ICRA downgrades Thirumalai Chemicals credit ratings to BBB Negative
TIRUMALCHM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA downgraded Thirumalai Chemicals' long-term rating to BBB (Negative) from BBB+ (Negative) and short-term rating to A3+ from A2 across facilities worth about Rs 1,404.5 crore. Drivers include a sharp rise in US project cost to USD 340 million from USD 255 million, timeline extended to December 2026, and the funding gap to be met via additional debt, increasing leverage ahead of FY27 loan repayments. The company breached lender financial covenants in FY2026 but obtained waivers. Q1FY27 operating profit improved to Rs 32.6 crore from Rs 6.2 crore in Q4FY26.
Negative — higher borrowing costs, stretched liquidity and rising debt; outlook stays Negative with further downgrade risk if US project slips.