ICRA Limited, vide its Release dated July 30, 2026, has upgraded JSW Steel Limited''s Long-Term Credit Rating to [ICRA]AA+; stable outlook.

Steel Limited Regd. Office: JSW Centre, Bandra – Kurla Complex, Bandra East, Mumbai – 400 051 CIN : L27102MH1994PLC152925 Phone : +91 22 4286 1000 Fax : +91 22 4286 3000 Website : www.jsw.in JSWSL: MUM: SEC: SE: 2026-27/07/27 July 30, 2026 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza, Plot No. C/1, G Block Corporate Relationship Dept. Bandra – Kurla Complex Phiroze Jeejeebhoy Towers Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001. NSE Symbol: JSWSTEEL Scrip Code No.500228 Kind Attn: Listing Department Kind Attn: Listing Department Sub: ICRA Limited upgrades JSW Steel Limited’s Long-Term Credit Rating to [ICRA] AA+, Outlook Stable Dear Sir/Madam(s), Pursuant to Regulation 30(6) and 51(2) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (“Listing Regulations 2015”), we wish to inform you that ICRA Limited, vide its Release dated July 30 2026, has upgraded JSW Steel Limited’s Long-Term credit rating to [ICRA]AA+; stable outlook. Please find below the details of the rating action. Name of Credit Type of Credit Existing Rating Rating Action/ the Rating Rating Revised Rating Company Agency JSW Steel ICRA Long-Term Fund [ICRA] ‘AA’ Upgraded to Limited Limited Based Term Rating watch with [ICRA] ‘AA+’ Stable Loans/ Standby positive Letter of Credit implications Facilities Long-Term/ Long-Term rating Long-Term rating Short-Term - was [ICRA] ‘AA’ Upgraded to [ICRA] Fund Based / Rating watch with ‘AA+’ Stable and Non-Fund Based positive Short-Term rating implications / reaffirmed at Short Term rating [ICRA] A1+ was [ICRA] A1+ Short-Term Fund [ICRA] A1+ Reaffirmed at Based / Non- [ICRA] A1+ Fund Based Facilities Non- Convertible [ICRA] ‘AA’ Upgraded to Debentures Rating watch with [ICRA] ‘AA+’ Stable positive implications Commercial [ICRA] A1+ Reaffirmed at Paper [ICRA] A1+ Steel Limited Regd. Office: JSW Centre, Bandra – Kurla Complex, Bandra East, Mumbai – 400 051 CIN : L27102MH1994PLC152925 Phone : +91 22 4286 1000 Fax : +91 22 4286 3000 Website : www.jsw.in Further as per Regulation 55 of the Listing Regulations 2015 read with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 dated July 11, 2025 as amended, please find below the details of the upgraded credit rating by ICRA Limited in respect of the Non-Convertible Debentures issued by the Company: Sl. ISIN Name Credit Outlook Rating Specify Date No. of the Rating (Stable/ Action other of Credit assigned Positive/ (New/ rating credit Rating Negative/ Upgrade/ action rating Agency No Downgrade/ Outlook) Re-Affirm/ Other) 1 INE019A07415 2 INE019A07423 ICRA [ICRA] Stable Upgrade NA July 3 INE019A08058 Limited ‘AA+’ 30, 4 INE019A07464 Stable 2026 5 INE019A07456 A copy of the Release issued by ICRA Limited covering the rationale for rating action is enclosed herewith. This is for your information and records. Yours faithfully, For JSW STEEL LIMITED Manoj Prasad Singh Company Secretary (In the Interim Capacity) Enclosed: as above July 30, 2026 JSW Steel Limited:Long term rating upgraded to [ICRA]AA+; removed from Rating Watch with Positive Implications and Stable outlook assigned; Short term rating reaffirmed and rating withdrawn for matured NCD Previous Rated Current Rated Financial Sector Instrument* Amount Amount Rating Action Regulator# (Rs. crore) (Rs. crore) [ICRA]AA+ (Stable); upgraded from Long Term – Fund Based - [ICRA]AA; stable outlook assigned Term Loans/Standby Letter 24,614.18 16,270.00 RBI and removed from Rating Watch of Credit Facilities with Positive Implications Short-term Fund-based [ICRA]A1+; reaffirmed RBI 5,047.66 3,599.66 Limits [ICRA]A1+; reaffirmed Short-term Non-fund Based RBI 36,611.00 36,630.68 Limits [ICRA]AA+ (Stable); upgraded from Long-term/Short-term – [ICRA]AA; stable outlook assigned Fund-based/ Non-fund 11,559.34 11,526.34 and removed from Rating Watch RBI Based Limits with Positive Implications/ [ICRA]A1+; reaffirmed Long-term/Short-term – 3,952.82 - - RBI Unallocated Limit [ICRA]AA+ (Stable); upgraded from Non-convertible Debenture [ICRA]AA; stable outlook assigned 7,000.00 7,000.00 SEBI Programme and removed from Rating Watch with Positive Implications [ICRA]AA+ (Stable); upgraded from [ICRA]AA; stable outlook assigned Non-convertible Debenture 875.00 - and removed from Rating Watch SEBI Programme with Positive Implications and withdrawn Commercial Paper 5,000.00 5,000.00 [ICRA]A1+; reaffirmed RBI Programme Total 94,660.00 80,026.68 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale ICRA has upgraded the long-term rating for JSW Steel Limited (JSW) and has also removed the long-term rating from Rating Watch with Positive Implications and assigned a Stable outlook. The resolution of the watch follows the completion of the slump sale transaction involving the transfer of Bhushan Power and Steel Limited’s (BPSL) assets to JSW JFE Steel Limited (JJSL, rated [ICRA]AA (Stable)/[ICRA]A1+), a wholly owned subsidiary of JSW JFE Kalinga Steel Limited (JJKSL). Under the transaction structure, a 50:50 joint venture (JV) has been formed in JJKSL with Japan-based JFE Steel Corporation. The transaction, including JFE’s equity infusion, resulted in gross cash inflows of ~Rs. 37,350 crore to JSW, leading to a significant reduction in consolidated debt. While analysing JSW’s credit profile, ICRA has considered the proportionate share of the expected earnings and leverage of JJKSL’s consolidated financials going forward. The rating upgrade factors in ICRA’s expectation that JSW’s financial profile will strengthen significantly in FY2027, supported by significant deleveraging from the proceeds of the slump sale transaction. The company has already deployed a substantial www .icra .in Sensitivity Label : Public Page | portion of the proceeds towards the prepayment of its outstanding term loans in the current fiscal. Accordingly, the adjusted1 net leverage (net debt/OPBDITA) is likely to remain comfortable at ~2 times in FY2027 under the base-case scenario. Although JSW has large capital expenditure plans over the medium term, its adjusted net leverage is likely to remain comfortable below 2.5 times over the next 3-4 years, thereby supporting its overall credit profile. In FY2026, JSW reported a healthy financial performance, with operating profit per metric tonne (MT) improving to Rs. 11,134/MT from Rs. 8,872/MT in FY2025. The operating performance also improved following the ramp-up of the Vijayanagar facility, leading to sales volumes of ~29.6 MT, representing a 12% year-on-year increase, thereby enhancing the benefits of economies of scale. The financial performance is expected to remain comfortable in FY2027 as well, supported by healthy sales volumes arising from the ramp-up of Blast Furnace 3 (BF-3) at the Vijayanagar plant and the integration of the acquired assets of BMM Ispat Limited (BMMIL). Although domestic hot rolled coil (HRC) prices have moderated in recent months, they are expected to remain higher than the previous year’s levels, supported by healthy domestic demand and the safeguard duty announced in December 2025. While coking coal costs are also expected to remain elevated, their impact is likely to be largely offset by higher steel prices, resulting in a healthy OPBDITA/tonne of over Rs. 11,000/MT in the current fiscal. In Q1 FY2027, higher HRC prices resulted in a sharp improvement in profitability, with OPBDITA/MT increasing to Rs. 15,586/MT, supporting earnings visibility for the current fiscal. In addition, various cost-reduction initiatives undertaken by the management are expected to improve the entity’s operating profits over the medium term. Further, the healthy share of value-added and special p [Showing first 8,000 characters — download PDF for full document]