#1CORPORATE PRESENTATION JINDAL STAINLESS LIMITED 2023 JSLA JINDAL STAINLESS#2DISCLAIMER JSLA JINDAL STAINLESS 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 recommendation or advise to buy or sell or deal with any securities of the Company, and shall not constitute an offer, solicitation or invitation or recommendation or advise to buy or sell or deal with any securities of the Company in any jurisdiction in which such offer, solicitation or invitation or recommendation or advise is unlawful or in contravention of applicable laws. No part, or all, of this Presentation shall be used or form the basis of, or be relied on or referred to in connection with, any contract or investment decision in relation to any securities of the Company. This Presentation is strictly informative and relating to the financial conditions, internal functioning, day to day operations, future events and projections etc. of the Company and this presentation shall not be used or relied upon or referred to in whole or in part, for any purpose whatsoever. The information in this Presentation is being provided by the Company and is subject to change without any notice or liability. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, veracity, fairness, integrity, sufficiency and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and exhaustive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This Presentation contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this Presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties, contingencies and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. The Company assumes no obligations or responsibility to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You unconditionally and irrevocable acknowledge and undertake that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. All the risks, liabilities or consequences arising out of or consequent to the use of or reliance on or reference to this Presentation and/or acting on the basis of the analysis/views formed by you, shall be solely borne by you. This Presentation speaks as of the date mentioned herein. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. 2#3CONTENT 1 2 OVERVIEW 3 4 SECTOR DYNAMICS & DIVERSIFIED APPLICATIONS 5 ESG FINANCIALS ANNEXURE JSLA JINDAL STAINLESS 3#4OVERVIEW#5SCRIPTING THE STAINLESS REVOLUTION JSLA JINDAL STAINLESS * #1 Stainless steel player in India 3 #5 Top Global Player Ex-China ~5 >120sku Decades of Group Excellence Diversified High End 40+ Exports to countries Note: *Standalone financials March 31, 2023 S Product Mix $ ~3mtpa -Rs.350bn -Rs.3.6bn with scalable infrastructure Stainless steel Capacity - Revenues (Net)* EBITDA* сл 5#6OVERVIEW: INTEGRATED SS FACILITY C State-of-the-art Machinery For Globally Competitive Products Robust Logistics Infrastructure; In-house Railway Sidings, Close Proximity To Ports 'World Largest Producer Of Stainless Steel Strips For Razor Blades And India's Largest Producer Of Coin Blanks Well Established Domestic And International Distribution Network PARTICULARS SMS * Incl. JUSL HSM capacity of 1.6mtpa; acquisition and expansion in process JSLA JINDAL STAINLESS CAPACITY MT 60 2,900,000 HSM (Incl. JUSL)* 2,320,000 NARROW TANDEM MILL 250,000 HRAP 1,425,000 CRAP 1,350,000 SPD (SPECIAL PRODUCT DIVISION) 90,000 FERRO ALLOY POWER (MW) MT: Metric Tonnes 284,675 264#7KEY MANUFACTURING LOCATIONS ODISHA: 2.1MTPA HISAR: 0.8 MTPA JSLA JINDAL STAINLESS 7#8GROUP STRUCTURE Promoter 58% Jindal Stainless Ltd. Public 42% JSLA JINDAL STAINLESS 8 Jindal United Steel ltd.* ✓ Hot shop mill of 1.6 mtpa (to expand up to 3.6 mtpa Iber Jindal ✓ Service centre in Spain ✓ Cold rolling facility of 0.2 mtpa PTJSI ✓ 0.15 mtpa cold rolling of Indonesia JSSL Rathi Super Steel Ltd. *100% acquisition under process Domestic service centre & Warehouse ✓ Wire Rods & Re-bars rolling capacity of 0.16 mtpa Jindal Lifestyle ✓ Manufacturer of lifestyle products & Solutions#9SECTOR DYNAMICS & DIVERSIFIED APPLICATIONS#10VALUE-ADDED & SUSTAINABLE METAL Weldability Low Maintenance Recyclability/ Circularity Formability Aesthetics Stainless Steel JSLA JINDAL STAINLESS 10 Longevity/ Durability Low Life Cycle Cost Stainless steel - The "Green wonder Metal❞ Corrosion Resistance#11FAVORABLE GROWTH TRAJECTORY 1980 - 2021 CAGR ...with stainless steel as the fastest growing metal Stainless Steel Aluminium Copper 5.4% 3.7% 2.5% Carbon Steel 2.4% Zinc 2.0% Lead 2% JSLA JINDAL STAINLESS India continues to be the second largest consumer with consistent growth over the years given its low per capita consumption (in kg) Source: CRISIL, World Bank, ISSF EU China US 9.2 India 2.5 16.7 20.1 Global Average: 5.5-6 11#12GLOBAL GROWTH PROSPECTS Global SS Consumption (mtpa) Covid Impact & Subsequent latent demand JSLA JINDAL STAINLESS CAGR: 4.0-4.5 % 79.0 CAGR: 4.5 % 64.0 58.3 55.3 CAGR: 5.9 % 45.8 48.1 50.3 52.2 51.8| 12.1 31.1 33.6 35.9 38.5 41.7 41.5 9.4 9.0 8.8 9.3 8.2 7.9 7.8 7.6 7.3 24.9 7.2 7.7 22.2 23.3 24.7 27.21 32.6 31.0 19.1 19.3 6.5 11.3 13.2 15.2 17.5 8.8 17 2.0 2.2 2.6 3.2 3.2 3.5 4.0 6.0 7.5 7.4 8.7 8.8 8.5 3.2 6.3 7.2 4.0 61 2.6 2.7 2.9 7.1 7.3 8.1 8.0 8.4 263.6 3.7 3.5 3.9 3.6 3.7 3.6 3.9 3.6 25 24 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ■ Americas ■ EU India China ■Others Global Source: CRISIL, ISSF, Industry 4-yr CAGR (Pre-covid) 0% 1.5% 8% 9% 3.7% 12#13INDIA GROWTH PROSPECTS India SS Consumption (mtpa) CAGR: 7-7.5 % Covid Impact & Subsequent latent demand CAGR 6.2% Γ 3.7 3.8 3.5 3.2 3.2 2.9 3.2 2.6 2.7 2.6 2.2 2.0 1.7 JSLA JINDAL STAINLESS CAGR: 7-7.5% 6.7-6.8 4.7-4.8 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY221 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Including long & flat Source: CRISIL, Industry 13#14A PRESENCE TO RECKON WITH BB USA Brazil Global Footprint United Kingdom Belgium: Spain Italy. JSL & associate sales offices JSL & associate service centers Manufacturing facilities Russia UAE- Indonesia -South Korea Taiwan Vietnam →Singapore O Gurugram Ahmedabad Vadodara Mumbai Pune JSLA JINDAL STAINLEEN Domestic Footprint Hisar Haryana Delhi Corporate Office Kolkata BB Jajpur Hyderabad Chennai 14#15STAINLESS STEEL: KEY SEGMENTS JSLA JINDAL STAINLEEN 15 Birmingham New Street Station GANDHI SMRITI SAFDARJUNG TOMB ALLM.S Architecture Building Construction Automobile Railway Transport 360° Product Applications Consumer Durables Process & Engineering Gillette CLOCK Super Platinum 960 Wide product basket to cater across segments & geographies...#16EVOLUTION THROUGH DECADES 20% 1998 80% 2022 3% 2% 7% 12% 13% 25% 38% JSLA JINDAL STAINLESS Cookware & Durable Process Industry & Power ART ABC Others Engineering Electro-Mechanical OVER THE PAST 2 DECADES, SS CONSUMPTION DIVERSIFIED TO NEW VALUE-ADDED SEGMENTS vis ABC, ART AND PROCESS INDUSTRIES FROM THE HISTORIC USAGE IN COOKWARE/DURABLES Source: Stainless-Steel-world.net; JPC-Ministry of Steel-Mindsight Report 16#17DIVERSIFIED CONSUMPTION PATTERN JSLA JINDAL STAINLESS 17 Carbon Steel Stainless Steel EBITDA per tonne variance 1% 5% 6% 15% 44% 12% 13% 1.5 15 0.8 0.5 0.8 12% 62% FY16 30% JSL Standard Deviation FY17 FY18 FY19 FY20 -Player 1 FY21 FY22 FY23 Player 2 -Player 3 ■Construction & Infra ■Capital Goods / Process ■ Others Auto, Railways & Transport ■Durables/ Household De-risked business portfolio with varied consumption segments In-built agility to alter product mix & geographies as per market dynamics Diversified product portfolio, >120 grades catering to end-use segments Source: Industry & company estimates#18NEW STAINLESS FRONTIERS FOB Naupada: East Coast Railway Girders, Columns, Cross Beams etc. FOB Bhayander : Western Railway FOB Srikakulam : East Coast Railway Girders, Columns, Cross Beams etc. United India Insurance - HQ, Chennai Girders, Columns, Cross Beams etc. Outer Support Structures Triad JSLA 18 JINDAL STAINLE#19SUCCESSFUL RE-JIG IN SUPPLY CHAIN MANAGEMENT USLA JINDAL STAINLESS 19 Today LD Planning, operations, sales, and sourcing underwent a complete overhaul; Adoption of Theory of Constraints (ToC) More than Five decades of data helped in transforming the production from Made to Order (MTO) to Made to Anticipation (MTA). 70% shift to MTA resulting in a reduction in lead time by more than one-third, thereby yielding significant productivity improvement BO Drastic shift in raw material procurement moved to domestic sources switch from far off to near by shores to further shorten the supply chain, suppliers' yards moved closer to the factories Reduced - 15% inventory pipeline, releasing working capital. Debtor days also reduced, strengthening cash flows and balance sheets#20CREATING A BENCHMARK IN CUSTOMER EXPERIENCE Online order booking Online complaint registration Online auction process Secure payment gateway powered by SBI Online product inquiry 24/7 24X7 availability Maximum performance Minimum interference Download documents in a single click 360 Dashboard User Friendly 00 JSLA JINDAL STAINLEND 00:04:12 20 20 LOREM IPSUM EXE 00:00:12#21EXPANDING BRAND AND MARKET PRESENCE JSLA JINDAL STAINL 21 Other Campaigns & Exhibitions NOT DIRED CLABLE Investing in various Branding & marketing initiatives to enhance overall market potential by: HOME SMART HOME Creating awareness of hygiene and health benefits of stainless steel Increase usage of stainless steel in Home and Public Spaces A TALE OF TWO BROTHERS SMART CHOICES MAKE A SMART HOME JSL JINDAL STAINLESS AKUL MADE A SMART & DURABLE CHOICE His STAINLESS STEEL doors Confe JSLA FEW YEARS LATER #1 RUST AKUL MADE A SMARTER CHOICE FOR A SMARTER HOME His STAINLESS STEEL water tank in resistant to extreme temperatures FEW YEARS LATER #2 JSLA WICH NOW STAINLESS STEEL DOOR Get the key to your SMART HOME Home Smart Home Campaign Stainless steel Doors Stainless Steel Can KEEPS MILK FRESH Safe Transfer Of Regular Good Energy come for y Milk USLO Geed Health is Priceless for all STAINLESS STEEL WATER TANK FEW YEARS LATER S Alul doesn't have to worry about termites H STAINLESS STEEL modularn prevents pet bring STAINLESS STEEL MODULAR KITCHEN JSLO Stainless steel Water Tank Stainless steel Modular Kitchen JSL Are you getting the freshness of water that you deserve? Use Stainless Steel Water Bottles & preserve the quality of water Road Shows Safe Storage Food friendly Stainless Steel Utensils Health Genie Switch to Stainless Steel for a Healthy & Hygienic Life Health first Brand JSL - To be top of mind I make sure your daily dose of milk is uncontaminated. Stainless Steel Milk Container for hygienic storage of milk Health Genie Switch to Stainless Steel for a Healthy & Hygienic Life Health Genie#22KEY DRIVERS JSLA JINDAL STAINLESS • • • • • • STRUCTURAL GROWTH OF STAINLESS STEEL DEMAND IN INDIA Fastest growing value-added metal globally New age applications, awareness, replacement demand to continue support DIVERSIFIED END USE SEGMENTS WITH ROBUST DOMESTIC & GLOBAL PRESENCE >120 grades, high volume and niche offerings catering to ever-growing demand from ABC & ART segments and value added specialty product segments Effective distribution network to deliver above industry average growth rates Huge operating leverage High quality infrastructure in place; Odisha capacity doubled at 1/3rd cost Multiple demand drivers created through continuous focus across sectors Sustainable manufacturing with diversified sourcing strategy • • Electric arc furnace production process with high use of recycled content Improved WC cycle through efficient supply chain and logistic solutions • • Strong management expertise 5 decades of experience in stainless steel industry to ensure leadership position Consistent focus on R&D for innovative product range and operational efficiencies 22 22#23ESG 000#24ESG Snapshot ENVIRONMENT JSLA JINDAL STAINGE CLIMATE CHANGE Committed to NET ZERO carbon emissions by 2050 RENEWABLE ENERGY 1,10,396 MWh Renewable energy utilized at plants. Incremental power committed through renewable sources only CO2 EMISSION INTENSITY 1.91 tCO2e/tcs (Scope 1 & 2 value chain intensity) Electric Arc Furnace WATER MANAGEMENT Zero Liquid Discharge 100% water recycling at all plants CIRCULAR ECONOMY Majority Recycled material utilized, Scrap utilization Scrap Based Process Contribution to Biodiversity 35 Lakh + Trees planted Aligned to National & International Frameworks ISO SUSTAINABLE DEVELOPMENT GOALS IN GLOBAL COMPA United Nations Global Compact GRI 24#25ESG Snapshot SOCIAL JSLA JINDAL STAINLE 25 COMMUNITY DEVELOPMENT 4.5 Lakh+ Beneficiaries through our intensive CSR programs to date SAFETY MANAGEMENT 0.06 LTIFR Continuous safety programs Implemented several safety measure & rolled out "Accident free steel" a program which necessitates safe working procedures on site TRAINING AND DEVELOPMENT 1,24,124 EHS training hours E-learning modules for workers in local language. All employees participate in Toolbox Talks (TBT) which serve as an informal platform to consult all levels of workmen regarding safe work practices LEARNING & DEVELOPMENT PARIVARTAN - - a high potential development program. AROHAN-Customized skill upgradation. ASPIRE & ACHIEVE, BEING BETTER, MASTERFUL MANAGEMENT- Individual Development Programmes Engaging Activities at Plants -International Labour Day, International Women's Day, Safety Celebration Week Aligned to National & International Frameworks ISO SUSTAINABLE DEVELOPMENT GOALS N GLOBAL NG COMPA United Nations Global Compact GRI#26ESG Snapshot GOVERNANCE POLICIES JSLA JINDAL STAINLESS Jindal Stainless have formulated several policies within the Company's Corporate Governance framework. These policies help foster an organizational culture that results in transparent, ethical, and responsible operations of the group. Some of the policies and codes adopted by the Company are as featured below: Whistle blower policy Dividend distribution policy Remuneration policy Policy on disclosure of Policy on preservation Policy on material subsidiaries archival of documents material event information CSR policy Related party policy 26 26 PRODUCT STEWARDSHIP R&D lab at both plants implemented a laboratory management system as per ISO 17025:2017 and certification by NABL to ensure compliance of products as per required specifications. IATF certification as per IATF 16949:2016 obtained which enforces best practices under Total Preventive Maintenance (TPM). STAKEHOLDER ENGAGEMENT The process of identifying stakeholders and engaging with them is based on four elements: Identification Open and interactive Inclusive and proactive Transparent Aligned to National & International Frameworks ISO SUSTAINABLE DEVELOPMENT GOALS GLOBAL COMPACT United Nations Global Compact GRI#27ESG Snapshot Renewable Energy tx For incremental energy requirement of 1MTPA expansion in Odisha, signed MoU with M/s Renew Power--300 MW Wind-Solar Hybrid Renewable project to ensure 100 MW RTC Jindal Stainless imports RE power through Open Access to comply the RPO by SERC To increase the Renewable Energy Portfolio into the Energy mix. 21 MWp rooftop solar project is underway CO2 Floating Solar Project (Installed capacity = 7.3MWp, 25 years project; 225,364 MWh energy generation & 2.2 Lakh tCO2 eabatement potential < JSLA JINGAL STAINLE 27 Green Hydrogen Partnered with Hygenco India Private ltd. Green Hydrogen to replace fossil fuels Expected Carbon abatement tCO 2 /yr 2700 MT per annum First Green hydrogen plant, catalyze our transition to thermal to clean energy H₂#28ESG Snapshot Carbon Reduction Initiatives Electric Vehicles with estimated Carbon reduction of 54Tons per annum Achieved 656 tCO2 reduction by converting to LED lighting in entire plant and township Annual CO2 emissions reductions from efficient pump installation: 921 Biomass Co-firing in existing Thermal power plant with estimated 297 tCO2 reduction Annual CO2 emissions reductions from metal of scraped cables: 114.5 tCO2e/Annum Projected CO2 reductions for waste heat recovery boiler: 2502 tCO2/Annum JSLA JINGAL STAINLE 28#29FINANCIALS ASECURWAR#30ROBUST & CONSISTENT PERFORMANCE 1,338 Sales Volume ('000) 1,671 Revenue (Cr.) 1,764 35,030 32,292 19,081 FY21 FY22 FY23 FY21 FY22 FY23 IEBITDA (Cr.) -EBITDA/t 17,473 28,250 20,216 4,720 3,567 897 2,337 PAT (Cr.) 2,790 2,014 FY21 FY22 FY23 FY21 FY22 FY23 JSLA JINDAL STAINLESS 30 30#31STRONG DELEVERAGING JSLA 31 JINDAL STAINLESS 11.0 Net Debt (Rs. Cr.) -D/E (x) Net Debt/EBITDA (x) 8.4 4.2 2.7 2.6 2.3 1.3 0.7 0.7 2.9 3.4 3.2 1.4 1.3 0.9 0.5 0.3 0.2 CAGR 17% 11,185 11,145 8,483 6,585 5,366 4,711 3,135 3,179 2,591 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23#32KEY RATIOS JSLA JINDAL STAINLESS 22 32 Net worth (Rs. Cr.) -Net Debt (Rs. Cr.) Net Debt/EBITDA (x) - Net Debt/Equity (x) 1.3 9,446 11,456 6,549 0.7 0.7 0.5 0.3 0.2 3,135 3,179 2,591 FY21 FY22 FY23 FY21 FY22 FY23 15% ROCE (%) 34% 20% 15% ROE (%) 35% 19% FY21 FY22 FY23 FY21 FY22 FY23#33RESILIENT PERFORMANCE EBITDA/ton TTM Nickel Surge 36,000 Ukraine war Export Duty 32,000 28,000 24,000 19,600 20,000 Export duty removal JSLA JINDAL STAINLESS 33 27,600 27,200 25,400 22,500 24,100 21,400 Average- Rs. 24,000 16,000 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22#34IMPROVING CREDIT PROFILE TERM LOAN TERM LOAN BBB/STABLE JAN20 BBB+ JAN21 TERM LOAN AA-POSITIVE APR23 TERM LOAN AA-STABLE JAN22 TERM LOAN A+ STABLE MAY21 JSLA JINDAL STAINLES RATINGS 5 NOTCHES HIGHER CRISIL An S&P Global Company India Ratings Care Edge & Research A Fitch Group Company RATINGS 34#35KEY UPDATES JSLA JINDAL STAINLES Project Commissioning Doubled the melt capacity at Jajpur at 1/3rd of greenfield capex cost along with downstream capacities Strengthening product mix; Expanded the precision strip by 3X Dividend FY23 dividend payment of Rs.2.5 i.e. 125% per equity share with a face value of Rs.2 each Merger April 2023: Special Interim Dividend payment of Rs.1 per equity share for FY23 on successful completion of the merger May 2023: Final Dividend payment @Rs.1.50 for FY23 to the shareholders on account of improved financial performance, The merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited completed Merger effective from March 02, 2023 with an appointed date of April 1, 2020 Rathi Super Steel Ltd Successful acquisition of Rathi Super Steel Ltd with Wire rod & Re-bars rolling capacity of 0.16mtpa in November 2022; begun production in May'23, ahead of the planned timelines, despite the facility being closed for an extended period of time Stake acquisition in NPI facility Collaboration agreement with New Yaking Pte Ltd for a 49% stake in Nickel Pig Iron (NPI) smelter facility in Indonesia to create raw material security 35#36LEADERSHIP PLAY JSLA JINDAL STAINLESS Leadership position in the fast growing Value-Added stainless steel sector Strong and deleveraged balance sheet/capital structure ± Integrated and Innovation led operation along with cost efficiency - State-of-art facilities Huge operating leverage - low incremental capex to drive future growth Wide spread distribution network and efficient supply chain for higher efficiencies and customer satisfaction سا Diversified Product portfolio with >120 grades supporting agile business strategy ESG Commitment, EAF manufacturing high scrap utilization adding to circular economy 36#37CONTACT US JSLA JINDAL STAINLESS 37 About Us: Founded in 1970, Jindal Stainless has recorded a turnover of ~INR 35,700 crores (FY23). With a total melt capacity of 2.9 million tonnes per annum, the company has two stainless steel manufacturing complexes in India, in Hisar, Haryana and Jajpur in Odisha, as well as an overseas manufacturing unit in Indonesia. Besides, it has six service centers in India and one in Spain. It also has a worldwide network in 15 countries and 10 sales offices in India. The company's product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel and coin blanks. Shreya Sharma Head - Investor Relations [email protected] Kapil Joshi Manager - Investor Relations [email protected] Jindal Stainless Limited Tel: +91 11 2618 8345#38Thank You 2025 2024 2023 2022 2021#39Annexure NO SMOKING है।#40JUSL Performance FY23 590 EBITDA (Cr.) 712 236 Interest cost (Cr.) JSLA JINDAL STAINLESS 40 10 213 FY22 FY23 FY22 FY23 148 PAT (Cr.) 258 2,030 Net Debt (Cr.) 1,956 FY22 FY23 FY22 FY23#41PROMOTERS' PLEDGING: CLARIFICATION JSLA JINDAL STAINLESS 41 There is no loan raised against the promoters' shares (LAS), and therefore there is no linkage between the pledged shares and their market value Accordingly, there is no requirement of maintaining any margins, since the aforesaid shares are offered only as an additional collateral/secondary security and the operating companies assets remain as the primary security Therefore, any change in the share price does not trigger any margin requirements/calls by lenders#42Empty