Amid geopolitical uncertainties, evolving trade dynamics, and shifting global supply chains, India has continued to demonstrate resilience, decisive leadership, and confidence in its growth journey. As the nation moves towards the vision of Viksit Bharat 2047, manufacturing will play a defining role in shaping this transformation. At Jindal Stainless, we remain committed to contributing to this journey by enabling critical sectors while creating enduring value for our stakeholders.

The Stainless Advantage

The foundation of this contribution lies in the material itself. India is building infrastructure that must serve generations, and materials that fail prematurely become a national cost. According to Nomura, corrosion alone is estimated to cost the Indian economy nearly INR 14.1 lakh crore annually, close to 4.3% of GDP, much of which is preventable.

Stainless steel addresses this challenge through its durability, corrosion resistance, and recyclability. With over 70% recycled scrap-based input in Jindal Stainless’ production processes, the same qualities that make stainless steel durable also make it responsible. This lifecycle advantage enables resource conservation, supports safer and longer-lasting infrastructure, and contributes to India’s journey towards industrial selfreliance. This is why lifecycle value, rather than initial cost alone, must guide how India builds for the future.

Growing with India’s Ambition

As India accelerates infrastructure development, energy transition, mobility transformation, defence modernisation, and advanced manufacturing, the demand potential for stainless steel is set to expand significantly. This growth presents a long-term opportunity for the stainless steel industry, with the material’s durability, recyclability, and lifecycle value making it integral to India’s journey towards resilient and sustainable development.

Realising this potential requires a strong stainless steel ecosystem built on quality, innovation, resilience, and fair competition. We continue to support robust quality frameworks and appropriate trade measures, including anti-dumping safeguards, to uphold industry standards, encourage a level playing field, and enable the sustainable growth of the sector. Aligned with this vision, we continue to invest in capabilities that enhance our ability to serve India’s evolving needs. In FY26, the commissioning of our 1.2 MTPA melt shop in Indonesia ahead of schedule increased our combined global melting capacity to 4.2 MTPA, further strengthening our position as a leading global stainless steel producer.

Alongside expanding our global footprint, we remain focused on strengthening our domestic capabilities. Our investments in downstream facilities enable us to serve value-added and advanced applications, while our greenfield project in Maharashtra reflects our confidence in India’s manufacturing potential. Planned as a multiphased facility, it will support strategic applications, enhance domestic capabilities, and contribute to a stronger and more resilient stainless steel ecosystem.

Disciplined Growth, Enduring Value

Sustained progress is meaningful only when supported by strong governance, financial discipline, responsible capital management, and operational excellence. Guided by these principles, Jindal Stainless has consistently delivered value creation, reflected in a profit after tax CAGR of 28% between FY21 and FY26.

For FY26, the Company declared a total dividend of INR 4 per share, equivalent to 200%, demonstrating our balanced approach towards shareholder returns and long-term value creation. Our financial strength remained robust, with net debt-to-equity maintained at a prudent 0.15x. The reaffirmation of our credit ratings further reflects the resilience of our balance sheet and the confidence stakeholders continue to place in our strategy.

Building an Inclusive Future

Beyond financial performance, our responsibility extends to the people and communities connected with our growth. We believe that industrial progress is meaningful only when it contributes to inclusive development and creates lasting value for society.

In FY26, our social and community initiatives touched over 1.19 lakh individuals across healthcare, education, livelihoods, environment, and community well-being. Through Niramaya, our community healthcare initiative, we reached more than 16,000 individuals across Hisar and Jajpur through clinics, mobile healthcare services, health camps, and preventive care.

These initiatives reflect our continued focus on creating opportunities, strengthening communities, and contributing to a more inclusive future. Equally central to our progress are our people, whose dedication, resilience, and pursuit of excellence continue to strengthen Jindal Stainless and drive our growth.

I extend my heartfelt appreciation to every member of the Jindal Stainless family for their valuable contribution. I also express my sincere gratitude to our shareholders, customers, business partners, policymakers, and stakeholders for their continued trust and support.

As we look ahead, we will continue to invest with conviction, innovate responsibly, and lead with integrity, creating enduring value for our stakeholders and contributing to India’s economic progress.