JSW Steel , one of India's leading steel producers, has announced a significant addition to its senior management team. The company's Board of Directors has approved the appointment of Sandeep Batra as President CHRO-Steel Corporate, effective November 18, 2025.

Extensive Experience in HR

Sandeep Batra brings a wealth of experience to his new role at JSW Steel. With a career spanning 31 years, Batra has developed expertise in human resources across multiple sectors. His diverse background is expected to bring fresh perspectives to JSW Steel's human resource strategies.

Previous Roles

Prior to joining JSW Steel, Batra held the position of Chief People Officer at Adani Airport Holdings Limited and Adani Digital Labs. In this role, he was responsible for leading the people function across three business verticals, including infrastructure and digital business, overseeing eight airports and supporting six joint venture businesses. His experience in managing a workforce of 15,000 employees, including both full-time and contract-based staff, demonstrates his capability in handling large-scale HR operations.

Strategic Appointment

This appointment comes at a time when the steel industry is facing various challenges and opportunities. Batra's extensive experience in HR transformation and talent management is likely to play a crucial role in aligning JSW Steel's human resource strategies with its business objectives.

Implications for JSW Steel

The addition of Sandeep Batra to JSW Steel's senior management team signals the company's commitment to strengthening its human resource capabilities. As the steel industry continues to evolve, effective talent management and HR strategies will be crucial for maintaining competitiveness and driving growth.

JSW Steel's decision to bring in a seasoned HR professional with cross-sector experience suggests a focus on innovative people management practices. This could potentially lead to enhanced employee engagement, improved talent acquisition and retention strategies, and overall organizational development.

As Batra takes on this new role, the steel industry will be watching closely to see how his expertise and leadership may contribute to JSW Steel's human resource practices and overall business performance in the coming years.

India Ratings and Research (Ind-Ra) has affirmed JSW Steel Limited 's (JSWL) Long-Term Issuer Rating and its non-convertible debentures (NCDs) at 'IND AA' while upgrading the outlook to Stable from 'Rating Watch with Developing Implications'. This rating action follows a significant legal development and reflects the company's improving financial metrics.

Key Highlights

• Long-Term Issuer Rating and NCDs affirmed at 'IND AA'
• Outlook upgraded to Stable from 'Rating Watch with Developing Implications'
• Supreme Court upholds JSW Steel's INR 193.50 billion bid for Bhushan Power and Steel Ltd (BPSL)
• Consolidated net adjusted leverage expected to improve from FY26 onwards

Legal Clarity and Operational Continuity

The upgrade in outlook comes after the Supreme Court's judgment on September 26, 2025, which dismissed appeals by erstwhile promoters and certain operational creditors. This ruling upheld JSW Steel's INR 193.50 billion bid to acquire Bhushan Power and Steel Ltd (BPSL) through the corporate insolvency resolution process (CIRP). The court order provides clarity on BPSL's ownership and ensures operational continuity.

Financial Performance and Projections

India Ratings expects an improvement in JSWL's consolidated net adjusted leverage (including acceptances) from FY26 onwards. This positive outlook is supported by:

1. Healthy domestic demand
2. Volume ramp-up from incremental commissioned capacities at Vijayanagar and BPSL
3. Increased backward integration for iron ore and coking coal
4. Reduction in power costs due to increased share of renewable power
5. Higher share of value-added products in the company's sales mix

Recent Financial Metrics

The company's net leverage increased to 4.4x in FY25 due to pricing pressure from low-cost Chinese exports. However, it improved to 3.6x (annualized) in 1HFY26 and is expected to sustain below 3.5x from FY26 onwards.

Expansion Plans and Capex

JSW Steel has outlined significant expansion plans:

• Capex of around INR 761.10 billion over FY26-FY29
• Aim to increase total capacity in India to 42 mtpa by September 2027
• Further expansion to 50 mtpa planned by FY31

The capex includes brownfield capacity expansion in Vijayanagar and BPSL, Dolvi phase III expansion, mining infrastructure development, and expansion of downstream capacity.

Liquidity Position

As of September 2025, JSWL maintained a strong liquidity position:

• Unencumbered cash and cash equivalents: INR 186.00 billion
• Unutilized working capital lines: INR 330.00 billion
• Undrawn term loan: INR 53.00 billion

The company faces scheduled repayments of INR 67.50 billion in 2HFY26, INR 169.00 billion in FY27, and INR 171.00 billion in FY28. India Ratings expects JSWL to refinance part of its debt maturities, given its track record of raising funds through capital markets and banks.

Outlook and Sensitivities

A positive rating action could be triggered if the consolidated net adjusted leverage improves to 2.5x on a sustained basis, coupled with a reduction in refinancing needs. Conversely, negative rating action may occur if there's higher-than-expected debt-funded capex or acquisitions, a substantial decline in capacity utilization and EBITDA per tonne, or if the adjusted net leverage stays above 3.5x on a sustained basis.

JSW Steel's upgraded outlook reflects its strong business profile, improving financial metrics, and strategic expansion plans. The company's ability to maintain its leverage ratios and successfully execute its capex plans will be crucial for its future credit profile.