Brickwork Ratings has reaffirmed the BWR AA (Stable) rating for Jindal Saw’s NCDs aggregating to ₹500.00 Crores. The rating, initially assigned on October 11, 2024, was reviewed and reaffirmed on October 9, 2025. This rating reflects Brickwork Ratings’ ongoing assessment of Jindal Saw’s creditworthiness and the stability of its financial outlook concerning its debt instruments.
NCD Credit Rating Maintained
Brickwork Ratings has reaffirmed the BWR AA (Stable) rating for Jindal Saw Limited’s Non-Convertible Debentures (NCDs), which total ₹500.00 Crores. This decision follows an annual surveillance review of the NCDs. The initial rating was assigned on October 11, 2024, and the reaffirmation was issued on October 9, 2025.
Key Details of the NCDs
The NCDs, with an issue date of 26 Mar 21, carry a coupon rate of 8.25% payable semi-annually. The maturity date is set for 26-Mar-31 and the ISIN is INE324A07179. The tenure of the NCDs is classified as long term.
Rating Validity and Conditions
The rating is valid for one year from October 9, 2025, subject to the terms and conditions agreed upon in the mandate. Jindal Saw is required to keep Brickwork Ratings informed of any developments that could affect the company’s finances or performance. Furthermore, a ‘No default statement’ must be submitted on a monthly basis.
Source: BSE
