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Crisil has upgraded Samrat Pharmachem's credit ratings on its bank facilities worth Rs.30 crore (Cash Credit of Rs.28 crore and Forex Forward of Rs.2 crore from ICICI Bank). The long-term rating moved up from BB+/Stable to BBB-/Stable, and the short-term rating improved from A4+ to A3. The upgrade reflects improved business risk profile, with revenue of Rs.214 crore in 9M FY2025 and operating margin recovering to about 4.7% (Q3 FY2025 saw ~6.5%). The company has a strong capital structure with low debt (gearing of 0.13x and networth of Rs.64.99 crore as of March 2024). Samrat Pharmachem is a 30-year-old iodine derivatives manufacturer based in Ankleshwar, Gujarat, serving pharmaceuticals, FMCG, animal feed and agrochemical sectors.
Positive for shareholders — the upgrade signals improving financial health and lower borrowing costs going forward. Both ratings have moved closer to investment grade, reflecting Crisil's confidence in the company's earnings recovery and debt-free balance sheet.