Disclosure of Credit Rating under Reg 30 of SEBI LODR

India Ratings & Research (Ind-Ra) has affirmed Beekay Steel Industries' existing bank loan facilities rating of 'IND A' with a Stable outlook. The rating covers bank loan facilities of INR 4,230 million (long-term/short-term IND A/Stable/IND A1), with an additional INR 610 million in bank loan facilities assigned the IND A/Stable rating. Ind-Ra cited steady EBITDA from the conversion business, adequate liquidity, and comfortable credit metrics as strengths, while flagging raw material price volatility and customer concentration (Tata Steel-linked entities contribute ~23% of revenue) as concerns. The company's 1HFY26 performance was subdued — revenue of INR 5,485 million and operational EBITDA of just INR 383 million (margin 7.0% vs 11.4% in FY25) — due to a temporary shutdown at a key customer, lower realisations, and under-utilisation of the Cuttack unit. Ind-Ra expects a recovery in 2HFY26, supported by the Cuttack unit ramp-up and higher conversion volumes, with full-year interest coverage likely around 7x and gross leverage below 3.0x.