Jindal Steel Limited (formerly known as Jindal Steel & Power Limited) has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year April 1, 2025 to March 31, 2026, in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report has been prepared on a standalone basis and carries reasonable assurance for core indicators from TUV SUD. The document forms an integral part of the company's Integrated Report for FY2025-26 and is available on the company's official website.

Corporate and Financial Overview

Jindal Steel Limited, incorporated in 1979, is listed on both BSE Limited and the National Stock Exchange of India Limited. The company's paid-up capital stands at ₹102 crore. Key financial parameters disclosed in the BRSR are summarised below.

The company's operations span 13 national plants and 46 domestic offices, with an international presence across 35 countries. Exports account for 4.86% of total turnover.

Workforce Composition and Employee Well-Being

As of the end of FY2025-26, Jindal Steel's total workforce comprised 7,986 employees and 2,521 workers. The gender distribution across categories is detailed below.

Of the Board of Directors (total: 7), 2 members are female, representing 28.57%. Among Key Management Personnel (total: 5), no female representation was recorded. The company reported 6 differently abled permanent and other-than-permanent employees, all male, and zero differently abled workers. Well-being expenditure—covering health insurance, accident insurance, maternity benefits, and day care facilities—amounted to 0.49% of total revenue in FY2025-26, compared to 0.06% in FY2024-25. All permanent and other-than-permanent employees and workers are covered under health and accident insurance.

Environmental Performance and GHG Emissions

Jindal Steel's environmental disclosures for FY2025-26 include greenhouse gas (GHG) emissions, air quality metrics, and resource management data, all independently assured by TUV SUD. Key emissions parameters are presented below.

The company has committed to achieving net zero carbon emissions by 2047, with an aspiration to reach this milestone by 2035. Key GHG reduction initiatives include increasing scrap usage in steelmaking, expanding rooftop solar capacity (15 MW commissioned), waste heat recovery systems at the Electric Arc Furnace and Plate Mill Reheating Furnace, and CO2 capture through bioreactors for Spirulina cultivation. The Raigarh facility, classified as a Designated Consumer under the Government of India's PAT scheme, was awarded 26,460 Energy Saving Certificates (ESCerts) under PAT Cycle-I and 7,798 ESCerts under PAT Cycle-II.

Occupational Health, Safety, and Governance

Jindal Steel's Occupational Health and Safety Management System (OHSMS) is certified to ISO 45001:2018 and covers the entire workforce, including permanent employees, contract workers, and third-party service providers. Safety incident data for FY2025-26 and FY2024-25 is presented below.

All plants and offices were assessed for health and safety practices and working conditions during the year. The company has deployed technology-enabled safety solutions including the IoT-enabled Suraksha Card, AI-powered speed monitoring cameras, and the JinSafe digital reporting platform. The AAINAA (Advance Action in Industries to Abate Accidents) initiative was launched as a model workplace safety programme.

On governance, Jindal Steel's Board-approved policies include a CSR Policy, Code of Conduct, Whistle Blower Policy, Remuneration Policy, Related Party Transaction Policy, and Dividend Distribution Policy, among others. No monetary or non-monetary penalties were reported under Principle 1 for FY2025-26. The number of days of accounts payables stood at 70 in FY2025-26, compared to 55 in FY2024-25.

CSR Initiatives and Community Impact

Jindal Steel's CSR programme covers health, education, livelihood, sanitation, sports, and community development across its operational regions. The company spent ₹6.82 crore on CSR projects in the Ramgarh aspirational district of Jharkhand. Selected CSR project beneficiary data is highlighted below.

The company's community grievance redressal mechanism is aligned with the National Guidelines on Responsible Business Conduct (NGRBC, 2018) and operates through dedicated Grievance Committees at each location, chaired by the CSR Head. Approximately 90% of inputs were sourced sustainably, and scrap steel as a percentage of recycled or reused input material to total material increased to 10% in FY2025-26 from 6.34% in FY2024-25. The company reported zero data breaches and zero product recalls during the year.

Jindal Steel reported a consolidated net profit (PAT) of ₹844 crore for the quarter ended June 30, 2026, driven by a richer product mix that offset lower volumes due to planned maintenance. In an earnings conference call on July 25, 2026, Managing Director Vidya Ratan Sharma outlined a strategic pivot towards high-margin, value-added steel products rather than commodity expansion, aiming to reach full installed capacity of 15.6 million tons through operational efficiency and import substitution.

The Board of Directors, meeting on July 24, 2026, approved key leadership changes including the appointment of 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.

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.

Strategic Focus: Value-Added Products

Managing Director Vidya Ratan Sharma emphasized that the company will not pursue commodity capacity expansion but will instead invest ₹8,000 crore to ₹10,000 crore annually in value-engineered products. The share of value-added products increased to 66% in Q1FY27 from 61% in Q4FY26. Sharma highlighted unique capabilities in producing head-hardened rails for metro services, specialty plates for defense applications, and round billets for rail wheels, positioning Jindal Steel as a sole or primary supplier in these niche segments.

Chief Financial Officer Sandeep Modi noted that consolidated adjusted EBITDA per ton increased by ₹1,843 per ton to ₹11,937 per ton. This improvement was driven by an average selling price (ASP) increase of ₹7,500 per ton, partly offset by a $23 per ton rise in coking coal costs and lower fixed cost absorption due to reduced volumes. Finance costs increased to ₹548 crore primarily due to the capitalization of major expansion assets like the 1,050 MW Captive Power Plant and BOF-III during Q4FY26.

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. 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. Management projects this ratio to fall below 1.5x in Q2FY27 as new facilities ramp up. 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.