Jindal Stainless

JSL

: Scaling Global, Playing the Long Game 🚀🌏

• Indonesia Expansion: 1.2 MTPA melt shop commissioned early → global footprint + cost advantage • Capacity Boost: Total melting capacity rises to 4.2 MTPA (3 MTPA India) • Strong Capex Pipeline: ₹1,900 Cr (Jajpur) + ₹900 Cr (Hisar & Kharagpur) to drive growth Downstream Focus (Key Trigger): • Expanding Cold Rolling capacity from 2.05 → 2.67 MTPA by FY28 • Higher share of value-added products (64% of melt capacity) • Targeting thinner, high-demand applications (auto, infra, specialty steel) What It Means: • Moving up the value chain → better margins, not just volumes • Backward + forward integration = stronger pricing power • Targeting 3.5 MTPA sales by FY29 → double-digit growth visibility Analyst View: This isn’t just expansion, t’s a strategic shift in

toward high-margin, global-scale stainless steel dominance.