KSR Footwear long-term rating upgraded to IND BB+ with stable outlook
KSR · price
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India Ratings upgraded KSR Footwear's long-term bank loan rating from IND BB- to IND BB+ with stable outlook, while affirming short-term rating at IND A4+. Covers INR 360 million facilities (INR 320 million existing plus INR 40 million newly assigned). Upgrade driven by improved EBITDAR margins of 3.08% in 2HFY26 and 6.25% in 1QFY27, and better credit metrics. FY26 revenue stood near INR 2,000 million. Liquidity remains stretched with about 96% fund-based limit use.
Positive credit profile upgrade, though modest scale and stretched liquidity remain concerns for shareholders.