JSW Steel receives 'A-' rating from Japan Credit Rating Agency

JSW Steel Limited announced on December 24, 2025, that Japan Credit Rating Agency, Ltd. (JCR) has assigned Foreign Currency Long Term Issuer Rating and Local Currency Long Term Issuer Rating of 'A-' with a Stable Outlook. This rating reflects JSW's strong profitability, efficient production processes, and favorable domestic business environment. The company is one of India's largest steel manufacturers, holding approximately 17% of the domestic market share in capacity terms.

The rating rationale highlights JSW's strategic partnerships, access to international financial markets, and ability to maintain a sound financial balance despite ongoing capacity expansion efforts. India's steel demand continues to grow by around 10% annually, supported by government policies like the National Steel Policy.

Although JSW experienced a decrease in total income and profits in FY2025 due to falling sales prices, the first half of FY2026 showed a recovery. Domestic sales volumes increased by 14% year-on-year, and improved plant operating rates and lower raw material costs led to a 6.8% rise in revenue to INR 883.0 bn and a 203% increase in net income to INR 38.6 bn. The company's equity ratio has steadily improved, reaching 33.0% by the end of FY2025.