JSW Steel Limited — Credit Ratings, 13-11-2025: Credit Rating- Revision

JSW Steel's Long-Term Issuer Rating and NCDs are affirmed at 'IND AA' by India Ratings. The outlook is now 'Stable', resolving the 'Rating Watch with Developing Implications'. This follows the Supreme Court's clarity on Bhushan Power & Steel ownership (INR 19,350 Cr bid). Ind-Ra anticipates improved leverage from FY26, driven by strong demand, capacity ramp-up, and cost efficiencies.