Jindal Stainless Limited's Nomination and Remuneration Committee approved the grant of 3,80,430 stock options to eligible employees under the JSL – Employee Stock Option Scheme 2023 on May 1, 2026. The grant comprises 1,90,215 Employee Stock Options (ESOPs) priced at Rs. 383.70 each, representing a 50% discount from the closing market price on April 30, 2026, and 1,90,215 Restricted Stock Units (RSUs) at the face value of Rs. 2 each. Each option is convertible into one equity share of Rs. 2 face value. As of March 31, 2026, the company reported 8,31,560 vested options, with 5,15,236 options exercised resulting in ₹ 7,12,20,579.5 realized by the JSL Employee Welfare Trust, while 4,87,180 options had lapsed.

Jindal Stainless Limited Grants 3,80,430 Stock Options Under ESOS 2023

Jindal Stainless Limited's Nomination and Remuneration Committee approved the grant of 3,80,430 stock options to eligible employees under the JSL – Employee Stock Option Scheme 2023 on May 1, 2026. The approval was granted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Grant Details

The total grant of 3,80,430 options comprises two components: 1,90,215 Employee Stock Options (ESOPs) and 1,90,215 Restricted Stock Units (RSUs). Each option is convertible into one equity share of the company with a face value of Rs. 2. The scheme is compliant with SEBI (SBEB) Regulations, 2021.

Pricing Structure

The exercise price for the options follows a two-tier structure. For the ESOPs, the price is set at Rs. 383.70, representing a 50% discount from the closing market price on the National Stock Exchange on April 30, 2026, which was the exchange with higher trading volume. The RSUs are priced at the face value of Rs. 2 per share.

Historical Exercise Data

As of March 31, 2026, the company reported significant activity under the scheme. A total of 8,31,560 options had vested as per the vesting schedule. Of these, 5,15,236 options had been exercised, resulting in 5,15,236 equity shares being issued. The JSL Employee Welfare Trust realized ₹ 7,12,20,579.5 from the vested and exercised options. Additionally, 4,87,180 options had lapsed as of the same date.

Vesting and Exercise Terms

All options upon vesting shall be exercisable during an exercise period of four years. The scheme provides for the manner in which options shall be dealt with, and there is no variation in the terms of the options. The disclosure was made by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless Limited.

S. No. Particulars Details 1 Total Options Granted 3,80,430 (1,90,215 ESOPs + 1,90,215 RSUs) 2 ESOP Exercise Price Rs. 383.70 (50% discount from April 30, 2026 closing price) 3 RSU Exercise Price Rs. 2 (face value) 4 Options Vested (as of March 31, 2026) 8,31,560 5 Options Exercised (as of March 31, 2026) 5,15,236 6 Options Lapsed (as of March 31, 2026) 4,87,180 7 Amount Realized by Trust ₹ 7,12,20,579.5

Jindal stainless has received a Buy rating from HSBC with a target price of ₹800, reflecting the brokerage's positive outlook on the stainless steel manufacturer's growth prospects.

Key Investment Drivers

HSBC's recommendation is anchored on several fundamental factors that position Jindal Stainless favorably in the current market environment:

Investment Factor: Details Target Price: ₹800 Rating: Buy Demand Outlook: Multi-year visibility Growth Drivers: Urbanisation and infrastructure

Demand and Market Dynamics

The brokerage highlights multi-year demand visibility as a cornerstone of their investment thesis. This demand is primarily driven by ongoing urbanisation trends and robust infrastructure growth across India. HSBC expects that demand growth will outpace capacity additions in the stainless steel sector, creating a favorable supply-demand dynamic for established players like Jindal Stainless.

Policy and Financial Strengths

Two additional factors strengthen HSBC's positive stance on the company:

Policy Protection: The company benefits from government policies that provide protection from imports, supporting domestic market share

Strong Balance Sheet: Jindal Stainless maintains a robust financial position that supports sustainable earnings growth

The combination of structural demand drivers, policy support, and financial strength forms the basis of HSBC's optimistic outlook on Jindal Stainless's prospects in the stainless steel industry.

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