New Delhi: Infomerics Valuation and Rating Limited has upgraded the Steel Exchange India Limited’s credit ratings after taking into account all relevant recent developments including the operational and financial performance of the Company for FY26 (Audited).
The Long-Term Rating on the Company’s bank loan facilities has been upgraded by two notches, from IVR BBB-/Stable to IVR BBB+/Stable, and the Short-Term Rating has been upgraded from IVR A3 to IVR A2. Alongside the upgrade, the rated bank facilities have been enhanced from ₹200.00 crore to ₹359.63 crore. Infomerics has also upgraded by two notches the rating on the Company’s ₹198.56 crore listed Non- Convertible Debentures from IVR BBB-/Stable to IVR BBB+/Stable, taking the total rated quantum to ₹558.19 crore.
This is the second successive upgrade of the Company’s ratings by Infomerics, following the upgrade announced in December 2025 on the basis of FY25 (Audited) and H1FY26 (Unaudited) performance — reflecting a sustained improvement in the Company’s credit profile across consecutive review cycles. The revised ratings are valid for a period of one year, up to September 21, 2027.
As defined by Infomerics, an IVR BBB rating indicates that instruments carry a moderate degree of safety regarding timely servicing of financial obligations, with moderate credit risk. The ‘+’ modifier reflects a comparatively higher standing within the category. The Stable outlook indicates that the rating is not expected to change significantly in the near term, based on the rating agency’s current assessment.
An IVR A2 short-term rating indicates a strong degree of safety regarding timely payment of financial obligations, with such instruments carrying low credit risk.
