RPSG VENTURES LIMITED has informed the Exchange about Credit Rating- New
RPSGVENT · price
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India Ratings and Research (Ind-Ra) has assigned a long-term rating of IND A- with Stable outlook and a short-term rating of IND A2+ to RPSG Ventures' bank loan facilities of INR 11,550 million. This is the first time the company is being rated. The rating reflects RPSGVL's position as a key holding company of the RPSG Group, with stable income from IT/ITES services to group power utilities, dividend income from subsidiary Firstsource Solutions, and adequate liquidity (INR 1,080 million cash in 9MFY26). However, interest coverage has fallen sharply from 12.8x in FY24 to 2.2x in 9MFY26 as the company raises debt to fund growth-stage subsidiaries in FMCG and sports (including IPL team), with peak debt expected around INR 14,000 million over FY27-FY29.
This is a fresh rating assignment, not an upgrade or downgrade, so direct stock price impact is limited. The IND A- grade (investment grade) is supportive, but the declining coverage ratio and rising reliance on debt to fund loss-making subsidiaries remain key monitorables that could pressure the rating if interest coverage falls below 2.0x.