Mumbai, 5^th November, 2025: Evonith Steel¹ has secured a ratings upgrade to ‘AA-; STABLE’ rating by Crisil Ratings.  The rating reflects measures taken by Nithia and the management in turning around the entities behind Evonith Steel and ramping up the production output of the business. The rating highlights the companies have a healthy performance, driven by efficient operations, strategic location in central India with proximity to raw material sources, and a strong financial risk profile.

Key highlights of the business include:

• Increasing of total blast furnace capacity from 0.8 MTPA to 1.4 MTPA in November ‘25;
• Increased volumes and improved realisation allowed for Q1 FY26 revenue of Rs 1,635 Cr, with an EBITDA of INR 301 Cr;
• Construction of a new 0.3 mtpa Ductile Iron (DI) Pipe Plant to be commissioned by Q4 FY26.

Commenting on this milestone, Jai Saraf, Chairman of Evonith Steel, Founder and CEO of Nithia said, “This rating is testament to the work put in by the team ensuring financial discipline at Evonith Steel by maintaining a focus on liquidity, working capital and debt management. We are excited about the future and look forward to strengthening our asset base across the value chain to increase operating capacity while maintaining strict financial discipline.”

Commenting further Rajib Ranjan Guha, Director at Evonith Steel and Partner at Nithia said, “This rating is credit to the prudent nature of capital allocation, ensuring low payback times with focus on ensuring a high level of return on capital employed."