Shares of Jayaswal Neco Industries gained 2.51% to ₹64.10 on Friday after India Ratings & Research (Ind-Ra) upgraded the company’s Long-term Issuer Rating by two notches, from ‘IND BBB-’ to ‘IND BBB+’ with a stable outlook.
The upgrade reflects the company’s improved financial profile, supported by debt refinancing at lower costs and stronger operational performance. Ind-Ra highlighted that Jayaswal Neco has secured approval to refinance high-cost non-convertible debentures, which is expected to enhance liquidity and reduce interest expenses. The agency also cited higher-than-expected debt repayment and stronger capacity utilization following blast furnace upgrades as key positives.
The rating agency expects the company’s EBITDA margins to remain in the 18–20% range over the medium term, backed by cost efficiencies from captive iron ore mines and operational improvements. Jayaswal Neco also reported a higher debt reduction in FY25 and Q1FY26, lowering leverage levels and improving interest coverage.
At the market level, Jayaswal Neco shares hit a day’s range of ₹62.38 to ₹63.97, compared with the previous close of ₹62.53. The stock’s market capitalization stood at ₹62.08 billion, with shares trading near the upper end of their 52-week range of ₹28.00 to ₹65.50.
