CARE Ratings Limited has upgraded the long-term credit rating of Jindal Steel Limited to CARE AA+ Stable from CARE AA, reflecting the company’s robust financial profile and prudent capital management. The rating agency also reaffirmed the short-term rating at CARE A1+.
Rating Upgrade Details
The upgrade extends to Jindal Steel’s proposed Non-Convertible Debenture (NCD) issue, which was raised from CARE AA to CARE AA+. Additionally, the long-term bank facilities of Jindal Steel Odisha Limited, a wholly owned subsidiary, were upgraded to CARE AA+ Stable, while its short-term rating remains CARE A1+.
Reasons for Upgrade
According to CARE Ratings, the upgrade is driven by the company’s strong operational performance, disciplined financial management, and continued focus on sustainable value creation. The improved rating is expected to enhance Jindal Steel’s financial flexibility and access to capital for strategic growth.
Company Profile
Jindal Steel Limited is a major integrated steel producer in India, operating a mine-to-metal model with captive resources and advanced manufacturing. The company has invested over USD 12 billion in state-of-the-art facilities in Angul, Raigarh, and Patratu, and maintains operations across India and Africa. Its product portfolio serves core sectors like infrastructure, construction, and manufacturing.
The detailed rating rationale is available in the company’s regulatory disclosures and on its website.
