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Awaiting price reaction for this filing.
CARE Ratings has reaffirmed its credit ratings on Super Tannery's bank facilities worth ₹108.80 crore in total. Long-term bank facilities of ₹83.50 crore stay at CARE BBB- (Stable), the combined long/short-term facilities of ₹7 crore at CARE BBB-/A3, and short-term facilities of ₹18.30 crore at CARE A3. The ratings reflect the company's experienced promoters, long track record since 1953, diversified export base across 40+ countries, and improving financial profile — FY25 revenue grew 25% to ₹284 crore with overall gearing improving to 0.68x. The Stable outlook signals expected steady performance, but a potential demerger announced on November 12, 2025 remains a key monitorable. H1FY26 saw a slight revenue dip to ₹129.66 crore due to weaker European demand, though margins improved.
The reaffirmation at BBB- with a Stable outlook is a neutral-to-slightly-positive signal — it confirms lenders' confidence in the company's creditworthiness without any change in borrowing costs. Shareholders should watch the pending demerger announcement as it could materially reshape the business structure.