Clarification in respect of the rating rationale dated March 30, 2026 issued by CRISIL Ratings Limited ("CRISIL").
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CRISIL Ratings has revised Oval Projects Engineering Ltd's ratings downward, tagging the company as 'Issuer Not Cooperating.' The long-term rating was cut from 'Crisil BB/Stable' to 'Crisil B/Stable' and the short-term rating from 'Crisil A4+' to 'Crisil A4' on bank facilities worth Rs. 30 crore (lenders include HDFC Bank, ICICI Bank, and Indian Bank). The downgrade was triggered because the company did not share financial information or No Default Statements with CRISIL. The company has pushed back strongly, stating that it has been disputing the rating since November 2023 and formally requested withdrawal of the CRISIL mandate, submitting banker No-Objection Certificates in December 2023 and reiterating the request in March 2024. Oval Projects says it never consented to continued publication of the rating and is taking further action to protect its rights.
This is a clear negative signal for shareholders — the downgrade into CRISIL's speculative-grade 'B' category raises borrowing costs and may hurt the company's ability to secure new credit or renew existing bank facilities. The ongoing public dispute with CRISIL adds uncertainty, and retail investors should expect increased volatility and cautious sentiment around the stock.