Steel Exchange India refinances debt, achieves credit rating upgrade

Steel Exchange India Limited (SEIL) announced on October 9, 2025, the successful refinancing of ₹350 crore of its high-cost long-term debt. This strategic move, completed through new facilities from Kotak Mahindra Investments, Oxyzo Financial Services, and Kotak Credit Opportunities Fund, resulted in a substantial reduction in interest rates by approximately 5.50% and an extended repayment tenure of five years until September 2030.

Following this development, CareEdge Ratings Limited upgraded SEIL's credit ratings on October 8, 2025. Non-Convertible Debentures were upgraded from CARE BB-; Stable to CARE BB+; Stable, Long Term Bank Facilities from CARE BB-; Stable to CARE BB+; Stable, and Short Term Bank Facilities from CARE A4 to CARE A4+. These upgrades reflect SEIL's improved operational and financial performance, aided by capacity expansion and reduced overall interest cost from the refinancing.

According to suresh kumar bandi, joint managing director, these actions strengthen the company's financial foundation, ease the interest burden, improve cash flows, and provide flexibility for future growth. The company reported a total operating income of ₹1,144.02 crore and a net profit of ₹25.93 crore for FY25.