JSW Cement Limited and its subsidiary, Shiva Cement Limited, have received credit rating upgrades from Crisil Ratings Limited, marking a significant milestone for both companies in terms of their financial standing and creditworthiness.

JSW Cement's Credit Rating Upgrade

JSW Cement Limited received credit rating upgrades from Crisil Ratings Limited across multiple financial instruments. The details are as follows:

Shiva Cement's Credit Rating Revision

Concurrently, Shiva Cement Limited, a subsidiary of JSW Cement, also received a credit rating revision from Crisil Ratings Limited. The details of the rating revision for Shiva Cement's bank loan facilities are as follows:

The total amount of bank loan facilities rated for Shiva Cement stands at ₹1,066.00 crore.

Implications and Outlook

The credit rating upgrades for both JSW Cement and Shiva Cement reflect an improvement in their financial profiles and credit quality. These revisions may potentially lead to:

1. Enhanced credibility in the financial markets
2. Improved ability to raise capital at more favorable terms
3. Increased investor confidence in the companies' financial stability

Both companies have duly informed the stock exchanges about these rating revisions, adhering to the regulatory requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investors and stakeholders can access the detailed rating rationales on Crisil's website for a comprehensive understanding of the factors contributing to these rating actions.

JSW Cement Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the reappointment of Sudhir Maheshwari as a Non-Executive, Non-Independent Director. The voting results, announced on December 30, 2025, demonstrate strong shareholder support for the board restructuring.

Postal Ballot Results

The remote e-voting process concluded on December 27, 2025, at 5:00 PM (IST), with shareholders casting their votes electronically through the National Securities Depository Limited (NSDL) platform.

Director Appointment Details

Sudhir Maheshwari, holding Director Identification Number (DIN) 02376365, has been reappointed to the company's Board of Directors following his earlier resignation in October 2025.

Shareholder Participation Analysis

The postal ballot witnessed significant participation across different shareholder categories, with total shareholders on record date being 4,66,464 as of November 21, 2025.

Regulatory Compliance and Scrutinizer Report

The postal ballot process was conducted in accordance with Section 108 of the Companies Act, 2013, and Regulation 30 and 44(3) of the SEBI Listing Regulations. Meghana Mhatre & Associates, practicing Company Secretaries, served as the scrutinizer for the voting process.

The scrutinizer's report confirmed that the ordinary resolution was passed with the requisite majority under the provisions of the Companies Act. The company has completed all necessary regulatory compliances, including filing e-forms with the Registrar of Companies and making required disclosures to stock exchanges.

Background and Significance

This reappointment comes after Maheshwari's resignation from the board in October 2025, which was linked to JSW Cement's IPO and subsequent listing requirements. The successful postal ballot indicates the company's commitment to maintaining experienced leadership while adhering to post-IPO governance structures.

The overwhelming shareholder support, particularly the unanimous backing from promoters and strong approval from public shareholders, reflects confidence in the director's capabilities and the company's governance approach.