This is to inform you that, at the request of the Company, Credit Analysis & Research Limited (CARE) has withdrawn the ratings assigned to the Company''s Long Term/Short Term Fund Based ....
MAWANASUG · price
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Mawana Sugars Limited has requested CARE Ratings to withdraw the ratings assigned to its Long Term/Short Term Fund Based Working Capital Facilities. The company is consolidating to two rating agencies — CARE Ratings Limited and ICRA Limited — instead of using only CARE. CARE reaffirmed the company's rating at 'CARE BBB+; Stable' before withdrawing it, citing the company's improved financial performance in FY25, including a reduction in overall gearing from 1.27x to 0.86x and interest coverage improving to 4.32x. The company sold two subsidiaries for Rs.117 crore with proceeds used for debt reduction. The company continues to hold an ICRA rating of BBB+ (stable)/A2 for its Rs.500 crore working capital facilities.
The rating withdrawal at the company's request, rather than due to a downgrade, suggests a routine consolidation of rating providers rather than a credit concern. However, the simultaneous switch to dual rating agencies warrants attention, as it may indicate the company is seeking a second opinion amid mixed financial signals in 9MFY26, where PBILDT margins dropped sharply to 1.38% and the company posted a PAT loss of Rs.25.69 crore.