Credit rating downgraded by Infomerics
VIKRAN · price
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Infomerics revised Vikran Engineering credit ratings downward. Fund-based long-term facility rating moved from IVR A minus/Stable to IVR BBB plus/Stable (INR 184.73 Cr). Non-fund based long-term and short-term facility rating moved from IVR A minus/Stable/A2 plus to IVR BBB plus/Stable/A2 (INR 395 Cr). The downgrade cites significant equity funding needs for solar projects, high order book concentration in solar, high working capital intensity, and competitive pressures. Supporting factors include improved scale, healthy order book, comfortable capital structure, and experienced promoters.
Negative signal. Higher borrowing costs likely; equity dilution risk for solar project funding. Stock may see pressure on rating action.