2.10 Provisions and contingencies

a) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due
to the passage of time is recognised as interest expense.

i) Gratuity and compensated absences provision

Refer note 2.6 for provision relating to gratuity and compensated absences.

ii) Mine restoration/ assets retirement obligation

Mine restoration expenditure is provided for in the Statement of Profit and Loss based on present value of estimated
expenditure required to be made towards restoration and rehabilitation at the time of vacation of mine. The cost estimates
are reviewed periodically and are adjusted to reflect known developments which may have an impact on the cost estimates
or life of operations. The unwinding of the discount on provision is shown as a finance cost in the Statement of Profit and
Loss.

b) Contingencies

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed
in the notes to the financial statements. Contingent assets are not recognised. However, when the realisation of income is
virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.

2.11 Employee share based payments

Pursuant to Securities and Exchange Board of India [Share Based Employee Benefits and Sweat Equity] Regulation, 2021 ["SBEB
Regulation”], the shareholders of the Company had approved certain share based payment schemes for the employees. The
Company has created a trust "Samruddhi Employees Trust (formerly known as Jindal SAW Employee Welfare Trust) (the Trust!' for
day to day operations and managing these schemes. The Company in its standalone financial statements consider the Trust as its
extension inspite of being a separate legal entity and shares held by the Trust are considered as treasury shares and disclosed as
treasury shares reserve under other equity.

3. Critical accounting estimates, assumptions and judgements

In the process of applying the Company's accounting policies, management has made the following estimates, assumptions and
judgements, which have material effect on the amounts recognised in the standalone financial statements:

(a) Property, plant and equipment

External adviser or internal technical team assess the remaining useful lives and residual value of property, plant and equipment.
Management believes that the assigned useful lives and residual value are reasonable, the estimates and assumptions made to
determine depreciation are critical to the Company's financial position and performance.

(b) Income taxes

Management judgement is required for the calculation of provision for income taxes and deferred tax assets and liabilities.
The Company reviews at each Balance Sheet date the carrying amount of deferred tax assets. The factors used in estimates
may differ from actual outcome which could lead to material adjustment to the amounts reported in the standalone financial
statements.

(c) Contingencies

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/
litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

(d) Allowance for uncollected trade receivables and advances

Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for
estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not to be
collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the
expected life of the financial assets.

(e) Estimation of Defined Benefit Obligations (DBO)

Management's estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation,
mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may materially impact the
DBO amount and the annual defined benefit expenses.

(f) Impairment of Investments in subsidiaries, associates and joint ventures

Investments in subsidiaries, joint ventures and associates are carried at cost. At each Balance Sheet date, the management
assesses the indicators of impairment of such investments. This requires assessment of several external and internal factors
including capitalisation rate, key assumption used in discounted cash flow models (such as revenue growth, unit price and
discount rates) or sales comparison method which may affect the carrying value of investments in subsidiaries, joint ventures
and associates.

4. Other Accounting Policies

4.1 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The Board of Directors of Jindal Saw Limited has appointed Group CEO who assesses the financial performance and position of the
Company, and make strategic decisions. The Group CEO has been identified as being the chief decision maker. Refer note 42 for
segment information provided.

4.2 Property, plant and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.

4.3 Other intangible assets

Identifiable intangible assets are recognised a) when the Company controls the asset, b) it is probable that future economic benefits
attributed to the asset will flow to the Company and c) the cost of the asset can be reliably measured.

Computer softwares are capitalised at the amounts paid to acquire the respective license for use and are amortised over the
period of license, generally not exceeding 6 years on straight-line basis. The assets' useful lives are reviewed at each financial year
end.

4.4 Investment in subsidiaries

A subsidiary is an entity controlled by the Company. Control exists when the Company has power over the entity, is exposed, or
has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over
entity.

Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the
entity's returns.

Investments in subsidiaries are carried at cost. The cost comprises price paid to acquire investment and directly attributable cost.

4.5 Investment in associates and joint ventures
Associates

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies.

The investment in associate are carried at cost. The cost comprises price paid to acquire investment and directly attributable cost.

Joint Ventures

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement. A joint venturer is a party to a joint venture that has joint control of that joint venture.

The investment in joint venture are carried at cost. The cost comprises price paid to acquire investment and directly attributable
cost.

4.6 Impairment of assets

Non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are
largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that
suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Also refer note
3(f).

4.7 Cash and cash equivalents

Cash and cash equivalents includes cash on hand and at bank, deposits held at call with banks, other short-term highly liquid
investments with original maturities of 3 months or less that are readily convertible to a known amount of cash and are subject to
an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments.

For the purpose of the Statement of Cash Flows, cash and cash equivalents consists of cash and short-term deposits, as defined
above, net of outstanding bank overdraft as they are being considered as an integral part of the Company's cash management. Bank
overdrafts are shown within borrowings in current liabilities in the Balance Sheet.

4.8 Leases

Lease accounting by lessee

The Company as lessee will measure the right-of-use asset at cost by recognition a right-of-use asset and a lease liability on initial
measurement of the right-of-use asset at the commencement date of the lease.

The cost of the right-of-use asset will comprise:

i) the amount of the initial measurement of the lease liability,

ii) any lease payments made at or before the commencement date less any incentives received,

iii) any initial direct costs incurred,

iv) an estimate of costs to be incurred in dismantling and removing the underlying asset, restoring the site on which it is located
or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are
incurred to produce inventories.

Lease liability will be initially measured at the present value of the lease payments that are not paid at that date. The lease payments
are discounted using the interest rate implicit in the lease, if the rate cannot be readily determined incremental borrowing rate will
be considered. Interest on lease liability in each period during the lease will be the amount that produces a constant periodic rate
of interest on the remaining balance of the lease liability.

Lease payments will comprise the following payments for the right-of-use the underlying asset during the lease term that are not
paid at the commencement date:

i) fixed payments less any lease incentives receivable,

ii) variable lease payments,

iii) amounts expected to be payable under residual value guarantees,

iv) the exercise price of a purchase option, if the Company is reasonably certain to exercise that option,

v) payments of penalties for terminating the lease, if the lease term reflects the Company exercising an option to terminate the
lease.

Subsequent measurement of the right-of-use asset after the commencement date will be at cost, the value of right-of-use asset
will be initially measured at cost less accumulated depreciation and any accumulated impairment loss and adjustment for any re¬
measurement of the lease liability.

The right-of-use asset will be depreciated from the commencement date to the earlier of the end of the useful life of the asset or
the end of lease term, unless lease transfers ownership of the underlying asset to the Company by the end of the lease term or if the
cost of the right-of-use asset reflects that the Company will exercise a purchase option, in such case the Company will depreciate
asset to the end of the useful life.

Subsequent measurement of the lease liability after the commencement date will reflect the initially measured liability increased
by interest on lease liability, reduced by lease payments and re-measuring the carrying amount to reflect any re-assessment or
lease modification.

Right-of-use asset and lease liability are presented on the face of Balance Sheet. Depreciation charge on right-of-use assets is
presented under depreciation expense as a separate line item. Interest charge on lease liability is presented under finance costs
as a separate line item. Under the Statement of Cash Flows, cash flow from lease payments including interest are presented under
financing activities. Short-term lease payments, payments for leases of low-value assets and variable lease payments that are not
included in the measurement of the lease liabilities are presented as cash flows from operating activities. Low value lease threshold
is ' 1.2 lakhs per annum.

Lease accounting by lessor

The Company as a lessor needs to classify each of its leases either as an operating lease or a finance lease. A lease is classified as a
finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified
as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.

Finance lease

At the commencement date, the Company will recognise assets held under a finance lease in its Balance Sheet and present them as
a receivable at an amount equal to the net investment in the lease. Net investment is the discount value of lease receipts net of initial

direct costs using the interest rate implicit in the lease. For subsequent measurement of finance leased assets, the Company will
recognise interest income over the lease period, based on a pattern reflecting a constant periodic rate of return on the Company's
net investment in the lease.

Operating lease

The Company will recognise lease receipts from operating leases as income on either a straight-line basis or another systematic
basis. The Company will recognise costs, including depreciation incurred in earning the lease income as expense.

4.9 Foreign currency translation

a) Functional and presentation currency

Standalone financial statements have been presented in Indian Rupees ('), which is the Company's functional and presentation
currency.

b) Transactions and balances

Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary
assets and liabilities denominated in foreign currencies at the year end exchange rates are recognised in the Statement of
Profit and Loss.

Foreign exchange differences arising on foreign currency borrowings are presented in the Statement of Profit and Loss, within
finance costs. All other foreign exchange gains and losses are presented in the Statement of Profit and Loss on a net basis
within other income/other expenses, as appropriate.

Exchange gain and loss on trade receivables, trade payables and other than financing activities on a net basis are presented
in the Statement of Profit and Loss, as other income and as other expenses respectively. Foreign exchange gain and loss on
financing activities to the extent that they are regarded as an adjustment to interest expenses are presented in the Statement
of Profit and Loss as finance costs and balance gain and loss are presented in the Statement of Profit and Loss as other income
and as other expenses respectively.

Non-monetary items that are measured at fair value in foreign currency are translated using the exchange rates at the date
when the fair value was determined.

4.10 Derivative financial instruments

The Company uses derivative financial instruments, such as forward currency contracts to hedge its foreign currency risks.
Derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured at their fair value at the end of each period. Any gains or losses arising from changes in the fair value of
derivatives are taken directly to profit or loss.

4.11 Equity share capital

Ordinary shares are classified as equity. Incremental costs net of taxes directly attributable to the issue of new equity shares are
reduced from retained earnings, net of taxes.

4.12 Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred.

4.13 Compound financial instruments

The liability component of a compound financial instrument is recognised initially at fair value of a similar liability that does not

have an equity component. The equity component is recognised initially as the difference between the fair value of the compound
financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated
to the liability and the equity components, if material, in proportion to their initial carrying amounts.

Subsequent to the initial recognition, the liability component of a compound financial instrument is measured at amortised cost
using the effective interest rate method. The equity component of a compound financial instrument is not re-measured subsequent
to initial recognition except on conversion or expiry.

On material modification of compound financial instrument original debt component is derecognised and the same is re-recognised
at its new fair value. Any gain/loss on such modification is recognised in the Statement of Profit and Loss.

4.14 Income tax

The income tax expense or credit for the period comprises of tax payable on the current period's taxable income based on the
applicable income tax rate, the changes in deferred tax assets and liabilities attributable to temporary differences and to unused
tax losses and previous year tax adjustments.

Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or
other comprehensive income, in such cases the tax is also recognised directly in equity or in other comprehensive income. Any
subsequent change in direct tax on items initially recognised in equity or other comprehensive income is also recognised in equity
or other comprehensive income, such change could be for change in tax rate.

The current income tax charge or credit is calculated on the basis of the tax law enacted after considering allowances, exemptions
and unused tax losses under the provisions of the applicable Income Tax Laws. Current tax assets and current tax liabilities are
offset, and presented as net.

Deferred income tax is recognised, using the balance sheet method, on temporary differences arising between the tax base of
assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates and
laws that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible
temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses. Deferred tax assets and deferred tax liabilities are offset, and presented as net.

The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available against which the temporary differences can be utilised.

4.15 Government grants

Government grants with a condition to purchase, construct or otherwise acquire long-term assets are initially measured based on
grant receivable under the scheme. Such grants are recognised in the Statement of Profit and Loss on a systematic basis over the
useful life of the asset. Amount of benefits receivable in excess of grant income accrued based on usage of the assets is accounted
as Government grant received in advance. Changes in estimates are recognised prospectively over the remaining life of the assets.

The Company has option to present the Government grant related to property, plant and equipment by deducting the grant from the
carrying value of the asset and to present the non-monetary grant at a nominal amount. The Company has not availed this option in
current financial year.

Grants from the Government are recognised at their fair value where there is a reasonable assurance that the grant will be received
and the Company will comply with all attached conditions.

Government revenue grants relating to income are deferred and recognised in the Statement of Profit and Loss over the period
necessary to match them with the costs that they are intended to compensate and presented with other income.

4.16 Dividend distribution

Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividends are approved by the
shareholders. Any interim dividend paid is recognised on approval by Board of Directors. Dividend payable is recognised directly in
equity.

4.17 Earnings per share

Basic earnings per share is computed using the net profit for the year (without taking impact of other comprehensive income)
attributable to the shareholders and weighted average number of shares outstanding during the year. The weighted average
numbers of shares also includes fixed number of equity shares that are issuable on conversion of compulsorily convertible
preference shares, debentures or any other instrument, from the date consideration is receivable (generally the date of their issue)
of such instruments.

The diluted earnings per share is computed on the same basis as basic earnings per share, after adjusting the effect of potential
dilutive equity shares unless the impact is anti-dilutive, using the net profit for the year attributable to the shareholders and weighted
average number of equity and potential equity shares outstanding during the year including share options, convertible preference
shares and debentures. Potential equity shares that are converted during the year are included in the calculation of diluted earnings
per share, from the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

4.18 Current versus non-current classification

The Company presents assets and liabilities in Balance Sheet based on current/non-current classification.

The Company has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in
accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.

An asset is classified as current when it is:

a) Expected to be realised or intended to be sold or consumed in normal operating cycle,

b) Held primarily for the purpose of trading,

c) Expected to be realised within 12 months after the reporting period, or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast 12 months after the
reporting period.

All other assets are classified as non-current.

A liability is classified as current when it is:

a) Expected to be settled in normal operating cycle.

b) Held primarily for the purpose of trading,

c) Due to be settled within 12 months after the reporting period, or

d) There is no unconditional right to defer the settlement of the liability for atleast 12 months after the reporting period.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents.

Notes:

i. No. of shares includes shares held by the Companys' nominee, as applicable.

ii. 2,01,00,000 (March 31, 2024 2,01,00,000) of ' 100 each 0.01% Non-Cumulative Redeemable Preference Shares (NCRPS) recorded
at fair value in earlier year. Equity component amounting to ' 10,998.61 lakhs (March 31, 2024'10,998.61 lakhs) disclosed above as
investment in equity and debt component amounting to ' 53,434.30 lakhs (March 31, 2024 ' 47,131.58 lakhs) disclosed above as
investment in debt.

iii. Investment comprises of three shares having face value of 1 share @ US$ 1 each, face value of 1 share @ US$ 19,50,000 each and face
value of 1 share @ US$ 70,00,000 each.

iv. The Company had granted loan repayable on demand to its subsidiary in earlier years. The said was due for repayment on October 30,
2024. On the due date, the said loan was partly repaid, and remaining amount was converted into Compulsory Convertible Debentures
carrying a redemption premium @ 10.99% per annum on monthly rest. The aforesaid CCDs along with redemption premium were
converted into equity shares on March 27, 2025 pursuant to the option exercised by the Company.

v. The investment in subsidiary is sold during the year, refer note 62.

vi. Nil (March 31, 2024 19,99,300) equity shares of JITF Shipyard Limited were pledged in favour of lenders for loans availed by the
subsidiary which has been released during the year.

vii. Investments were made to enter into long-term power purchase agreements, where there is no participation in management of
these investee companies and no right on return on investments.

Nature of reserves

Retained Earnings represents the undistributed profits of the Company.

Other Comprehensive Income (OCI) reserve represents the balance in equity for items to be accounted in other comprehensive income. OCI is
classified into (i) Items that will not be reclassified to profit and loss (ii) Items that will be reclassified to profit and loss.

General Reserve represents free reserve, created in accordance with requirements of Companies Act, 1956/Companies Act, 2013.

Securities Premium represents the amount received in excess of par value of securities (equity shares, preference shares and debentures).
Capital Reserve represents the excess of fair value of net assets acquired over consideration paid in a business combination.

Treasury Shares Reserve represents purchase value of own shares of the Company by Samruddhi Employees Trust. Also refer note 2.11.

Equity Settled Share Based Payment Reserve is used to recognise the grant date fair value options granted to the employees of the Company
under the equity settled share based payment scheme.

40. Financial risk management

40.1 Financial risk factors

The Company's principal financial liabilities, other than derivatives, comprise borrowings, leases, trade and other payables and
financial guarantee contracts. The main purpose of these financial liabilities is to manage finances for the Company's operations.
The Company has loans, trade and other receivables, cash and short-term deposits that arise directly from its operations. The
Company also enters into derivative transactions. The Company's activities expose it to a variety of financial risks detailed below:

i) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such
as commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments
and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is based on the financial
assets and financial liabilities held as at March 31, 2025 and March 31, 2024.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss.

iii) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses.

The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Company's financial performance. The Company uses derivative financial
instruments to hedge certain risk exposures. The Company does not acquire or issue derivative financial instruments for
trading or speculative purposes.

Risk management is carried out by the treasury department under policies approved by the Board of Directors. The treasury
team identifies, evaluates and hedges financial risks in close co-operation with the Company's operating units. The Board
provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk,
interest rate risk, credit risk, liquidity risk, use of derivative financial instruments and non-derivative financial instruments,
and investment of excess liquidity.

Market Risk

The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit
obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant Statement of Profit and Loss
item is the effect of the assumed changes in the respective market risks. The Company's activities expose it to a variety of financial
risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company uses derivative financial
instruments such as foreign exchange forward contracts of varying maturity depending upon the underlying contract and risk
management strategy to manage its exposures to foreign exchange fluctuations.

(a) Foreign exchange risk and sensitivity

The Company transacts business primarily in USD, Euro, OMR, SAR and other currencies. The Company has obtained foreign
currency loans and has foreign currency trade payables and receivables and other receivables and paybles and is therefore,
exposed to foreign exchange risk. Certain transactions of the Company act as a natural hedge as a portion of both assets and
liabilities are denominated in similar foreign currencies. For the remaining exposure to foreign exchange risk, the Company
adopts a policy of selective hedging based on risk assessment of the management. Foreign exchange hedging contracts are
carried at fair value.

(c) Commodity price risk and sensitivity

The Company is exposed to the movement in price of key raw materials in domestic and international markets. The Company
has in place policies to manage exposure to fluctuations in the prices of the key raw materials used in operations. For
procurement of material, majority of transactions have short-term fixed price contract. Further, to minimise the risk of
import, the Company enters into foreign exchange forward contracts, when considered appropriate.

(d) Credit risk

Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost,
deposited with banks, credit exposures from customers including outstanding receivables and other financial instruments.

Trade receivables and contract assets

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track
record in the market and past dealings for extension of credit to customers. The Company monitors the payment track record
of the customers. Outstanding customer receivables and contract assets are regularly monitored. The Company evaluates
the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets. The Company has obtained advances and security deposits from some
of its customers and distributors, which mitigate the credit risk to an extent.

Provision for expected credit losses (ECL)

The Company extends credit to customers as per the internal credit policy. Any deviation are approved by appropriate
personnel, after due consideration of the customers credentials and financial capacity, trade practices and prevailing business
and economic conditions. The Company's historical experience of collecting receivables and the level of default indicate that
credit risk is low and generally uniform across markets; consequently, trade receivables and contract assets are considered
to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues,
specific credit circumstances, the track record of the customers etc. Loss allowances and impairment is recognised as per
the Company policy.

The Company assigns the following internal credit ratings to each class of financial assets based on the assumptions, inputs
and factors specific to the class of the financial assets. The Company provides for expected credit loss based on the following:

Others

All of the Company's debt investments (preference shares, Government securities, loan to related parties and others and
security deposits) at amortised cost are considered to have low credit risk, when they have a low risk of default and the issuer/
holder has a strong capacity to meet its contractual cash flow obligations in the near term. For cash and cash equivalents and
deposit held with banks, the Company considers factors such as track record, size of the institution, market reputation and
service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained
with the institutions with which the Company has also availed borrowings. The Company does not maintain significant cash
and deposit balances other than those required for its day to day operations.

(e) Liquidity risk

The Company's objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times.
The Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The
current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors
rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities at all times so that the Company does not breach borrowing
limits or covenants (where applicable) on any of its borrowing facilities.

The table below provides undiscounted cash flows towards non-derivative financial liabilities and net-settled derivative
financial liabilities into relevant maturity based on the remaining period at the Balance Sheet to the contractual maturity date.

The Company is required to maintain ratios as per loan agreements. In the event of failure to meet any of these ratios these loans
become callable at the option of lenders, except where exemption is provided by lender. The Company aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been
no breaches of the financial covenants of any interest bearing loans and borrowing for reported periods.

40.2 Competition risk

The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in
terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its customers.

40.3 Capital risk management

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The primary objective of the Company's capital management
is to maximize the shareholders value. The Company's primary objective when managing capital is to ensure that it maintains an
efficient capital structure and healthy capital ratios and safeguard the Company's ability to continue as a going concern in order
to support its business and provide maximum returns for shareholders. The Company also proposes to maintain an optimal capital
structure to reduce the cost of capital. No changes were made in the objectives, policies or processes during the year ended March
31, 2025 and March 31, 2024.

The Company monitors capital using gearing ratio, which is net debt divided by sum of capital and net debt.

For the purpose of the Company's capital management, capital includes equity share capital and other equity as per the Balance
Sheet. Net debt includes interest bearing loans and borrowings less cash and cash equivalents.

During FY 2024-25, the Company's strategy was to maintain a gearing ratio within 25% to 35%. The gearing ratios at March 31, 2025
and March 31, 2024 are as follows:

Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant
available data. The fair values of the financial assets and liabilities represents the amount that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following methods and assumptions were used to estimate the fair values:

1) Fair value of cash, bank and deposits, trade receivables, trade payables and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.

2) Long-term fixed-rate and variable-rate loans/ borrowings are evaluated by the Company based on parameters such as interest
rates, specific country risk factors, credit risk and other risk characteristics. Fair value of variable interest rate borrowings
approximates their carrying values. For fixed interest rate borrowings, fair value is determined by using the discounted cash
flow (DCF) method using discount rate that reflects the Company's borrowings rate. Risk of non-performance for the company
is considered to be insignificant in valuation.

3) The fair values of derivatives are estimated by using pricing models, where the inputs to those models are based on readily
observable market parameters basis contractual terms, period to maturity and market parameters such as interest rates,
foreign exchange rates and volatility. These models do not contain a high level of subjectivity as the valuation techniques
used do not require significant judgement, and inputs thereto are readily observable from actively quoted market prices.
Management has evaluated the credit and non-performance risks associated with its derivative counterparties and believe
them to be insignificant and not warranting a credit adjustment.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company's asset and liabilities, grouped into Level 1 to Level
3 as described below:

Level 1: It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the Balance
Sheet date like mutual funds. The mutual funds are valued using the closing net assets value (NAV) as at the Balance Sheet date.

Level 2: It includes fair value of the financial instruments that are not traded in an active market like over-the-counter derivatives,
which is valued by using valuation techniques. These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair value if instrument
are observable then instrument is included in Level 2.

Level 3: Inputs for the asset or liability that are not based on observable market data (i.e., unobservable inputs). If one or more of the
significant inputs is not based on observable market data, the instrument is included in Level 3.

The following table provides the fair value measurement hierarchy of Company's asset and liabilities, grouped into Level 1 to Level
2 as described below:

47. Compliance with audit trail for accounting software

The Company is using an ERP which is widely used internationally. The ERP software is having an audit trail feature for maintaining
its books of account. The Company enabled audit trail in all the tables throughout the year except:

a) On certain tables for specific access, audit trail feature was not enabled for a part of the year; and

b) As per the ERP provider, though system administrator can use this id, an audit trail for command executed by system
administrator is not available at database level. To mitigate this, the Company implemented a customised solution that allows
to check if system administrator has logged in through this user id, the command executed and final modified values.

48. Employee Benefit Obligations

The Company has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of
12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The
obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. Refer
table below for the expense recognised during the period towards defined contribution plan:

OCI presentation of defined benefit plan

Gratuity is in the nature of defined benefit plan, Accordingly, re-measurement gains and losses on gratuity is presented under OCI
as an item that will not be reclassified to profit and loss along with income tax effect on the same.

Presentation in Statement of Profit and Loss and Balance Sheet

Expense for service cost, net interest expense and expected return on plan assets is charged to Statement of Profit and Loss.
Actuarial liability for gratuity is shown as current and non-current provision in Balance Sheet.

The entire amount of the provision for compensated absences of ' 9,740.91 lakhs (March 31, 2024'8,535.90 lakhs) is presented as
current, since the Company does not have an unconditional right to defer settlement for any of these obligations. However, based
on past experience, the Company does not expect all employees to avail the full amount of accrued leave or require payment for
such leave within the next 12 months.

The Company has taken policy from an insurance company for managing gratuity fund. The major categories of plan assets for the
year ended March 31, 2025 and March 31, 2024 has not been provided by the insurance company. Accordingly, the disclosure for
major categories of plan assets has not been provided.

Risk exposure

The Company has taken group gratuity policies from an insurance company. Contribution towards policies are done annually basis
demand from insurance company. Due to the restrictions in the type of investment that can be held by the gratuity fund, it is not
possible to explicitly follow on assets-liability matching strategy to manage risk actively.

The insurance policy is non-participating variable insurance plan and will not participate in the profits of the insurance company.
These policies provide for minimum floor rate (MFR), i.e. a guaranteed interest rate that the policy account will earn during the entire
policy term. In addition to MFR, the insurance company shall also declare a non-zero positive additional interest rate (AIR) at the
beginning of every financial quarter on the policy account and AIR shall remain guaranteed for that financial quarter. In addition to
this, the policy also earns residual addition.

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility

This may arise from volatility in asset values due to market fluctuations. Most of the plan asset investments are in fixed income
securities.

Changes in Government bond yields

The plan liabilities are calculated using a discount rate set with reference to Government bond yields. A decrease in Government
bond yields will increase plan liabilities and vice-versa, although this will be partially offset by an increase in the value of the plans'
holdings in such bonds.

Salary Cost Inflation Risk

The present value of the defined benefit plan liability is calculated with reference to the future salaries of participants under the
plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

Formulae for computation of ratios are as follows:

(i) Current ratio (times) : Current assets/ Current liabilities

(ii) Debt-equity ratio (times) : Total debt/ Net Worth

Total Debt : Secured Loans Unsecured Loans - Liquid Investments/ FDR
Net Worth : Equity Share Capital Reserves (Excluding Revaluation Reserve)

(iii) Debt service coverage ratio (times) : EBDIT / (Finance costs Principal repayment of long-term debt during the period)

(iv) ROE (%) = Net Income/Shareholder's equity

(v) Inventory turnover ratio (times): Cost of goods sold (RM, SFG, FG and scrap) / (Average of opening and closing inventory
of RM, SFG, FG and Scrap)

(vi) Trade receivables turnover ratio (times) : Sale of goods and services Average Accounts Receivables

(vii) Trade payables turnover ratio (times) : (Cost of material consumed Purchases stock in trade changes in
inventory)^Average Accounts Payables

(viii) Net capital turnover ratio (times) : Total income / Shareholder's Equity

(ix) Net rofit ratio (%) : Net Profit/Total income*100

(x) Return on capital employed (%) : EBIT/ Total Assets - Current Liablities \

(xi) Return on investment (%) : EBIT/ Closing total assets
(i) Utilisation of borrowings

The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

(j) Compliance with approved scheme(s) of arrangements

During the previous year, the Hon'ble Hyderabad bench of NCLT vide its order dated March 31, 2023, approved the resolution
plan submitted by the Company for Sathavahana Ispat Limited (SIL). The conditions precedents as per the said plan were
achieved on April 26, 2023, thereby Sathavahana Ispat Limited stands merged with the Company on the said date.

During the previous year, the Hon'ble National Company Law Tribunal (NCLT), vide its order dated March 21, 2024, had approved
the Composite Scheme of Amalgamation ("the Scheme”) of Jindal Quality Tubular Limited ("JQTL”), Jindal Tubular (India)
Limited ("JTIL”) and Jindal Fittings Limited ("JFL”) with the Company, the appointed date being April 1, 2022. The said order
became effective on March 29, 2024 on filing of order to Registrar of Company, Kanpur.

The Company has done the compliances for the approved schemes.

(k) Utilisation of borrowed funds and share premium:

I) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(II) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(l) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

(m) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(n) During the current year, the Company had made investment in Renew Surya Tejas Private Limited amounting to ' 727.18
lakhs and Renew Green (MHH One) Private Limited amounting to ' 707.13 lakhs, has granted unsecured loan to 377 employees
amounting to ' 739.16 lakhs, has given additional six guarantees to a subsidiary (Jindal Saw Gulf LLC) for which outstanding
loan amount is ' 60,833.78 lakhs (these guarantees have been replaced from one of the existing subsidiary (Jindal Saw Middle
East FZE) ) and provided security to banks amounting to ' 3,42,856.00 lakhs.

During the previous year, the Company had made investment in Renew Surya Tejas Private Limited amounting to ' 445.68
lakhs, had granted unsecured loan to 346 employees amounting to ' 715.16 lakhs, gave additional guarantee to a subsidiary
' 16,859.29 lakhs and renewed existing two guarantees to a subsidiary amounting to ' 23,868.58 lakhs and provided security
to banks amounting to ' 6,60,000 lakhs.

(o) During the current year and previous year, the Company has not granted any loan.

(iv) . Hon'ble Supreme Court Judgment dated February 28, 2019 relating to the provident fund, has been evaluated and assessed by

the Company based on a legal opinion obtained by the management. Accordingly, the Company has arrived at the conclusion
that there is no material impact of this matter and accordingly, no provision is made in the books of account.

(v) . Income Tax Assessment orders for financial year (FYs) 2014-15 to 2019-20 have been passed by the Assessing Officer under

reassessment proceedings. In these Assessment Orders, additions have been made by the Assessing Officer without
substantiating and following the principles of natural justice. These orders have some procedural deficiencies as well. The
Company, after due consideration and consultation with the experts in the matter, has gone in appeal and believes that
the resulting Income Tax demand amounting to ' 11,458.82 lakhs (March 31, 2024'11,458.82 lakhs), is not sustainable and
accordingly, no adjustment to the financial statements is required.

It is not possible to predict the outcome of the pending litigations with accuracy. The Company believes, based on legal opinions
received, that it has meritorious defences to the claims. The management believe the pending actions will not require outflow
of resources embodying economic benefits and will not have a material adverse effect upon the results of the operations, cash
flows or financial condition of the Company.

i. Packaged Scheme of Incentive (PSI) - Maharashtra

The Company's manufacturing facility at Nashik has been granted "Mega Project Status” by Government of Maharashtra and
therefore is eligible for Industrial Promotion Subsidy (IPS) under Packaged Scheme of Incentive (PSI) 2007. The purpose of the
scheme is for intensifying and accelerating the process of dispersal of industries to the less developed regions and promoting
high tech industries in the developed areas of the state coupled with the object of generating mass employment opportunities.

Entitlements under the scheme consists of the following:

a) Electricity duty exemption for a period of 7 years from the date of commencement of commercial production- from
September 10, 2009 to September 9, 2016.

b) 100% exemption from payment of stamp duty.

c) VAT and CST payable to the State Government (on sales made from Nashik plant, within a period of 7 years starting from
September 10, 2009).

IPS will be payable so as to restrict up to 75% of the eligible fixed capital investments made from September 13, 2007 to
September 10, 2009. The eligibility certificate issued allows maximum fixed capital investment of '35,000 lakhs and restricts
IPS to 75% of ' 35,000 lakhs i.e. ' 26,250 lakhs.

ii. Rajasthan Investment Promotion Scheme (RIPS) - Rajasthan

The Company's manufacturing facility at Bhilwara has been granted "Customized Package” by Government of Rajasthan and
therefore is eligible for Investment Promotion Subsidy (IPS) under Rajasthan Investment Promotion Scheme-2010 (RIPS-2010).
The purpose of the Customised Package Scheme of RIPS-2010 is to promote investment in the State of Rajasthan and to
further generate employment opportunities through such investment. Modalities of payment of IPS consists of the following:

a) 50% exemption from payment of electricity duty for a period of 10 years from the date of issuance of entitlement
certificate - from December 9, 2015 to December 8, 2025.

b) Investment subsidy equivalent to 70% of state tax due and deposited by the Company into the Government exchequer, for
a period of 7 years from the date of issuance of entitlement certificate - from December 9, 2015 to December 8, 2022.

iv. Bellary Unit

The Company's manufacturing facility at Bellary has been granted, "Subsidy for setting up of ETP Plant” by Government of
Karnataka. As per operational guidelines of Karnataka Industrial Policy 2009-2014 and package of incentive and concession
scheme offered for investment, Bellary unit is eligible for subsidy for setting up of ETP Plant (Effluent treatment plant).

As per the scheme, one time capital subsidy up to 50% of the cost of Effluent Treatment Plants (ETPs) is available to
Manufacturing Micro, Small and Medium Enterprises and Service Enterprises, Manufacturing SEZ Enterprises, Large and Mega
industries both for establishment of new enterprises or for expansion, diversification, and modernization of existing industries,
subject to a ceiling of ' 100 lakhs per manufacturing enterprises in zone - 1, 2 and 3 and a ceiling of ' 50 lakhs in zone-4. The
Company being eligible under the scheme, got sanctioned a capital subsidy of ' 31.50 lakhs from District Industries Centre,
Bellary and Directorate of Industries and Commerce, Bengaluru.

vi. Export Promotion Capital Goods (EPCG)

The Company avails export promotion capital goods licenses. The objective of the EPCG scheme is to facilitate import of
capital goods for producing quality goods and services and enhance manufacturing competitiveness.

EPCG scheme

EPCG Scheme allows import of capital goods and their spare parts without payment of custom duty including cess and
IGST under the Foreign Trade Policy 2015-20. Scheme covers manufacturer exporter, supporting manufacturer and service
provider. EPCG authorisation shall be valid for import for 18 months from the date of issue of authorisation. Imported capital
goods shall be subject to actual user condition till export obligation is completed and export obligation discharge certificate
(EODC) is granted.

Import under EPCG scheme shall be subject to export obligation which are manufactured by manufacturer exporter or its
supporting manufacturer equivalent to 6 times of duties, taxes and cess saved on capital goods to be fulfilled in 6 years
reckoned from the date of issue of authorisation. Export obligation (EO) under the scheme shall be over and above, the average
level of exports achieved by the applicant in the preceding three licensing years for the same and EO shipment under advance
authorisation, duty free import authorisation scheme (DFIA), drawback scheme or reward schemes would also be considered
for fulfilment of EO.

As on the reporting date there is no outstanding export obligation against the EPCG licenses. There are no other contingencies
relating to these grants.

Note 2: Pursuant to the approval of the shareholders at the Extra Ordinary General Meeting of the Company held on September 24,
2024, each Equity share of face value of ' 2 per share was sub-divided into 2 Equity shares of face value of ' 1 per share with effect
from the record date, i.e., October 9, 2024. Consequently, the basic and diluted earnings per share have been recomputed for the
previous year on the basis of the new number of Equity and Preference shares in accordance with Ind AS 33 - Earnings per Share.

58. Impairment review

Assets are tested for impairment annually or whenever there are any indicators for impairment. Impairment test is performed at
the level of each Cash Generating Unit ('CGU') or group of CGUs within the Company at which assets are monitored for internal
management purpose. The impairment assessment is based on higher of value in use and fair value less cost of disposal.

Impairment assessment of Goodwill

Goodwill was recognised on amalgamation of erstwhile associate namely Jindal Fittings Limited with the Company pursuant to
Composite scheme of Amalgamation approved by NCLT. The said goodwill was initially measured, being the excess of cost of
investment and consideration to other shareholder in Jindal Fittings Limited over its net identifiable assets acquired and liabilities
assumed.

The Company has performed annual impairment test for carrying value of the goodwill.

The recoverable amount has been considered based on the fair value less cost of disposal or value in use, whichever is higher as
required to be assessed under Ind AS 36.

The recoverable amount of the unit has been determined based on value in use calculation using cash flow projections from financial
projections. The pre-tax discount rate of 13.5% (March 31, 2024 13.5%) applied to cash flow projections for impairment testing and
cash flow beyond the five year period are extrapolated using a 4% (March 31, 2024 4%) growth rate which is consistent with the
normal business growth rate and industry forecasts. As a result of the analysis, management did not identify any impairment for the
goodwill for this unit and accordingly, there is no need for impairment of goodwill.

The management believes that any reasonably possible change in the key assumptions on which recoverable amount is based
would not cause the carrying amount to exceed the recoverable amount of the unit.

60. Employee Share Based Payments

The establishment of the Jindal Saw Stock Appreciation Right Scheme, 2018 ('Scheme'), was approved by shareholders at 33rd
Annual General Meeting held on September 27, 2018. The employee stock appreciation right plan was cash settled and is designed
to provide incentives to employees of the senior management in the Company. All Vice Presidents and above besides the functional
heads and unit heads and above would be eligible for stocks appreciation rights.

The Company has set up a trust to administer the scheme under which stock appreciation rights (SAR) have been granted to
employees. The employee can exercise their right to monetise SAR's anytime within 5 years of the vesting date or compulsorily at
the end of the employment, whichever is earlier. Pursuant to the shareholders approval, the above scheme was modified from cash
settled to equity settled with effect from November 24, 2023. Under the stock options granted by the Company, the employees can
exercise the shares allotted to them once the vesting period is over.

61. Business Combination

The Company has not carried out any mergers / acquisitions during the year ended March 31, 2025. Refer notes 61.1 and 61.2 below
for the mergers / acquisitions carried out during the previous year.

61.1 Merger - JQTL, JTIL and JFL

The Hon'ble National Company Law Tribunal (NCLT), vide its order dated March 21, 2024, had approved the Composite Scheme of
Amalgamation ("the Scheme”) of Jindal Quality Tubular Limited ("JQTL”), Jindal Tubular (India) Limited ("JTIL”) ("Subsidiaries”) and
Jindal Fittings Limited ("JFL”) ("Associate”) with the Company, the appointed date being April 1, 2022. JQTL and JTIL were in the
business of pipe manufacturing and coating and JFL was in the business of manufacturing of Ductile Iron fittings. Consequently,
the standalone financial statements of the Company, for the financial year 2022-23 were restated based on the audited financial
statements of the Company, JQTL, JTIL and JFL to give effect to the business combination.

During the financial year 2022-23, for JQTL and JTIL, the Company had accounted for the business combination as a common
control transaction using the pooling of interest method (as prescribed in Appendix - C to Ind AS 103) and for JFL using acquisition
method in accordance with the Ind AS 103 - Business Combination and the Scheme.

Following are the details of the assets and liabilities acquired and consideration paid pursuant to aforesaid business combination:

Id lx^- h o ^

61.2 Acquisition of Sathavahana Ispat Limited in Insolvency (IBC)

The Hon'ble Hyderabad bench of NCLT vide its order dated March 31, 2023, approved the resolution plan submitted by the Company
for Sathavahana Ispat Limited (SIL). The conditions precedents as per the said plan were achieved on April 26, 2023, thereby SIL
stood merged with the Company on the said date. The SIL had Ductile Iron pipe and pig iron manufacturing facility at Haresamudram,
Andhra Pradesh and coal to coke conversion facility and waste heat recovery thermal power plant at Kudithini, Karnataka. The
Company already had ductile iron pipe manufacturing facility in Gujarat and with this acqusition Company served both western and
southern India with savings in logistics costs.

63. In 2019, Jindal ITF Limited (JITF), a subsidiary of the Company, had won an arbitral award against a customer allowing various
claims towards damages and minimum guaranteed quantity (MGQ) to the tune of ' 1,89,108 lakhs plus interest and applicable taxes.
On January 30, 2025, single judge of Hon'ble High Court of Delhi set aside the above arbitral award. Subsequent to the said order,
the subsidiary has returned ' 85,631.18 lakhs (including ' 50,000.00 lakhs after March 31, 2025) received earlier as an interim award
against bank guarantees and filed an appeal before the divisional bench of Hon'ble High Court of Delhi, where the matter is currently
pending. Based on the advice received after due consideration and consultation with a reputed independent legal counsel on the
matter, the management of the Company believes that it has an extremely strong case leading to an ultimate favourable outcome
and the arbitral award will be revived in totality. Further, in view of the management, the award amount expected to be received
by the subsidiary will cover all its liabilities towards the lenders and investments made by the shareholders (including investments
made by the Company in JITF amounting to ' 1,59,811.88 lakhs) and accordingly, no adjustments are required to be made in the
standalone financial statements as at and for the year ended March 31, 2025.

64. In the earlier years, the Company had provided loan repayable on demand to Jindal ITF Limited (JITF), a subsidiary of the Company.
During the year, the said loan was due for repayment on October 30, 2024. On the due date, the loan was partly repaid (along with
outstanding interest) amounting to ' 55,042.22 lakhs, and the remaining amount of ' 80,000 lakhs was converted into Compulsory
Convertible Debentures (CCDs) carrying a redemption premium @ 10.99% per annum on monthly rest. The aforesaid CCDs along
with redemption premium were converted into equity shares amounting to ' 83,266.50 lakhs (83,26,65,015 equity shares of ' 10
each) on March 27, 2025 pursuant to the option exercised by the Company.

65 Interest free loan ' 1,075 lakhs (March 31, 2024'1,147.77 lakhs) to Samruddhi Employees Trust (the 'Trust'), is for the purpose of
employee benefit scheme. The Trust utilised the proceeds of the loan received from the Company for purchase of the Company's
own shares. The Company considers the Trust as an extension of the entity and hence has incorporated the assets and liabilities
of the Trust in the standalone financial statements of the Company. The shares of the Company held by the Trust are shown under
'Treasury Share Reserve' in 'Other equity'. Also refer note 2.11

66 Events after the Balance Sheet date - The Board of Directors have recommended dividend for the financial year 2024-25, which is
subject to the approval of the shareholders in the ensuing Annual General Meeting. For details of dividend, refer note 40.4.

67 These financial statements were approved and adopted by the Board of Directors of the Company in their meeting dated May 02,
2025, and are subject to shareholder approval at the forthcoming Annual General Meeting of shareholders.

For and on behalf of Board of Directors of Jindal SAW Limited

For Price Waterhouse Chartered Accountants LLP Neeraj Kumar Sminu Jindal

Firm Registration Number: 012754N/N500016 Group CEO & Managing Director

Whole-time Director DIN: 00005317

DIN: 01776688

Sandeep Chaddha Sunil K. Jain Narendra Mantri

Partner Company Secretary President Commercial

Membership Number: 096137 M. No. FCS 3056 & CFO

Place: Gurugram Place: New Delhi

Dated: May 02, 2025 Dated: May 02, 2025