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 and Power Limited (JSPL) is in focus as three global brokerages — UBS, Citi, and CLSA — issued divergent ratings following the company's Q1FY27 results. While the quarter delivered an EBITDA beat relative to estimates on the back of higher steel realisations and a richer product mix, elevated costs and weak steel price outlook have kept analysts divided on the stock's near-term prospects.

Q1FY27 Performance Highlights

Jindal Steel's Q1FY27 EBITDA outperformed estimates, driven by stronger steel volumes and improved EBITDA per tonne. The improvement in per-tonne profitability was attributed to higher realised steel prices and a richer product mix during the quarter. However, Citi noted an 11% YoY decline in EBITDA, citing higher costs as a key drag. CLSA highlighted that EBITDA per tonne improved by ₹1,800 QoQ despite lower volumes during the period. The following table summarises the key performance drivers:

Capex Guidance and Management Focus

Despite operational headwinds from maintenance shutdowns and elevated coking coal costs, Jindal Steel maintained its FY27 capital expenditure guidance of ₹85 billion. Management's stated priorities include value addition, full capacity utilisation, and cost reduction. CLSA noted that management stability, expansion execution, and cost reductions are key re-rating triggers for the stock, while also flagging that FY27 volume guidance remains challenging and Q2 earnings may soften due to weaker long steel prices.

Brokerage Views

The three brokerages present a contrasting picture on Jindal Steel's valuation and outlook. The table below captures their respective ratings and target prices:

UBS retained its Neutral stance, acknowledging the Q1FY27 EBITDA beat while factoring in cost pressures and operational challenges. Citi maintained its Sell rating, citing weak steel prices and expensive valuations at 9x EV/EBITDA as reasons for caution despite the EBITDA beat. CLSA, on the other hand, retained its Outperform rating with the most bullish target among the three, pointing to the QoQ improvement in EBITDA per tonne and the potential upside from management-driven operational improvements as supportive factors.