Reliance Infrastructure Limited has informed the Exchange about Credit Rating
RELINFRA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.9 pts more than Nifty Microcap 250 and 2.5 pts more than its Power peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Ratings upgraded Reliance Infrastructure's credit rating from 'IND D' (default) to 'IND B/Stable/IND A4', a three-notch jump that ends a six-year stretch at the default rating level. The upgrade applies to non-fund-based working capital limits of about INR 18,602 million across banks like Yes Bank, Canara Bank, SBI, and others. The improvement is driven by sharp deleveraging — standalone debt fell from INR 30.6 billion in FY24 to INR 4.7 billion in FY25, funded largely by a INR 30.1 billion warrant issuance (INR 7.5 billion received in FY25, INR 2.25 billion in Q1FY26). The company also settled legacy obligations of subsidiaries, including a final payment via JR Toll Road. Plans are in place to raise another INR 60 billion via FCCBs and a QIP. However, weak financial metrics persist — negative EBITDA, five straight years of net losses, and exposure to ongoing arbitration claims worth over INR 12 billion.
Positive sentiment for the stock — removal of the default tag and three-notch upgrade signal a cleaner credit profile, lower borrowing costs, and improved lender confidence. However, negative EBITDA, stressed subsidiaries, and unresolved arbitration cases still cap the upside until financial performance visibly improves.