India Ratings and Research has affirmed Rashtriya Chemicals and Fertilizers Limited's credit rating for its ₹1200 Crore Non-Convertible Debentures at 'IND AA' with a Stable outlook. The affirmation reflects RCF's strong market position and strategic importance to the government.
Rashtriya Chemicals and Fertilizers Limited announced that credit rating agencies ICRA and India Ratings have affirmed the 'AA/Stable' rating for its ₹1200 Crore Non-Convertible Debentures. This affirmation reflects the company's strong market position in the fertiliser segment and continued government support.
India Ratings & Research upgraded Varroc Engineering Limited's long-term bank facility rating to IND AA+/Stable and affirmed IND A1+. Ratings for Commercial Paper were affirmed at IND A1+, while NCD ratings were withdrawn following full repayment. The upgrades reflect the company's improved credit profile and absence of outstanding debenture obligations.
CRISIL upgraded Minda Corporation Limited's long-term credit rating from CRISIL AA-/Positive to CRISIL AA/Stable. The short-term rating was reaffirmed at CRISIL A1+. Additionally, its wholly-owned subsidiary, Minda Instruments Limited, saw its long-term rating upgraded to CRISIL AA/Stable, reflecting improved creditworthiness and financial stability for the group.
CRISIL Ratings has revised the outlook on Sheela Foam Limited's Rs.163.27 Crore bank facilities from 'Stable' to 'Positive' while reaffirming the 'CRISIL AA-' rating. This upgrade reflects improved creditworthiness and strong financial performance expectations for the mattress manufacturer.
Ratnaveer Precision Engineering Limited's credit ratings have been upgraded by Infomerics. Long-term bank facilities (₹388.47 Crore) improved from IVR BBB+/Positive to IVR A-/Stable, and short-term facilities moved from IVR A2 to IVR A2+. This upgrade reflects improved operational and financial performance for FY2025 and 9MFY26.
Asian Energy Services Limited announced that India Ratings & Research has withdrawn the ratings for its ₹125.0 Crore bank loan facilities. This voluntary withdrawal follows a no-objection certificate from lenders. The company's ratings from CRISIL Ratings Limited remain in force as per previous intimations.
Amarjothi Spinning Mills Limited has received a credit rating from CRISIL Ratings for its Rs.55 Crore bank facilities. The agency assigned a 'CRISIL BBB+/Stable' rating for the company's long-term bank facilities, reflecting its creditworthiness and stable outlook.
NCL Industries Limited announced that CRISIL has renewed its credit ratings. The company's Rs. 561.00 Crore bank facilities and Rs. 100.00 Crore fixed deposits received 'CRISIL A / Stable' and 'CRISIL A1' ratings, reflecting stable creditworthiness.
Safari Industries (India) Limited received credit rating confirmation from CRISIL for ₹150 Crore in bank facilities. Long-term ratings were assigned 'CRISIL AA-/Stable' and short-term ratings 'CRISIL A1+', indicating a strong credit profile and stable outlook for the company's debt obligations.
India Ratings and Research (Ind-Ra) has downgraded Khaitan Chemicals and Fertilizers Limited's bank facilities worth ₹536.31 Crore to 'IND BBB-'. The ratings have also been placed on 'Rating Watch with Developing Implications' due to constrained financial flexibility and subdued profitability in the SSP segment amid rising raw material costs and regional conflict.
Solar Industries India Limited received a credit rating upgrade on its outlook from CRISIL Ratings. The ratings for its ₹1,479.50 Crore bank facilities and ₹35 Crore NCDs were reaffirmed at CRISIL AA+, with the outlook revised from 'Stable' to 'Positive' due to improved business risk profiles and defense sector growth.
Jaiprakash Power Ventures Limited announced that CRISIL Ratings Limited has reaffirmed its 'CRISIL BBB/WATCH NEGATIVE' rating for the company's ₹5600 Crore long-term bank facilities. The rating maintains a negative outlook under watch.
CRISIL Ratings has reaffirmed Go Fashion (India) Limited's credit ratings for its ₹225 Crore bank loan facilities. The long-term rating is maintained at 'CRISIL A+/Stable' and the short-term rating at 'CRISIL A1+', reflecting the company's stable credit profile and financial position.
CRISIL reaffirmed Bajaj Electricals Limited's credit ratings at 'CRISIL AA-/Stable' for long-term and 'CRISIL A1+' for short-term bank facilities totaling ₹1,400 Crore. Additionally, a rating for a ₹600 Crore short-term facility was withdrawn at the company's request. These ratings reflect the company's sustained credit profile.
Embassy Office Parks REIT received reaffirmation of its 'CRISIL AAA/Stable' and 'CRISIL A1+' ratings from CRISIL Ratings. The ratings cover ₹11,550 Crore in NCDs and ₹2,000 Crore in Commercial Papers. The assessment reflects the trust's stable revenue from high-quality commercial assets and satisfactory debt protection metrics.
CRISIL Ratings has assigned a 'CRISIL AA+/Stable' rating to Torrent Power Limited's proposed ₹4000 Crore NCDs and re-affirmed the same for ₹4735 Crore of existing NCDs. Ratings for bank facilities and commercial paper were also re-affirmed at 'CRISIL AA+/Stable' and 'CRISIL A1+', respectively, reflecting the company's strong profitability and steady cash flows.
Aditya Birla Fashion and Retail Limited announced that CRISIL Ratings has reaffirmed its 'CRISIL AA+/Stable' and 'CRISIL A1+' ratings for various bank facilities and debt instruments. Certain bank loan ratings were withdrawn at the company's request. This reaffirmation reflects the company's stable credit profile and strong ability to meet financial obligations.
Ajmera Realty & Infra India Limited has been assigned a 'CRISIL A-/Stable' rating by CRISIL Ratings for its ₹500 Crore bank loan facilities. The rating reflects the agency's opinion on the company's creditworthiness and the stability of its long-term financial obligations.
Standard Engineering Technology Limited (SETL) received a credit rating update from CRISIL. Ratings for bank facilities totaling ₹194.50 Crore were reaffirmed at 'Crisil A/Crisil A1', with the long-term outlook revised from 'Stable' to 'Positive' for both SETL and its subsidiary, S2 Engineering Industry Private Limited.
Crisil Ratings Limited has reaffirmed its 'Crisil AA-/Stable' rating for Rs.990 Crore bank loan facilities of ACME Dhaulpur Powertech Private Limited, a subsidiary of ACME Solar Holdings Limited. This reaffirmation reflects the credit agency's stable outlook on the subsidiary's financial position.
Coal India Limited received credit ratings from CareEdge Ratings for its bank facilities totaling ₹14,230.38 Crore. Long-term facilities of ₹8,605.38 Crore were reaffirmed at 'CARE AAA; Stable', while short-term facilities of ₹5,625.00 Crore were reaffirmed at 'CARE A1+'. These top-tier ratings reflect the company's robust creditworthiness and financial stability.
Mahindra & Mahindra Financial Services Ltd announced that CRISIL reaffirmed its 'AAA/Stable' and 'A1+' ratings for various debt instruments. The ratings cover over ₹1,01,121 Crore in rated facilities, including enhanced limits for bank loans and commercial paper. This reaffirmation reflects the company's strong credit profile and stable outlook.
Mahindra & Mahindra Financial Services received reaffirmations of its 'AAA' credit ratings with a stable outlook from India Ratings, CARE, and CRISIL. The ratings cover major instruments including NCDs, bank loans, and commercial paper, reflecting the company's strong credit profile and financial stability.
Viyash Scientific Ltd has been assigned an '[ICRA]AA- (Stable)' rating for its Rs. 185.00 Crore Long-term Fund Based Working Capital Facilities. This rating from ICRA Limited is higher than the company's previous long-term rating of 'IND A/Positive' issued by India Ratings & Research, reflecting improved creditworthiness.
Nexus Select Trust received reaffirmed credit ratings of AAA/Stable from CRISIL and ICRA for its debt instruments totaling ₹5,800 Crore. Key instruments include Non-Convertible Debentures and Commercial Paper, reflecting the highest degree of safety regarding timely servicing of financial obligations.
Mankind Pharma Limited has been assigned credit ratings by CARE Ratings Limited for ₹1,000 Crore in bank facilities. The long-term and short-term facilities received 'CARE AA+; Stable' and 'CARE A1+' ratings respectively. This assignment reflects the company's creditworthiness and stable financial outlook.
Nexus Select Trust received reaffirmed 'CRISIL AAA/Stable' and '[ICRA]AAA(Stable)' ratings for its Non-Convertible Debentures and Commercial Paper totaling ₹5,550 Crore. These top-tier ratings reflect high creditworthiness and safety for timely debt servicing, maintaining strong investor confidence in the Trust's financial stability.
CRISIL has downgraded AGS Transact Technologies Limited's long-term rating for its ₹900 Crore bank facilities to 'CRISIL D (Issuer Not Cooperating)'. This follows the company's non-cooperation in providing requisite information for the rating exercise. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) as per an NCLT order dated August 25, 2025.
Signpost India Limited received a credit rating upgrade from CRISIL for its ₹290 Crore bank facilities. Long-term ratings improved to 'CRISIL A-/Stable' from 'BBB+/Stable', while short-term ratings rose to 'CRISIL A2+' from 'A2'. The upgrade reflects the company's strengthened credit profile and improved financial position.
