Intimation under regulation 30 of SEBI (LODR), 2015, of credit rating affirmed and assigned by India Ratings & Research Private Limited.
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Awaiting price reaction for this filing.
India Ratings & Research has assigned a new credit rating of IND BBB-/Stable to a Non-Convertible Debenture (NCD) of ₹70 crore (unutilised) and affirmed the existing ratings on another NCD of ₹35 crore and bank loan facilities of ₹200 crore, all with a Stable outlook. The total rated exposure now stands at ₹305 crore across NCDs and bank loans. The rating action date was February 4, 2026, and the existing ratings were previously issued on December 11, 2025. A new NCD instrument has been rated for the first time, while the existing facilities have had their ratings maintained without change.
Neutral to mildly positive — the Stable outlook and affirmation of existing ratings signal unchanged creditworthiness, while the new ₹70 crore NCD rating expands the company's available debt capacity, though it remains unutilised for now. Investors should note BBB- sits just above the speculative-grade threshold, so any future downgrade could materially affect borrowing costs.