ICRA upgrades Senco Gold rating to A+; new CP rated A1

ICRA upgraded Senco Gold credit ratings: long-term rating raised from A to A+ (Stable) and short-term from A2+ to A1. Ratings reaffirmed across working capital facilities (Rs 2,400 crore), fixed deposit programme (Rs 495 crore), and unallocated limits (Rs 600 crore). New short-term rating A1 assigned for proposed commercial paper issue of Rs 500 crore to support working capital. Upgrade follows 33% revenue growth in FY26 and improved margins (OPM 11.8% vs 5.9% in FY25). Stable outlook reflects strong brand, established market position in eastern India, and adequate liquidity.