Date: September 21, 2026

Credit Rating Reaffirmation Disclosure

Jindal Saw Limited disclosed that CARE Ratings Limited reaffirmed credit ratings for all company instruments and facilities through letters dated September 18, 2026.

Commercial Paper Rating

  • Instrument: Commercial Paper
  • Total Amount: ₹400.00 crore (aggregate outstanding at any point)
  • Rating: CARE A1+ (Reaffirmed)
  • Breakdown: ₹300.00 crore regular Commercial Paper, ₹100.00 crore Commercial Paper (Carved out) reduced from ₹400.00
  • Carved out CP is from sanctioned working capital limits
  • Rating valid for two months until November 18, 2026 if not issued
  • Once placed, rating valid for instrument tenure till redemption

Non-Convertible Debenture Rating

  • Instrument: Non-Convertible Debentures
  • Amount: ₹500.00 crore
  • Rating: CARE AA; Stable (Reaffirmed)
  • Repayment Terms: Repayable by March 26, 2031 in annual installments of ₹166.70 crore starting from March 26, 2029

Issuer Rating

  • Type: Issuer rating
  • Rating: CARE AA; Stable (Reaffirmed)
  • Purpose: Opinion on general creditworthiness of the Company, not specific to any particular debt instrument

Bank Facilities Rating

  • Long Term Bank Facilities: ₹2,123.79 crore - CARE AA; Stable (Reaffirmed)
  • Short Term Bank Facilities: ₹9,000.00 crore - CARE A1+ (Reaffirmed)
  • Total Facilities: ₹11,123.79 crore

Long Term Facilities Details

Term Loans:

  • South Indian Bank Ltd: ₹14.31 crore
  • South Indian Bank Ltd: ₹9.48 crore
  • Total Term Loans: ₹23.79 crore

Fund Based Limits:

  • State Bank of India: ₹950.00 crore (inclusive of eVFS facility worth ₹500 crore)
  • HDFC Bank Ltd: ₹250.00 crore
  • Punjab National Bank: ₹195.00 crore
  • Axis Bank Ltd: ₹150.00 crore
  • ICICI Bank Ltd: ₹125.00 crore
  • Indian Bank: ₹125.00 crore
  • Bank of Baroda: ₹120.00 crore
  • Standard Chartered Bank: ₹60.00 crore
  • Union Bank of India: ₹50.00 crore
  • IndusInd Bank Ltd: ₹50.00 crore
  • RBL Bank Limited: ₹25.00 crore
  • Total Fund Based Limits: ₹2,100.00 crore

Short Term Facilities Details

Non-Fund Based Limits:

  • State Bank of India: ₹2,903.00 crore
  • ICICI Bank Ltd: ₹890.00 crore
  • Punjab National Bank: ₹805.00 crore
  • HDFC Bank Ltd: ₹790.00 crore
  • Indian Bank: ₹735.00 crore
  • Axis Bank Ltd: ₹660.00 crore
  • Union Bank of India: ₹550.00 crore
  • Standard Chartered Bank: ₹527.00 crore
  • Bank of India: ₹350.00 crore
  • Bank of Baroda: ₹325.00 crore
  • RBL Bank Limited: ₹265.00 crore
  • IndusInd Bank Ltd: ₹200.00 crore
  • Total Short Term Facilities: ₹9,000.00 crore

Rating Basis

All ratings were reaffirmed based on recent developments including operational and financial performance of the company for FY26 (Audited) and Q1FY27 (Unaudited).

Rating Conditions and Disclaimers

  • Ratings do not factor in any rating-related trigger clauses that may involve acceleration of payments in case of rating downgrades
  • CARE Ratings reserves right to undertake surveillance/review at least once every year
  • Ratings are not recommendations to buy, sell, or hold any securities
  • Company must provide issue details within 7 days of placing any instrument

Disclosure Compliance

This disclosure is made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015