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Awaiting price reaction for this filing.
CARE Ratings has reaffirmed a CARE D rating (the lowest tier, indicating default) on Kallam Textiles' bank facilities. Long-term facilities of Rs 154.14 crore and long-term/short-term facilities of Rs 191.24 crore (total Rs 345.38 crore) both carry a CARE D rating, with the action being a 'reaffirmation' based on FY25 audited and H1FY26 unaudited results. CARE D means the company is either already in default on its debt obligations or expected to default. Major lenders include Indian Bank, Union Bank of India, and Bank of Baroda. The reaffirmation suggests the company has not improved its credit profile since the last review.
This is a deeply negative signal for shareholders. A CARE D rating means the company is struggling to repay its loans, which could lead to tighter lending terms, recovery actions by banks, and continued pressure on the stock. The reaffirmation rather than upgrade confirms the company has not turned around its financial position.