NACL Industries Limited has informed the Exchange about Credit Rating
NACLIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CRISIL first downgraded the long-term and short-term ratings of NACL Industries (Rs 915 crore bank facilities) and its wholly-owned subsidiary NACL Spec-Chem (Rs 175 crore) to 'CRISIL D' (default category) due to a 5-day delay in principal repayment in March 2025 caused by liquidity stress and lender restrictions on working capital limits. The ratings were simultaneously upgraded back to CRISIL BB+/A4+ (NACL) and CRISIL BB/A4+ (NACL Spec-Chem) and placed on 'Watch Positive' because the company has maintained timely debt servicing for over 90 days post the default. The upgrade outlook is supported by Coromandel International's (Murugappa group) 53.08% stake acquisition completed on August 8, 2025, which lifted working capital restrictions and improved liquidity. Q1 FY26 results showed a strong recovery with total income of Rs 449.53 crore and PAT of Rs 13.04 crore, versus a Rs 50 crore loss in the previous quarter. Note: the previous management was flagged for misrepresenting the default status to CRISIL by submitting a No Default Statement.
The simultaneous restoration of ratings to BB+/A4+ and a 'Watch Positive' outlook is a positive signal for shareholders, reflecting expected financial and operational support from new parent Coromandel International. However, the BB+ rating remains below investment grade, and the historical default episode along with governance concerns (misrepresentation of No Default Statement by old management) may weigh on lender and investor sentiment in the near term.