JSW Steel Ltd (JSWSTEEL) — Announcement | 3 September 2026

India Ratings upgraded JSW Steel's issuer rating to IND AA+ with a Stable outlook, resolving the Rating Watch with Positive Implications. The upgrade follows a significant INR374 billion cash inflow from the strategic sale of Bhushan Power & Steel's steel business, which reduced consolidated net debt to INR722 billion and improved leverage to 1.93x in Q1FY27. EBITDA per tonne rose 49% YoY to INR15,013, driven by higher volumes and a favorable product mix. The rating action reflects strengthened financial risk profile and improved operational performance, though inherent steel industry cyclicality and forex risks remain.