Rating Action Details

  • Moody's assigned Baa3 long-term issuer rating with stable outlook on July 31, 2026
  • Upgraded senior unsecured ratings and guaranteed senior unsecured revenue bonds issued by Jefferson County Port Authority to Baa3 from Ba1
  • Withdrew previous Ba1 corporate family rating

Financial Metrics Improvement

  • Net debt reduced from ₹76,563 crore as of March 31, 2025 to ₹46,157 crore as of June 30, 2026 - reduction of ₹30,406 crore in fifteen months
  • Net Debt/EBITDA improved to 1.81x by March 2026 and further to 1.46x by June 2026, from 3.34x as of March 31, 2025

Recent Rating Upgrades Timeline

  • Fitch upgraded to 'BB+' from 'BB' with Positive outlook on July 6, 2026
  • CARE Ratings upgraded to CARE AA+ from CARE AA on July 8, 2026
  • ICRA upgraded to [ICRA]AA+ from [ICRA]AA on July 30, 2026

Capacity and Expansion Details

  • Crude steel capacity of 31.9 MTPA in India as of March 31, 2026 across Karnataka, Maharashtra, Tamil Nadu and Chhattisgarh
  • Including joint ventures: 36.4 MTPA steelmaking capacity in India
  • 25% capacity expansion over past two years through 5 MTPA brownfield plant and 1.5 MTPA debottlenecking at Vijayanagar
  • 5 MTPA expansion at Dolvi scheduled for commissioning in FY2027-28
  • Target combined capacity of 54.8 MTPA over next four years
  • Vijayanagar plant current capacity 19.5 MTPA, expanding to ~25 MTPA by FY30

Management Commentary

Jayant Acharya, Joint Managing Director & CEO: Recognition of business strength and resilience as India's largest steel producer with cost-competitive multi-location operations. Well positioned to capture India's growing steel demand expected through the decade from infrastructure, construction and industrial activity. Global investment grade strengthens access to international capital markets on more competitive terms.

Swayam Saurabh, Chief Financial Officer: Validation of organizational discipline through full business cycle, conscious shift toward sharper capital allocation, stronger balance sheet, and meaningfully optimized cost of borrowing. Provides firepower to fund growth programme on better terms.

Corporate Background

  • Flagship business of diversified US$ 25 billion JSW Group
  • Strategic collaboration with JFE Steel of Japan for high-value special steel products
  • 4 operations Responsible Steel Certified, over 80% domestic crude steel production covered under Responsible Steel Certified Sites
  • Sustainability targets include 42% CO2 emissions reduction by 2030, net neutral by 2050, no net-loss in biodiversity by 2030, Zero Liquid Discharge