Credit Rating from ICRA Limited-Disclosure Under Regulation-30 of SEBI (LODR) Regulations, 2015.
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Awaiting price reaction for this filing.
ICRA has downgraded Machino Plastics Limited's long-term rating from BBB- (Stable) to BB+ (Stable) and short-term rating from A3 to A4+, covering total bank facilities of Rs. 193 crore. The rating has also been moved to the 'Issuer Not Cooperating' category because the company has not been providing ICRA with adequate information to assess its credit risk. CRISIL had similarly placed the company under 'Issuer Not Cooperating' earlier. The company's financial performance has weakened, with operating income dropping from Rs. 388.8 crore in FY2025 to Rs. 222.9 crore in H1 FY2026, and profit margins shrinking.
This is a significant negative signal for shareholders — the rating downgrade to BB+ (junk/speculative grade) and the 'Issuer Not Cooperating' tag indicates higher credit risk and may make it harder or more expensive for the company to raise new debt. Expect negative stock price reaction and reduced lender confidence.