JSW Steel Limited has been assigned a Foreign Currency Long Term Issuer Rating and a Local Currency Long Term Issuer Rating of ‘A-’ with a Stable Outlook by Japan Credit Rating Agency, Ltd. (JCR), Japan. The rating agency's release, dated December 24, 2025, highlights JSW Steel's strong cost competitiveness due to its integrated production system and strategic plant locations near iron ore mines. JCR noted JSW Steel's significant domestic market share of around 17% in capacity terms and its supply to diverse industries. The company's partnership with JFE Holdings since 2009, involving a 15% equity investment, was also cited. The rating reflects India's robust economic growth, favorable government steel policies, and JSW Steel's strong profitability, efficient operations, and sound financial balance. Despite a decrease in total income and profits in FY2025 due to falling sales prices, JSW Steel showed a recovery in the first half of FY2026. Revenue increased by 6.8% to ₹883.0 billion (US$883 billion, equivalent to ₹8,830 crore) and net income surged by 203% to ₹38.6 billion (US$38.6 billion, equivalent to ₹386 crore). This was driven by increased domestic sales volumes, improved plant operating rates, and lower raw material costs. JSW Steel continues to pursue capacity expansion, aiming for 51.5 Mtpa by FY2031, while maintaining disciplined financial management. The company's equity ratio has improved to 33.0% as of the end of FY2025. JCR also mentioned JSW Steel's strategic partnerships, including a joint venture with Korea's POSCO HOLDINGS to manufacture steel.