Jindal Steel Odisha ratings upgraded by CARE and ICRA

Jindal Steel Odisha Limited, a key unlisted subsidiary of Jindal Steel Limited, has seen its credit ratings upgraded by both CARE Ratings Limited and ICRA Limited. CARE Ratings upgraded the long-term bank facilities to CARE AA; Stable from CARE AA-; Stable. The long-term/short-term bank facilities also saw their long-term rating upgraded to CARE AA; Stable, with the short-term rating reaffirmed at CARE A1+.

ICRA Limited similarly raised its long-term ratings for Jindal Steel Odisha. The long-term fund-based TL, long-term non-fund based capex LC, and long/short term fund-based working capital facilities were all upgraded to [ICRA]AA (Stable) from [ICRA]AA- (Stable). For the long/short term fund-based working capital facilities, the short-term rating was reaffirmed at [ICRA]A1+.

This announcement, dated October 10, 2025, reflects an improved outlook for Jindal Steel Odisha Limited, as communicated by Damodar Mittal, wholetime director for Jindal Steel Limited.