Affirming the ratings, Fitch said it expects that JSW Infra’s leverage, measured by gross debt/EBITDA, will remain below 3.5x (financial year ending March 2025 (FY25): 2.1x) over the medium term, despite its significant capex plan, with the company maintaining its third-party cargo mix at approximately 40% in the long term.
JSWIL’s strong financial profile is underpinned by solid asset quality, resilient volume and flexibility in phasing its Rs 300 billion capex programme to preserve financial strength. “We expect JSWIL to continue to demonstrate financial discipline in managing leverage when undertaking investments, acquisitions and shareholder returns,” the rating agency said.
JSW Infrastructure had recently gotten a rating of ‘BBB-’ with a Stable Outlook from S&P Global Ratings.
Moody’s Ratings too had affirmed the company’s Corporate Family Rating (CFR) and Senior Secured Bond Rating at ‘Ba1’, while upgrading the outlook to Positive from Stable, reflecting growing confidence in the company’s strategic direction and operational resilience.
JSW Infrastructure in a statement said that these upgrades across global rating agencies underscore the company’s commitment to prudent financial management, sustainable growth, and its pivotal role in India’s port and logistics sector. “The investment grade ratings from Fitch and S&P, along with Moody’s upgrade of our outlook to Positive, are strong validations of JSW Infrastructure’s financial strength, strategic focus, and long-term vision. It empowers us to pursue our ambitious growth agenda with confidence, leveraging global capital efficiently while maintaining a strong balance sheet. It also reinforces investor confidence in JSW Infrastructure’s resilience and long-term vision, enabling us to deliver sustainable value to all stakeholders,” said Lalit Singhvi, Whole-time Director and Chief Financial Officer of JSW Infrastructure.The latest rating places JSW Infrastructure in the elite league of 55 Indian corporates with investment-grade ratings across global agencies which includes Adani Ports, Reliance Industries, Tata Steel, ICICI Bank, HDFC Bank, NTPC, ONGC, and State Bank of India. Notably, the ports and logistics sector has very few names on this list; Adani Ports was the only one until now, with JSW Infra emerging as the second major private port operator in India to achieve this global investment-grade milestone.
JSW Infrastructure’s shares closed 2.21% lower today on the BSE at Rs 296.60.
