Navkar Corporation Limited has informed the Exchange about Credit Rating
NAVKARCORP · price
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CRISIL Ratings has reaffirmed Navkar Corporation's credit ratings on total bank loan facilities of Rs 278 crore, keeping the long-term rating at AA-/Stable and the short-term rating at A1+. The rating continues to reflect strong support from parent JSW Infrastructure Ltd (JSWIL), which acquired NCL in October 2024, along with NCL's established market position at JNPT and healthy capital structure (gearing at 0.08x). Revenue grew to Rs 489.76 crore in FY25 from Rs 440.72 crore in FY24, but the company reported a loss of Rs 45.3 crore due to a one-time write-off of Rs 24.38 crore related to reversal of accrued income on long-standing EXIM containers. Weak debt protection metrics (interest coverage at 0.23x) and muted RoCE remain key concerns, while liquidity is supported by expected parent support and moderate bank limit utilization of around 49%.
The rating reaffirmation signals stable credit quality post the JSWIL acquisition and is broadly neutral for shareholders. However, weak profitability and debt protection metrics will remain key areas to monitor, as any sustained losses or large debt-funded capex could pressure the rating outlook.