Mukka Proteins Limited has informed the Exchange about Credit Rating- Revision

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.