India Ratings and Research Private Limited (Ind-Ra) has assigned a Long-Term and Short-Term Rating of 'IND BBB+' and 'IND A2' respectively, to Jayaswal Neco Industries Limited's (JNIL) bank loan facilities worth ₹700 Crores. The outlook for these ratings remains stable. Ind-Ra also reaffirmed JNIL's Long-Term Issuer Rating at 'IND BBB+' with a stable outlook. This action is supported by JNIL's performance in the first nine months of FY26 (9MFY26), which was in line with expectations, with revenues of ₹51,576 million and an EBITDA margin of 18.46%. This improvement was driven by increased sales volumes and higher capacity utilization following the completion of blast furnace (BF) maintenance and upgrades. JNIL has successfully refinanced its high-cost debt by issuing new, lower-cost Non-Convertible Debentures (NCDs) worth ₹18,000 million, with a coupon rate of 12.50% p.a., maturing in November 2031. Additionally, the company has availed working capital lines of ₹5,000 million from banks at an interest rate of 11.00% p.a., leading to a reduction in the weighted average interest rate and estimated annual savings of around ₹1,100 million. The company's EBITDA improved significantly to ₹9,519 million in 9MFY26 from ₹5,982 million in 9MFY25, with an improved EBITDA margin of 18.46%. Net debt has reduced to ₹20.6 billion from ₹26.1 billion in FY25, and net adjusted leverage has decreased to 1.62x. Ind-Ra expects JNIL's credit profile to further improve in FY27 due to sustained debt reduction, lower interest payments, and healthy operating profitability.