Mumbai, Jan. 7 -- The agency has also affirmed the company's short-term rating at 'IND A1+'.

India Ratings and Research stated that the outlook revision reflects the agency's expectation of a likely increase in the scale of operations over FY26-FY28 on the back of a sustained improvement in the sales volume, maintaining of the EBITDA per tonne around Rs 20,000, and continued high-capacity utilisation.

The ratings also factor in the JSL group's strong business profile, backed by an increase in the proportion of value-added products, improved group's financial flexibility, sustained comfortable credit metrics and diversified product mix.

It also considers the diversified sourcing strategies that reduce exposure to volatility in nickel pr...