Distribution made and Proposed Dividends on equity shares declared and paid:

The final dividend @ 100% i.e. ' 2.00 per equity share (face value of ' 2.00 per equity share), aggregating to ' 164.69 crores, for the financial year ended March 31, 2024 and subsequently approved by the shareholders in its Annual General Meeting held on September 10, 2024.

On January 29, 2025, the Board of Directors approved payment of interim dividend @ 50% i.e. I 1.00 per equity share (face value of I 2.00 per equity share), aggregating to I 82.37 crore for the financial year ended March 31, 2025.

The final dividend @ 100% i.e. ' 2.00 per equity share (face value of ' 2.00 per equity share), aggregating to ' 164.76 crores approx, for the financial year ended 31 March 31,2025 and subsequently approved by the shareholders in its Annual General Meeting held on September 03, 2025.

On January 21, 2026, the Board of Directors approved payment of interim dividend @ 50% i.e. I 1.00 per equity share (face value of I 2.00 per equity share), aggregating to I 82.44 crore approx for the financial year ended March 31, 2026.

Proposed dividends on equity shares:

The Board of Directors in its meeting held on May 04, 2026 has recommended a final dividend @ 150% i.e. I 3.00 per equity share (face value of I 2.00 per equity share), aggregating to I 247.33 crore approx for the financial year ended March 31,2026 subject to approval of shareholders in ensuing annual general meeting and are not recognised as a liability as at March 31, 2026.

Secured Borrowings

Working capital loan and buyers credit amounting to ' 1,224.06 crores (previous year ' 878.43 crores) are secured by first pari-passu charge by way of hypothecation of current assets including finished goods, raw material, work in progress, stock-in-trade, consumable stores and spares, book debts, bills receivable, etc, both present and future and second pari passu charge by way of mortgage/ hypothecation of movable and immovable fixed assets, both present and future, of the Company. Working capital loan and buyers credit are repayable on demand and within a period of 180 days respectively. Refer note 52 for disclosure of fair values in respect of financial liabilities measured at amortised cost and analysis of their maturity profiles.

B The Company has entered into supplier chain financing arrangements under which the Company’s suppliers may elect to an early payment from financing partners or continued to be paid in line with the agreed payment terms. In either case, the liability payable by the Company remains unchanged. Further, if such receivable is purchased by a financier, that financier does not benefit from any additional security when compared with the supplier.

33 During the previous year, the Company had invested in a Joint Venture in Indonesia pursuant to a collaboration agreement dated May 01,2024. The investment was made through Sulawesi Nickel Processing Industries Holdings Pte. Ltd., its wholly owned subsidiary, which holds a 49% equity stake in PT Glory Metal Indonesia (PTGMI). During the current year, the Company obtained control over PTGMI by securing the right to appoint a majority of the Board of Directors in accordance with the terms of the collaboration agreement dated July 1, 2025. Accordingly, PTGMI has become a subsidiary of the Company with effect from July 1, 2025 in line with the definition of control under Ind AS 110 - Consolidated Financial Statements and section 2(87) of the Companies Act 2013.

34 During the year ended March 31, 2026, the Company has invested 1108.59 crore in Oyster Green Hybrid One Private Limited, an associate company, against a committed investment of up to 1132 crore, to develop a 282 MW hybrid renewable energy project for meeting the power requirements of the Company’s plant. Subsequent to the quarter and year ended March 31, 2026, the Company has invested the balance 123.41 crore, thereby completing its commitment.

35 Exceptional items:

a) Exceptional gain of 1 151.55 crore during the previous year ended March 31, 2025 represents gain on sale of balance 21.13% equity stake held in Jindal Coke Limited (‘JCL’).

b) During the year ended March 31, 2026, the Company has tendered 4,25,00,000 equity shares of face value 110/- each at a price of 154.98 per share, aggregating to 1233.67 crore in the buyback offer made by Jindal United Steel Limited, a wholly-owned subsidiary and the gain of 1191.17 crores has been shown as an exceptional item.

c) The Company has recognised an increase in gratuity and long-term compensated absences amounting to 134.28 crores, which is regulatory-driven and is non-recurring in nature, has been presented as an ‘Exceptional Item’ in the statement of profit and loss for the year ended March 31, 2026.(refer note 43 xi)

3 During the year ended March 31,2024, the Board of Directors ofthe Company had accorded approval forthe voluntary liquidation ofPT

Jindal Stainless Indonesia, a foreign subsidiary of the Company, subject to receipt of such requisite approvals as may be required. Based on preliminary discussions with potential buyers/ external valuation, the management is reasonably confident about the recovery of carrying value of the net assets of the subsidiary company.

37 a) In furtherance to the approval accorded by the Board of Directors at its meeting held on May 01, 2024, the Company on June 04, 2024, acquired 54% equity stake in Chromeni Steels Limited (‘‘CSL’’) by acquiring 40,00,000 equity shares of USD 1 each (100% stake) of Evergreat International Investment Pte Ltd, Singapore (‘‘EIPL’’) for a consideration of ' 41.92 crores. Consequently, EIPL became a wholly owned subsidiary, and CSL a step-down subsidiary of the Company with effect from June 04, 2024. The Company also took over debt of EIPL amounting to ' 1,286.62 crores at the time of acquisition.

b) Subsequently, in furtherance to the approval accorded by the Board of Directors at its meeting held on June 14, 2024,

the Company on June 15, 2024, acquired 8,97,00,000 equity shares of ' 1 each (balance 46% equity stake) in CSL for a consideration of ' 188.18 crores thereby making CSL a wholly owned subsidiary of the Company with effect from June 15, 2024. The Company took over debt of CSL amounting to ' 90.01 crores. On acquisition, the Company has recognised the aforesaid investments in EIPL and CSL, as subsidiaries, at the cost of such investments.

38 a) During the year ended March 31,2026, the Company has converted the outstanding loan (including interest receivable)

of I 1,590 crore extended to Chromeni Steels Limited, its wholly owned subsidiary, into 0.01% optionally convertible debentures, convertible into equity shares or redeemable within five years from the date of allotment, as per the terms of issuance.

b) During the year, the Company has subscribed to 0.01% Optionally Convertible Debentures (‘OCDs’) of AGH Dreams Limited amounting to I 146 crore (previous year I 11 crores ), convertible into equity shares or redeemable within five years from the date of allotment, as per the terms of issuance.

39 a) Estimated amount of contracts remaining to be executed for the acquisition of property, plant and equipment (capital

expenditure) and not provided for (net of capital advances read with note 8) is I 1,561.97 crores (previous year I 1,635.01 crores) .

b) Other commitments related to financial support/capital infusion in associate and subsidiaries is I 621.60 crores (previous year I 376.13 crores ).

c) Export obligations pending against import made under EPCG scheme is I 2,400.14 crores (previous year I 1,761.73 crores).

d) Distribution of dividends [refer footnote to note 14]

1 ‘The Company had challenged the levy of Local Area Development Tax (LADT)/Entry Tax in the State of Haryana before the Hon’ble Punjab & Haryana High Court and the Supreme Court of India. Pursuant to the Supreme Court’s judgment dated 11 November 2016 upholding the constitutional validity of Entry Tax in principle, the matter was remanded to respective High Courts for adjudication on specific legal and factual issues. Accordingly, the Company filed a writ petition before the Punjab & Haryana High Court, which granted an interim stay on demand on 31 May 2017. Further, the Hon’ble Supreme Court, vide order dated 9 October 2017, upheld the legislative competence of State Governments to levy Entry Tax on goods imported into India. Subsequently, the Haryana Government issued Rules under the Entry Tax Act, 2008 on 11 December 2024 and initiated assessments for FY 2010-11 to 2017-18. The Company, along with other petitioners, has challenged these assessment proceedings through fresh writ petitions filed in 2025, which are currently pending adjudication.

Based on its own assessment and calculation, the Company has made necessary provisions in the financial statements. Any Interest/ penalty if any, will be accounted for as and when this is finally determined/ decided by the Hon’ble Court.’

2 The Company had contested the levy of Entry Tax, interest and penalty on imported goods under the Orissa Entry Tax Act, 1999. The original demand comprised tax of 127.00 Crores, interest of 1 2.17 Crores, and penalty of 1 54.01 Crores. The matter is pending before the Hon’ble Odisha High Court in W.P.(C) No. 33161 of 2011, tagged with a batch of revival petitions, limited to the issue of discrimination, pursuant to liberty granted by the Hon’ble Supreme Court.

During the pendency of litigation, JSL has deposited the entire disputed tax amount of 1 27.00 Crores to avoid further accrual of interest. The demands towards interest and penalty remain disputed. Based on prevailing judicial precedents, including decisions of the Hon’ble Odisha High Court wherein levy of penalty in similar entry tax matters has been set aside, management is of the view, supported by legal advice, that the penalty demand is not sustainable and is unlikely to survive.

Accordingly, no provision has been made for the disputed penalty as the likelihood of outflow is considered remote, pending final adjudication.

#The constitution Bench of Nine Judges of the Hon’ble Supreme Court vide its judgement dated 25 July 2024 and Order dated 14 August 2024 has ruled that the Mines and Minerals (Development & Regulation) Act does not prevent the States from levying tax on mineral rights. Based on independent legal opinion, pending clarity on the various issues involved, the impact of aforementioned matter on the Company is currently unascertainable.

All the above matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, the legal proceedings, when ultimately concluded, are not likely to have a material effect on the results of the operations or financial position of the Company.

B The Company’s bankers have issued guarantees in respect of credit facilities / financial assistance availed by its group companies. The outstanding amount covered under such guarantees as at March 31, 2026 is 1 95.22 crore.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has

been calculated using the projected unit credit method at the end of the reporting year, which is the same as that applied in calculating the defined benefit obligation recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The Company expects to contribute I 18.18 crores (previous year I 8.92 crores) to its gratuity plan for the next year.

(x) Risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such valuation of the Company is exposed to follow risks -

A) Salary increases : Higher than expected increases in salary will increase the defined benefit obligation.

B) Interest Rate Risk: The defined benefit obligation represents the present value of future cash flows expected to be paid from the plan, calculated using prevailing interest rates. Although changes in interest rates do not impact the actual cash flows from the scheme, they do affect the value of the liability (defined benefit obligation), thereby impacting the Company’s balance sheet and profit and loss statement.

C) Inflation Risk: Benefits under the scheme are directly or indirectly linked to inflation. In a high inflationary environment, the Company is expected to incur higher costs, such as increased salary raises for employees, which in turn increases benefits linked to salary.

D) Demographic Risk: When determining the defined benefit scheme, it is assumed that employees will follow certain patterns of attrition or mortality. If the actual trends differ from these assumptions, the Company may incur costs different from those provisioned.

E) Liquidity Risk: The plan’s future cash flows are uncertain, which exposes the Company to potential short-term liquidity mismatches. This may result in difficulties in meeting plan cash flows with regular cash flows.

F) Investment Risk: Plans funded with assets are exposed to market fluctuations in asset values. The Company may experience these fluctuations impacting its balance sheet and profit and loss statement.

G) Regulatory Risk: There is a risk of changes in regulatory requirements that impact plan rules. For example, changes in accrual rates, maximum limits, or the salary definitions used in plan benefit calculations can pose risks.

(xi) New labour code:

On November 21, 2025, the Central Government issued four separate notifications in the Official Gazette announcing implementation of four Labour Codes, viz., the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020. These four codes replace and consolidate 29 existing labour laws. Following the implementation of the four labour codes, the Central Government has published the draft rules on December 31, 2025 under the respective Labour Codes, for public comment and the final rules are expected to be notified in due course. To ensure smooth implementation, the Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs) on the four codes.

The four codes prescribe an inclusive definition of the term ‘wages’, which among other matters is relevant for determination of post-employment benefits including gratuity to all employees. In accordance with the definition, certain specified items forming part of remuneration are not included in the wages and these excluded items cannot exceed 50% of total remuneration. If there is an excess, then it is presumed that excess amount also forms part of wages. The four codes also introduce changes related to leave entitlement and encashment for workers. Going forward, workers’ leave balance in excess of 30 days will be encashed at the end of each calendar year and workers will have a right to demand encashment for entire accumulated leave.

The Company has assessed the impact of these changes on the basis of professional view obtained by the management and best information available till authorisation of the financial statements for issue. The Company has determined that these changes resulted in an increase in gratuity obligation and long-term compensated absences of I 34.28 crores. Considering the materiality and regulatory-driven, non-recurring nature of this change, the Company has presented increase in obligation as an expense under the head ‘Exceptional Items’ in the statement of profit and loss for the year ended March 31, 2026.

C a) Provident fund trust :

During the year ended March 31,2025, the Company surrendered its Provident Fund Trust ‘Jindal Stainless EPF Trust’,w.e.f. October 01,2024 with Employees’ Provident Fund Organisation, Rohtak (EPFO). The Company/Trust deposited the entire corpus of the qualifying employees with EPFO. The Company believes that the corpus deposited with EPFO is sufficient to cover the qualifying employees’ Provident Fund liability as on March 31, 2026 and no further liability shall accrue to the Company on account of surrender of its provident fund trust. The Company falls under Un-Exempted Establishment. The final gazette notification of surrender of exemption will be issued by EPFO/Labour Ministry after completion of their statutory formalities.

b) Gratuity fund trust :

The Company sponsors funded defined benefit plans for all qualifying employees. The level of benefits provided depends on the member’s length of service and salary at retirement age.

The gratuity plan is covered by The Payment of Gratuity Act, 1972. Under the gratuity plan, the eligible employees are entitled to post-retirement benefit at the rate of 15 days’ salary for each year of service until the retirement age of 60 years for GM & Above and 58 years for below GM, without any payment ceiling. The vesting period for gratuity as payable under The Payment of Gratuity Act, 1972 is 5 years.

The funds are managed by Jindal Stainless Employees Group Gratuity Trust, Jindal Stainless (Hisar) Limited Employee Group Gratuity Trust, Jindal Stainless (Hisar) Limited (Ferro alloys) Employee Group Gratuity Scheme and Jindal Stainless Corporate Management Services Employee Gratuity Trust which are governed by the Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets and for the definition of the investment strategy. Each year, the Board of Trustees reviews the level of funding in the gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management policy.

44 Employee share based payment:

The Board of Directors and Shareholders of the Company at their meetings held on July 26, 2023 and September 22, 2023 respectively, had approved the ‘JSL - Employee Stock Option Scheme 2023’ (‘ESOP Scheme’) which provided for grant of, in one or more tranches, not exceeding 12,350,000 Options (comprising of 6,175,000 Employee Stock Options (‘‘ESOPs’’) and 6,175,000 Restricted Stock Units (‘RSUs’)).

The Company has set up a trust ‘JSL Employee Welfare Trust’ to administer the ESOP Scheme under which employee stock options will be granted to the eligible employees of the Company, subsidiary companies and contractors.

Grant VI : Subsequent to the year ended March 31, 2026, at its meeting held on May 01, 2026, grant of 380,430 Options comprising of 190,215 ESOPs at an exercise price of 1 383.70 /- per ESOP (priced at 50% discount on latest available closing market price of equity shares of the Company on April 30, 2026) and 190,215 RSUs at an exercise price of 1 2/- per RSU (priced at face value of equity shares), with each Option exercisable into corresponding number of equity shares of face value of 12/- each fully paid-up.

The vesting period is spread over a period of 4 years with 25 % Options vesting each year from the first anniversary of grant, subject to vesting conditions. All Options upon vesting shall be exercisable during the Exercise period of 4 (Four) years.

During the year ended March 31, 2026, the Company has allotted 650,000 (previous year 3,35,000) equity shares of face value of 1 2/- each to the JSL Employee Welfare Trust (‘ESOP Trust’) under the ESOP 2023, for transfer to eligible employees upon exercise of their options. Post allotment to the ESOP Trust, the paid-up share capital of the Company has increased to 1 164.88 crores divided into 82.44 crores equity shares of face value of 1 2/- each.

During the year ended March 31, 2026, the ESOP Trust has allotted 299,355 (Previous Year - 215,881) equity shares of face value of ' 2/- each upon exercise of stock options (132,305 ESOPs and 167,050 RSUs, Previous Year- 100,856 ESOPs and 115,025 RSUs) issued under ESOS 2023 to eligible employees upon exercise of their options.

VIII Assumptions during the year ended 31 March 2026 and 31 March 2025:

Stock Price: Closing price on National Stock Exchange one day prior to the date of grant has been considered

Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to future volatility due to publicly available information

Risk-free rate of return: The risk-free interest rate being considered for the calculation is the interest rate applicable for a maturity equal to the expected life of the options based on the zero-coupon yield curve for Government Securities

Exercise Price: Exercise Price of each specific grant has been considered.

Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Holding Company expects the options to be alive.

Expected divided yield: Expected dividend yield has been calculated basis the last dividend declared by the company before the date of grant for one financial year.

45 Lease related disclosures

The Company has leases for the factory land, warehouses, building, plant and machinery and related facilities. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets. The Company classifies its right-of-use assets in a consistent manner in its property, plant and equipment.

B Fair values hierarchy

The fair value of financial instruments as referred to in note (A) above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Valuation process and technique used to determine fair value:

(i) The fair value of investments in quoted equity shares is based on the current bid price of respective investment as at the balance sheet date.

(ii) The fair value of investments in unquoted equity shares is estimated at their respective costs, since those companies do not have any significant operations and there has neither been any significant change in their performance since initial recognition nor there is any expectation of such changes in foreseeable future.

(iii) The Company enters into forward contracts with banks for hedging foreign currency risk of its borrowings and receivables and payables arising from import and export of goods. Fair values of such forward contracts are determined based on spot current exchange rates and forward foreign currency exchange premiums on similar contracts for the remaining maturity on the balance sheet date.

The management assessed that fair values of current loans, other current financial assets, cash and cash equivalents, other bank balances, trade receivables, current investments, short term borrowings, trade payables and other current financial liabilities approximate their respective carrying amounts largely due to the short-term maturities of these instruments. The fair value of the financial assets and liabilities is disclosed at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

(i) Non-current investments, long-term loans and advances and non-current financial liabilities are evaluated by the Company based on parameters such as interest rates, individual creditworthiness of the counterparty/borrower and other market risk factors.

(ii) The fair values of the Company’s fixed interest-bearing liabilities, loans and receivables are determined by applying discounted cash flows (‘DCF’) method, using discount rate that reflects the issuer’s borrowing rate as at the end of the reporting period. The own non-performance risk as at March 31, 2026 was assessed to be insignificant.

(iii) Most of the long term borrowing facilities availed by the Company from unrelated / related parties are variable rate facilities which are subject to changes in underlying interest rate indices. Further, the credit spread on these facilities are subject to change with changes in Company’s credit worthiness. The management believes that the current rate of interest on these loans are in close approximation from market rates applicable to the Company. Therefore, the management estimates that the fair value of these borrowings are approximate to their respective carrying values.

The Company’s risk management is carried out by a central treasury department (of the Company) under policies approved by the Board of Directors. The Board of Directors provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.

C.1 Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company’s exposure to credit risk is influenced mainly by investments in redeemable preference shares, cash and cash equivalents, trade receivables, derivative financial instruments and other financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls.

(a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

(i) Low credit risk

(ii) Moderate credit risk

(iii) High credit risk

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

In respect of financial assets carried at amortised cost, other than trade receivables, the management has evaluated that as at March 31, 2026 and March 31, 2025, the credit risk is low and hence, allowance, if any, is measured at 12-month expected credit loss.

In respect of trade receivables, the Company is required to follow simplified approach and accordingly, allowance is recognised for lifetime expected credit losses.

Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks across the country.

Derivative financial instruments

Derivative financial instruments are considered to have low credit risk since the contracts are with reputable financial institutions, most of which have an ‘investment grade’ credit rating.

Trade receivables

Trade receivables are generally unsecured and interest bearing. There is no significant concentration of credit risk. The Company’s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, taking into account their financial position, past experience and other factors. The utilization of credit limit is regularly monitored and a significant element of credit risk related to export receivables is covered by credit insurance. The Company’s credit risk is mainly confined to the risk of customers defaulting against credit sales made. Outstanding trade receivables are regularly monitored by the Company. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. In respect of trade receivables, the Company recognises a provision for lifetime expected credit losses after evaluating the individual probabilities of default of its customers which are duly based on the inputs received from the marketing teams of the Company.

Other financial assets measured at amortised cost

I nvestments in redeemable preference shares of associate/ subsidiaries companies, loans (comprising security deposits and loan to a subsidiary) and other financial assets are considered to have low credit risk since there is a low risk of default by the counterparties owing to their strong capacity to meet contractual cash flow obligations in the near term. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

(b) Expected credit losses for financial assets

(i) Financial assets (other than trade receivables)

The Company provides for expected credit losses on loans and advances other than trade receivables by assessing individual financial instruments for expectation of any credit losses.

• For cash and cash equivalents, other bank balances and derivative financial instruments- Since the Company deals with only high-rated banks and financial institutions, credit risk in respect of cash and cash equivalents, derivative financial instruments, other bank balances and bank deposits are evaluated to be very low.

• For loans comprising security deposits paid - Credit risk is considered low because the Company is in possession of the underlying assets.

• For other financial assets - Credit risk is evaluated based on the Companies knowledge of the credit worthiness of those parties and loss allowance is measured. For such financial assets, the Company policy is to provide for 12 month expected credit losses upon initial recognition and provide for lifetime expected credit losses upon significant increase in credit risk.

As at March 31, 2026 and March 31, 2025, management has evaluated that the probability of default of outstanding financial assets (other than trade receivables) is insignificant and therefore, no allowance for expected credit losses has been recognised.

(ii) Expected credit loss for trade receivables under simplified approach

In respect of trade receivables, the Company measures the loss allowance at an amount equal to lifetime expected credit losses using a simplified approach.

Based on evaluation of historical credit loss experience, management considers an insignificant probability of default in respect of receivables which are less than one year overdue. Receivables which are more than one year overdue are analysed individually and allowance for expected credit loss is recognised accordingly.

C.2 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the Company liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

C.3 Market risk

(a) Foreign currency risk

The Company is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from commercial transactions like sales, purchases, borrowings, recognized financial assets and liabilities (monetary items). Certain transactions of the Company act as natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies. For the remaining exposure to foreign exchange risk, the Company adopts the policy of selective hedging based on risk perception of management. Foreign exchange hedging contracts are carried at fair value. Foreign currency exposures that are not hedged by derivative instruments outstanding as on the balance sheet date are as under:

(ii) Financial assets

The Company’s investments in redeemable preference shares of its subsidiary and other companies,debentures in subsidiary company and government securities, loan to a related party and deposits with banks are carried at amortised cost and are fixed/variable rate instruments. They are, therefore, not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates. The Company’s investments in fixed deposits carry fixed interest rates.

(c) Price risk (i) Exposure

The Company’s exposure to price risk arises from investments held and classified in the balance sheet either as fair value through other comprehensive income or at fair value through profit or loss. To manage the price risk arising from investments, the Company diversifies its portfolio of assets.

Subsequent to March 31, 2026, unspent CSR amount of I 33.99 crores as at March 31, 2026 has been deposited, through its implementing agency JJindal Stainless Charitable Trust’, in a separate bank account for ongoing projects as per the requirements of Section 135(5) of the Companies Act, 2013.

Subsequent to March 31,2025, unspent CSR amount of I 53.65 crores as at March 31,2025 has been deposited, through its implementing agency JJindal Stainless Foundation’, in a separate bank account for ongoing projects as per the requirements of Section 135(5) of the Companies Act, 2013.

The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the Companies Act for the above transactions and the transactions are not violative of the Prevention of MoneyLaundering Act, 2002 (15 of 2003)

iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

vi) The Company is not declared wilful defaulter by bank or financials institution or lender during the year.

vii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

viii) The Company does not have any transactions and outstanding balances during the current as well previous year with Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

ix) Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the unaudited books of accounts and no material discrepancy was noticed with the reviewed/ audited books of account.

x) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (restriction on number of layers) Rule, 2017.

55 Capital Management

The Company’s capital management objectives are to ensure the long term sustenance of the Company as a going concern while maintaining healthy capital ratios, strong external credit rating and to maximise the return for stakeholders.

The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions, to support the need of operations and to mitigate the risks, if any. In order to maintain or adjust the capital structure, the Company may deploy cash accruals towards growth/ capital expansion, evaluate new financing options including means of raising finance (bank loans, debt capital market), refinance existing loans, monetize assets, infuse capital (equity/ preference)

through public offering/ private placement/ preferential allotment, adjust the amount of dividends, reduce equity capital etc. The Company also judiciously manages its capital allocations towards various purposes viz. sustenance, expansion, strategic acquisition/ initiatives and/ or to monetize market opportunities.

56 The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same was enabled at the application level throughout the year. The feature of recording audit trail (edit log) at the database level for the said accounting software to log any direct data changes was enabled throughout the year.

57 Previous year’s figures have been regrouped/ reclassified wherever necessary, the impact of such reclassification/ regrouping is not material to the standalone financial statements.

The accompanying notes form an integral part of these standalone financial statements.

As per our report of even date attached For and on behalf of the Board of Directors