Jindal Steel, subsidiary ratings reaffirmed and upgraded by CARE and ICRA

Jindal Steel Limited announced on October 10, 2025, that CARE Ratings Limited and ICRA Limited have reaffirmed its credit ratings for various bank facilities and non-convertible debentures. CARE Ratings reaffirmed a "CARE AA; Stable" rating for long-term bank facilities and non-convertible debentures, and "CARE A1+" for short-term bank facilities. ICRA Limited similarly reaffirmed "[ICRA]AA (Stable)" for long-term fund-based and non-convertible debentures, and "[ICRA]A1+" for short-term non-fund-based bank facilities.

In a related announcement on the same date, Jindal Steel Odisha Limited, a material unlisted subsidiary, also saw its credit ratings revised. CARE Ratings upgraded its long-term bank facilities from "CARE AA-; Stable" to "CARE AA; Stable," and upgraded its long-term/short-term bank facilities from "CARE AA-; Stable" to "CARE AA; Stable," while reaffirming the short-term rating as "A1+."

ICRA Limited upgraded Jindal Steel Odisha Limited's long-term fund-based and non-fund-based facilities from "[ICRA]AA- (Stable)" to "[ICRA]AA (Stable)." The long-term rating for its long/short-term fund-based and unallocated facilities was upgraded from "[ICRA]AA- (Stable)" to "[ICRA]AA (Stable)," with the short-term rating reaffirmed as "[ICRA]A1+."