Intimation regarding Credit Rating assigned by India Ratings and Research Pvt Ltd.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
India Ratings has assigned a credit rating of IND BBB/Stable/IND A3+ to Northern Spirits' bank loan facilities. This covers a new assignment of INR 700 million and affirmation of the existing INR 1,960 million in facilities (total INR 2,660 million). The outlook was revised from Positive to Stable, though the actual rating tier was affirmed. Revenue grew 57% YoY to INR 19,426 million in FY25, with EBITDA rising to INR 464 million. Net leverage improved to 3.18x from 3.95x, but interest coverage slipped to 2.87x from 3.39x. Liquidity remains stretched, with average working capital limit utilisation around 80%. Revenue is expected to cross INR 20,000 million in FY26.
The removal of the Positive outlook (revised to Stable) signals that further credit improvement is not expected in the near term, which is mildly negative for sentiment. However, the rating affirmation and new INR 700 million facility support the company's growth plans, though continued dependence on bank borrowings for working capital remains a concern.