India Ratings Affirms Jayaswal Neco Industries at IND BBB+/Stable; Assigns Bank Loan Facilities IND BBB+/Stable/IND A2
India Ratings assigned 'IND BBB+' and 'IND A2' to Jayaswal Neco Industries' ₹700 Crore bank loan facilities with a stable outlook. The company's Long-Term Issuer Rating was reaffirmed at 'IND BBB+' stable. This follows strong 9MFY26 performance with revenue at ₹51,576 million and EBITDA margin at 18.46%. JNIL also refinanced ₹18,000 million of debt at a lower cost.
Credit rating upgrades or affirmations are important for a company's financial standing and can influence its ability to raise capital. However, the impact is medium as it's a rating action and not a direct financial result or operational change.
The credit rating agency has assigned positive ratings and reaffirmed the stable outlook, reflecting the company's improved financial performance and successful debt refinancing.
India Ratings and Research Private Limited (Ind-Ra) has assigned a Long-Term and Short-Term Rating of 'IND BBB+' and 'IND A2' respectively, to Jayaswal Neco Industries Limited's (JNIL) bank loan facilities worth ₹700 Crores. The outlook for these ratings remains stable.
Ind-Ra also reaffirmed JNIL's Long-Term Issuer Rating at 'IND BBB+' with a stable outlook. This action is supported by JNIL's performance in the first nine months of FY26 (9MFY26), which was in line with expectations, with revenues of ₹51,576 million and an EBITDA margin of 18.46%. This improvement was driven by increased sales volumes and higher capacity utilization following the completion of blast furnace (BF) maintenance and upgrades.
JNIL has successfully refinanced its high-cost debt by issuing new, lower-cost Non-Convertible Debentures (NCDs) worth ₹18,000 million, with a coupon rate of 12.50% p.a., maturing in November 2031. Additionally, the company has availed working capital lines of ₹5,000 million from banks at an interest rate of 11.00% p.a., leading to a reduction in the weighted average interest rate and estimated annual savings of around ₹1,100 million.
The company's EBITDA improved significantly to ₹9,519 million in 9MFY26 from ₹5,982 million in 9MFY25, with an improved EBITDA margin of 18.46%. Net debt has reduced to ₹20.6 billion from ₹26.1 billion in FY25, and net adjusted leverage has decreased to 1.62x. Ind-Ra expects JNIL's credit profile to further improve in FY27 due to sustained debt reduction, lower interest payments, and healthy operating profitability.
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Jayaswal Neco Industries Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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