CRISIL downgrades Kalpataru rating to BBB/Stable from BBB+/Stable

CRISIL has downgraded Kalpataru Limited's long-term bank loan rating from Crisil BBB+/Stable to Crisil BBB/Stable, covering total bank facilities of Rs 1,362.94 crore across HDFC Bank, Indian Bank, and PNB Housing Finance. A separate HDFC Bank facility of Rs 383.36 crore was withdrawn at the company's request. CRISIL cited slower-than-expected improvement in financial risk profile due to delayed collections and cash accruals, with debt-to-cash-flow ratio expected to stay above 3.5 times through fiscal 2028. Sales bookings rose 17 percent to Rs 5,280 crore and collections 34 percent to Rs 4,960 crore in fiscal 2026, but remained below estimates. Outlook remains Stable, liquidity is adequate with Rs 959 crore cash.