Intimation regarding change in credit rating by India Ratings & Research Private Limited

Credit rating downgradedCredit rating at junk gradeCredit & Debt View source PDF Explain this filing

Price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.2%Reaction day

₹8.17

prior close

₹7.79

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.1%-1.4% vs market

Housing Finance Company peers, median of 17sector-0.4%-0.8% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 0.8 pts less than its Housing Finance Company peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+4.0

10m

+3.5

15m

+2.7

30m

+2.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.2+0.1-1.4-0.4-0.8

Next day

-3.9-1.1-2.8-0.5-3.4

-8.6-0.9-7.6-0.0-8.6

-12.4-0.7-11.7-0.1-12.2

-16.9-1.8-15.1-2.1-14.7

-20.7-3.9-16.7-3.8-16.9

-24.2-5.5-18.7-4.7-19.6

15d

-46.6-8.7-37.9-7.6-39.0

-49.9-12.3-37.6-11.1-38.8

-7.7+5.4-13.2+3.5-11.2

-9.2+9.0-18.2+1.5-10.7

UpDownMarket · Nifty Microcap 250Sector · Housing Finance Company peers, median of 17Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

India Ratings & Research has downgraded Star Housing Finance's long-term ratings on its bank loan facilities (INR 4,500 million) and non-convertible debentures (INR 2,500 million) to IND D from IND BBB/Stable. The downgrade is due to delays in payment of term loan instalments to at least four lenders in February 2026, though all dues have since been paid. The liquidity strain was triggered by an NCD investor recalling their investment in December 2025 after the CFO's exit, and the company has been unable to fill the CFO role for over six months. The auditor also flagged adverse comments on liquidity in 9MFY26 provisional results, citing delays in salary payments. The rating was previously stable at IND BBB since at least May 2023, making this a sharp multi-notch drop.

Likely market impact

This is a deeply negative signal for shareholders — the rating has fallen to IND D (default category), meaning the company's debt is considered to be in or near default. The company faces ongoing liquidity stress and continued pressure in meeting debt obligations, which could weigh heavily on the stock and signal deeper financial trouble ahead.