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ICRA reaffirms rating of Jindal Steel & Power’s NCD programme

Jindal Steel Ltd. | Steel/Sponge Iron/Pig Iron | Metals & Mining | BSE: 532286 | NSE: JINDALSTEL

15 Mar 2012 Evaluate

ICRA has reaffirmed the ‘AA’ rating assigned to Jindal Steel & Power’s (JSPL) Non Convertible Debenture (NCD) programmes of Rs 500 crore (NCD-I), Rs 1,000 crore (NCD-II), and Rs 1,712 crore (NCD-III), term loans of Rs 11,399.2 crore (enhanced from 9,037.73 crore), fund based limits of Rs 1,000 crore (enhanced from Rs 750 crore) and non-fund based limits of Rs 3,750 crore (enhanced from Rs 3,000 crore).

The credit rating agency has also reaffirmed the short term rating of A1+ assigned to company’s Rs 1,000 crore (enhanced from Rs 750 crore) Commercial Paper/Short Term Debt programme, and Rs 2,000 crore (enhanced from Rs 1,000 crore) short term loans of JSPL. The outlook on the long term rating is stable.

The ratings reaffirmation takes into account JSPL’s competitive cost structure emanating from its integrated operations and access to captive raw materials, its operating efficiencies which, despite a slowdown in the steel industry, have resulted in robust profitability (operating profit margins of 32.2% in 9 months-FY2012) and strong debt servicing indicators. Access to captive raw materials, integrated nature of operations, economies of scale, its operating efficiencies and the resultant cost competitiveness is a protective factor in an industry which is inherently cyclical.

These strengths are however partly offset by JSPL’s moderate capital structure, its significant expansion plans (both at entity and group level), and cyclicality in the sector which is also evident from the recent slowdown in demand for steel products.

The ratings also take into account JSPL’s on-going capex in Angul (Orissa) which involves setting up of coal gasification based Direct Reduced Iron (DRI) plant, the technology which is being implemented for the first time. Thus the company’s ability to successfully implement and stabilize operations of this unit would be critical; some comfort can be derived from the reputed execution agencies involved in the project and JSPL’s track record of successful project execution. Going forward, JSPL’s ability to successfully implement its capex programme in a timely manner, generate commensurate returns from its investments/capex and improve its capital structure will be the key rating sensitivities.

Jindal Steel Share Price

1287.40 17.90 (1.41%)

20-Apr-2026 16:59 View Price Chart

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Jindal Steel	1287.40
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ICRA reaffirms rating of Jindal Steel & Power’s NCD programme

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