Mukka Proteins Limited has informed the Exchange about Credit Rating- Revision
MUKKA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.1 pts less than Nifty Microcap 250 and 1.8 pts less than its Food Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
CARE Ratings has downgraded Mukka Proteins' long-term/short-term bank facility of ₹480 crore from CARE BBB+; Stable / CARE A2 to CARE BBB; Negative / CARE A3+, with the outlook revised from Stable to Negative. A new long-term bank facility of ₹15 crore has been assigned CARE BBB; Negative. The downgrade follows a sharp elongation in the company's working capital cycle to 226 days in FY25 from 99 days a year earlier, driven by a build-up in inventory to 210 days amid moderating fish meal realisations. Revenue fell about 27% year-on-year in FY25 to roughly ₹1,014 crore, though profit margins improved by around 190 basis points to 10.15%. The Negative outlook reflects CARE's concern over continued pressure on liquidity and debt coverage indicators, even as H1 FY26 showed a 28% revenue rebound.
This is a negative development for shareholders, signalling rising financial stress, stretched working capital, and the possibility of further rating action if inventory is not reduced. The stock may see short-term pressure, though the company remains in investment-grade territory and additional working capital sanction of ₹100 crore since December 2025 offers some liquidity cushion.