Jindal Steel , one of India's leading steel manufacturers, has announced its financial results for the second quarter of fiscal year 2026 (Q2 FY26) and made a key leadership appointment.

Financial Performance

The company's consolidated financial results for Q2 FY26 show:

For the half-year ended September 30, 2025:

Operational Highlights

Q2 FY26

• Steel Production: 2.00 million tonnes (MT)
• Steel Sales: 1.87 MT

Half-year

• Steel Production: 4.09 MT
• Steel Sales: 3.78 MT

Expansion and Capex

Jindal Steel has made significant progress in its expansion plans:

• Commissioned India's second-largest blast furnace at Angul, with a capacity of 4.6 MTPA.
• Installed a new 3 MTPA Basic Oxygen Furnace (BOF) at Angul.
• These additions have increased the company's total steelmaking capacity from 9.6 MTPA to 12.6 MTPA.

Financial Position

• Consolidated Net Debt: Decreased to ₹14,156.00 crores as of September 30, 2025, from ₹14,400.00 crores previously.

Management Changes

The company has appointed Mr. Gautam Malhotra as the new Chief Executive Officer and Key Managerial Personnel, effective October 28, 2025. Mr. Malhotra brings over 19 years of experience and has been associated with the company since May 2024.

Note: This article is based on the latest available financial data and corporate announcements. Investors are advised to conduct their own research and consult financial advisors before making investment decisions.

Jindal Steel Limited (JSL) has launched a postal ballot process seeking shareholder approval on five significant resolutions, including amendments to its Employee Benefit Scheme and the appointment of a new Independent Director.

ESOP Scheme Amendment

The company proposes to amend its Employee Benefit Scheme 2022, with key changes including:

• Extension of the maximum vesting period to 40 years from the grant date or until retirement, whichever is earlier
• Modification of exercise price parameters
• Introduction of a Long-term Incentive Pay (LTIP) effective from October 1, 2024

The amended scheme aims to reward loyal and high-performing employees, aligning with market practices for talent retention. Notably, not more than 25% of the options granted under the scheme will have a vesting period beyond 5 years from the end of the year in which the option is granted.

Appointment of Independent Director

JSL seeks approval for the appointment of Mr. Parimal Rai (DIN: 00396446) as an Independent Director for a four-year term, effective October 4, 2025. Mr. Rai, a retired IAS officer, brings extensive experience in high-level governance across various administrative roles.

Other Key Resolutions

1. Amendment to Memorandum of Association: To include research activities for carbon capture and decarbonization.

2. Remuneration Revision: Approval sought for revised remuneration of Wholetime Directors Mr. Sabyasachi Bandyopadhyay and Mr. Damodar Mittal, effective April 1, 2025.

Voting Process

The e-voting period commences on October 24, 2025, and concludes on November 22, 2025. The results are expected to be announced by November 25, 2025.

Jindal Steel has engaged the services of Central Depository Services (India) Limited (CDSL) for facilitating the e-voting process. Mr. Navneet Arora of M/s Navneet K. Arora & Co., LLP, Company Secretaries, has been appointed as the Scrutinizer to oversee the voting process.

These resolutions reflect JSL's focus on employee retention, corporate governance, and strategic expansion into green technologies, aligning with broader industry trends towards sustainability and long-term growth strategies.