Vikran Engineering Limited has informed the Exchange about Credit Rating
VIKRAN · price
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India Ratings & Research has reaffirmed Vikran Engineering's credit rating at 'A-' for its non-convertible debentures (INR 500 million, down from INR 900 million) and bank loan facilities (INR 4,700 million). However, the rating outlook has been revised from 'Stable' to 'Negative'. The negative outlook reflects concerns that the company's growth phase, particularly investments in new Solar projects, will result in continued cash deployment, an elevated working capital cycle, and potentially constrained cash flows in FY 2026 & FY 2027. The NCD size was reduced from INR 900 million to INR 500 million.
While the rating itself remains at 'A-' (investment grade), the negative outlook signals increased credit risk due to cash flow pressures from expansion activities. Shareholders should monitor the company's working capital and project execution closely over the next two fiscal years.