Trident Limited has informed the Exchange about Credit Rating
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India Ratings and Research (Ind-Ra) has affirmed Trident Limited's credit rating for proposed Non-Convertible Debentures at 'IND AA' with a 'Stable' outlook. The proposed NCD issuance size is INR 1,250 million (yet to be issued). The rating reflects Trident's healthy consolidated business profile, resilient operating performance with 9MFY26 revenue stable at INR 50.69 billion and EBITDA at INR 6.42 billion, and improving credit metrics with net adjusted leverage at 1.46x. Ind-Ra expects leverage to remain comfortable at 1.50x-1.60x over FY26-FY27 as the company deleverages post-completion of its capacity expansion. Key risks noted include US tariff implications, high customer/geographical concentration (US contributes 40.4% of revenue), and declining paper segment margins.
The rating affirmation at 'IND AA/Stable' signals continued strong creditworthiness and is neutral-to-positive for shareholders, indicating no deterioration in the company's financial health. The proposed NCD issuance of INR 1,250 million will further diversify Trident's funding sources and improve financial flexibility, supporting growth without straining the balance sheet.