Transrail Lighting Limited has informed the Exchange about Credit Rating
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Awaiting price reaction for this filing.
Crisil Ratings has assigned 'AA-/Stable' rating to Transrail's Rs 100 crore Non-Convertible Debentures and 'A1+' rating to its Rs 100 crore Commercial Paper programme. Existing long-term rating of 'AA-/Stable' and short-term rating of 'A1+' on bank facilities have been reaffirmed. The total rated bank loan amount has been enhanced from Rs 6,470 crore to Rs 7,070 crore. Crisil cited a strong order book of Rs 14,733 crore (as of Dec 2025), expected revenue growth of 26-28% in FY26, healthy order pipeline, and improving financial risk profile post-IPO as positives. The company has Rs 480 crore cash, expected annual cash accrual over Rs 450 crore, and comfortable liquidity to meet debt obligations.
Positive signal for shareholders. Reaffirmation of high investment-grade rating (AA-/Stable) and expansion of rated borrowing capacity reflect strong lender confidence in the company's financial health, which should help secure cheaper funding for growth. Watch for the proposed Gammon Engineers acquisition which could impact the financial risk profile.