CRISIL upgraded HPL Electric & Power Limited's long-term credit rating to 'CRISIL A+/Stable' from 'CRISIL A/Stable' for ₹1614 Crore bank facilities. Short-term rating was reaffirmed at 'CRISIL A1'. The upgrade reflects expected improvements in the company's business profile and operating margins, driven by healthy growth in the smart meter segment.
Jamna Auto Industries Limited received a credit rating upgrade from ICRA Limited. Long-term ratings for ₹550 Crore bank facilities were upgraded to [ICRA]AA (Stable) from [ICRA]AA- (Positive). Short-term ratings for commercial paper worth ₹100 Crore were reaffirmed at [ICRA]A1+, reflecting improved creditworthiness and a stable financial outlook.
Omnitech Engineering Limited has been assigned credit ratings by CRISIL for its ₹400 Crore bank loan facilities. CRISIL assigned a 'CRISIL A-/Stable' rating for long-term facilities and 'CRISIL A2+' for short-term facilities. These ratings reflect the company's creditworthiness and were officially published on April 15, 2026.
India Ratings & Research reaffirmed Vikran Engineering Limited's 'IND A-' credit rating for its ₹520 Crore debt facilities but revised the outlook to 'Negative'. This revision reflects expected cash flow constraints and elevated working capital needs during the company's current growth phase, primarily driven by new Solar projects.
Acknit Industries Limited announced that ICRA has reaffirmed its long-term credit rating at [ICRA] BBB (Stable) and its short-term rating at [ICRA] A3+ for bank facilities totaling ₹93.22 Crore. The outlook remains stable, reflecting the company's consistent credit profile and maintained banking limits.
Jay Ushin Limited received new credit ratings from India Ratings and Research (Ind-Ra) for its ₹158 Crore bank facilities. Ind-Ra assigned an 'IND BBB/Stable' rating for long-term facilities and 'IND A3+' for short-term facilities, reflecting the company's established market position and technical collaboration with U-Shin Ltd, Japan.
Meghmani Organics Limited's subsidiary, Kilburn Chemicals Limited, has seen its credit rating outlook revised to 'Positive' from 'Negative' by India Ratings & Research. The revision applies to bank loan facilities totaling ₹274.20 Crore (INR 2,742 million), reflecting improved creditworthiness and operational outlook for the subsidiary.
Anlon Healthcare Limited announced that Brickwork Ratings has reaffirmed and subsequently withdrawn the credit ratings for its ₹34.86 Crore bank facilities. The withdrawal follows the closure of term loan facilities and a request from the company. Consequently, the previous rating rationale no longer reflects the company's current financial position.
Hariom Pipe Industries Limited announced that CRISIL Ratings has revised the outlook on its bank facilities. Long-term ratings were placed on 'Watch Developing' (CRISIL A-), and short-term ratings (CRISIL A2+) were also placed on 'Watch Developing', reflecting potential rating adjustments based on evolving circumstances.
Dai-ichi Karkaria Limited has voluntarily withdrawn its credit ratings from CRISIL Ratings Limited for bank facilities totaling ₹25 Crore. The withdrawal follows the company's request as sanctioned limits fell below the bank's requirement for external ratings. CRISIL reaffirmed the ratings at BB+/Stable and A4+ before formal withdrawal upon receiving a No Objection Certificate from Axis Bank.
Innova Captab Limited announced that CARE Ratings has reaffirmed its ratings for ₹466.72 Crore in bank facilities. Long-term facilities of ₹426.72 Crore were reaffirmed at 'CARE A; Positive', while short-term facilities of ₹40.00 Crore were reaffirmed at 'CARE A1'. The rating action reflects a review of recent financial performance.
Auro Laboratories Limited received new credit ratings from Acuite Ratings & Research Limited for ₹79.80 Crore in bank facilities. Long-term facilities were assigned 'ACUITE BB+' and short-term facilities 'ACUITE A4+', both with a 'Stable' outlook. The ratings reflect the promoters' extensive experience and a moderate financial risk profile despite recent capex-related revenue declines.
Viceroy Hotels Limited received assigned credit ratings from CARE Ratings Limited for bank facilities totalling ₹230.33 Crore. Long-term facilities were rated CARE BBB; Stable, while short-term facilities received a CARE A3+ rating. This assignment reflects the company's creditworthiness and stable outlook for its debt obligations.
Brickwork Ratings reaffirmed and subsequently withdrawn the 'BWR D' ratings for RMC Switchgears Ltd's Rs. 42.14 Crore bank facilities. The company requested the withdrawal after initiating steps to close its association with the agency. RMC continues to maintain an active credit rating with Infomerics Valuation and Rating Pvt. Ltd.
Fitch Ratings upgraded Shriram Finance Limited's Long-Term IDR to 'BBB-' from 'BB+' with a Stable outlook. The upgrade follows Mitsubishi UFJ Financial Group's 20% stake acquisition, reflecting improved external support prospects. Short-Term IDR was also upgraded to 'F3', marking the removal of the Rating Watch Positive.
Mangalam Organics Limited announced that CRISIL Ratings has reaffirmed the credit ratings for its bank facilities totaling ₹397 Crore. The long-term rating remains 'CRISIL BBB+' and the short-term rating is 'CRISIL A2', both continuing on 'Rating Watch with Developing Implications'.
SAMHI Hotels Ltd announced that CARE Ratings has assigned and reaffirmed ratings for its bank facilities and subsidiaries. The total rated facilities amount to ₹632.09 Crore, with ratings primarily at 'CARE A+; Stable'. This reflects the company's creditworthiness and stable financial outlook for its banking relationships.
TVS Holdings Limited announced that CRISIL Ratings has re-affirmed its 'CRISIL AA+/Stable' rating on ₹1000 Crore NCDs and withdrawn the rating for ₹650 Crore bank facilities. The withdrawal was at the company's request, while the NCD rating reflects a healthy debt cover and strong credit profile of its subsidiary, TVS Motor Company.
ICRA Limited has reaffirmed the '[ICRA] AAA (Stable)' issuer rating and debt instrument ratings for Maple Infrastructure Trust. The revalidation covers instruments totaling ₹4,050 Crore, including a ₹3,750 Crore term loan. This top-tier rating reflects strong creditworthiness and stable outlook for the trust's financial obligations.
Incredible Industries Ltd faced a credit rating downgrade from Infomerics (IVRPL) for its bank facilities. Long-term ratings moved to IVR BBB-/Negative and short-term to IVR A3, both classified as 'Issuer Not Cooperating' due to non-submission of information. The company maintains valid ratings from Acuité Ratings and is seeking to withdraw the IVRPL ratings.
Exim Routes Limited has been assigned an 'Issuer Rating' of CARE BB+; Stable by Care Ratings Limited. The rating reflects the company's modest scale of operations, satisfactory financial risk profile, and the launch of its ERIS platform. The assigned outlook is stable, indicating expected business growth in the medium term.
Dredging Corporation of India Limited (DCI) had its credit ratings reaffirmed by CareEdge Ratings for ₹669.10 Crore of bank facilities. Ratings for long-term facilities were reaffirmed at CARE BBB+; Stable. The rating reflects the company's strong parentage, growing order book, and continued promoter support despite maintenance-related margin pressures.
UltraTech Cement Limited's credit ratings for its ₹17,100 Crore bank facilities were reaffirmed at 'CARE AAA; Stable / CARE A1+' by CARE Ratings. The rating for its fixed deposit issue was withdrawn as no amount is outstanding. The rating reflects the company's sustained market leadership and robust financial profile.
Akums Drugs and Pharmaceuticals Limited received credit rating updates from ICRA for Rs. 285 Crore in facilities. ICRA reaffirmed the [ICRA]AA (Stable)/[ICRA]A1+ rating for Rs. 85 Crore in working capital limits and assigned a new [ICRA]A1+ rating to a Rs. 200 Crore commercial paper programme, reflecting a strong liquidity position.
Golkunda Diamonds & Jewellery Ltd received a credit rating update from Infomerics for bank facilities totaling ₹49.00 Crore. Long-term facilities were rated IVR BBB-/RWNI, while short-term facilities received IVR A3/RWNI. Both ratings were reaffirmed and placed on 'Rating Watch with Negative Implications' following an enhancement of the facility limits.
Everest Industries Limited announced that ICRA Limited has withdrawn the credit ratings for its bank facilities totaling ₹440.00 Crore. This voluntary withdrawal follows the company's request and receipt of No Objection Certificates from lenders. The company continues to maintain credit ratings from CRISIL Ratings for its bank finances.
Fedbank Financial Services Limited announced that CareEdge Ratings reaffirmed its 'CARE AA+; Stable / CARE A1+' ratings for its instruments. The bank facility limit was enhanced to ₹10,000 Crore from ₹7,500 Crore. The ratings reflect sustained operational improvement and strong parentage support from Federal Bank Limited.
John Cockerill India Limited announced that CARE Ratings has reaffirmed its 'CARE BBB / CARE A3+' ratings for ₹347.50 Crore bank facilities. The ratings remain on 'Rating Watch with Developing Implications' following the completed acquisition of John Cockerill Metals International SA. This status reflects the ongoing monitoring of the acquired business's financial risk profile.
M M Forgings Limited announced that CARE Ratings has reaffirmed its credit ratings for ₹1297.22 Crore in bank facilities. Long-term facilities maintained a 'CARE A; Stable' rating, while short-term facilities were reaffirmed at 'CARE A1'. The rating factors in the company's established track record and healthy business profile.
Brookfield India Real Estate Trust announced that ICRA has reaffirmed its 'ICRA AAA (Stable)' rating for its issuer rating and Non-Convertible Debentures totaling ₹3,500 Crore. Additionally, its ₹1,250 Crore Commercial Paper rating was reaffirmed at 'ICRA A1+'. These top-tier ratings reflect the Trust's strong credit profile and stable outlook.
