Please find attached credit rating assigned to the Company.
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India Ratings & Research affirmed Sunshield Chemicals' long-term bank facility rating at IND BBB+/Stable and upgraded the short-term rating from IND A2 to IND A2+. The rated bank loan facilities stand reduced to Rs. 45 crore from Rs. 100 crore earlier. The upgrade is driven by a Rs. 129.9 crore rights issue in FY26, the proceeds of which were used to fully repay all term debt and unsecured loans from the parent company, leaving the company with no scheduled debt repayments. The company showed strong improvement in credit metrics, with interest coverage rising to 7.19x in 9MFY26 from 3.71x in FY25, while net leverage stood at 2.89x in FY25. Revenue grew to Rs. 365.8 crore in FY25 (up 29% YoY), and 9MFY26 revenue reached Rs. 331.2 crore, with India Ratings projecting 20-22% revenue growth in FY26.
Positive for shareholders — the short-term rating upgrade and debt-free balance sheet reflect stronger financial flexibility and improved liquidity, though ongoing competition from Chinese suppliers and forex risk remain key concerns. The stock may see a modest positive reaction given the deleveraging story.