JSW Steel has been assigned an Issuer Rating of ‘A-‘ with a Stable Outlook by Rating and Investment Information, Inc. (R&I), a Japanese credit rating agency. The rating reflects JSW Steel’s leading position in the robust Indian steel market, supported by its strong manufacturing capabilities and technological advancements. R&I anticipates continued growth in the Indian steel demand, underpinning JSW Steel’s solid earnings base.
Credit Rating Assigned
Rating and Investment Information, Inc. (R&I) has assigned JSW Steel an Issuer Rating of ‘A-‘ with a Stable Outlook, effective December 23, 2025. This rating reflects R&I’s assessment of JSW Steel’s financial strength and stability in the context of the Indian steel market.
Rationale for the Rating
R&I recognizes JSW Steel as a leading steel manufacturer in India, a country with robust steel demand expected to continue expanding. The rating is supported by:
- Strong capabilities of JSW Steel’s plants.
- Technological prowess in product development.
- Robust economic fundamentals of India, which support the steel industry.
Factors Considered in the Assessment
R&I also considered the following factors in its assessment:
- Managerial independence of JSW Steel despite being an equity-method affiliate of JFE Holdings, Inc.
- Benefits from collaboration with the JFE Group, particularly in product portfolio and technological capabilities.
- Expected firm growth of the Indian economy, driven by domestic demand and economic policy initiatives.
- JSW Steel’s large-scale crude steel production capacity and technological capabilities in the growing Indian market.
- Strong access to domestic and international financial markets.
- Availability of unused credit facilities in addition to cash and short-term investments, limiting liquidity concerns.
Source: BSE
