Jindal Steel company name appointed Aabha Bakaya and V. Sehgal as Additional Directors in the category of Non-Executive Independent Directors, effective July 29, 2026. The Board of Directors approved the appointments through resolutions passed by circulation, based on the recommendation of the Nomination and Remuneration Committee. Both appointments are for a term of two consecutive years and are subject to the approval of the shareholders of the company.

The new appointments coincide with the conclusion of the tenures of Mrs. Shivani Wazir Pasrich and Ms. Kanika Agnihotri, who served as Independent Directors. Pasrich and Agnihotri were appointed for their second term of three consecutive years effective July 29, 2023, and their terms concluded upon completion on July 28, 2026. The Board recorded its appreciation for their guidance and contributions during their respective tenures.

New Appointees

Aabha Bakaya brings over two decades of experience in business journalism, content curation, news reporting, and live broadcasting. She is the Founder and Chief Executive Officer of Ladies Who Lead, a network for women leaders in India. Her career includes senior editorial and anchoring positions at India Today Group/Business Today TV, ET NOW, Bloomberg TV India, NDTV Profit, CNBC TV18, and Business Today Magazine. She holds a bachelor’s degree in media and communications from the University of New South Wales, Sydney, and a certificate in Creative Writing and Screenwriting from Columbia University, New York. She was recognized as the Best Business News Anchor in 2022.

V. Sehgal is a global industrials advisor with over two decades of experience in capital allocation, cross-border mergers and acquisitions, restructuring, and strategic transformation across the Americas, Europe, and Asia. He serves as Global Head of Automotive and Executive Vice Chairman at Rothschild & Co, advising boards across automotive, industrial, metals, and manufacturing sectors. He currently serves on the Boards of Cyient Limited. Previously, he was a Partner at Booz Allen Hamilton and held positions at Ford Motor Company and Daewoo Motors. He holds degrees in Mechanical Engineering from the University of Delhi, Industrial Engineering from the University of Florida, Engineering from the Massachusetts Institute of Technology, and an MBA from the University of Chicago.

Regulatory Disclosure

The disclosure was made under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company confirmed that neither Bakaya nor Sehgal is debarred from holding the office of Director by virtue of any order passed by SEBI or any other authority. Details regarding the appointments are provided in Annexure A and Annexure B of the filing, while details regarding the cessation of Pasrich and Agnihotri are in Annexure C and Annexure D.

Both new directors are not related to any other Director of the Company. The intimation is available on the company’s website at www.jindalsteel.in .

Jindal Steel reported a consolidated net profit (PAT) of ₹844 crore for the quarter ended June 30, 2026, marking a significant recovery from a loss of ₹143 crore in the corresponding quarter of the previous year. The Board of Directors, meeting on July 24, 2026, also approved key leadership changes, appointing Vidya Rattan Sharma as Managing Director and Sandeep Modi as Chief Financial Officer. These appointments signal a strategic shift in operational and financial leadership as the company navigates planned maintenance shutdowns that impacted production volumes.

The financial results were reviewed by the Audit Committee and Lodha & Co. LLP, Statutory Auditors of the Company, in compliance with Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also approved the appointment of S S Kothari Mehta & Co. LLP as Statutory Auditors for a five-year term, subject to shareholder approval at the upcoming Annual General Meeting. Mr. Sunil Agrawal ceased his role as Interim CFO upon Mr. Modi’s appointment but will continue overseeing the Finance function.

Financial Performance Highlights

Consolidated gross revenue stood at ₹17,834 crore, down 8% quarter-on-quarter, while net revenue was ₹15,501 crore. Adjusted EBITDA remained robust at ₹2,667 crore, adjusted for a one-off foreign exchange loss of ₹6 crore. Standalone net profit surged to ₹1,086 crore from a loss of ₹143 crore in Q4FY26, reflecting strong operational efficiency despite lower volumes.

Leadership Appointments

The Board appointed Vidya Rattan Sharma as Additional Director and Managing Director for a two-year term, subject to shareholder approval. Sharma brings four decades of experience in steel, power, and metal sectors, having previously served as MD of Jindal Steel Limited from 2019 to 2022. Sandeep Modi, formerly CFO of Hindustan Zinc Limited, was appointed Chief Financial Officer. Rajiv Kumar joined as Chief Operating Officer, and Sukhjit S. Pasricha was appointed Head – Human Resources. All appointments are effective July 24, 2026.

What the Numbers Show

Despite a 10% quarter-on-quarter decline in steel production to 2.40 MT due to planned maintenance shutdowns, the company maintained healthy profitability through improved realizations and a richer product mix. The share of value-added steel increased to 66% in Q1FY27 from 61% in Q4FY26. Consolidated net debt decreased slightly to ₹15,927 crore from ₹16,019 crore in March 2026, with the net debt-to-EBITDA ratio at 1.71x. The subsidiary Jindal Steel (Mauritius) Limited continues to report accumulated losses of ₹3,016.48 crore, with auditors highlighting going concern risks mitigated by parent company support.