India's Largest Integrated Steel Company Achieves Global Investment Grade Status as Moody's Upgrades Rating to Baa3

Moody's Ratings upgraded JSW Steel's long-term issuer rating to Baa3 with a stable outlook, placing it in global investment grade.

The upgrade follows JSW Steel's net debt reduction from Rs 76,563 crore as of March 31, 2025 to Rs 46,157 crore as of June 30, 2026.

JSW Steel's Net Debt-to-EBITDA ratio improved to 1.46x as of June 30, 2026 from 3.34x as of March 31, 2025.

Moody's expects ramp-up of expansion projects at Vijayanagar and commissioning of Dolvi Phase III expansion to support higher earnings.

JSW Steel had crude steel capacity of 31.9 MTPA in India as of March 31, 2026; including joint ventures, capacity stood at 36.4 MTPA.