Intimation Of Revision In Credit rating Of The Company
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings has downgraded Waterbase Ltd's credit ratings on bank facilities totaling ₹98.84 crore. The long-term/short-term bank facilities of ₹93.81 crore were downgraded from CARE BBB; Stable/CARE A3+ to CARE BBB-; Stable/CARE A3, and short-term bank facilities of ₹5.03 crore were cut from CARE A3+ to CARE A3. The downgrade is driven by sustained weak financial performance in FY25 and H1FY26, with the company posting cash losses (PAT of -₹18.15 crore in FY25, -₹8.70 crore in H1FY26), a sharp drop in operating income from ₹339.25 crore to ₹277.89 crore, and very low capacity utilization (~13%) at the shrimp feed unit. Gearing has also risen from 0.15x to 0.34x over the period.
Negative for shareholders — the downgrade signals ongoing profitability stress, rising leverage, and weak capacity utilization, which could push up borrowing costs and weigh on the stock. However, the ratings remain investment grade (BBB-), the company has no term debt, and adequate liquidity cushion (~47% working capital limit utilization) limits immediate financial risk.