Thank you, [Isha?] .

Good afternoon, everyone. A warm welcome on today's concall.

We would like to thank the JSL management for giving us the opportunity to host them. From the management side, we have with us Mr.

Abhyuday Jindal, MD; Mr. Tarun Kumar Khulbe, CEO; Mr.

Kunjal Mehta, CFO; Mr. Kapil Laroiya, Head of Corporate Finance; Mr.

Sanjay Kumar Gupta, SVP Finance; Mr. Angad Khurana, Head of Investor Relations; and Mr.

Abhishek Tambi, Investor Relations. Without taking any much time, I'll hand it over to Angad to start the

call.

Over to you.

Thank you, Vikas. Good day, everyone, and thank you for joining us for the company's Q2 and H1 FY '27 earnings call.

I hope all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our website. Our discussion on the call will follow that presentation.

Before we begin, I would like to remind you that some of the statements made today may be forward-looking in nature and are covered by the disclaimer on slide two of the earnings presentation. Joining me on the call today is the senior leadership team who will take you through the key business developments and performance for this quarter.

After the remarks, we will open the floor for the questions. With that, let me hand it over to our MD, Mr.

Abhyuday Jindal. A small note here: Abhyuday sir is traveling right now, he's in a different time zone, and may have to drop in during the middle of the call.

Over to you, sir.

Thank you, Angad, and good evening to everyone. I would like to welcome you all to the Q2 and H1 FY '27 earnings call.

I will begin by outlining the key business highlights for the quarter ended September 2026, following which Mr. Khulbe will take you through our operational and financial performance.

The second quarter marked a strong recovery from disruptions witnessed in Q1 of this year. We delivered double-digit quarter-on-quarter growth in both sales volume and net revenue, supported by a higher share of value-added products, driven by the strong momentum in automotive and ornamental pipe and tube segments.

Turning to market demand, domestic demand remained healthy across our key end-use segments, including automotive, railways, metros, lifts, elevators, and white goods. This was supported by robust economic growth and an increasing awareness about lifecycle costing.

We also witnessed global acceptance of plates and ferritic grades across white goods and lift and elevator applications. On the international front, exports recorded strong growth both sequentially and year-on-year, reflecting our continued focus on market diversification.

We are expanding our presence across markets including South Korea, Colombia, South Africa, Brazil, and Japan, as we continue to pursue value-added opportunities globally. On the operational front, industrial gas availability remained stable during Q2, with no reoccurrence of the challenges experienced in the previous quarter.

We continue to be watchful of developments on this front as uncertainties continue to resurface. Amid this, our transition to natural gas has strengthened operational resilience, supporting uninterrupted operations.

Alongside strengthening our presence in established segments, we continue to expand our product portfolio and develop new applications for stainless steel. Key achievements include the development of India's first high-aluminum stainless steel grade for catalytic converters, and development of two new 400 series grades, one of which has opened up a new market in South Africa.

Additionally, we entered into a technical assistance agreement with Japan's JFE Steel for selected ferritic grades, further strengthening our technical capabilities. During the quarter, we also made progress on strengthening our corporate structure and credit profile.

The board approved the amalgamation of four wholly owned subsidiaries into Jindal Stainless Limited, a step towards simplifying our group structure and enhancing operational efficiency and governance as well. Further, CARE Ratings upgraded our long-term debt credit rating to AA+ positive, stable.

On brand and customer engagement, we continue to expand our reach through our pipe and tube campaign. With airport branding at Delhi and Mumbai airports, and influencer-led digital outreach, we also expanded our brand ambassadors and reach in presence across partner packaging and marketing collateral.

Our Jindal Saathi loyalty program continued to gain traction amongst retailers and fabricators, receiving gold and silver awards at the ET Brand Equity MarTech and Digiplus Awards. The Saathi Seal co-branding initiative was also extended to water tanks, strengthening our engagement with channel partners.

We have made further progress in skill development and digitalization. Stainless Academy signed an agreement with NCVET for recognition as an awarding body, paving the way for government-recognized certification programs for the stainless steel ecosystem.

Our B2B platform achieved full digital adoption among MoU trade and plates trade, and plates and tubes partners. In addition, Jindal Lifestyle commissioned a new powder coating facility at Pathredi to cater to metro and infrastructure applications.

Sustainability remained an integral part of our long-term strategy. During the quarter, we reduced our Scope 1 and Scope 2 greenhouse gas emissions intensity by 12% compared with FY '26 levels.

We also published our TCFD and TNFD reports, reinforcing our commitment to transparent climate- and nature-related disclosures, and our long-term net zero ambitions. The domestic market continues to face import pressure.

Since April 2026, following the suspension of the Quality Control Order, imports of substandard products, particularly from China and of Chinese origin, have increased significantly. Chinese-origin imports during the first four months of the current fiscal year alone were equivalent to nearly two-thirds of the total imports recorded during the previous fiscal year.

We believe that maintaining consistent quality standards is essential for public safety, product reliability, and fair competition. We remain hopeful that the regulatory tailwinds will evolve to appropriately balance consumer interests, the competitiveness of domestic manufacturers, and the broader economic interest.

To conclude, Q2 reflects our ability to recover from near-term disruptions while continuing to strengthen our business for the long term. We remain focused on expanding our market reach, developing new applications, improving our product mix, and deepening our presence across domestic and international markets.

We remain confident in the long-term growth opportunities for stainless steel. With that, I would like to hand over to Mr.

Khulbe, who will take you through our operational and financial performance in greater detail. Thank you.

Thank you, Abhyuday. Good evening, everyone.

Welcome to the call. I would like to begin by providing a detailed overview of our operational and financial performance.

JSL reported a resilient consolidated financial performance in the second quarter of FY '27. On a quarter-on-quarter basis, revenue, EBITDA, and PAT grew around 14%, 8%, and 17% respectively, as operations normalized from the industrial gas and logistics disruptions of the previous quarter.

Our finished goods sales volume grew 14% quarter-on-quarter and 3% year-on-year. For H1 FY '27, our deliveries stood at 1.25 million tonnes, reflecting a marginal decline of 2% year-on-year.

Consolidated EBITDA increased by around 2% year-on-year to ₹2,762 crores, while consolidated PAT rose by approximately 9% year-on-year to ₹1,666 crores. Domestic demand remained robust across key end-use segments, with the domestic market growing 14% quarter-on-quarter, highlighting strong demand momentum in the country.

Exports also registered a strong growth of 20% on quarter-on-quarter and 36% on year-on-year terms, accounting for 11% of total volumes in Q2 FY '27. JSL continued to focus on value-added products, supporting the company's profitability.

While gas supplies remained largely stable through the quarter, we remain watchful of geopolitical developments. Our balance sheet remains robust.

At the end of September 2026, our consolidated net debt stood at ₹3,121 crores, with a net debt-to-EBITDA ratio of 0.55x, comfortably below 1, and a net debt-to-equity ratio of 0.15x, reflecting our prudent fiscal management. During the quarter, our capex spend was approximately ₹895 crores, bringing the total capex in this fiscal to ₹1,555 crores, in line with our guidance.

All our announced projects remain on track and adhere to stipulated timelines. In this dynamic environment, JSL revises its full-year volume growth guidance to 4% to 6%, from earlier 7% to 9%, and EBITDA per tonne guidance to ₹20,000 to ₹22,000 per tonne, up from earlier ₹18,000 to ₹20,000 a tonne.

The capex and net debt guidance range remains unchanged at ₹2,400 to ₹2,600 crores and ₹2,500 to ₹2,800 crores respectively. The revision in guidance predominantly reflects the impact of quarter one disruptions, mitigated by the company's renewed focus on delivering a value-added product mix.

In this context, it is important to reiterate JSL's commitment to deliver on its sales volume target of 3.5 million tonnes per annum by FY '29. Our timely investments in both upstream and downstream facilities shall enable us to continue to be at the forefront of the growing India stainless steel story.

In the quest to streamline our operations further, we have announced a scheme of amalgamation that will bring Jindal United Steel Limited, Chromeni Steels Limited, JSL Super Steels Limited, and Rabirun Vinimay Private Limited into the parent entity. This will optimize utilization of financial and other resources, improve operational efficiency, reduce administrative and compliance costs, eliminate intercompany transactions and balances, and facilitate better management oversight and decision-making.

Emerging themes such as energy crisis, climate change, and self-reliance carry strong tailwinds that boost new stainless steel applications in sectors such as nuclear, semiconductor, ethanol, desalination plant, and green energy. JSL's strong customer, R&D, and quality focus puts it in the best position to serve these new frontiers.

On that note, I conclude my remarks and invite the moderator to begin the question-and-answer session.

Yeah. Hi.

Good afternoon, everyone, and thanks for the opportunity. Congratulations for a good set of numbers in a very challenging operating environment.

A couple of questions from my side. The first one is essentially on the influx of imports.

Now, previously we were possibly not eligible for any protectionist measure because imports were continuously high, but in July, as per the prepared press release, we saw that there was a significant influx in imports. Are you working with the government to look at the situation more favorably because we saw in this quarter that the domestic volumes were down almost 1% YoY, which has not been the case in the past?

Just wanted to get your thoughts on this.

Okay. Far as this dumping is concerned, Amit, you are right that the industry is definitely worried.

While it hurts the sentiment, on one hand, the quality control being removed opens the possibility of the use of inferior quality products being used into the public safety and other applications where critical quality norms are required. Our MSME players are definitely even worse impacted by this.

Many of them are facing the challenge to run their business. We as a industry, we are representing to the government and constantly through our associations, we are representing and informing government about this dumping.

Far as our ADD application is concerned, for that, the timeline have been extended by DGTR. Within the one year, they should have concluded, but, okay, now they have extended it by another six months up to March 31st.

We believe that by 31st of December, some decision should come into that. Now we are just hoping that whatever the efforts our industry representatives are making with the government, eventually the government would understand, would put the control on one hand on this quality requirements in the form of QCOs, and also on the ADD front, we are hopeful that DGTR will come out with this positive recommendation.

Okay. The second question is essentially on exports.

Exports have gone up and which is a good sign, of course. Just wanted to understand what series we are exporting.

Is it 300 mostly? As, I would say, the collaboration with JFE Steel and all is concerned, can we see some more collaboration with leading global OEMs on this front?

Also, on the previous question, if you could clarify what is exactly being imported. Is it 200 series or our base of 300 is also being eroded because of increased imports?

Then let me take the second question first. See, the increase in dumping which is coming from China is essentially 200 series.

I will say so, basically, the increase in the imports essentially is is is in 200 series. Okay.

Now coming to our exports, two things I will just say that while we as a country, we are impacted by the by the European Union's this quota cutting, what they have done for us as a country, our our our the the eligibility quota has been reduced considerably by them. Because of our inherent strength that we have a strong relationship, our quality is very well accepted in all the export markets, despite a restriction from Europe, whatever the improvement you are seeing is coming from the other markets, even our markets like US, North America, South Korea, Japan also, we are able to increase our presence.

The point is, and Middle East, so that from our existing markets also, we are able to increase our, share. With our volume increase also, whatever you are seeing, the facilities what we are going forward, the the facilities what we are putting up or the expansions we are making will make us, even will will provide us even with the products which are which can be offered into the export market more.

We hope we we believe that export, we should be able to maintain the levels at which we are doing, hopefully. We we we believe that that this is what we'll be able to do.

Now your question on the that what do we export, mainly it is not that only 300 series. Depending upon market to market, but basically 400 and 300 series are the major ones.

Then different grades, they come into it, not necessarily general grades. From customer to customer, we are able to create value by offering them what they really need, different grades and in both the series.

JFE association is definitely a very good development, I will say, for the company. JFE is pioneer in 400 series, and they have their expertise, years of experience.

We believe that JFE association will help us in in improving our operational efficiencies, even quality and all in 400 series, because that is where our association is limited to. Going forward, we believe that this JFE partnership should help the company quite beneficially in the longer run.

Great, sir. Thanks a lot for the elaborate answer, and all the best.

Thank you.

Hi, sir. Thanks for the opportunity.

Sir, my first question is on how should we look at the volume growth for second half? The implied numbers look quite steep on a year-on-year basis.

What gives us confidence on those numbers, and if possible, can you bifurcate it, basically how are we looking at domestic versus exports?

Ritesh, as you could see that we have revised our guidance. Of course, we have rather reduced it.

Earlier at the beginning of the year, volume growth guidance we had given 7% to 9%, but at the same time, we had stated that looking at the scenario or uncertainties at that moment, that we will be revising or reviewing our guidance at the H1 stage. Which we have done.

Because our quarter one was so badly impacted that now when we look at the things, even the next two quarters we believe that we should be doing better. Then also meeting 7% to 9% as we had provided before is a very difficult task.

We have to revise our volume guidance 4% to 6%. That is what we are working upon.

Sir, second half implied growth is still 10% to 14% on a year-on-year basis. Again, this number looks actually quite stiff on a year-on-year basis, second half to second half.

Sir, the question is, what gives us confidence on this? Is it exports or any specific domestic segments where we already have an order book in place?

Ritesh, order part or demand part is not something what we ever see as a challenge. It is eventually we have to supply the material, and whatever steps we have been taking, in our downstream facilities and all, whatever the expansions, gradually the facilities are getting into operations.

Of course, the ramp-up what we are anticipating should take place. If all that happens, no unforeseen disruption comes, we believe that we should be meeting these numbers.

In fact, if I tell you that we were just working it backwards that had the quarter one disruption would not have been there, maybe we would have been delivering very close to what we were committing at the beginning of the year also.

Sure, sir. Sir, my second question is on JFE.

What are the commercial terms? You did explain about quality, operational efficiencies, but how much is it we are paying them?

Is there a royalty component? How should we understand that?

That is an arrangement. Of course, we have to pay some fee, which I cannot disclose over here.

Nobody gives a free lunch in this world. JFE also would be charging for whatever service they will be providing to us.

In this arrangement, it is more of a payment against their services or against their whatever. Services is what the right word I'll say.

Sir, if one had to understand the economic benefit out of this arrangement, how should we put a number to it?

It is difficult to say, but in the larger scheme of things, Ritesh, we have to see that we have already given a guidance or targeted guidance of reaching 3.5 million player by FY '29. From here onwards, we would be growing continuously.

That growth would be requiring all kind of working that we'll have to improve ourselves into all sorts of fields. It's not a cakewalk as well.

JFE is a part of our strategy. Working with them also will be helping us in meeting the targets what we are setting for ourselves for the next three years and four years kind of.

Sure. Sir, just last question.

Can you update on Indonesia, SMS and NPI? Specifically, we look at a loss on share of associates.

Is there any disruption in Indonesia, specifically with respect to RKIF given water, coal, power issues over there? Was there any one-off or shutdown in this quarter?

How are we looking at the production profile for both the assets, and any numbers on profitability, utilization levels will be of good help, sir. Thank you.

Ritesh, Indonesia nickel business, we all know, I don't have to say that it's a quite volatile kind of a commodity. With the nickel movements, the profitability of that business also gets impacted.

While in quarter two, still the EBITDA was positive and it is within the guidance what we had given long back, we had given a guidance of $500 to $1,500 a tonne kind of a thing. It is within that range, this nickel facility.

As I said, these fluctuations, it keeps on having. Sometimes it goes even beyond $1,500 also, and sometimes it comes on the lower side as well.

Far as the disruption is concerned on the water front, it is more on the Morowali side. Our investment on nickel is on the Weda Bay Island, IWIP, whereas IMIP is having the drought, and when we were discussing with our partners, they were expecting that if the rain doesn't come in the short term, they were also expecting that some disruption may come, but that is on the IMIP, but our nickel business is on the Weda Bay.

Now in IMIP, yes, we have our investment in the steel melt shop. Now steel melt shop part now commercially it is going to now start, and then the numbers will also be reporting accordingly.

Sure, sir. I'll join back the queue.

Thank you so much.

Hi. Thanks for the opportunity.

The first question is pertaining to your raw material. If I just break down between your three different series and just plug in the nickel and your ferro and say scrap, right, this particular quarter, your scrap as a percentage of the overall raw material has gone through the roof.

Can you just cite some reason for that because usually the scrap is in a certain range, this time it's way beyond the limit? You're

saying scrap or you mean the raw material only?

What raw material? The raw material.

Raw

material usage. Okay.

See, if you look at the movement of the pricing, this is also true that the nickel was highest in quarter one in the recent quarters if we see, and then in quarter two it has dropped. Raw material whatever the contracts you do, it also comes with a lag of time.

Whatever we receive now in quarter two is definitely having some impact, part of quarter one. That is also one of the reason that you see the raw material prices or cost being a bit higher.

Okay. My second question is pertaining to this new products which you are developing, especially in the aluminum.

I understand that you have just developed and there might be some testing and approval processes left, but is it possible to quantify the commercial terms or what is the benefit on EBITDA, and what is the quantum used in India? Also two couple of grades of 400 series what you have developed, just want to get some understanding on its contribution and what is the overall requirement within the country?

I think we have just developed it, and this goes into the catalytic converter of automobiles. I think to give you more details about it, I think you can get in touch with Angad, our IR guy.

He will then provide you, because here discussing about the total, it's grade-specific thing, its demand, and all that, then that we can do one-on-one basis with Angad.

Sure, sure. I'll get in touch with Angad.

Thanks.

Yeah.

Thank you very much. Sir, my first question is that in terms of sales volume guidance of 3.5 million tonnes by FY '29, does that remain on track given what's happened this year, or do you see that getting pushed out?

Pinakin, let me tell you one thing, that whatever these short-term disruptions happening, that is one aspect of the story, but our long-term growth plans are intact. All the actions, they are all our projects, all our capex, everything is intact.

We are very clear of whatever guidance, the long-term guidance or at least the mid-term guidance, FY '29, what we have provided, we are just working on that, and that don't get impacted by this movements or this quarterly movements of the numbers. That is clear.

Those volumes and capability for those volumes, we are very clear that we are building, and we will be hitting those numbers.

Thank you. My second question is, in terms of your export mix, have we seen a change in geographies, especially in Europe because of CBAM?

Has the Europe share of your exports changed materially?

Yes, Europe share has reduced considerably, I will say, for two reasons, or not two, one major reason, that our quota without duty, what we can supply, has been cut down drastically by the Europe. Now, in a way at a time we were able to sell anything between around say 12,000 tonnes to Europe, today we cannot sell around more than 5,500 or 6,000 tonnes kind of numbers.

We have made our inroads into some new geographies, and also we are able to increase our share or our presence or increase our presence into the other markets, whether it is North America, Brazil, then South Korea, Japan, Middle East, South Africa, through all these markets, we are able to compensate whatever volume we had lost in Europe.

Thank you very much, sir.

Thank you.

Hi. Good evening, everyone.

Thanks for the opportunity. Sir, three questions.

What happened to sales volume in Q2? Is it some issue on the production side or the sales volume, because it's flat on a YoY basis in the domestic market, despite the fact that overall carbon steel at least what we have observed is 10% growth in the domestic market demand?

Added to that, if there is no demand issue, then why it makes us more comfortable that even at the lower end of the guidance, we are saying that we can do 10% growth in H2 over last year? That's my first question, sir.

No,

could you please come again, the last two lines, what you said?

I know what makes us comfortable that even at the lower end of guidance of 4%, this implied 10% YoY growth in second half. In second quarter we are flat, and in second half we are expecting at least 10% growth, where this growth is coming?

Ashish, I answered this question before as well that see, a couple of things, in quarter one, our volumes were hit, that was very clear, but then we also focused on the value creation as well in quarter one. This we do.

It is not that we are just focused only on the volume, but that the other aspect also we keep in mind. Now coming to your question that yes, we have our plans of growth, which we have always been saying, and we have made our investments into the downstream, and the investment facilities, some of them are now getting commissioned, and these new facilities which we have invested in should help us in increasing our volumes then whatever we have hit so far.

Sir, what happened in Q2? Any specific reason?

Not Q2. Q2 was normal.

Q2, because we have not seen any No, no, sir, that's what I'm saying. Q1, we understand that was a disruption, but in Q2 also if you look at domestic volume, it was flat on a YoY basis.

Do you want to say that, it was demand-driven or what?

No, no, not demand-driven. I won't say demand-driven is not the case, not at all, and demand I will not put the reason.

It is then if at all we have to say, then it is whatever we have supplied is that much. Here onwards we hope that we will be able to improve it further.

Can we say that we don't have inventory in hand with us?

Inventory, we

generally don't have.

Inventory, we don't keep. We don't plan by building any stocks or anything, because in our kind of business, it doesn't make much sense.

No, because, sir, reason being why I'm asking is that being a largest producer in the country having any volume growth in the domestic market, and in fact if I am looking at from the capacity utilization angle, we have done something like 89%, 90% versus normally earlier used to be 95%, 100%. Unless and until new production capacities does not come, we can assume that this can be the normal volume till the time?

No, Ashish, see, here also I will say, when we say volumes, that it also matters what grade, what thicknesses, what I am producing, because all this also impacts my overall numbers. Sometimes I'm able to create more value by going for the grades or for going for the thicknesses, which may not be as productive as that, but that does not mean that I'm not using my facility or I'm not using my capacity.

That is not the case. Now coming between domestic and exports, always we have said that we try to balance and we strategically balance the two.

Sometimes we getting an opportunity, we give more into the exports also. That does not mean that there is no demand in the domestic or we don't want to grow.

These are the strategic calls, what is best for the organization, we take a call accordingly.

Understood. Secondly, sir, when you talked about that downstream

for a follow-up? Yeah.

The downstream capacities which you are talking about, about 1.1 million 1.7 million tonnes CRAP, when we are expected to be commissioned, and any update on Maharashtra plant? Thank you.

Some of the cold rolling mills are now under commissioning, the commissioning process has started. HAPL line will start commissioning by the end of this year or the beginning of the next year.

Maharashtra, just for the update, because that question many might be having in their mind, that unfortunately the land acquisition pace what we had anticipated or even what we were hoping that how soon we'll be able to solve the land part, it has taken more than what we had anticipated, we'll be needing maybe another quarter or two before we come out with clear Maharashtra plans. We are working on the land piece, the process is on, but it is slower than what we had expected.

Understood. Thank you, and all the best, sir.

Good evening, sir. Thanks a lot for the opportunity.

Sir, just wanted to look at the imports number. Has it happened that import share has increased due to a disruption in Q1, and now as we have ramped up production, import should also come down, because imports is second largest supplier in the domestic market when domestic market demand is strong, but our number are flat in 2Q?

Imports numbers are high, no doubt. They are high.

The reason is Sir, even

in August or September, the intensity has come down?

See, the problem is that nowadays the numbers, import numbers, we get through the ministry only. You are not able to get, which comes with a lag of two months.

I think the numbers once they come to us, we will be able to share. Now, essentially two things have happened.

One, that our country is one of the only country which does not have any trade barriers, which does not have any protection so far as the stainless steel market is concerned. Two, for whatever reason, the government decided to suspend the QCO, Quality Control Order, up to the March 31st.

That has given a lot of opportunity to Chinese suppliers and Indian importers, because now there is no quality check. They can bring in any kind of quality with whatever the cheap price they can get.

That opportunity they are using, and they are bringing in substandard material at a cheaper price, and that is why we see so much of dumping into the market. These are essentially the reasons.

Also, if I look at NSR, basically average realization in this quarter, it has declined by 6.5% on a quarter-on-quarter terms. What was the reason for this, mainly because if you look at the stainless steel prices of main grades, 304, 316, they are up by 8% to 10% in 1Q and 4Q also.

We should have got some better pricing in this quarter also, which is not there in NSR. No, see,

NSR are direct reflection of the prices, obviously, but then the prices of 200, 300, and 400, all serieses are different, and the mix also impacts, number one. The raw material prices movement also impacts, and ultimately the sentiments of the markets also impacts.

There are so many factors which impacts this. Whatever we see is a culmination of everything put together.

Right. Can you just give us the series-wise volumes, please?

Break-up.

Series-wise volume.

Yes, sure. In Q2 '27, going in the order of 200, 300, and 400, it was 37%, 47%, and 16%.

Thanks a lot. Thanks, Tushar.

Good evening, sir, and thanks for the opportunity. Sir, if you exclude the performance of the subsidiaries like Jindal United, Iberjindal, and Jindal Lifestyle, I think the performance on the EBITDA margin front is even poorer than what we have looked at.

Despite that, you're increasing the EBITDA per tonne guidance for the balance part of the year. Does it mean that there are some kind of secure orders in hand which compel you to come to that kind of a conclusion, because if you exclude the impact of the subs, then the EBITDA increases hardly 4% on a sequential basis compared to a 14% increase in revenue?

That was the first question.

See, Rajesh, I will say that is not the right way of looking at it. These are the very connected subsidiaries.

The business is all very much connected. The material flows between one plant to the other plant, and what kind of orders we are doing from what subsidiary, what material we are taking to which subsidiary, and what we are serving from which subsidiary, it all impacts the profitability and all, and that is why we are merging all the entities together, because we believe that looking at them separately and analyzing them may not be a very right thing to do.

Ultimately, it's one business, which has to be seen collectively together.

Right. You're fairly confident of the margins going forward on the overall front?

That's what we believe, that's why we have provided the guidance.

Okay. Sir, my other question was on the sharp drop in the other expenses this quarter.

Obviously, things have normalized on the gas inputs, etc., but again we have seen a sharp rise in the crude oil prices, etc. Though while gas is available, gas available prices, etc., are on the rise.

Will that lead to a rise in the other expenses again in the coming quarters, and that may lead to some kind of margin pressure?

Rajesh, that's a very good point what you have said. Yes, beyond a point if the things move, then the movement in the gas prices will also come.

If the sharp movement comes, it impacts the industry in the shorter run. In the longer run, gradually things normalize and the customers also accepts, and we are also able to pass on.

Whatever we are providing, we are hoping not a very sharp disruption should happen. That kind of a something unforeseen, unimaginable kind of a again disruption coming suddenly very sharp movement, then probably for some time it can impact, but we are hopeful that it should not happen again.

That's what we are accounting for.

Right. Sir, if I could sneak in a last question.

The export mix of 11%, do you see it sustaining or do you see it again being volatile over the next few quarters, or is it going to go up in terms of an overall structural move upward? Yeah.

Far as export numbers are concerned, as we are growing our volumes, of course export numbers are also growing with the overall volumes, the way we are moving. We hope to sustain the levels we have already attained.

When we further increase our overall volumes, then our endeavor would also be to find out more opportunities in the export market.

Thank you.

Hi, sir. Thanks for the opportunity again.

Sir, just wanted if you can quantify the potential tax gains with respect to the scheme and the timelines by when we expect this to get over?

I think I'll hand it over this question, let Kunjal answer

this for Ritesh. It is basically once the order is approved by the NCLT, what would generally happen is that all these entities would get merged, there are certain brought-forward losses in those companies in the range of around ₹400 to ₹500 odd crores, which translate to close to around ₹100 and ₹125 odd crores from a actual tax benefit

side. Sir, any timelines on the order being approved?

Is it six months, nine months? Where are we over there?

Generally,

yeah, generally it takes around 12 months or so for the order to get approved. Probably in the next assessment, this next financial year we may see some benefit, or probably the year after that.

Sure. Khulbe sir, you indicated in one of the earlier questions that we expect something on tariffs, non-tariff measures by December.

What is the level of confidence over here? I presume the last hearing was in September second half.

If you could provide some more color with respect to how the progress is?

Ritesh, with government authorities, we can only have positive expectations. Confidence means we believe that our case is very strong, or rather industry case is strong, and which industry has put up.

We are hopeful that the authorities will look at the numbers and will find the case positive and accordingly will come out with their order. This I was talking about the ADD case, ADD application, and that's what we are hoping.

Sure, sir. Sir, my second question is, if you could provide at least some qualitative color on Rathi, RUVL, and Chromeni, what are the utilization levels?

Just wanted to understand, as utilizations move up in second half, there will be some benefit of operating leverage also which will creep in. It will help us to understand, quantify some numbers.

Basically, if you can give some color around where the assets are, is it exactly where we were hoping for?

Ritesh, so far as Chromeni is concerned, because that is where our biggest stakes were, and very strategic investment, and because it helps us in a lot of our balancing, because this is the plant where we do huge quantities or large quantities of the cold rolling, that we are now running at approximately 85% of utilization. Rathi is around 75%, 78% capacity 79% utilization.

Both the plants, we are able or we are utilizing well. This Rabirun, as we had stated before that we were using it only for the polishing purpose, but now since Chromeni is stabilized, already reached the capacity utilization level of around 85%, so as in the previous calls we had informed that we are investing into the

cold

rolling equipment over there, and, okay, next year they will be operational, and then I think we will have more meaningful discussions on Rabirun.

Right. Sir, would it be possible for you to provide the quantum of profitability for Chromeni and Rathi?

The reported numbers will have the delta with respect to contribution from both this assets now?

Ritesh, previously also we said that it is the whole value chain what we have to discuss. As I told while answering one of the question before, that these things keeps on moving, and that's why we are merging all these entities together, because it's all stainless steel business, very similar kind of business these entities are doing.

I have cold rolling in Jajpur, also I have cold rolling in Chromeni, I have cold rolling in Hisar. It all depends what kind of orders I am doing, what kind of material movement I'm making.

That's why we have never discussed separately about these entities, because all these movements are on the basis of management decisions, our strategy, what kind of orders we want to produce from where, which customers we want to serve, which geography we want to serve from which location, and that is why we are eventually merging so that we make the whole thing more simpler.

Sure. Sir, just last question.

I think the promoter blast furnace entity got commissioned recently. Will any part of the listed entity see benefit of higher utilization levels, specifically from rolling standpoint or something which can actually help us, basically from operating leverage standpoint?

Or there won't be any RPT?

There will be related party transactions. We expect, of course, because whatever the casting they will make and whenever needed to get them rolled the slabs, and they may come for a job work to us, to JSL for the rolling, some transaction would be there.

Similarly, some quantities of hot metal our entity should also or could also be buying depend, but it will all be at the arm's length and need basis kind of.

Okay. Sure, sir.

I'll call you separately for that. Thank you.

Thank you so much. All the very best.

Thank you.

Okay. Thank you.

Thank you for the opportunity. From last two quarters, I can see that the numbers of purchase by management in own company, JSL Overseas [unclear]

Hello?

As per the data available on stock exchanges, I can see that from last two quarters, management have gradually increasing stake in JSL. As an investor, how can I see this activity?

What are the visions behind [unclear]?

In my opinion, you should see this as a confidence of the promoter in its own entity, in its business.

[unclear] regarding this growth and, etc.?

Your voice is cracking, question is not clear.

Hello, am I audible?

Being after the considering the [unclear] in last two quarters, I can see that the management had gradually increasing stake in JSL. Being an investor, how can I consider this as a [unclear] behind a vision or just a normal management activity?

Sorry, I could not understand the question. Is it the same question as to why the management, is there promoters increasing the stake, or is it different?

Because you're saying something about the management as well.

No, promoter increasing the stake.

I think it should be considered as a very positive sign for the confidence of the promoters in the business, and that is the reason why the promoters are increasing the stake due to the long-term growth strategy into the business.

Thank you all. In closing, I'm pleased to share that we delivered a resilient recovery this quarter amid a dynamic external environment driven by our focus on value-added products and our customers.

As JSL advances into its next phase of growth, the company remains committed to building a future-ready organization through technology-led transformation, continued investment in talent, and the expansion of its value-added product and service offerings. With a strong focus on risk management, operational excellence, and supply chain resilience, JSL is well positioned to navigate evolving global developments while driving sustainable long-term growth.

Dialogue with government bodies will remain a priority to facilitate the evolution of industry standards, promote localization, and advance skill development. The company will also continue its advocacy for a comprehensive national stainless steel policy and a robust framework for corrosion control and management, supporting the industry's long-term growth and sustainability.

I hope that we have been able to answer all your questions satisfactorily. Should you need any further clarification or would like to know more about the company, please feel free to contact our investor relations team.

Thank you once again.