India Ratings upgrades LEAP India bank loan ratings to IND A+ with stable outlook
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India Ratings upgraded LEAP India's long-term bank loan rating to IND A+ from IND A and short-term to IND A1+ from IND A1, with stable outlook. The upgrade follows the August 2026 IPO raising Rs 4,800 million equity, of which Rs 3,600 million prepaid debt. FY26 revenue grew 54.8% year-on-year to Rs 7,320.6 million with 49.7% EBITDA margin. KKR is a major shareholder (about 35%); LEAP leads the Indian pallet pooling market.
Positive signal - ratings upgrade reflects stronger balance sheet post-IPO and debt cut, supporting credit profile and growth outlook.