Evonith Steel has secured INR 2,000 crore through debt refinancing and Non-Convertible Debenture (NCD) issuance, the company said in Mumbai on 15 April 2026. The total includes INR 1,750 Cr in fresh debt used to refinance existing borrowings and INR 250 Cr raised through NCDs.

The refinancing was underwritten and syndicated by Standard Chartered and J.P. Morgan Chase Bank, Mumbai Branch. The NCDs were subscribed by HDFC Mutual Fund, with J.P. Morgan India Private Limited acting as structuring advisor.

The company said the refinancing will lower borrowing costs, extend debt tenure, and improve financial flexibility, supporting ongoing operations and planned downstream expansion.

CRISIL Ratings confirmed its ‘AA-/Stable’ rating in March 2026 based on better operations and financial performance after the recent restructuring of the company. It was further reported that the debt raised by the company in October 2024 had been settled in full.

Evonith Steel manufactures steel from an integrated steel plant in Wardha, Maharashtra, with an annual capacity of 1.4 million tonnes. This integrated steel plant includes both Evonith Metallics Limited and Evonith Value Steel Limited and provides hot metal, pig iron and different types of steel products such as hot, cold rolled and galvanized coils.

This refinancing process will improve the financial position of the firm and also minimize its financing expenses.

The company plans to expand downstream manufacturing and increase capacity. The plant’s location near Nagpur provides rail connectivity and access to raw materials, supporting distribution across major markets.

Since acquiring the business in December 2020, Evonith Steel has increased output and improved project execution. The company attributes this to changes in management strategy and capital deployment.

Chairman Jai Saraf and Director Rajib Guha said the financing has lowered borrowing costs and improved returns on invested capital.

The refinancing comes amid continued volatility in global commodity markets and supply chains. In this environment, diversified funding and longer debt tenure can help manage financial risk in capital-intensive sectors.

Planned capital expenditure will focus on value chain integration and capacity expansion. While no specific environmental or social targets were disclosed, such investments are typically linked to efficiency gains in industrial operations.

The transaction marks a balance sheet restructuring aimed at supporting the company’s next phase of growth.