ICRA Upgrades JSW Steel's Long-Term Credit Rating to [ICRA] AA+ with Stable Outlook
ICRA has upgraded JSW Steel's long-term credit rating to [ICRA] AA+ with a stable outlook. This upgrade is driven by significant deleveraging following the BPSL asset slump sale, which generated ~₹37,350 crore in cash inflows. Adjusted net leverage is projected to remain below 2 times in FY2027. The company reported strong FY2026 performance with sales volumes of 29.6 MT.
A higher credit rating can lead to lower borrowing costs, improved access to capital markets, and enhanced investor confidence, which are significant factors for a company with large capital expenditure plans.
The credit rating upgrade by ICRA to AA+ with a stable outlook is a positive development, indicating improved financial health and reduced risk for the company.
JSW Steel Limited has announced that ICRA Limited has upgraded its long-term credit rating to [ICRA] AA+ with a stable outlook. This upgrade reflects a significant strengthening of the company's financial profile, primarily due to deleveraging from the proceeds of the slump sale transaction involving Bhushan Power and Steel Limited’s assets.
The upgrade also considers ICRA's expectation that JSW Steel's financial profile will strengthen further in FY2027, with adjusted net leverage likely to remain comfortable at approximately 2 times. The company reported healthy financial performance in FY2026, with operating profit per metric tonne improving to ₹11,134/MT from ₹8,872/MT in FY2025. Sales volumes reached approximately 29.6 MT, a 12% year-on-year increase.
JSW Steel's established market position, efficient operations, and strategic investments in raw material security are key strengths. The company has substantial capital expenditure plans through FY2031, but its strong execution track record and expected healthy operating cash flows are anticipated to maintain comfortable leverage levels below 2.5 times. The company's liquidity position remains strong, supported by healthy cash reserves and operating cash flows.
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JSW Steel Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by JSW Steel Limited. Read the original for the full detail.