Vedanta Arm MEL Secures AA- Rating from CRISIL, Boosts Financial Outlook

• Vedanta's Meenakshi Energy Ltd (MEL) received AA- long-term and A1+ short-term ratings from CRISIL for its bank borrowings.
• The improved rating reflects a stronger credit profile, driven by the refinancing of Non-Convertible Debentures (NCDs).
• MEL achieved positive EBITDA of Rs 83 crore in the first nine months of FY2026, following the full operationalization of its 1,000-MW thermal power plant in Andhra Pradesh.
• The company secured a five-year power purchase agreement with Tamil Nadu Power Distribution Corporation Limited for 300 MW, starting February 2026.
• MEL also established a competitive fuel supply arrangement with Mahanadi Coalfields Ltd (MCL), reducing fuel risk and enhancing margin resilience.