Press Release

Press Release

February 12, 2026

NANDAN STEELS AND POWER LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	165.00	ACUITE A \| Stable \| Assigned	-
Bank Loan Ratings	375.00	ACUITE A \| Stable \| Reaffirmed	-
Bank Loan Ratings	60.00	-	ACUITE A1 \| Reaffirmed
Total Outstanding	600.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed the long-term rating of "ACUITE A (read as ACUITE A)” and the short-term rating of "ACUITE A1 (read as ACUITE A one)" for Rs.435.00 Cr. bank facilities of Nandan Steels and Power Limited (NSPL). The outlook is 'Stable'.

Acuite has assigned the long-term rating of "ACUITE A (read as ACUITE A)” for Rs.165.00 Cr. bank facilities of Nandan Steels and Power Limited (NSPL). The outlook is 'Stable'.

Rationale for Rating
The reaffirmation of the ratings continues to derive comfort from the group’s experienced management, improvement in profitability margins, and its adequate liquidity profile. The scale of operations moderated in FY 2025, primarily on account of a decline in average price realisations. Furthermore, the financial risk profile witnessed moderation due to back-to-back debt-funded capital expenditure undertaken by the group.

Acuite notes that the group has commissioned the backward-integrated facility at Hi-Tech Power and Steel Limited in July 2025 and has begun deriving operational benefits from H2 FY26 onwards. Additionally, the group is in the process of setting up a 70 MW solar power plant under Nandan Steel & Power Limited for captive consumption. The total project cost is Rs. 290 crore, funded through a mix of external debt and infusion of unsecured loans in a ratio of 3:1. The term loan for the project has been fully sanctioned and partially disbursed, with the scheduled date of commencement set for February 1, 2027.

However, the rating remains constrained by the group’s working capital-intensive operations, reflected in high gross current asset (GCA) days, along with susceptibility of profit margins to volatility in raw material prices and cyclical nature of the steel industry.

About the Company

Nandan Steels and Power Limited (NSPL) is the flagship company and currently has three fabrication units & two galvanizing units of 90,000 MTPA two rolling mills for structural steel of 1,40,000 MTPA, Steel melting Shop (MS Billets) of 1,30,000 MTPA, a wire rod manufacturing unit of 1,30,000 MTPA and pipe mill manufacturing unit of 70,000 MTPA. NSPL is a fully functional, integrated, fast moving and automated company. It is created to facilitate and promote the production of steel and steel products for global market. NSPL is a public limited company registered under companies Act-1956 and also registered in DTIC, Raipur (Chhattisgarh). It manufactures M.S. Structural Steel having specialization in M.S. Angles, M.S. Channels, M.S. Joists, H. Beams, Billets and Blooms. Wire rods and fabrications and Galvanising steel structures, TLT tower, OHE sub stations and SPS.

About the Group

Incorporated in 2004, Nandan group was promoted by Mr. Ashok Kumar Agarwal, Mr. Binod Kumar Agarwal, Mr. Sanjay Kumar Kariwalla, Mr. Vikash Kumar Agarwal and Mr. Manish Kumar Agarwal of Raipur, Chhattisgarh. Hi-Tech Power and Steel Limited (HPSL) was incorporated in the year 2000. It has commenced production in 2004 and is engaged in manufacturing of sponge iron, billet, and TMT bars. It has a capacity of 90,000 MTPA of Sponge Iron, Billets of 1,38,000 MTPA and TMT of 1,50,000 MTPA. Its facility located in Raipur (Chhattisgarh). The TMT bars are sold under the brand name ‘Nandan TMT.
Nandan Metallics Private Limited (NMPL), established on April 3, 2023, is a privately held company and is headquartered in Raipur, Chhattisgarh. The company has successfully acquired the manufacturing facility of. C. G Ispat Pvt. Ltd. (CGIPL), also based in Raipur. CGIPL operated a Rolling Mills unit having capacity of 1,00,000 Million tonnes per annum (MTPA), which specialises in the production of various products such as MS Beams, Angled and Channels.

Unsupported Rating

Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

For arriving at this rating, Acuité has consolidated the business and financial risk profiles of Nandan Steels and Power Limited, Hi-Tech Power and Steel Limited (HPSL) and Nandan Metallics Private Limited (NMPL) together referred to as the ‘Nandan Group’ (NG). The consolidation is in the view of common management, parent subsidiary relationship, strong operational linkages between the entities and a similar line of business.

Key Rating Drivers

Strengths

Established track record and skilled promoters with location advantage along with integrated nature of operations
The group is managed by Mr. Ashok Kumar Agarwal, Mr. Binod Kumar Agarwal, Mr. Sanjay Kumar Kariwala, Mr. Vikash Kumar Agarwal, and Mr. Manish Kumar Agarwal from Raigarh (Chhattisgarh), each possessing two decades of experience in the iron & steel industry. Their extensive experience and established operational history have enabled them to foster strong relationships with key suppliers and respected customers nationwide. The diversified product portfolio, featuring Thermo Mechanically Treated (TMT) steel manufacturing, structural products, wire rod, galvanizing units, and fabrication units under the brand name “Nandan,” contributes to their strengths. Acuité derives comfort from the management’s extensive background and anticipates it will drive the company’s steady operational growth moving ahead. Going forward, the group’s revenue is likely to increase significantly soon in addition to the expansion of sales through the regular and expanded channels of dealer distributors.

Improvement in Profitability margins albeit decline in scale of operations
The group reported net revenue of Rs. 2,125.13 crore in FY25 as against Rs. 2,368.23 crore in FY24, reflecting a decline of 10.26% on a year-on-year basis. The moderation in revenues was primarily attributable to a decline in average price realisations during the year. Despite the decline in revenues, the operating margin improved to 7.56% in FY25 from 6.64% in FY24, mainly driven by a relatively sharper decline in raw material prices compared to the reduction in average realisations, which provided support to profitability. Consequently, the net margin witnessed a marginal improvement to 2.36% in FY25 from 2.34% in FY24. The group has recorded net revenue of Rs. 1,914.24 crore till December 2025. Acuite believes that the scale of operations is likely to improve over the near to medium term, supported by improving volumes as reflected in the YTD FY26 performance.

Moderate Financial Risk Profile
The group exhibits a moderate financial risk profile, as reflected in its net worth, gearing, and debt protection metrics. The tangible net worth of the group improved to Rs. 537.28 crore as on March 31, 2025, from Rs. 466.40 crore as on March 31, 2024. The increase was primarily driven by accretion of net profits to reserves and the treatment of unsecured loans from promoters as quasi-equity. The Group’s leverage indicators, however, witnessed deterioration in FY25, with gearing and TOL/TNW increasing to 1.57 times and 2.02 times, respectively, as against 1.32 times and 1.78 times in FY24. The deterioration is mainly attributable to an increase in long-term borrowings undertaken to fund ongoing capital expenditure. Debt protection metrics remained adequate, with ISCR and DSCR standing at 2.56 times and 1.41 times, respectively, in FY25. The return on capital employed (ROCE) stood at 9.75% during FY 25. Acuite believes that the financial risk profile of the group will continue to remain moderate over the near to medium term, supported by an adequate capital structure, albeit impacted by ongoing debt-funded capital expenditure.

Weaknesses

Intensive Working Capital Operations
The group’s working capital operations remain intensive, as reflected by elevated Gross Current Asset (GCA) days of 113 days in FY25, which deteriorated from 84 days in FY24. The intensiveness is primarily driven by a high inventory holding period, which stood at 92 days in FY25. The debtor realisation period, however, witnessed marginal improvement, moderating to 11 days in FY25 from 13 days in FY24. Acuite believes that the group’s working capital cycle is likely to remain at similar levels over the near term, given the inherent nature of its operations.

Cyclical nature of the steel industry and the vulnerability of the margins to the volatility in raw material
The group faces strong competitive forces from both organized and unorganized participants, compounded by the cyclicality inherent in the steel industry. Moreover, the government’s emphasis on steel-intensive sectors like railways and infrastructure increases vulnerability; any prolonged drop in demand would negatively affect steel group’s performance. Furthermore, the fluctuation in prices of raw materials and goods is considerably unstable. The business also contends with rivalry from more affordable imports from Indonesia and China. A substantial rise in imports could detrimentaly affect earnings and quantities, making this a crucial aspect to watch. Hence, the profitability margins remain susceptible towards volatility in raw material prices.

ESG Factors Relevant for Rating

Manufacture of metals has a substantial environmental impact. The production of basic metals is extremely power-intensive. Steel is still produced with blast furnaces, releasing large amounts of carbon dioxide, nitrogen oxide, and particulate matters into the air. However, the company operates a 12MW captive power plant, comprising 6MW of Fluidized Bed Combustion (FBC) and 6MW of Waste Heat Recovery Boilers (WHRB). This plant captures harmful emissions such as carbon dioxide and nitrogen oxide and converts them into green energy, which is then used in the company’s production processes, preventing the release of these pollutants into the air. Additionally, the company is set to launch a 16MW WHRB-based captive power plant by April 2025, further enhancing its green energy production from harmful emissions and contributing to environmental protection. The company also operates a 2MW solar power plant, providing further energy savings. On the social front, ensuring the health and safety of the workforce is a top priority, given the hazardous nature of the industry. Furthermore, ethical business practices, management compensation, and board governance are key considerations within the sector.

Rating Sensitivities

Movement in scale of operations
Elongation in working capital cycle
Timely completion of ongoing capital expenditure

Liquidity Position

Adequate

The group has adequate liquidity profile marked by generating net cash accruals of Rs. 87.96 cr. against maturing debt obligation of Rs. 43.44 cr. The current ratio stood at 1.07 times for FY 25. The average bank limit utilization of fund-based facilities on a consolidated level for last six months ended December 2025 stood at 76.85% and 56.86% non-fund-based utilization. The cash & bank balance stood at Rs. 0.60 cr. Acuite believes that liquidity profile of the group will remain adequate in near to medium term on the account of steady accruals.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	2125.13	2368.23
PAT	Rs. Cr.	50.25	55.40
PAT Margin	(%)	2.36	2.34
Total Debt/Tangible Net Worth	Times	1.57	1.32
PBDIT/Interest	Times	2.56	3.17

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
13 Feb 2025	Cash Credit	Long Term	25.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Cash Credit	Long Term	91.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Covid Emergency Line.	Long Term	4.06	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Covid Emergency Line.	Long Term	1.69	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Cash Credit	Long Term	49.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	2.09	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	12.79	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	0.81	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	19.15	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	37.22	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Proposed Cash Credit	Long Term	0.36	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Cash Credit	Long Term	38.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Covid Emergency Line.	Long Term	11.64	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	7.69	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	27.50	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Term Loan	Long Term	45.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Positive)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
22 Jan 2025	Term Loan	Long Term	10.00	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE A- \| Positive (Assigned)
	Cash Credit	Long Term	25.00	ACUITE A- \| Positive (Reaffirmed)
	Cash Credit	Long Term	91.00	ACUITE A- \| Positive (Reaffirmed)
	Covid Emergency Line.	Long Term	4.06	ACUITE A- \| Positive (Reaffirmed)
	Covid Emergency Line.	Long Term	1.69	ACUITE A- \| Positive (Reaffirmed)
	Cash Credit	Long Term	49.00	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	2.09	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	12.79	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	0.81	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	19.15	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	37.22	ACUITE A- \| Positive (Reaffirmed)
	Proposed Cash Credit	Long Term	0.36	ACUITE A- \| Positive (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A- \| Positive (Reaffirmed)
	Cash Credit	Long Term	38.00	ACUITE A- \| Positive (Reaffirmed)
	Covid Emergency Line.	Long Term	11.64	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE A- \| Positive (Reaffirmed)
	Term Loan	Long Term	27.50	ACUITE A- \| Positive (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)
30 Nov 2023	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	91.00	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	25.11	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	14.99	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.14	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.46	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.96	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	0.34	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	38.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)
05 Sep 2023	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	91.00	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	25.11	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	14.99	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.14	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.46	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.96	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	0.34	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	38.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)
01 Mar 2023	Proposed Cash Credit	Long Term	38.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	7.14	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.46	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.96	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	41.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	61.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE A- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	25.11	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	14.99	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	2.34	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)
16 Feb 2023	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	61.00	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	25.11	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	14.99	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	2.34	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.14	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.46	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.96	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A2+ (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	38.00	Simple	ACUITE A \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	91.00	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	49.00	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2028	7.79	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.36	Simple	ACUITE A \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.90	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	03 Mar 2026	0.90	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	01 Sep 2026	5.16	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Aug 2025	0.81	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2030	16.59	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2030	32.18	Simple	ACUITE A \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2027	4.86	Simple	ACUITE A \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	13.47	Simple	ACUITE A \| Stable \| Reaffirmed
Bajaj Finserv Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	25 May 2030	31.98	Simple	ACUITE A \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	11 Aug 2025	Not avl. / Not appl.	11 Aug 2037	50.00	Simple	ACUITE A \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	11 Aug 2025	Not avl. / Not appl.	11 Aug 2037	50.00	Simple	ACUITE A \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	01 Nov 2025	Not avl. / Not appl.	01 Nov 2037	115.00	Simple	ACUITE A \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No	Company Names
1	Hi-tech Power and Steel Limited
2	Nandan Metallics Private Limited
3	Nandan Steels and Power Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.