Mumbai, Aug. 21 -- Crisil Ratings stated that the upgrade reflects an improvement in NSL's business risk profile and financial risk profile, driven by stabilisation and ramp-up of its 3.0 million tonne per annum (MTPA) integrated steel plant at Nagarnar (Chhatisgarh).

The company's operating performance has improved significantly during fiscal 2026, supported by higher capacity utilisation, better operating efficiency, and healthy domestic steel demand.

The capacity utilisation rose to 80% in fiscal 2026, from 50% in fiscal 2025, reflecting successful stabilisation of operations and resolution of initial bottlenecks. This, along with a steady rise in realisations, has led to 60% growth in operating income in fiscal 2026.

The operating ...