Jindal Stainless Limited has filed its Security Cover Certificate for the quarter ended 31st March 2026 with BSE Limited and the National Stock Exchange of India, pursuant to Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was made on 4th May 2026 and is in accordance with the SEBI Master Circular dated 13th August 2025 bearing reference no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117. The certificate has been provided by Lodha & Co LLP, Chartered Accountants, joint statutory auditor of the company.

Auditor's Certificate and Scope of Work

Lodha & Co LLP issued the certificate in accordance with an engagement letter dated 30th April 2026. The auditor's responsibility was limited to providing assurance on whether the book value of assets contained in the Statement of Security Cover was accurately extracted from the audited books of accounts of the company as at and for the year ended 31st March 2026. The procedures performed included verification of data extracted from audited books, arithmetical accuracy checks, review of the nature of charges on assets, examination of the Register of Charges under the Companies Act, 2013, and verification of compliance with financial covenants as stipulated in the Debenture Trust Deed dated 27th September 2022, as amended on 28th June 2024. The certificate was prepared for submission to the stock exchanges and Catalyst Trusteeship Limited, the Debenture Trustee for the company's NCDs.

Outstanding Non-Convertible Debentures

The Security Cover Certificate pertains to the company's Listed, Rated, Redeemable Non-Convertible Debentures outstanding as at 31st March 2026. The ISIN-wise details of the NCDs are as follows:

Statement of Security Cover — Key Asset and Liability Figures

The Statement of Security Cover has been prepared from the audited books of account as at 31st March 2026, in accordance with Regulation 54 read with Regulation 56(1)(d) of SEBI (LODR) Regulations, 2015 and Master Circular no. SEBI/HO/DDHS-PoD3/P/CIR/2024/46 dated 16th May 2024. All figures are in Rs. crores.

The following table summarises the key asset components under pari-passu charge relevant to the security cover computation:

The following table presents the key liability components under pari-passu charge:

Security Cover Ratio

Based on the Statement of Security Cover as at 31st March 2026, the pari-passu book value cover ratio stands at 4.02. No market value cover ratio has been reported in the statement, as market values were not ascertainable or applicable for the relevant asset categories. The company has confirmed full compliance with all financial covenants as stipulated in the Debenture Trust Deed with Catalyst Trusteeship Limited as at 31st March 2026.

Regulatory Compliance

The Security Cover Certificate and the accompanying Statement have been prepared in strict accordance with the applicable SEBI regulations and master circulars. The certificate is addressed solely to the Board of Directors of Jindal Stainless Limited for onward submission to the stock exchanges and the Debenture Trustee, and is not intended for general circulation or any other purpose. The filing was signed by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless Limited, on 4th May 2026.

Jindal Stainless Limited's Nomination and Remuneration Committee approved the grant of 3,80,430 stock options to eligible employees under the JSL – Employee Stock Option Scheme 2023 on May 1, 2026. The approval was granted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Grant Details

The total grant of 3,80,430 options comprises two components: 1,90,215 Employee Stock Options (ESOPs) and 1,90,215 Restricted Stock Units (RSUs). Each option is convertible into one equity share of the company with a face value of Rs. 2. The scheme is compliant with SEBI (SBEB) Regulations, 2021.

Pricing Structure

The exercise price for the options follows a two-tier structure. For the ESOPs, the price is set at Rs. 383.70, representing a 50% discount from the closing market price on the National Stock Exchange on April 30, 2026, which was the exchange with higher trading volume. The RSUs are priced at the face value of Rs. 2 per share.

Historical Exercise Data

As of March 31, 2026, the company reported significant activity under the scheme. A total of 8,31,560 options had vested as per the vesting schedule. Of these, 5,15,236 options had been exercised, resulting in 5,15,236 equity shares being issued. The JSL Employee Welfare Trust realized ₹ 7,12,20,579.5 from the vested and exercised options. Additionally, 4,87,180 options had lapsed as of the same date.

Vesting and Exercise Terms

All options upon vesting shall be exercisable during an exercise period of four years. The scheme provides for the manner in which options shall be dealt with, and there is no variation in the terms of the options. The disclosure was made by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless Limited.