Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform you that CARE Rating Limited, the Care Rating Agency has assigned the Credit Rating on Bank Facilities of the company.
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Narmada Gelatines Ltd has received credit ratings from CARE Ratings Limited on its bank facilities totaling Rs. 38 crore. A Rs. 16.40 crore long-term bank facility has been assigned CARE BBB; Stable, and a Rs. 21.60 crore long-term/short-term facility has been assigned CARE BBB; Stable / CARE A3+. These are fresh rating assignments (no prior rating history shown), indicating new bank facilities being rated for the first time. The ratings reflect NGL's 50+ years of gelatine manufacturing track record, healthy profitability with PBILDT margin of 12.28% in 9MFY25, low gearing of 0.19x, and expected synergies from Pioneer Jellice Group's 75% acquisition in June 2023. The ratings are tempered by moderate scale (TOI of Rs. 181.56 crore in FY24), raw material price volatility, and rising competition from vegan alternatives.
The investment-grade BBB rating with a Stable outlook signals financial health and creditworthiness to lenders, which should support borrowing costs. For shareholders, this is largely a neutral event — no rating upgrade or downgrade occurred, but the new ratings provide transparency on the company's recently availed term loans and working capital facilities.