India Ratings & Research has assigned/ affirmed credit rating
SANDHAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research has reaffirmed Sandhar Technologies' credit rating at IND AA-/Stable/IND A1+ for its bank loan facilities and affirmed commercial paper at IND A1+. The company has INR 8,050 million in rated bank facilities (INR 7,350 million affirmed + INR 700 million newly assigned) and INR 800 million commercial paper. The rating reflects the company's strong and diversified business profile, healthy revenue growth to INR 48,521 million in FY26 (up from INR 38,845 million in FY25), stable EBITDA margins of 9.0%, and adequate liquidity with 38% average utilisation of working capital limits. Key headwinds include significant revenue concentration (top 2 customers account for 56.1% of revenue) and weak performance at the overseas Barcelona subsidiary. Net adjusted leverage was 2.5x at FY26.
The stable outlook reaffirms Sandhar Technologies' debt obligations remain investment grade with low default risk, supporting the company's ability to access capital markets at favourable rates. The rating validates the company's financial health despite near-term pressures from customer concentration and overseas operations.