Evonith Steel announces the raising of INR 1,750 Cr in fresh debt to refinance its existing borrowings. This refinancing is aimed at improving the company’s capital structure by reducing borrowing costs, extending debt tenure and enhancing financial flexibility to support existing and future growth plans. The transaction has been underwritten and syndicated by Standard Chartered and JP Morgan Chase Bank, N.A., Mumbai Branch.

Furthermore, the Company has raised an additional INR 250 Cr of Non-Convertible Debenture’s (NCDs) from HDFC Mutual Fund further bolstering its diversity across the top tier of financial institutions. J.P. Morgan India Private Limited acted as the Structuring Advisor on the NCDs.

The Company earlier announced securing a rating of ‘AA-; STABLE’ by Crisil Ratings which was re-affirmed in March 2026, reflecting the improvement measures taken by the management at the entities behind Evonith Steel. The Company’s previous financing announced in October 2024 has now been fully repaid.

Since acquiring the business in December 2020, Evonith Steel has ensured significant operational improvements resulting in increased production output, successful project completions, and enhanced overall business performance and profitability. This, in turn, has positioned the company strongly for its next phase of growth.

Commenting on the refinancing, Jai Saraf, Chairman, Evonith Steel said, “Our financing strategy is aligned with our long-term vision of building a financially resilient and growth-oriented business. By reducing our cost of capital and extending maturities, we are better positioned to invest in operational excellence, our current and future expansion. At Evonith Steel, we remain focused on building a future-ready organization that creates value for all our stakeholders.”

This financing highlights the company’s healthy performance, strong financial risk profile driven by efficient operations, especially during these volatile times in the global geopolitical environment. The company is now embarking on several new capital expenditure programs to move further downstream across the value chain and increase overall capacity.

Commenting further, Rajib Guha, Director, Evonith Steel said, “These financings have helped significantly lower our financing costs, which has only been achieved due to successful capital allocation which have provided high levels of return on invested capital.”