As our business continues to grow in scale and complexity, we are simultaneously transforming the way we attract, develop, and empower talent. During the year, we strengthened our investments in capability building, leadership development and future skills. We promoted internal talent mobility and continued to build a robust leadership pipeline that supports both business continuity and long-term growth.

Diversity, equity, and inclusion remain integral to how we build our organisation. We are committed to creating opportunities for diverse talent and fostering an environment where every employee feels respected, valued and empowered to perform at their best.

The Great People Manager (GPM) initiative is a nomination-based recognition programme designed to celebrate managers who demonstrate exceptional people leadership. Employees across our organisation were invited to nominate their managers, creating a strong bottom-up approach to recognition based on real experiences and impact. A total of 661 managers were nominated and recognised through this initiative.

The programme honoured leaders who consistently foster team development, mentorship, empathy, engagement and alignment with organisational values. Shortlisted managers were recognised through a structured rewards and recognition framework, reinforcing clear benchmarks for people leadership excellence at JSW. The initiative underscored the importance of leadership that places people at the centre and inspires teams to perform at their best.

Success stories of women employees

Sharing women’s success stories across our Company helps inspire aspiration and confidence by highlighting relatable role models who are excelling in core and operational roles. These stories demonstrate how our values - Commitment, Courage, Agility, Collaboration and Compassion are brought to life every day through the achievements and journeys of our people.

By bringing these experiences to the forefront, we help challenge long-standing stereotypes, encourage more women to pursue leadership and technical opportunities, and create a stronger sense of possibility across the workforce. At the same time, celebrating these accomplishments highlights the value that diverse perspectives bring to innovation, collaboration and business outcomes.

Showcasing such stories also strengthens our employer brand and reinforces our commitment to building a workplace where talented women feel supported, recognised and motivated to grow and contribute meaningfully.

Employee Assistance Programme (EAP)

The Employee Assistance Programme (EAP) at JSW continues to play an important role in supporting the overall well-being of employees and their families. During the year, the programme witnessed strong engagement, reflecting growing awareness and trust in the services provided. More than 3,729 new employees registered for the programme, while over 430 counselling sessions were conducted to support individuals dealing with personal, emotional and professional challenges.

DEI sensitisation and allyship for inclusive leadership

These workshops are designed to create awareness around unconscious bias, privilege, microaggressions and inclusive language. Tailored sessions are conducted for employees, managers and leadership teams to strengthen understanding and encourage more inclusive workplace behaviours.

This initiative encourages active allyship across all levels of the organisation by empowering individuals to advocate for equity and inclusion. It promotes behaviours such as speaking up, creating safe spaces and amplifying underrepresented voices to foster a more inclusive workplace culture.

These programmes equip leaders with the mindset and capabilities required to lead diverse teams effectively. Key focus areas include empathy-driven leadership, psychological safety and equitable decision-making, enabling leaders to build more collaborative and inclusive teams.

At JSW, we remain committed to embedding Diversity, Equity and Inclusion (DEI) into our organisational culture. As part of this commitment, we have introduced a series of structured workshops aimed at deepening employees’ understanding of inclusive practices and equipping them with the tools required to foster a more open, respectful and equitable workplace.

These workshops are designed to build awareness, encourage behavioural change and strengthen inclusive leadership across all levels of our Company.

This workshop focuses on building foundational awareness and a shared understanding of Diversity, Equity and Inclusion (DEI) across the organisation. Key focus areas include:

• Understanding the dimensions and definitions of DEI
• Exploring the business case for DEI within JSW
• Identifying challenges faced by diverse talent groups
• Recognising individual and systemic barriers to inclusion

This advanced workshop is designed to enable leaders to actively foster inclusion within their teams. Key areas covered include:

• Understanding microaggressions and their impact in the workplace
• Building inclusive leadership behaviours and mindsets
• Practical tools to foster a culture of belonging
• Defining the role and different forms of active allyship

The sessions are facilitated by experienced DEI practitioners and incorporate interactive discussions, real-world scenarios and actionable frameworks to ensure meaningful learning and practical application.

Through these focused interventions, JSW continues to strengthen its inclusive culture by building awareness, enhancing leadership capability and empowering employees to contribute towards a more equitable, respectful and inclusive workplace.

Robust Systems

World-class safety performance is built on governance structures, operational systems and standardised processes that are consistent, transparent, auditable and designed for continuous improvement. Robust systems ensure that safety management is not dependent on individual effort or circumstance but is institutionalised into the fabric of how our Company operates. In FY 2025-26, we made significant advances across each of our key system dimensions.

Effective governance requires specialised oversight across distinct safety domains. In FY 2025–26, we institutionalised five Group-level Safety Subcommittees, each providing expert-driven leadership across a critical area of the safety management system:

• Safety Observations & Audit (SO&A) — Overseeing the quality and coverage of frontline safety observations, planned inspections and cross-functional audits to identify systemic gaps and drive corrective action.
• Process Safety Management (PSM) — Governing process hazard analyses, management of change protocols and process safety information to prevent major industrial incidents at highrisk facilities.
• Incident Investigation — Ensuring thorough, unbiased and learning-focused investigation of incidents and near-misses, driving root cause elimination rather than symptom-level correction.
• Contractor Safety Management (CSM) — Standardising the assessment, onboarding, monitoring and performance management of contractors, who represent a significant portion of the total workforce.
• Standards, Rules & Procedures (SR&P) — Developing, reviewing and maintaining Group Health and Safety Standards to ensure they reflect best practices, legal requirements, and operational realities.

These subcommittees operate as standing bodies with defined mandates, meeting cadences and escalation pathways, creating a structured governance architecture that ensures each domain of safety management receives dedicated, expert attention.

The Connected Workers initiative, branded as ‘Rakshak’, represents our commitment to harnessing real-time digital intelligence for frontline safety management. The platform equips frontline workers and supervisors with mobile-enabled tools for safety observations, permit management and hazard reporting, creating a live, data-rich picture of safety conditions at the point of work.

In FY 2025–26, the Rakshak pilot at the Coke Oven unit of Dolvi Works was successfully completed and is now being scaled across the full Dolvi Steel facility, with planned coverage extending to approximately 14,000 personnel, making it one of the most extensive connected worker deployments in the Indian steel industry. In parallel, a pilot deployment was initiated at SMS#2 of Vijayanagar Steel, setting the stage for further Group-wide rollout. The platform enhances ground-level visibility, reduces response times to safety alerts and provides management with actionable data to drive proactive interventions.

Process safety management at complex industrial facilities requires a structured methodology for understanding, monitoring and strengthening the barriers that prevent major accidents. We deployed the Bow-Tie Barrier Management methodology across Vijayanagar, Dolvi, BPSL and Salem, supported by expert-led training programmes. The Bow-Tie model enables the systematic identification of top process safety events, the mapping of preventive and mitigative controls (barriers), and the assessment of barrier effectiveness.

This approach moves safety management beyond incident response towards proactive risk control, ensuring that critical barriers are maintained, tested, and continuously improved. By embedding Bow-Tie analysis into site safety reviews, we have significantly enhanced our ability to prevent major process safety incidents and protect both people and assets.

Contractors represent a substantial proportion of our operational workforce and their safety performance is integral to our Company’s overall safety record. In FY 2025-26, Pre-Qualification Audits (PQA) and CARES (Contractor Assessment and Rating for Excellence in Safety) audits were completed for over 3,500+ contractors.

These audits evaluate contractors against rigorous criteria including safety management systems, training standards, equipment compliance, incident history and supervisory capability. The outcomes drive contractor selection, performance improvement plans and where necessary, deselection of non-compliant vendors. This systematic approach to contractor safety governance ensures that our safety standards are embedded throughout our extended value chain.

Consistent enforcement of safety rules is essential to sustaining a culture of accountability. In FY 2025-26, a Progressive Consequence Management (PCM) framework was standardised across all ISPs and Coated units. The PCM framework establishes a structured, transparent and graduated approach to addressing safety violations from coaching and counselling for minor infractions to stronger measures for repeat or severe violations.

By ensuring that consequences are proportionate, predictable and fairly applied, the PCM framework reinforces the message that safety rules are non-negotiable while also ensuring that interventions are constructive and oriented towards behaviour change rather than punitive. This standardisation eliminates inconsistency across sites and strengthens the integrity of the safety management system.

Positive reinforcement is as important as consequence management in shaping safety behaviour. In FY 2025–26, Groupwide Safety Reward and Recognition Guidelines were established to institutionalise a consistent framework for recognising exemplary safety contributions across all sites. These guidelines ensure that individuals and teams who demonstrate outstanding safety leadership, innovation, or performance are recognised in a timely, meaningful and visible manner-reinforcing the behaviours the organisation seeks to promote and creating role models for the broader workforce.

Our commitment to safety culture is reflected in how we celebrate and engage our workforce on safety themes throughout the year. In FY 2025–26, National Safety Week 2026 was observed across all sites with a rich programme of quizzes, awareness video screenings, safety skits, VR experience sessions and reward-based activities, all aligned to the theme ‘Safety and Well-Being are the Drivers for Crucial Change’. Road Safety Week was similarly observed with targeted campaigns reinforcing road safety awareness for employees and contractors. These events serve not only to commemorate safety milestones but also to sustain year-round momentum and create shared experiences that strengthen collective safety ownership.

Competent Workforce

A Zero Harm workplace can only be achieved when every member of the workforce from senior engineers to entry-level contractors, possesses the technical knowledge, practical skills and behavioural competencies to perform their work safely. Our workforce development strategy is therefore grounded in a continuous cycle of assessment, targeted training and practical reinforcement, ensuring that competence is built, verified and sustained over time. In FY 2025–26, we significantly expanded the scale and sophistication of our workforce development interventions.

In FY 2025–26, over 78,000 workmen underwent structured skill and competency assessments, a transformational increase from the 2,012 assessed in FY 2024–25, reflecting our Company’s decisive commitment to building a comprehensively assessed and verifiably competent workforce. These assessments cover critical safety domains including Lockout Tagout, Work at Height, Scaffolding, Machine Guarding, Conveyor Safety, Electrical Safety, Road Safety, Contractor Safety Management, Confined Space and Crane Safety evaluating both technical knowledge and practical application skills.

The outcomes of these assessments directly inform personalised training interventions, ensuring that skill gaps are addressed in a targeted and resourceefficient manner and that each worker receives the specific development they need to perform their role safely.

Deep technical expertise is essential to the credibility and effectiveness of our safety management system. In FY 2025-26, the Subject Matter Expert (SME) programme launched in July 2024 certified over 3,000 employees across 15 Group Health and Safety Standards, encompassing critical areas including Lockout Tagout, Work at Height, Scaffolding, Machine Guarding and Conveyor Safety, among others.

The programme also certified over 300 ‘Train the Trainer’ (ToT) facilitators, building an internal training infrastructure capable of sustaining and scaling safety competency development without dependence on external resources. This creates a self-reinforcing ecosystem of expertise where certified SMEs and trainers continuously build the capability of their peers and the broader workforce.

Process safety, the discipline of preventing catastrophic incidents arising from the unintended release of energy or hazardous materials, requires a specialised and advanced level of technical competency. In FY 2025-26, we launched a Process Safety Competency Development Programme in strategic partnership with dss+ (formerly DuPont Sustainable Solutions), a globally recognised leader in process safety consulting and training.

This programme focuses on building deep technical capability in process hazard analysis, layer of protection analysis, management of change and process safety auditing, equipping O&M and HSE professionals with the skills to identify and manage process safety risks at our complex, high-hazard manufacturing facilities.

The quality of incident investigation is one of the most significant determinants of an organisation’s ability to prevent recurrence. Superficial investigations that identify proximate causes without addressing underlying systemic factors create a false sense of closure and leave root causes intact. In FY 2025–26, we equipped 119 O&M and HSE professionals with TapRooT^® Advanced Root Cause Analysis (RCA) Team Leader Training, a globally recognised methodology for structured, comprehensive incident investigation.

TapRooT^® provides investigators with a systematic framework for tracing incidents back to their root causes, whether in human factors, management systems, equipment or work environment and developing corrective actions that address these causes at their source. By building this capability internally, we ensure that every significant incident receives a thorough, unbiased investigation that drives genuine learning and lasting improvement.

Traditional classroom-based safety training is often insufficient to prepare workers for the hazards they will encounter in real-world industrial environments. We have addressed this limitation by investing in state-of-the-art Safety Experience Centres at Vijayanagar, Dolvi, BPSL and Salem Works — all of which are now fully operational.

These centres offer immersive, scenariobased training environments that recreate actual workplace hazards, including confined space emergencies, working at height scenarios, electrical safety simulations, and struck-by hazards in a safe, controlled setting. By experiencing hazards in a realistic environment before encountering them on the job, workers develop sharper hazard recognition skills, stronger muscle memory for safe behaviours and a more profound appreciation of the consequences of unsafe actions. A new Safety Experience Centre is under development at Salem to further expand this capability.

We have deployed the Digital Visual Platform (DVP) across our operations in FY 2025–26, enabling real-time applications for PPE violation detection, unauthorised parking, crowd detection and other safety compliance monitoring with AI-generated real-time alerts and automated reports. This technologyenabled approach to safety monitoring provides management with continuous, objective feedback on compliance levels across large, complex operational areas.

Building and sustaining a safety culture requires constant, consistent engagement across the workforce, not just during formal training events or safety week celebrations. We maintain year-round workforce engagement through monthly safety campaigns, toolbox talks, incident review sessions, safety skits and peer-topeer safety conversations.

Continuous engagement has deepened the personal connection of every member of the workforce to safety culture, reinforcing the principle that safety is not a departmental responsibility but a shared commitment at every level of our Company.

Digitalisation and innovation

Technology is a powerful force multiplier for safety management, enabling faster decision-making, broader reach, deeper analytics and more consistent compliance monitoring than is possible through manual processes alone. We have made digitalisation and innovation a defining pillar of our safety strategy, deploying a suite of cutting-edge tools and platforms that are transforming how safety is managed, monitored and learned across our operations.

In FY 2025–26, we achieved a landmark in industrial safety technology with the launch of ‘Abhigyan’ at Dolvi Steel, an industry-first conversational AI tool that provides employees and contract workers with real-time, multilingual access to our integrated safety standards. Abhigyan leverages advanced natural language processing to allow workers to query safety procedures, permit requirements, emergency protocols and regulatory standards in their preferred language, through a conversational interface that requires no technical expertise to use.

This innovation addresses one of the most persistent challenges in industrial safety, ensuring that all workers, including those with limited literacy or digital skills, have immediate access to the information they need to perform their work safely. Abhigyan democratises safety knowledge and eliminates language and literacy barriers as obstacles to safe behaviour.

The Permit to Work (PTW) system is one of the most critical controls for managing high-risk work activities such as confined space entry, hot work, work at height and electrical isolation. Historically, paper-based PTW systems have been prone to errors, delays, inconsistency and loss of documentation, creating significant compliance risks.

In FY 2025-26, we implemented Electronic Permit to Work (E-PTW) systems across key sites, digitising the entire permit lifecycle from application and approval to issuance, extension and closure. E-PTW ensures that all permits are complete, consistent and traceable; that approvals involve the right personnel; and that real-time data on active high-risk work is available to safety managers at all times. The system also enables trend analysis on permit compliance, providing early warning of deteriorating standards before incidents occur.

We deployed the Digital Visual Platform (DVP) across our operations in FY 2025-26, using artificial intelligence and computer vision to provide real-time monitoring of safety compliance across operational areas. DVP applications include automated detection of PPE non-compliance (helmets, vests, gloves, footwear), unauthorised access to restricted areas, unsafe parking and crowd density monitoring in high-risk zones.

The platform generates real-time alerts to supervisors, enabling immediate intervention before unsafe conditions escalate into incidents. Automated reports provide management with objective, site-wide data on compliance trends, enabling targeted interventions and resource allocation. By removing the dependence on manual observation for compliance monitoring, DVP significantly extends the reach and consistency of safety oversight across large, complex facilities.

Virtual Reality (VR) technology enables immersive, experiential safety training that is fundamentally more engaging and effective than conventional classroom instruction. In FY 2025–26, we deployed VR-based training modules covering critical hazard scenarios including Conveyor Safety, Lancing Safety and a range of other high-risk activities with over 11,000 contractor workers trained through 22 Virtual Reality modules during the year.

VR training places workers in a photorealistic simulation of their actual work environment, exposing them to hazard scenarios and emergency situations that would be too dangerous to recreate in reality. Research consistently demonstrates that VR training produces superior knowledge retention, hazard recognition and decision-making under pressure compared to traditional training methods. By integrating VR into its safety training architecture, we are delivering training that not only educates but truly prepares our workforce for the hazards they face.

Sustainability-linked remuneration

At JSW Steel, Environment, Social and Governance (ESG) criteria are embedded in leadership performance evaluations and serve as a critical pillar of executive accountability. ESG forms a mandatory Key Result Area (KRA) for the assessment of our top leadership, including Executive Directors, where it carries a significant weightage of 15% to 20% in their individual KRAs linked to the annual variable payout. This direct alignment between ESG outcomes and executive remuneration reflects our Company’s commitment to responsible value creation and highlights the strategic importance placed on safety, sustainability, equity and governance.

The evaluation of senior leadership includes structured targets across key ESG themes. These outcomes influence compensation decisions and reinforce leadership responsibility for advancing our Company’s sustainability agenda.

Translating ESG themes into measurable performance outcomes

Key KRAs included expediting renewable energy projects of ~1 GW; developing policy to anchor the transition to renewables on the principles of ‘Just Transition’ to create alternative opportunities for those affected by transition (e.g., workers, parts of our supply chain, communities and customers/ consumers) ensuring inclusive progress for employees, communities and partners; driving operational efficiencies through Centres of Excellence to meet defined CO2 emission reduction targets and formulating strategies to minimise the impact of the Carbon Border Adjustment Mechanism (CBAM). Leaders were also accountable for establishing compliance systems aligned with EU product carbon footprint standards.

KRAs included targets related to water stewardship, including reduction of specific water consumption levels.

Executive evaluation included the completion of Human Rights Due Diligence (HRDD) across all integrated steel operations, based on the United Nations Guiding Principles on Business and Human Rights.

Safety remains a non-negotiable performance parameter. Leadership compensation is directly impacted by safety outcomes, with incidents and fatalities serving as negative multipliers in the variable pay structure. Senior executives were accountable for elevating safety culture, improving performance indicators (LTIFR) and contributing to the collective goal of achieving a Zero Harm workplace.

Improve community reach by touching over two million lives across initiatives across education, health & nutrition and skill development for livelihood improvement through JSW Foundation.

In addition, leadership performance assessments included responsibilities related to proactive collaboration with investors, regulators, government entities and civil society organisations, aimed at shaping responsible policies and maintaining high standards of transparency and accountability. Our leadership was also expected to work on initiatives to obtain and maintain ResponsibleSteel™ certification at key sites, positioning our Company as a global sustainability leader.

These ESG-linked measures have been instrumental in driving accountability at the top and aligning executive incentives with creating sustainable long-term stakeholder value. By embedding ESG into how leadership performance is assessed and rewarded, we reinforce our commitment to responsible, inclusive and ethical growth.

Ethics 24*7 helpline

We introduced the Ethics 24*7 Helpline as a confidential platform for reporting misconduct and ethical concerns. Managed by the independent third-party provider Integrity Matters, the service is accessible in multiple languages, including English, Hindi, Tamil, Telugu, Marathi, Kannada and Bengali, enabling wider accessibility and greater inclusivity across the workforce.

Grievance redressal

Our digital human resources support helpdesk facilitates timely resolution of employee queries relating to compensation, benefits, payroll, transfers, reimbursements and performance management. Managed through the Global Business Solutions (GBS) Shared Services Centre, the platform is complemented by digital helpdesks across locations to ensure seamless employee support.

Employee-managed committees

To maintain high standards across transport and canteen services, employee-led committees actively oversee service quality, hygiene and operational effectiveness. These committees help foster a safe, comfortable and employee-friendly workplace environment across locations.

We continue to earn recognition as a workplace where people are empowered to grow, contribute and thrive. During the year, JSW Steel was certified as a Great Place to Work, reaffirming the strength of our people-first culture and our sustained focus on building a high-trust, inclusive and engaging work environment. This recognition reflects our commitment to employee well-being, transparent communication, continuous learning and meaningful career development across our organisation.

Employee feedback remains central to our improvement journey, helping us identify opportunities to strengthen engagement, inclusion and the overall workplace experience. We remain committed to nurturing a rewarding culture where every employee feels valued, supported and inspired to contribute meaningfully to JSW Steel’s growth.

Community liaison and accountability

Dedicated community liaison teams, which include members chosen from Indigenous communities themselves, ensure that communication remains transparent, accessible, and grounded in cultural sensitivity. These teams also serve as the first point of contact for grievance redressal, providing communities with a trusted and accessible channel to raise concerns. Regular evaluations of our Indigenous engagement efforts reinforce accountability and enable us to continuously improve the quality and inclusivity of our approach.