Everest Industries Limited has informed the Exchange about Credit Rating- Others

EVERESTIND · price

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AI summary

Everest Industries Limited has informed exchanges that ICRA Limited has withdrawn its credit ratings for the company's bank facilities totaling Rs. 440 crore. The withdrawal was at the company's own request with a no objection certificate from bankers. The ratings withdrawn were [ICRA]A(Negative) for Rs. 130 crore cash credit, [ICRA]A2+ for Rs. 250 crore non-fund based limits, and [ICRA]A(Negative)/[ICRA]A2+ for Rs. 60 crore unallocated limits. ICRA stated it does not have information suggesting the credit profile has changed since the last review. The company continues to obtain ratings from CRISIL Ratings. The company's recent financials show operating losses with PAT of Rs. -54.5 crore in 9MFY2026 and deteriorating interest coverage ratio of 1.3 times in FY2025.

Likely market impact

This is a routine administrative change rather than a credit concern. The company voluntarily consolidated its ratings with one agency. Shareholders should note the company still maintains ratings from CRISIL Ratings, and the withdrawal itself does not indicate credit deterioration.