.48
Deferred tax [expense/(credit)] 1.66 6.71 (3.68) 8.36 (16.19) 8.97
Total tax expense (IV) 25.46 (56.96) 148.05 (31.50) 303.18 613.45
V Net profit after tax (III-IV) 79.29 363.94 476.91 443.23 923.06 1,874.47
VI Other comprehensive income (OCI):
Items that will not be reclassified to profit or loss:
(i) Re-measurement gain/(loss) on defined benefit plans (2.16) (2.16) (1.34) (4.33) (2.68) (8.65)
(ii) Income tax effect on above item 0.54 0.54 0.34 1.09 0.68 2.18
Total other comprehensive income for the year/period (VI) (1.62) (1.62) (1.00) (3.24) (2.00) (6.47)
VII Total comprehensive income for the year/period (V+VI) 77.67 362.32 475.91 439.99 921.06 1,868.00
VIII Earnings per equity share of ₹ 1 each
(i) Basic (₹) 1.24 5.71 7.49 6.96 14.50 29.44
(ii) Diluted (₹) 1.24 5.69 7.46 6.95 14.44 29.35
(Not annualised) (Not annualised) (Not annualised) (Not annualised) (Not annualised)
IX Networth
(i) Paid-up equity share capital (₹ 1 per share) 63.95 63.95 63.95 63.95 63.95 63.95
(ii) Reserves/other equity 12,187.62 12,109.36 10,924.68 12,187.62 10,924.68 11,874.10
(iii) Net worth 12,251.57 12,173.31 10,988.63 12,251.57 10,988.63 11,938.05
X Ratios:
(i) Debt equity ratio 0.28 0.29 0.32 0.28 0.32 0.25
(ii) Debt service coverage ratio 5.50 1.72 1.90 2.17 1.86 2.36
(iii) Interest service coverage ratio 3.09 4.27 6.69 3.74 6.79 7.08
(iv) Current ratio 1.50 1.47 1.46 1.50 1.46 1.52
(v) Long term debt to working capital 0.20 0.21 0.34 0.20 0.34 0.28
(vi) Bad debts to trade receivable ratio 0.03 0.02 0.04 0.03 0.04 0.01
(vii) Current liability ratio 0.78 0.79 0.80 0.78 0.80 0.77
(viii) Total debts to total assets 0.18 0.18 0.20 0.18 0.20 0.16
(ix) Debtors turnover ^ 4.71 4.32 5.99 4.57 5.73 5.77
(x) Inventory turnover ^ 1.81 1.79 2.73 1.85 2.74 2.84
(xi) Operating margin (%) 5.28% 12.55% 14.75% 8.87% 15.03% 15.64%
(xii) Net profit margin (%) 2.35% 10.80% 9.96% 6.58% 10.03% 10.32%
(xiii) Asset coverage for NCDs 16.58 15.46 7.09 16.58 7.09 10.23
(xiv) Redeemable Preference Shares outstanding - Quantity (in nos.) 17,09,817 17,09,817 34,19,638 17,09,817 34,19,638 34,19,638
(xv) Redeemable Preference Shares outstanding - Value 17.10 17.10 34.20 17.10 34.20 34.20
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^ Ratios for the quarter and half year have been annualised Formulae for computation of ratios are as follows:

(i) Debt equity ratio : Total debt (excluding lease liability) / Net worth

Total Debt : Secured loans + Unsecured loans - Liquid Investments and fixed deposits with original maturity of less than three months Net Worth : Equity share capital + Reserves

(ii) Debt service coverage ratio : Profit after tax + Depreciation and amortisation + Interest on long term debt / (Interest on long term debt + Lease payments + Principal repayment of long term debt during the period)

(iii) Interest service coverage ratio : EBDIT / Finance costs

EBDIT : Profit before taxes + Depreciation and amortisation + Finance costs + Exceptional items (non cash), if any

(iv) Current ratio : Current assets / Current liabilities

(v) Long term debt to working capital : Long term debt (including current maturity of long term debt) / [Current assets - Current liabilities (excluding current maturity of long term debt)]

(vi) Bad debts to trade receivable ratio : Provision for doubtful debt / Closing gross trade receivable

• (vii) Current liability ratio : Current liabilities / Total liabilities

(viii) Total debts to total assets : Total borrowings (excluding lease liability) / Total assets

• (ix) Debtors turnover : Sale of goods and services / Average of opening and closing trade receivable

(x) Inventory turnover : (Cost of material consumed+ Purchase of stock-in-trade + Changes in inventories of finished goods, stock-in-trade, work-in-progress and scrap)/ Average of opening and closing inventory of RM, SFG, FG and Scrap

(xi) Operating margin (%) : (Net profit before tax - Interest from bank deposits and loans - Other non operating income + Finance cost) / Revenue from operations *100

(xii) Net profit margin (%) : Profit after tax / Total income *100 (xiii) Asset coverage for NCDs : Net Property, plant and equipment including CWIP / Long term loans and NCDs (including interest accured and not due on the same) having first pari-passu charge on PPE including CWIP

JINDAL SAW LIMITED CIN- L27104UP1984PLC023979

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Statement of unaudited standalone assets and liabilities (₹ Crores)
S. Particulars As at As at
No. 30.09.2025 31.03.2025
Unaudited Audited
ASSETS
(1) Non-Current Assets
(a) Property, plant and equipment 7,880.54 7,683.34
(b) Capital work-in-progress 552.44 543.33
(c) Right-of-use assets 48.18 50.14
(d) Goodwill 61.05 61.05
(e) Other intangible assets 4.13 4.49
(f) Financial assets
(i) Investments 2,124.56 2,090.10
(ii) Trade receivables 2.12 1.86
(iii) Loans 1.63 2.05
(iv) Other financial assets 71.72 74.53
(g) Current tax assets (net) 278.32 131.18
(h) Other non-current assets 47.02 55.00
(2) Current Assets
(a) Inventories 4,856.92 4,182.01
(b) Financial assets
(i) Trade receivables 2,551.72 3,015.15
(ii) Cash and cash equivalents 67.15 513.81
(iii) Bank balances other than (ii) above 12.77 74.90
(iv) Loans 4.91 5.02
(v) Other financial assets 44.74 31.56
(c) Contract assets 83.10 47.81
(d) Other current assets 665.55 424.61
TOTAL ASSETS 19,358.57 18,991.94
EQUITY AND LIABILITIES
(1) Equity
(a) Equity share capital 63.95 63.95
(b) Other equity 12,187.62 11,874.10
Liabilities
(2) Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings 538.66 563.05
(ii) Lease liabilities 35.14 36.19
(iii) Other financial liabilities 29.44 29.44
(b) Provisions - 4.92
(c) Deferred tax liabilities (net) 881.74 874.46
(d) Other non-current liabilities 93.70 96.21
(3) Current Liabilities
(a) Financial liabilities
(i) Borrowings 2,868.72 2,443.36
(ii) Lease liabilities 2.93 2.97
(iii) Trade payables
(A) total outstanding dues of micro and small
enterprises; and 51.83 52.74
(B) total outstanding dues of creditors other than micro
enterprises and small enterprises 1,841.60 2,270.67
(iv) Other financial liabilities 173.81 155.77
(b) Current tax liabilities (net) 22.41 31.86
(c) Provisions 105.51 113.24
(d) Other current liabilities 461.51 379.01
TOTAL EQUITY AND LIABILITIES 19,358.57 18,991.94
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Jindal SAW Limited

CIN- L27104UP1984PLC023979

Statement of unaudited standalone cash flows for the half year ended September 30, 2025

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Statement of unaudited standalone cash flows for the half year ended September 30, 2025 (₹ Crores)
Particulars Half year ended Half year ended
30.09.2025 30.09.2024
Unaudited Unaudited
A. CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Profit before tax 411.73 1,226.24
Adjustments for:
Add/(less)
Depreciation and amortisation expense 243.34 238.26
Income from Government grants/export incentives (2.62) (2.62)
Finance costs 239.29 252.47
Loss on sale/discard of property, plant and equipment and intangible assets (net) 7.55 5.63
Balances written off/(written back) (net) (2.67) (2.21)
Loss allowance for trade receivables, others and advances 32.00 13.54
Share based payment expense 1.15 3.73
Effect of unrealised foreign exchange (gain)/loss (4.06) 28.17
Unrealised (gain)/loss on derivatives (net) 0.13 0.68
Redemption Premium on Redeemable Preference Shares (34.46) (30.30)
Net (gain)/loss on fair valuation of current investments - 0.06
Net (gain)/loss on sale of current investments - (0.10)
Interest income on loans, fixed deposits and others (2.00) 477.65 (75.41) 431.90
Operating profit before working capital changes 889.38 1,658.14
Changes in operating assets and liabilities:
(Increase)/decrease in inventories (674.91) (419.20)
(Increase)/decrease in trade receivables 569.91 (323.11)
(Increase)/decrease in loans, other financial assets and other assets (63.58) 132.28
Increase/(decrease) in trade payables (582.39) (539.53)
Increase/(decrease) in other financial liabilities, provisions and other liabilities (48.97) (799.94) 67.94 (1,081.62)
Cash generated from operations 89.44 576.52
Income taxes paid (116.73) (242.65)
Net cash inflow/(outflow) from operating activities (27.29) 333.87
B. CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (460.21) (456.73)
Proceeds from sale of property, plant and equipment and intangible assets 1.20 6.80
Proceed from sale of current investments - 0.16
Loan received back from related and other parties - 405.00
Interest received 3.04 2.88
Net cash inflow/(outflow) from investing activities (455.97) (41.89)
C. CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES
Dividend paid (net of unclaimed/unpaid dividend) (127.02) (127.17)
Proceeds from non-current borrowings - 6.76
Repayment of non-current borrowings (316.33) (586.97)
Payment of lease liabilities (3.63) (4.44)
Increase/(decrease) in current borrowings 745.98 607.34
Interest and bank charges paid (262.40) (239.85)
Net cash inflow/(outflow) from financing activities 36.60 (344.33)
Net increase/(decrease) in cash and cash equivalents (446.66) (52.35)
Cash and cash equivalents at beginning of the period 513.81 480.15
Exchange difference on translation of foreign currency cash and cash equivalents - -
Cash and cash equivalents at end of the period 67.15 427.80
Notes: -
1. Increase/(decrease) in current borrowings are shown net of repayments.
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1. Figures in bracket indicates cash outflow.

2. The above Statement of standalone cash flows has been prepared under the 'indirect method' set out in IND AS - 7 'Statement of Cash Flows'.

Notes:

1. Jindal ITF Limited (JITF), a Subsidiary of the Company, is in an appeal before the divisional bench of Hon’ble High Court of Delhi against the judgment of single judge setting aside the Arbitral Award of ₹ 1,891.08 Crores plus interest and applicable taxes in favour of the Subsidiary. Based on the advice received after due consideration and consultation with a reputed independent legal counsel on the matter, the Management of the Company believes that it has an extremely strong case leading to an ultimate favourable outcome, and the Subsidiary will be in a position to meet all its liabilities and surplus assets thereafter will be more than investments made by the shareholders (including investments made by the Company in JITF amounting to ₹ 1,632.58 Crores) and accordingly, no adjustments are required to be made in the standalone financial results as at and for the quarter and half year ended September 30, 2025.

2. The Company has one primary business segment i.e. Iron & Steel products, on standalone basis.

3. Current tax expense for the quarter ended June 30, 2025 and half year ended September 30, 2025 are net of tax refund receivable on account of additional claims pertaining to earlier years adjudicated by the Appellate Authority amounting to ₹ 133.55 Crores.

4. The Company had issued 8.25% non-convertible debentures (NCD’s) on March 26, 2021 amounting to ₹ 500.00 crores (coupon rate has been revised to 8.50% p.a. from September 19, 2022). These are secured by first pari-passu charge on the Company’s movable and immovable properties excluding certain assets which are specifically charged to other lenders. Asset cover ratio for NCD’s was 16.58 and 10.23 as on September 30, 2025 and March 31, 2025 respectively.

5. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on October 17, 2025.

By Order of the Board For JINDAL SAW LIMITED

Place: New Delhi Date: October 17, 2025

Digitally signed by SMINU JINDAL DN: c=IN, o=Personal, title=3797, pseudonym=0kzjc257ld91ixeavhw3sobqp6ryg8ft, 2.5.4.20=6e84ea4811ab299831a4f6bc6e08a2f1072de71bb9d7c56b186a0ec5a1d09da5, postalCode=110011, st=Delhi, serialNumber=65a70c4dce3628f671a6f1c171a90ef925f3ec0f5594c3798fadb4b70a6b01f3, cn=SMINU JINDAL Date: 2025.10.17 14:20:59 +05'30'

SMINU JINDAL JINDAL Date: 2025.10.17 14:20:59 +05'30'Date: 2025.10.17 14:20:59 +05'30' Sminu Jindal Managing Director DIN: 00005317

Price Waterhouse Chartered Accountants LLP

Review Report

To

The Board of Directors Jindal Saw Limited Jindal Centre, 12, Bhikaji Cama Place, New Delhi - 110066

1. We have reviewed the unaudited consolidated financial results of Jindal Saw Limited (the “Holding Company”), its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the “Group”), and its share of the net profit after tax and total comprehensive income of its joint ventures (refer paragraph 4 below) for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025 which are included in the accompanying ‘Statement of unaudited consolidated financial results for the quarter and half year ended September 30, 2025’, the ‘Statement of unaudited consolidated assets and liabilities as on that date’ and the ‘Statement of unaudited consolidated cash flows for the half year ended on that date’ (the “Statement”). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations, 2015”).

2. This Statement, which is the responsibility of the Holding Company’s Management and has been approved by the Holding Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting”, prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (‘SRE’) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” , issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002

T: +91 (124) 6169910

Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, Gate No 2. New Delhi - 110002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

1. The Statement includes the results of the following entities:

Holding Company Jindal Saw Limited

Trust

Samruddhi Employees Trust (formerly known as Jindal Saw Employee Welfare Trust) (the “Trust”)*

*Included in the unaudited standalone financial results of the Holding Company

Subsidiaries (Direct)

Jindal ITF Limited Jindal Metals & Alloys Limited S.V. Trading Limited, Nevis Ralael Holdings Limited, Cyprus Jindal Saw Holding FZE, UAE JITF Shipyards Limited

Subsidiaries (Indirect)

Jindal Saw USA LLC, USA Jindal Saw Middle East FZE, UAE Jindal Saw Gulf LLC, UAE Jindal Seamless Pipe Manufacturing LLC (w.e.f. August 13, 2025) Jindal Intellicom Limited iCom Analytics Limited World Transload & Logistics LLC, USA 5101 Boone LLP, USA Tube Technologies INC, USA Helical Anchors INC, USA Boone Real Property Holding LLC, USA Drill Pipe International LLC, USA Jindal X LLC, USA

Joint Ventures

Jindal Hunting Energy Services Limited Jindal MMG LLC, USA

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. We draw attention to note 1 to the Statement relating to the appeal filed by Jindal ITF Limited (JITF), a Subsidiary of the Group, before the divisional bench of the Delhi High Court and the Management’s assessment of the expected outcome of the matter, recovery of the claims and consequent impact on the going concern of the Subsidiary.

Our conclusion on the Statement is not modified in respect of this matter.

1. The interim financial statements/ financial results of all the subsidiaries reflect total assets of Rs. 4,641.96 Crores and net assets of Rs. 1,391.07 Crores as at September 30, 2025 and total revenues of Rs. 914.37 Crores and Rs. 1,756.04 Crores, total net profit after tax of Rs. 48.94 Crores and Rs. 89.35 Crores and total comprehensive income of Rs. 60.32 Crores and Rs. 91.77 Crores, for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025, respectively, and cash flows (net) of Rs. (57.79) Crores for the period from April 01, 2025 to September 30, 2025, as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also include the Group’s share of net profit after tax of Rs. 9.43 Crores and Rs. 19.82 Crores and total comprehensive income of Rs. 9.43 Crores and Rs. 19.82 Crores for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025, respectively, in respect of two joint ventures. These interim financial statements/ financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

SANDEEP CHADDHA

Digitally signed by SANDEEP CHADDHA DN: c=IN, o=Personal, title=1630, pseudonym=3nLNvbf0SqYf4uJ7WABAScurarm7m128, 2.5.4.20=9c1e566d2d2bf0adf10147d8dee67cb53b56c68a8b991842170994cb237f622a, postalCode=110092, st=Delhi, serialNumber=55ea107f622b69a6100113cffe5c6eac3220f2aaa12403c3d6a1ec66897ac482, cn=SANDEEP CHADDHA Date: 2025.10.17 14:23:40 +05'30'

Sandeep Chaddha

Partner Membership Number: 096137 UDIN: 25096137BMOQEW9021

Place: New Delhi Date: October 17, 2025

JINDAL SAW LIMITED

Regd. Off.: A-1, UPSIDC Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.)-281403 Corp. Office: Jindal Centre, 12, Bhikaiji Cama Place, New Delhi- 110066

CIN- L27104UP1984PLC023979

Statement of unaudited consolidated financial results for the quarter and half year ended September 30, 2025

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(₹ Crores)
S. Particulars Quarter ended Half year ended Year ended
No. 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Income
Revenue from operations 4,233.60 4,084.68 5,571.92 8,318.28 10,511.00 20,828.89
Other income 30.44 18.27 30.38 48.71 76.11 118.95
Total income (I) 4,264.04 4,102.95 5,602.30 8,366.99 10,587.11 20,947.84
II Expenses
Cost of materials consumed 2,462.79 3,067.37 2,824.64 5,530.16 5,780.72 11,674.69
Purchases of stock-in-trade 0.03 1.89 0.42 1.92 8.01 8.23
Changes in inventories of finished goods, stock-in-trade, work-in-progress
and scrap (102.29) (928.00) 396.53 (1,030.29) 162.17 162.17
Employee benefits expense 416.38 407.53 389.24 823.91 765.66 1,527.04
Finance costs 152.91 171.14 157.63 324.05 311.82 623.45
Depreciation and amortisation expense 155.51 153.33 150.69 308.84 298.79 602.06
Other expenses 1,005.57 865.78 1,046.98 1,871.35 2,040.77 4,027.51
Total expenses (II) 4,090.90 3,739.04 4,966.13 7,829.94 9,367.94 18,625.15
III Profit before share of profit/(loss) of joint ventures and tax (I-II) 173.14 363.91 636.17 537.05 1,219.17 2,322.69
IV Share of profit of joint ventures 9.43 10.39 6.79 19.82 12.02 26.27
V Profit before tax (III+IV) 182.57 374.30 642.96 556.87 1,231.19 2,348.96
VI Tax expense (Refer note 3):
Current tax [expense/(credit)] 42.68 (47.05) 163.72 (4.37) 341.33 648.84
Deferred tax [expense/(credit)] 1.33 5.88 3.93 7.21 (1.88) 242.08
Total tax expense (VI) 44.01 (41.17) 167.65 2.84 339.45 890.92
VII Net profit after tax (V-VI) 138.56 415.47 475.31 554.03 891.74 1,458.04
Attributable to:
Owners of the Holding Company 151.89 424.04 499.61 575.93 940.67 1,738.37
Non-controlling interest (13.33) (8.57) (24.30) (21.90) (48.93) (280.33)
VIII Other comprehensive income (OCI):
a. Items that will not be reclassified to profit or loss:
(i) Re-measurement gain/(loss) on defined benefit plans (2.22) (2.21) (1.39) (4.43) (2.78) (10.09)
(ii) Equity instruments through other comprehensive income - - - - - 0.04
(iii) Income tax effect on above items 0.55 0.56 0.35 1.11 0.70 2.57
b. Items that will be reclassified to profit or loss:
(i) Exchange differences on translating the financial statements of foreign
operations 35.46 3.68 4.99 39.14 1.34 19.42
(ii) Debt instruments through other comprehensive income 0.07 - 0.26 0.07 0.55 (0.40)
(iii) Income tax effect on above items (0.01) - (0.05) (0.01) (0.09) 0.13
Total other comprehensive income for the year/period 33.85 2.03 4.16 35.88 (0.28) 11.67
Attributable to:
Owners of the Holding Company 33.85 2.03 4.17 35.88 (0.27) 11.85
Non-controlling interest - - (0.01) - (0.01) (0.18)
IX Total comprehensive income for the year/period (VII+VIII) 172.41 417.50 479.47 589.91 891.46 1,469.71
Attributable to:
Owners of the Holding Company 185.75 426.08 503.77 611.82 940.39 1,750.21
Non-controlling interest (13.34) (8.58) (24.30) (21.91) (48.93) (280.50)
X Earnings per equity share of ₹ 1 each
(i) Basic (₹) 2.38 6.66 7.85 9.04 14.78 27.31
(ii) Diluted (₹) 2.38 6.63 7.81 9.01 14.71 27.22
(Not annualised) (Not annualised) (Not annualised)
XI Networth
(i) Paid-up equity share capital (₹ 1 per share) 63.95 63.95 63.95 63.95 63.95 63.95
(ii) Reserves/other equity 6,572.68 11,347.01
XII Ratios:
(i) Debt equity ratio 0.41 0.42 0.45 0.41 0.45 0.41
(ii) Debt service coverage ratio 5.01 1.79 1.87 2.30 1.73 1.84
(iii) Interest service coverage ratio 3.21 4.08 6.03 3.67 5.91 5.73
(iv) Current ratio 1.53 1.52 1.26 1.53 1.26 1.45
(v) Long term debt to working capital 0.46 0.46 0.74 0.46 0.74 0.56
(vi) Bad debts to trade receivable ratio 0.03 0.02 0.04 0.03 0.04 0.02
(vii) Current liability ratio 0.70 0.71 0.76 0.70 0.76 0.71
(viii) Total debts to total assets 0.23 0.23 0.25 0.23 0.25 0.22
(ix) Debtors turnover ^ 5.00 4.55 5.90 4.81 5.63 5.69
(x) Inventory turnover ^ 1.90 1.86 2.75 1.93 2.66 2.71
(xi) Operating margin (%) 7.47% 13.05% 13.97% 10.21% 14.26% 13.92%
(xii) Net profit margin (%) 3.25% 10.13% 8.48% 6.62% 8.42% 6.96%
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• ^ Ratios for the quarter and half year have been annualised Formulae for computation of ratios are as follows:

• (i) Debt equity ratio : Total debt (excluding lease liability) / Net worth Total debt : Secured loans + Unsecured loans - Liquid investments and fixed deposits with original maturity of less than three months Net worth : Equity share capital + Reserves (ii) Debt service coverage ratio : Profit after tax + Depreciation and amortisation + Interest on long term debt / (Interest on long term debt + Lease payments + Principal repayment of long term debt during the period)

• (iii) Interest service coverage ratio : EBDIT / Finance costs

EBDIT : Profit before taxes + Depreciation and amortisation + Finance costs + Exceptional items (non cash), if any

• (iv) Current ratio : Current assets / Current liabilities

• (v) Long term debt to working capital : Long term debt (including current maturity of long term debt) / [Current assets - Current liabilities (excluding current maturity of long term debt)]

• (vi) Bad debts to trade receivable ratio : Provision for doubtful debt / Closing gross trade receivable

• (vii) Current liability ratio : Current liabilities / Total liabilities

• (viii) Total debts to total assets : Total borrowings (excluding lease liability) / Total assets

• (ix) Debtors turnover : Sale of goods and Services / Average of opening and closing trade receivable

• (x) Inventory turnover : (Cost of material consumed+ Purchase of stock-in-trade+ Changes in inventories of finished goods, stock-in-trade, work-in-progress and scrap)/ Average of opening and closing inventory of RM, SFG, FG and Scrap

• (xi) Operating margin (%) : (Net profit before tax - Interest from bank deposits and loans - Other non operating income + Finance costs) / Revenue from operations *100

• (xii) Net profit margin (%) : Profit after tax / Total income *100

JINDAL SAW LIMITED

CIN- L27104UP1984PLC023979

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Statement of unaudited consolidated assets and liabilities (₹ Crores)
S. Particulars Consolidated
No. As at As at
30.09.2025 31.03.2025
Unaudited Audited
ASSETS
(1) Non-Current Assets
(a) Property, plant and equipment 9,270.45 9,066.73
(b) Capital work-in-progress 659.54 640.89
(c) Right-of-use assets 208.60 208.59
(d) Goodwill 61.05 61.05
(e) Other intangible assets 4.27 4.64
(f) Investments accounted for using the equity method 60.13 40.31
(g) Financial assets
(i) Investments 131.82 125.76
(ii) Trade receivables 2.12 1.86
(iii) Loans 73.31 58.63
(iv) Other financial assets 201.40 164.90
(h) Deferred tax assets (net) 115.66 113.71
(i) Current tax assets (net) 311.03 131.18
(j) Other non-current assets 47.42 55.33
(2) Current Assets
(a) Inventories 5,528.69 4,920.51
(b) Financial assets
(i) Investments 5.17 1.80
(ii) Trade receivables 3,073.75 3,563.82
(iii) Cash and cash equivalents 150.97 655.42
(iv) Bank balances other than (iii) above 54.00 114.87
(v) Loans 40.18 51.78
(vi) Other financial assets 47.70 39.91
(c) Contract assets 98.21 65.62
(d) Current tax assets (net) 34.88 46.83
(e) Other current assets 1,014.21 644.86
TOTAL ASSETS 21,194.56 20,779.00
EQUITY AND LIABILITIES
(1) Equity
(a) Equity share capital 63.95 63.95
(b) Other equity 12,018.96 11,347.01
Non-controlling interest (265.41) (456.88)
Liabilities
(2) Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings 1,546.41 1,583.27
(ii) Lease liabilities 201.91 199.86
(iii) Other financial liabilities 32.24 32.14
(b) Provisions 23.59 24.65
(c) Deferred tax liabilities (net) 913.69 905.49
(d) Other non-current liabilities 93.70 96.21
(3) Current Liabilities
(a) Financial Liabilities
(i) Borrowings 3,430.76 3,062.49
(ii) Lease liabilities 15.04 13.55
(iii) Trade payables
(A) total outstanding dues of micro and small
enterprises; and 55.16 55.00
(B) total outstanding dues of creditors other than
micro and small enterprises 2,070.03 2,467.21
(iv) Other financial liabilities 228.06 192.75
(b) Current tax liabilities (net) 80.12 57.54
(c) Provisions 117.58 124.73
(d) Other current liabilities 568.77 1,010.03
TOTAL EQUITY AND LIABILITIES 21,194.56 20,779.00
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( ₹ Crores)

JINDAL SAW LIMITED

CIN- L27104UP1984PLC023979

Statement of unaudited consolidated cash flows for the half year ended September 30, 2025

Particulars A. CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Add/(less) Depreciation and amortisation expense Income from Government grants/export incentives Finance costs Share of (profit)/loss of joint ventures Loss on sale/discard of property, plant and equipment and intangible assets (net) Balances written off/(written back) (net) Loss allowance for trade receivables, others and advances Share based payment expense Dividend received on investments Effect of unrealised foreign exchange (gain)/loss Unrealised (gain)/loss on derivatives (net) Net (gain)/loss on sale of current investments Net (gain)/loss on fair valuation of current investments Interest income on loans, fixed deposits and others Operating profit before working capital changes Changes in operating assets and liabilities: (Increase)/decrease in inventories (Increase)/decrease in trade receivables (Increase)/decrease in loans, other financial assets and other assets Increase/(decrease) in trade payables Increase/(decrease) in other financial liabilities, provisions and other liabilities Cash generated from operations Income taxes paid Net cash inflow/(outflow) from operating activities B. CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Redemption of preference share investment Investment in mutual funds Proceeds from sale of current investments Proceed from sale of mutual funds Dividend received on investments Loans received back from related and other parties Loans given to related and other parties Interest received Net cash inflow/(outflow) from investing activities C. CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES Dividend paid (net of unclaimed/unpaid dividend) Proceeds from non-current borrowings Repayment of non-current borrowings Payment of lease liabilities Increase/(decrease) in current borrowings Interest and bank charges paid Loan repaid to related parties Loan taken from related parties Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period Exchange difference on translation of foreign currency cash and cash equivalents Cash and cash equivalents at end of the period	556.87 308.84 (2.62) 323.95 (19.82) 8.95 (3.11) 34.88 1.15 (2.98) (12.50) 0.76 (0.10) (0.01) (13.51) 623.88 1,180.75 (583.83) 541.05 (108.40) (697.55) (500.71) (1,349.44) (168.69) (139.97) (308.66) (494.62) 1.27 - (17.90) - 12.95 2.98 - - 16.47 (478.85) (127.02) - (365.24) (15.38) 732.86 (262.46) (182.08) 500.00 280.68 (506.83) 655.42 2.38 150.97 Half year ended 30.09.2025 Unaudited	1,231.19 298.79 (2.62) 311.82 (12.02) 7.79 1.93 6.40 3.73 (0.40) 24.02 2.75 (0.14) 0.08 (32.36) 609.77 1,840.96 (140.44) (374.82) 311.28 (265.87) 61.08 (408.77) 1,432.19 (263.51) 1,168.68 (754.93) 4.88 34.99 (10.08) 0.16 18.37 0.40 8.70 (4.18) 27.75 (673.94) (127.17) 6.76 (644.40) (14.49) 377.64 (302.98) (20.90) - (725.54) (230.80) 741.08 0.27 510.55 Half year ended 30.09.2024 Unaudited

Notes:

1. Increase/(decrease) in current borrowings are shown net of repayments.

2. Figures in bracket indicates cash outflow.

3. The above Statement of consolidated cash flows has been prepared under the 'indirect method' set out in IND AS - 7 'Statement of Cash Flows'.

Notes:

1. Jindal ITF Limited (JITF), a Subsidiary of the Company, is in an appeal before the divisional bench of Hon’ble High Court of Delhi against the judgment of single judge setting aside the Arbitral Award of ₹ 1,891.08 Crores plus interest and applicable taxes in favour of the Subsidiary. Based on the advice received after due consideration and consultation with a reputed independent legal counsel on the matter, the Management of the Holding Company believes that it has an extremely strong case leading to an ultimate favourable outcome, and the Subsidiary will be in a position to meet all its liabilities and is in a position to monetise all its assets at carrying values and accordingly, no adjustments are required to be made in the consolidated financial results as at and for the quarter and half year ended September 30, 2025 and the Subsidiary is able to operate as a going concern.

2. The Group has only one reportable business segment i.e. “Iron & Steel products” and accordingly, no segment information required to be disclosed.

3. Current tax expense for the quarter ended June 30, 2025 and half year ended September 30, 2025 are net of tax refund receivable on account of additional claims pertaining to earlier years adjudicated to the Holding Company by the Appellate Authority amounting to ₹ 133.55 Crores.

4. The Group consolidated financial results includes the results of the following entities:

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Relationship Name of the Entities
Holding Company Jindal Saw Limited
Trust Samruddhi Employees Trust
Subsidiaries Direct Subsidiaries
a) Jindal ITF Limited
b) Jindal Metals & Alloys Limited
c) S.V. Trading Limited, Nevis
d) Ralael Holdings Limited, Cyprus
e) Jindal Saw Holding FZE, UAE
f) JITF Shipyards Limited
Indirect Subsidiaries
a) Jindal Saw USA LLC, USA
b) Jindal Saw Middle East FZE, UAE
c) Jindal Saw Gulf LLC, UAE
d) Jindal Intellicom Limited
e) iCom Analytics Limited
f) World Transload & Logistics LLC, USA
g) 5101 Boone LLP, USA
h) Tube Technologies INC, USA
i) Helical Anchors INC, USA
j) Boone Real Property Holding LLC, USA
k) Drill Pipe International LLC, USA
l) Jindal X LLC, USA
m) Jindal Seamless Pipe Manufacturing LLC (w.e.f. August
13, 2025)
Joint Ventures a) Jindal MMG LLC, USA
b) Jindal Hunting Energy Services Limited
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1. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on October 17, 2025.

By Order of the Board For JINDAL SAW LIMITED SMINU JINDAL Digitally signed by SMINU JINDAL DN: c=IN, o=Personal, title=3797, pseudonym=0kzjc257ld91ixeavhw3sobqp6ryg8ft, 2.5.4.20=6e84ea4811ab299831a4f6bc6e08a2f1072de71bb9d7c56b186a0ec5a1d09da5, postalCode=110011, st=Delhi, serialNumber=65a70c4dce3628f671a6f1c171a90ef925f3ec0f5594c3798fadb4b70a6b01f3, cn=SMINU JINDAL Date: 2025.10.17 14:22:08 +05'30' Sminu Jindal Managing Director DIN: 00005317

Place: New Delhi Date: October 17, 2025