Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ICRA Limited ( ICRA ), vide its Rating Rationale dated May 28, 2025, has revised its rating on Company s Long Term and Short Term Facilities as under: Long-term Fund-based/ Cash credit: Downgraded from [ICRA]A+ (Negative) to [ICRA]A (Negative);Short term Non-fund based limits: Downgraded from [ICRA]A1 to [ICRA]A2+ and Long-term/Short-term unallocated: For Long Term -Downgraded from [ICRA] A+ (Negative) to [ICRA]A (Negative); For Short Term - Downgraded from [ICRA] A1 to [ICRA]A2+
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ICRA Limited has downgraded Everest Industries' credit ratings on its bank facilities effective May 28, 2025. The long-term fund-based/cash credit rating was cut from A+ (Negative) to A (Negative), while short-term non-fund based limits were lowered from A1 to A2+. Unallocated long-term and short-term limits were similarly downgraded by one notch each. The 'Negative' outlook on the long-term rating suggests ICRA sees a possibility of further weakening in the future.
This downgrade will likely increase the company's borrowing costs and may make future loans more expensive. Shareholders should be cautious as the negative outlook signals continued stress on the company's financial profile.