TruCap Finance Limited has informed the Exchange about the revision in the Credit Rating.
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Awaiting price reaction for this filing.
TruCap Finance's credit ratings have been severely downgraded by both rating agencies following a payment default. CARE Ratings cut the rating on Rs. 750 crore bank facilities and Rs. 150 crore of Non-Convertible Debentures to 'CARE D' (default category) from 'CARE BB+'. Infomerics downgraded Rs. 185 crore of bank facilities to 'IVR C' from 'IVR BBB' and kept them on watch with developing implications. The trigger was the company's failure to pay Rs. 72.28 crore of interest and principal on NCDs that were due on July 16, 2025, caused by delayed receipt of committed funds from the incoming Marwadi Group promoter and premature NCD redemption requests. The company swung from a Rs. 11.71 crore profit in FY24 to a Rs. 66.61 crore loss in FY25, with gross NPAs rising to 3.69%. The proposed Rs. 50 crore NCD issue rating was withdrawn as the company shelved the fundraising plan.
This is a serious negative event — both agencies have flagged an actual default, which will sharply raise the company's borrowing costs, tighten liquidity further, and signal credit stress to existing debenture holders. Shareholders should expect continued stock price pressure and uncertainty until the Marwadi Group acquisition receives regulatory approval and liquidity stabilises.