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CRISIL has downgraded Calcom Vision's ratings on its Rs 50 crore bank loan facilities. The long-term rating has been cut from BBB-/Stable to BB+/Stable, and the short-term rating from A3 to A4+. The downgrade reflects weaker-than-expected performance in fiscal 2025, with revenue now expected at Rs 150-160 crore versus the earlier expectation of Rs 180-200 crore, and operating margin slipping to 7.6% from a prior expectation of 8-10%. Net cash accrual is tight at Rs 6-7 crore against a debt obligation of Rs 6.07 crore. Debt has risen by about Rs 10 crore due to higher capex, pushing gearing above 1x and interest coverage down to 2.5x. Liquidity is stretched with bank limit utilisation around 90% of the Rs 22.5 crore limit. Promoters have stepped in with Rs 4.69 crore equity infusion and are expected to provide around Rs 8 crore in unsecured loans to cushion liquidity. Outlook retained at Stable.
Negative for shareholders — the downgrade signals weaker business and financial risk profiles, tighter liquidity, and likely higher borrowing costs. With the long-term rating now in the speculative (junk) grade category, investor and lender confidence may weaken, and any further slip in cash flows could trigger additional rating action.