India Glycols Limited has informed the Exchange about Credit Rating
INDIAGLYCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings has reviewed India Glycols' (IGL) bank facilities and kept the ratings on 'Rating Watch with Developing Implications' (RWD) across the board. Long-term facilities of Rs 1,229.79 crore retain CARE A- (RWD) and short-term facilities of Rs 850 crore retain CARE A2+ (RWD). The watch status is due to IGL's pending composite scheme of arrangement, under which the biofuels, potable spirits, and bio-pharma businesses will be demerged into separate entities (IGL Spirits and Ennature Bio Pharma), leaving IGL as a pure chemicals and new specialities company. The long-term term loan was reduced from Rs 1,405.31 crore to Rs 1,229.79 crore, while short-term BG/LC limits were slightly enhanced from Rs 846.98 crore to Rs 850 crore. The bank guarantee rating (Rs 72.63 crore) has been withdrawn following no-due certificates from banks. IGL raised Rs 467 crore via a preferential issue in Q3FY26 and used most of it to prepay debt, bringing total debt down to Rs 1,793 crore by January 2026. Net debt/PBILDT is expected to improve to 2.5-3.0x by FY26 end.
No rating upgrade or downgrade in this update - ratings continue on watch pending clarity on the demerger's impact on IGL's standalone financial profile. The watch is 'developing' (could go either way), but aggressive debt prepayment and the absence of major capex point to improving credit metrics. Shareholders should expect some near-term stock volatility until NCLT and other approvals for the demerger come through, expected within six months.