Moody’s Upgrades JSW Steel Outlook to Positive on Expansion Plans

📈 Moody’s revised

's outlook to Positive from Stable while affirming its Ba1 ratings, citing robust capacity expansion and growth strategy. Production has grown 20% in 15 months to 35.7 MTPA, with another 20% increase targeted by 2028. Moody’s projects EBITDA/tonne at ₹10,500–10,750, earnings of ₹300B in FY26 and ₹350B in FY27, supported by ramp-ups at Vijayanagar, Salem, Dolvi, and BPSL. Backed by India’s 5–7% steel demand growth, JSW’s scale, earnings visibility, and refinancing ability underpin the positive outlook.