Krystal Integrated Services Limited has informed the Exchange about Credit Rating
KRYSTAL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL has downgraded Krystal Integrated Services' credit ratings on its bank loan facilities totaling Rs.388 crore (enhanced from Rs.288 crore). The long-term rating has been cut from 'Crisil A-/Stable' to 'Crisil BBB+/Negative' and the short-term rating from 'Crisil A2+' to 'Crisil A2', with the outlook revised to Negative. The downgrade is driven by stretched debtors (up to 120 days as of September 2025 vs 83 days a year earlier), rising loans and advances to group companies (Rs.93.21 crore as of December 2025 vs Rs.69.73 crore in March 2025), increased working capital limits utilization, and delays in statutory dues payments. Despite these concerns, the rating continues to factor in Krystal's established market position in facility management, a healthy order book of Rs.2,626 crore, and revenue of Rs.912 crore for the nine months ended December 2025.
Negative signal for shareholders — the rating downgrade and Negative outlook point to weakening business risk profile and liquidity, which could raise future borrowing costs. Existing lenders may tighten terms, and any further stretch in receivables or loans to group companies could trigger another downgrade.