The Board of Directors are pleased to present the Company's 47th Annual Report and the Company's audited financial statements (Standalone & Consolidated) for the Financial Year ended March 31, 2026.
FINANCIAL RESULTS
The Company's financial results for the year ended March 31, 2026, are summarized below:
(C in crore)
Standalone Consolidated
|
Particulars
|
2025-26
|
2024-25
|
2025-26
|
2024-25
|
|
Total Income
|
54,320.20
|
48,932.41
|
53,553.14
|
49,932.48
|
|
EBITDA
|
8,468.45
|
8,938.85
|
9,659.53
|
9.494.19
|
|
Depreciation & Amortisation Expenses
|
2,382.62
|
2,272.49
|
3,171.45
|
2C6755
|
|
Finance Costs (Net)
|
772.76
|
620.02
|
1,516.64
|
1,312.08
|
|
Profit/ (Loss) before tax, exceptional items and associate profit/loss from continuing operations
|
5,610.13
|
6,160.72
|
5,299.66
|
5,582.07
|
|
Share in loss of associates (Net of Tax)
|
-
|
-
|
(15.13)
|
(9.07)
|
|
Exceptional Items (Net)
|
(1,470.16)
|
(1,313.64)
|
(871.38)
|
(1,229.45)
|
|
Profit/ (Loss) before tax after exceptional items and associate profit/loss from continuing operations
|
4,139.97
|
4,847.08
|
4,413.15
|
4,343.55
|
|
Less: Provision of tax
|
1,066.35
|
1,225.90
|
1,052.28
|
1,497.87
|
|
Profit/ (Loss) after tax and associate profit/loss
|
3,073.62
|
3,621.18
|
3,360.87
|
2,845.68
|
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION
There have been no material change(s) and commitment(s) affecting the financial position of the Company between the end of the financial year of the Company i.e., March 31, 2026, and the date of this Report.
CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of business of the Company during the financial year ended on March 31, 2026.
OPERATIONAL HIGHLIGHTS
In FY 2025-26, the global steel industry faced challenges due to continued geopolitical tensions across various geographies including the Iran-Israel-US conflicts at the end of FY 2025-26. Domestic steel demand remained subdued amid challenges in the property sector, while infrastructure and manufacturing activities provided partial support. Higher exports balanced the demand-supply equation but continued impacting the global and Indian steel prices. Tariff/ non-tariff barriers by the different countries continued to stem the inflow of surplus steel from China in their economies, including India where safeguard duty on import of certain steel products is continuing till April 2028.
The Company recorded highest ever production and sales volume during the fiscal year on account of higher capacity utilization resulting from operational
efficiencies. Production stood at 9.25 MT up 14% from 8.12 MT in FY 2024-25 while sales at 8.68 MT was up 9% from 7.97 MT as against previous fiscal year.
Gross revenues were up 8% at C 62,412 crore on YoY basis, primarily on account of higher sales. Share of domestic sales remained flattish during FY 2025-26. The company achieved consolidated EBITDA of C 9,659.53 crore higher by 2% YoY attributed majorly due to higher sales partly lowered by higher costs and lower realization. Consolidated net profit for the year stood at C 3,361 crore in FY 2025-26. This was after recording exceptional provision of C 871 crore.
Overall, the performance during FY 2025-26 demonstrates the Company's strong business fundamentals, resilient operating model, and commitment to sustainable growth. Jindal Steel Limited remains focused on enhancing stakeholder value through continued operational excellence, prudent financial management, strategic investments, and responsible corporate governance while pursuing its long-term growth objectives.
DIVIDEND
The Board of Directors of your Company is pleased to recommend a Final Dividend of C 2/ - per equity share of face value C 1/ - each for the financial year ended March 31, 2026.
The Company has framed Dividend Distribution Policy in accordance with Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations”). The Policy may be accessed on the website of the Company at: www. jindalsteel.in.
The objective of this policy is to establish the parameters to be considered by the Board of Directors of your Company before declaring or recommending dividend.
TRANSFER TO RESERVES
The Company has not transferred any amount to reserves for the financial year ended March 31, 2026.
DEPOSITS
The Company has not accepted/received any deposits during the year under report, falling within the ambit of Section 73 of the Companies Act, 2013 ("the Act”), and the Companies (Acceptance of Deposits) Rules, 2014.
CREDIT RATING
During FY 2025-26, there was no change in credit rating for the long term debt facilities and short term debt facilities. Your Company's domestic credit ratings, as on March 31, 2026, were as follows:
Long - term debt Short-term debt Rating Agencies facilities facilities
Credit Analysis & AA, Stable A1( )
Research Ltd. ("CARE”)
ICRA Limited ("ICRA”) AA, Stable A1( )
Further, the rating for Non-Convertible Debentures of C5,000 crores was AA, Stable from CARE & ICRA both.
However, after the closure of FY 2025-26, CARE, has upgraded the credit rating assigned to the Company's Long-Term Bank Facilities from "CARE AA; Stable” to "CARE AA ; Stable", while reaffirming the rating of "CARE A1 " assigned to the Company's Short Term Bank Facilities. Further, CARE has also upgraded the credit rating assigned to the Company's Non-Convertible Debentures of C5,000 crores from "CARE AA; Stable” to "CARE AA ; Stable”.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the provisions of the Act, the Listing Regulations and Ind AS, the audited consolidated financial statements are provided in the Annual Report.
SHARE CAPITAL
The Company's Authorised Share capital during the financial year ended March 31, 2026, remained at C 300,00,00,000/ - (Rupees Three Hundred Crore only) consisting of 200,00,00,000 (Two Hundred Crore) equity shares of C 1/ - (Rupee One only) each and 1,00,00,000 (One Crore) Preference Shares of C 100/ - (Rupees One Hundred only) each.
The Company's paid-up equity share capital remained at C 1,02,00,88,097/ - (Rupees One Hundred Two Crore Eighty-Eight Thousand and Ninety Seven only) comprising of 1,02,00,88,097 (One Hundred Two Crore Eighty Eight Thousand and Ninety Seven) equity shares of C 1/ - (Rupee One only) whereas the paid-up preference share capital of the Company for the financial year ending March 31, 2026, was Nil.
CHANGE OF THE NAME OF THE COMPANY
The name of the Company was changed from Jindal Steel & Power Limited to Jindal Steel Limited with effect from July 22, 2025.
CHANGE IN THE OBJECT CLAUSE OF THE COMPANY
During the year, Pursuant to the provisions of Sections 4 and 13 and other applicable provisions of the Act, read with the Companies (Incorporation) Rules, 2014, the Members of the Company approved, by way of a Special Resolution passed through Postal Ballot on November 22, 2025, the amendment of Clause III(a) of the MOA by insertion of sub-clause 7 after sub-clause 6 to facilitate broader participation in national Research & Development initiatives on green technologies, including capacity building for Carbon Capture, Utilization and Storage ("CCUS”) and decarbonization research along with commercialization and dissemination of intellectual property and participation in Science & Technology programs promoted by the Government of India in broader societal interest.
EMPLOYEE STOCK OPTION SCHEME / EMPLOYEE SHARE PURCHASE SCHEME
In order to motivate, incentivize and reward employees, your Company instituted Employee Share Purchase Schemes namely JSPL ESPS-2013, JSPL ESPS-2018 and Employee Stock Option Scheme namely JSPL ESOP Scheme-2017 and Jindal Steel Employee Benefit Scheme-2022.
The Nomination and Remuneration Committee ("NRC") of the Board monitors the implementation of the above scheme, which are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI SBEB Regulations").
The relevant disclosures pursuant to the SEBI SBEB Regulations, as on March 31, 2026, are available on the website of the Company at www.jindalsteel.in.
A certificate from M/s RSMV & Co., Company Secretaries, New Delhi (CP No. 11571), Secretarial Auditors, with respect to implementation of JSPL ESPS-2013, JSPL ESPS-2018, JSPL ESOP Scheme-2017 and Jindal Steel Employee Benefit
in compliance with the applicable provisions of Listing Regulations, as amended.
The disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY 2025-26 and hence does not form part of this report.
The Policy on Related Party Transactions of the Company can be accessed on the Company's website at www. jindalsteel.in.
Details of related party transactions entered into by the Company, in terms of Ind AS 24 and the Listing Regulations, are disclosed in the notes to the standalone/consolidated financial statements forming part of this Report.
PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS
The particulars of loans, guarantees, securities and investments, covered under the provisions of Section 186 of the Act, are furnished in the financial statements.
SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE COMPANIES
A separate statement containing performance and highlights of Financial Statements of subsidiary, associate and joint venture companies is provided in the prescribed form AOC-1, attached to the Consolidated Financial Statements and forms part of this report.
The names of companies which have become or ceased to be subsidiary or joint venture or associate companies, if any, during FY 2025-26 have been mentioned in the notes to the accounts.
The financial statements of subsidiary companies are kept open for inspection by the shareholders at the registered office of the Company during business hours on all days except on Saturdays, Sundays and on public holidays upto the date of the Annual General Meeting ("AGM”) as required under Section 136 of the Act. Any member desirous of obtaining a copy of the said financial statements may write to the Company at its Registered Office or Corporate Office.
The audited financial statements including the consolidated financial statements and all other documents required to be attached thereto and financial statements of each of the subsidiaries have been uploaded on the website of your Company at www.jindalsteel.in.
Your Company has framed a policy for determining "Material Subsidiary” in terms of Regulation 16(c) of Listing Regulations. The policy can be accessed on the website of the Company at: www.jindalsteel.in.
Scheme-2022 can be available on the website of the Company at www.jindalsteel.in
NON-CONVERTIBLE DEBENTURES
There were no outstanding Non-Convertible Debentures as on March 31, 2026.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the year under review, all Related Party Transactions ("RPTs'') entered into by the Company were approved by the Audit Committee and were undertaken on an arm's length basis and in the ordinary course of business. Prior omnibus approval of Audit Committee is obtained for related party transactions of a repetitive nature entered into in the ordinary course of business and on an arm's length basis.
Regulation 23(4) of the Listing Regulations states that all Material Related Party Transaction ("MRPTs”) as provided under proviso to the Regulation 23(l) of the Listing Regulations shall require approval of shareholders by means of an ordinary resolution. The provisions of Regulations 23(4) requiring approval of the shareholders are not applicable for the RPTs entered into between a holding company and its wholly owned subsidiary and RPT transactions entered into between two wholly owned subsidiaries of the listed holding company, whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval. The said limits are applicable, even if the transactions are in the ordinary course of business of the concerned Company and at an arm's length basis. The amended Regulation 2(l) (zc) of the Listing Regulations has also expanded the definition of related party transactions which now includes a transaction involving a transfer of resources, services or obligations between a listed entity or any of its subsidiaries on one hand and a related party of the listed entity or any of its subsidiaries on the other hand, regardless of whether a price is charged or not. Further, any transaction between the Company or any of its subsidiaries on one hand, and any other person or entity on the other hand, the purpose and effect of which is to benefit a related party of the listed entity or any of its subsidiaries would be considered as RPTs regardless of whether a price has been charged.
During the year under review, the Company has obtained the approval of the Members to enter into MRPTs with Nalwa Steel and Power Limited, Jindal Saw Limited, Jindal Global Trading DMCC (formerly known as Vulcan Commodities DMCC), and transactions between Jindal Steel Odisha Limited and Nalwa Special Steel Limited. All such related party transactions were
DIRECTORS AND KEY MANAGERIAL PERSONNEL Board Diversity
Your Company recognises the benefits of having a diverse Board, and increasing diversity at the Board level is viewed as an essential element in maintaining a competitive advantage. Your Company believes that a diverse Board will leverage differences in thought, perspective, knowledge, skill, regional and industry experience, cultural and geographical backgrounds, which will ensure that the Company retains its competitive advantage.
Your Company believes that a diverse Board contributes towards driving business results, makes corporate governance more effective, enhances the quality of decision-making, ensures sustainable development and enhances the reputation of the Company. The Policy to Promote Diversity on the Board of Directors (Diversity Policy) adopted by the Board, in compliance with Regulation 19(4) read with Part D of the Schedule II of the Listing Regulations, sets out its approach to diversity.
The Diversity Policy is available on the website of the Company at www.jindalsteel.in.
Directors
Mr. Sunjay Kapur, Independent Director of the Company ceased to be Independent Director due to sudden and untimely demise on June 12, 2025. The Company places on record its deep appreciation for the invaluable contributions made by Mr. Sunjay Kapur as a valued member of the Company's Board. Dr. Bhaskar Chatterjee, Independent Director ceased to be Independent Director w.e.f. July 28, 2025, due to completion of his tenure as Independent Director. The Board of Directors and the management of the Company place on record their sincere appreciation for the valuable guidance and contributions made by Dr. Chatterjee during his tenure as an Independent Director.
Based on the recommendation of the NRC, the Board of Directors, at its meeting held on October 4, 2025, approved the appointment of Mr. Parimal Rai as an Additional Director in the category of Non-Executive Independent Director of the Company for a period of 4 (four) consecutive years with effect from October 4, 2025, not liable to retire by rotation, subject to the approval of the members. The appointment of Mr. Parimal Rai as Non-Executive Independent Director was subsequently approved by the Members of the Company through Postal Ballot on November 22, 2025.
Further, based on the recommendation of the NRC, the Board of Directors, at its meeting held on March 27, 2026, approved the appointment of Mr. Debojyoti Roy as an Additional Director and Whole-time Director of the
Company for term of three (3) years with effect from March 27, 2026, subject to the approval of members. The appointment of Mr. Debojyoti Roy as Director and Whole-time Director was subsequently approved by the Members of the Company through Postal Ballot on June 18, 2026.
Based on the recommendation of NRC and subject to the approval of the members of the Company, the Board of Directors at its meeting held on March 27, 2026, have re-appointed Mr. Damodar Mittal, Wholetime Director of the Company, for a further term of three (3) years with effect from March 28, 2026. The re-appointment of Mr. Damodar Mittal as Whole-time Director was subsequently approved by the Members of the Company through Postal Ballot on June 18, 2026.
Mr. Sabyasachi Bandyopadhyay ceased to be a Wholetime Director of the Company with effect from the close of business hours on March 27, 2026, upon completion of his tenure and stepped down from the Directorship of the Company.
However, after the closure of FY 2025-26, based on recommendation of NRC, the Board of Directors in their meeting held on July 24, 2026, have approved the appointment of Mr. Vidya Rattan Sharma as Additional Director and Managing Director of the Company for a term of two years with effect from July 24, 2026 and recommends his appointment as a Director and Managing Director of the Company to the members at the ensuing AGM for their approval.
Retirement by Rotation:
In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mr. Naveen Jindal, Director of the Company, is retiring by rotation at the ensuing AGM of the Company and is eligible for re-appointment. Your Board recommends the re-appointment of Mr. Naveen Jindal, as Director of the Company.
The particulars in respect of Mr. Naveen Jindal and Mr. Vidya Rattan Sharma, as required under Regulation 36(3) of Listing Regulations and Secretarial Standard - 2, are mentioned in the Notice of AGM.
Key Managerial Personnel
During the year under review, Mr. Gautam Malhotra was appointed as the Chief Executive Officer and Key Managerial Personnel of the Company with effect from October 28, 2025.
Mr. Gautam Malhotra is not in service with effect from close of business hours on July 15, 2026.
Mr. Mayank Gupta, Chief Financial Officer resigned with effect from July 15, 2025. Subsequently, Mr. Sunil
Agrawal, overseeing Finance function of the Company, was appointed as interim Chief Financial Officer of the Company w.e.f. October 4, 2025.
Mr. Anoop Singh Juneja, Company Secretary and Compliance Officer of the Company, ceased to be Company Secretary and Compliance officer of the Company due to unfortunate and untimely demise on June 23, 2025. Mr. Juneja had been unwell for some time. The Board and management of the Company place on record their sincere appreciation for the valuable services and significant contributions made by him during his tenure. Mr. Rahul Arora, was appointed as interim Company Secretary and Compliance officer w.e.f. September 20, 2025.
However, after the closure of FY 2025-26, Mr. Sandeep Modi was appointed as Chief Financial Officer of the Company with effect from July 24, 2026. Further, Upon the appointment of Mr. Sandeep Modi as the Chief Financial Officer of the Company, Mr. Sunil Agrawal, who was currently serving in this position in interim capacity, stepped down from the position of Interim Chief Financial Officer but continued overseeing the Finance function of the Company.
BOARD EVALUATION
The Board carried out an annual performance evaluation of its own performance, the performance of the Directors individually as well as the evaluation of the various Committees of the Board. Details of the same are given in the Corporate Governance Report which forms part of this report.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from each of the Independent Directors that they, respectively, meet the criteria of independence prescribed under Section 149 read with Schedule IV of the Act and rules made thereunder, as well as Regulations 16 and 25(8) of the Listing Regulations. Based on the declarations received, the Board considered the independence of each of the Independent Directors in terms of above provisions and is of the view that they fulfil the criteria of independence and are independent from the management.
In the opinion of the Board, there has been no change in the circumstances which may affect their status as Independent Directors of the Company and the Board is satisfied of the integrity, expertise, and experience (including proficiency, in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent Directors on the Board. Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company have included
their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.
MEETINGS OF THE BOARD AND COMMITTEES
The Board of Directors met 9 (Nine) times during the period under review. The details of number of meetings of the Board and various Committees of the Board of your Company are set out in the Corporate Governance Report, which forms part of this report.
SECRETARIAL STANDARDS
The Directors state that applicable secretarial standards i.e., SS-1 and SS-2, relating to meetings of the Board of Directors and General Meetings have been duly followed by the Company.
REMUNERATION POLICY
In accordance with the provisions of Section 178 of the Act and Part D of Schedule II of the Listing Regulations, the policy on Nomination and Remuneration of Directors, KMPs and Senior Management of your Company is uploaded on the website of the Company and can be accessed at: www.jindalsteel.in. During the year under review, there has been no change in the Policy.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
In terms of the provisions of Section 197(12) of the Act read with Rules 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules and the disclosures relating to remuneration and other details, is annexed as Annexure - A to this report.
STATUTORY AUDITORS
M/s Lodha & Co. LLP, Chartered Accountants (Firm Registration No. 301051E/E300284), New Delhi, were appointed as the Statutory Auditors for a period of 5 years from the conclusion of 42nd AGM till the conclusion of 47th AGM of the Company. The second term of Lodha & Co. LLP, Chartered Accountants, shall expire on the conclusion of 47th AGM of the Company. The Board places on record its sincere appreciation for the services rendered by M/s Lodha & Co. LLP, Chartered Accountants during their tenure as Statutory Auditors of the Company.
In order to ensure smooth transition and handover and In terms of Section 139 of the Act read with rules made thereunder, the Audit Committee of the Board, after assessing the qualifications and experience of M/s S S Kothari Mehta & Co. LLP (Firm Registration No.
000765N/N500441), recommended their appointment as the Statutory Auditors of the Company for a period of 5 (five) consecutive years from the conclusion of the ensuing 47th AGM of the Company till the conclusion of 52nd AGM of the Company.
The Board of Directors, on the recommendation of the Audit Committee, recommended the appointment of M/s S S Kothari Mehta & Co. LLP (Firm Registration No. 000765N/N500441) as the Statutory Auditors for the approval of the members of the Company, for first term of 5 consecutive years, to hold the office from the conclusion of 47th AGM of the Company till the conclusion of 52nd AGM of the Company.
The Company has received written consent and certificate(s) of eligibility and other relevant documents in accordance with Sections 139, 141 of the Act from M/s S S Kothari Mehta & Co. LLP (Firm Registration No. 000765N/N500441) to the effect that their appointment, if made, will be in accordance with the limits specified under the Act and they satisfy the criteria with respect to their eligibility, provided in Section 141 of the Act read with rules made thereunder.
STATUTORY AUDITORS REPORT
The Statutory Auditors have issued an unmodified opinion on the Company's Financial Statements for the financial year ended March 31, 2026 and the Auditor's Report for the year under review does not contain any qualification, reservation, adverse remark or disclaimer.
The notes on financial statements referred to in the Auditor's Report are self-explanatory and do not call for any further comments.
There are no instances of any fraud reported by the Statutory Auditors to the Audit Committee or the Board pursuant to section 143(12) of the Act.
SECRETARIAL AUDITORS
During the year under review, the members approved the appointment of M/s RSMV & Co., Company Secretaries, New Delhi as Secretarial Auditors of the Company for a first term of 5 (five) consecutive years commencing from the FY 2025-26 to FY 2029-30.
In terms of Regulation 24A of the Listing Regulations, M/s RSMV & Co., Company Secretaries were also appointed as Secretarial Auditors of Jindal Steel Odisha Limited, a material unlisted subsidiary of the Company.
The Secretarial Audit Reports issued by M/s RSMV & Co., Company Secretaries, New Delhi, in respect of the Company as well as Jindal Steel Odisha Limited, are annexed herewith as Annexure - B to this Report.
COST RECORDS
In terms of sub-section (1) of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Company is required to maintain the cost records. Accordingly, such accounts and records have been maintained by the Company.
M/s Shome & Banerjee, Cost Accountants, were appointed as the Cost Auditors of the Company for auditing the cost records of the Company for the financial year 2026-27, subject to ratification of their remuneration by the Shareholders of the Company in the 47th AGM of the Company.
Accordingly, an appropriate resolution seeking ratification of the remuneration for the financial year 2026-27 of M/s Shome & Banerjee, Cost Auditors, is included in the Notice convening the 47th AGM of the Company.
RISK MANAGEMENT
The Company maintains a robust Enterprise Risk Management framework that identifies, assesses, prioritises, and responds to the business risks and opportunities that could affect its performance, people, assets, and stakeholders. Aligned with globally recognised standards such as ISO 31000 and with applicable regulatory requirements, the framework is embedded within the Company's strategy and day-to-day decision-making. Risk governance operates through a three-tier structure: business units and risk owners manage risks as the first line; the Chief Risk Officer and a management-level Risk Council provide the framework and review; and the Board, through its Risk Management Committee, provides oversight. Risks are reviewed for changes in their nature and extent since the previous assessment, monitored against defined indicators, and addressed through mitigation plans, with material risks reported to the Committee.
The principal risks span market and commodity-price volatility, regulatory and compliance matters, operational reliability and safety, financial risks, technology and cybersecurity, supply-chain disruptions, execution of expansion projects, and environmental, social, and governance factors. These are managed through product and sourcing diversification, operational and cost excellence, disciplined capital allocation and hedging, robust compliance and controls systems, decarbonisation and safety initiatives, and constructive stakeholder engagement — enabling the Company to protect value and pursue sustainable growth.
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2026 and of the profit of the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors have prepared the annual accounts on a going concern basis;
(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
OTHER DISCLOSURES / REPORTING
Business Responsibility and Sustainability Report
As stipulated under Listing Regulations, a separate section titled "Business Responsibility and Sustainability Report" forms part of this Annual Report which offers more detailed information on your Company's actions and initiatives related to environmental, social, and governance matters.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As stipulated under Listing Regulations, a separate section titled "Management Discussion and Analysis Report", forms part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars related to conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed under Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure - D to this Report.
ANNUAL RETURN
In accordance with the provisions of Sections 92 and 134(3)(a) of the Act read with the Companies (Management and Administration) Rules, 2014, the
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to financial statements and such internal financial controls are operating effectively. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.
CORPORATE SOCIAL RESPONSIBILITY
The Company strongly believes that sustainable community development is essential for harmony between the community and the industry. The Company endeavours to make a positive contribution especially to the underprivileged communities by supporting a wide range of socio-economic, educational and health initiatives.
The Health, Safety, CSR, Sustainability and Environment Committee ("HSCSE Committee") of the Board of Directors of the Company oversees the implementation of CSR Policy of the Company.
In line with the provisions of the Act and on the recommendations of the HSCSE Committee, the Board of Directors has approved the CSR Policy of the Company. Detailed CSR Policy of the Company has been uploaded on the website of the Company at www. jindalsteel.in.
The Annual Report on the CSR activities for the Financial Year 2025-26 is annexed herewith as Annexure - C to this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
No significant and material orders have been passed by the Regulators, Courts or Tribunals impacting the going concern status of the Company and its future operations during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3) (c) of the Act, your Directors state that:
(a) in the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards and Schedule III to the Act, have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistently and made
Annual Return in e-form MGT-7 for the financial year ended March 31, 2026 has been uploaded on the website of the Company i.e. www.jindalsteel.in.
CORPORATE GOVERNANCE
Your Company is committed to achieve the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India. Your Company has also implemented several best Corporate Governance practices as prevalent globally.
The report on Corporate Governance as stipulated under the Listing Regulations for the FY 2025-26 and a certificate issued by M/s Navneet K. Arora & Co. LLP, Company Secretaries in Practice confirming compliance with the conditions of Corporate Governance is annexed herewith as Annexure - E to this report.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
Your Company has formulated a robust vigil mechanism to deal with instances of unethical behaviour, actual or suspected fraud or violation of Company's code of conduct or ethics policy. The details of policy are explained in the Corporate Governance Report and also uploaded on website of the Company at: www. jindalsteel.in.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, your Company has constituted an Internal Complaints Committee included designated independent member(s) to redress complaints regarding sexual harassment.
The details pertaining to complaints received on matters pertaining to sexual harassment during the FY 2025-26, are as below:
(a) number of complaints of sexual harassment received in the year: 14
(b) number of complaints disposed of during the year: 14
(c) number of complaints pending for more than ninety days: Nil
DISCLOSURE UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
There was no application made by the Company initiating insolvency proceedings against any other
entity nor are any proceedings pending against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.
DIFFERENCE IN VALUATION IN THE CASE OF ONE TIME SETTLEMENT OF LOAN FROM BANK OR FINANCIAL INSTITUTION
There was no one time settlement of loan from banks or financial institutions by the Company during the year under review. Accordingly, there are no details regarding difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions.
COMPLIANCE OF MATERNITY BENEFIT ACT, 1961
The Company has complied with provisions relating to the Maternity Benefit Act, 1961 and rules made thereunder.
CAUTIONARY STATEMENT
Statements in the Board's Report and the Management Discussion & Analysis describing the Company's objectives, expectations or forecasts may be forward looking within the meaning of applicable Securities Laws and Regulations. Actual results may differ from those expressed in the statement. Important factors that could influence the Company's operations include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in Government Regulations, Tax Laws, Economic Developments within the country and other factors such as litigation and industrial relations.
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation for the sincere services rendered by Company's staff and workers at all levels. Your Directors also wish to place on record their appreciation for the valuable cooperation and support received from the Government of India, various State Governments, the Banks/Financial Institutions and other stakeholders such as shareholders, customers and suppliers, among others. The Directors also commend the continuing commitment and dedication of the employees at all levels, which has been critical for the Company's success. The Directors look forward to their continued support in future.
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