Ramkrishna Forgings Limited has informed the Exchange about ICRA Limited - Ratings withdrawn
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ICRA Limited has withdrawn its credit ratings on Ramkrishna Forgings' bank facilities at the company's request, as the same facilities are already rated by India Ratings and Research and CRISIL. The withdrawn ratings covered Rs. 490.05 crore of term loans, Rs. 655 crore of fund-based working capital, Rs. 55 crore of long-term/short-term working capital, and Rs. 330 crore of non-fund based limits, totaling Rs. 1,530.05 crore. The ratings were on 'Watch with Developing Implications' prior to withdrawal, triggered by a Rs. 270.74 crore inventory discrepancy disclosed in April 2025, which reduced FY2025 net worth by Rs. 202.60 crore after tax. To compensate, promoters are infusing around Rs. 205 crore via 9,75,000 warrants at Rs. 2,100 per warrant, approved by shareholders on June 28, 2025. ICRA noted it lacks sufficient information to confirm whether credit risk has changed since the last review.
This is largely an administrative consolidation of rating agencies rather than a fresh credit event, so direct stock impact is limited. However, the underlying inventory discrepancy and pending promoter equity infusion remain overhangs, and the company will now rely solely on India Ratings and CRISIL for its credit profile assessment.