Credit Rating

Vikran Engineering Credit Rating

Vikran Engineering Limited has received a credit rating update from India Ratings and Research. While the 'IND A-' rating was reaffirmed for ₹5,200 Crore in debt facilities, the outlook was revised from 'Stable' to 'Negative'. This revision signals potential credit risks or deteriorating financial metrics that investors should monitor closely.

Value

₹5,200 Cr

Vikran Engineering Credit Rating

Vikran Engineering Limited has been assigned a new credit rating of 'IND A-/Negative' by India Ratings and Research for its proposed ₹500 Crore non-convertible debentures. This rating provides an independent assessment of the company's creditworthiness for its upcoming debt issuance.

Value

₹500.0 Cr

Popular Vehicles and Services Credit Rating

Popular Vehicles and Services Ltd received a rating extension from CRISIL. The long-term rating is CRISIL A/Stable and short-term is CRISIL A1, valid until March 2027. Additionally, the rated bank loan facilities increased from ₹468 Crore to ₹643 Crore, reflecting the company's expanded credit limits and financial standing.

Value

₹643.0 Cr

Execution

Till 31st March, 2027

Rishabh Instruments Credit Rating

Rishabh Instruments Limited has received a credit rating from CRISIL for its Rs.16.3 Crore bank facilities. CRISIL assigned a 'CRISIL BBB+/Stable' rating for long-term facilities and 'CRISIL A2' for short-term facilities, reflecting the company's creditworthiness and financial stability.

Value

₹16.30 Cr

Execution

Valid till March 31, 2027

Bliss GVS Pharma Credit Rating

Bliss GVS Pharma Limited has been assigned a credit rating of [ICRA]A- (Stable) and [ICRA]A2+ by ICRA Limited for its bank facilities worth ₹100.00 Crore. This rating reflects the company's creditworthiness and stable financial outlook for its fund-based and non-fund-based instruments.

Value

₹100.0 Cr

Andhra Cements Credit Rating

India Ratings & Research has placed Andhra Cements Limited's ₹986.97 Crore bank loan facilities on Rating Watch with Developing Implications. The rating action follows the proposed amalgamation of the company with its parent, Sagar Cements Limited. Currently rated IND BBB/IND A3+, the watch reflects potential restructuring of the group's cement business and debt transfer.

Value

₹987.0 Cr

JMJ Fintech Credit Rating

Acuite Ratings & Research has assigned a 'ACUITE BB' rating with a 'Stable' outlook to JMJ Fintech Limited's ₹25 Crore bank facilities. The rating reflects doubled income and comfortable capitalization in FY25, though offset by a rise in Gross NPA to 5.04%.

Value

₹25.00 Cr

Akme Fintrade (India) Credit Rating

Akme Fintrade (India) Limited received a credit rating upgrade from Acuité Ratings & Research. Long-term ratings for Rs. 855 Crore in bank facilities and NCDs were upgraded to 'ACUITE A-' with a Stable outlook, reflecting sustained loan portfolio growth and healthy capital structure.

Value

₹855.0 Cr

Asahi Songwon Colors Credit Rating

CARE Ratings has reaffirmed Asahi Songwon Colors Ltd's credit ratings at 'CARE A; Positive' and 'CARE A1' for facilities totaling ₹183.07 Crore. The rating reflects the company's established market position and improved profitability in FY25, supported by growth in its pigment and API segments.

Value

₹183.1 Cr

Nahar Poly Films Credit Rating

CARE Ratings has reaffirmed Nahar Polyfilms Limited's credit ratings, assigning 'CARE A; Stable' for enhanced long-term bank facilities of ₹545 Crore and 'CARE A1' for ₹12 Crore short-term facilities. This reaffirmation reflects the company's stable financial position and creditworthiness for its ₹557 Crore total rated debt.

Value

₹557.0 Cr

Embassy Office Parks REIT Credit Rating

Embassy Office Parks REIT received credit rating revalidations from CRISIL and CARE for its Rs. 2,000 Crore Commercial Paper program. Both agencies assigned a 'A1+' rating, indicating a very strong degree of safety regarding timely payment of financial obligations and lowest credit risk.

Value

₹2,000 Cr

Execution

Maximum maturity of one year

Aditya Birla Capital Credit Rating

India Ratings and Research has affirmed Aditya Birla Capital Limited's Long-Term Issuer Rating at 'IND AAA' with a Stable Outlook. The rating agency affirmed or assigned ratings to various instruments, including bank loans and debentures, totalling ₹1,46,279.90 Crore. This affirmation reflects the company's strong creditworthiness and stable financial position.

Value

₹1,46,280 Cr

Vippy Spinpro Credit Rating

Vippy Spinpro Ltd has received assigned credit ratings from Care Edge for Rs. 126.87 Crore in bank facilities from HDFC Bank. The facilities include term loans and fund-based limits rated 'CARE BBB+; Stable' and short-term limits rated 'CARE A2'. This assignment reflects the company's creditworthiness and financial stability for the 2025-2026 period.

Value

₹126.9 Cr

AGS Transact Technologies Credit Rating

India Ratings maintained AGS Transact Technologies' ₹761.10 Crore bank facilities rating at 'IND D(ISSUER NOT COOPERATING)'. The rating reflects non-cooperation and lack of adequate information for surveillance. Additionally, the company is currently under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated August 25, 2025.

Value

₹761.1 Cr

WPIL Credit Rating

WPIL Limited received credit rating reaffirmations and assignments from CARE Ratings for bank facilities totalling ₹1,153.50 Crore. Long-term facilities were rated CARE A+; Stable, while short-term facilities received a CARE A1+ rating, reflecting the company's stable credit profile.

Value

₹1,154 Cr

DCM Shriram Industries Credit Rating

CARE Edge Ratings has downgraded DCM Shriram Industries Ltd's long-term bank facilities and fixed deposits to 'CARE A-; Stable' and short-term facilities to 'CARE A2+'. The ratings were removed from 'Rating Watch with Negative Implications' following a review of FY25 performance and the NCLT-approved Composite Scheme of Arrangement.

Value

₹467.8 Cr

Execution

36 months (Fixed Deposit tenure)

Ahluwalia Contracts (India) Credit Rating

CARE Ratings has reaffirmed Ahluwalia Contracts (India) Ltd's credit ratings at 'CARE AA-; Stable' for Rs. 3,140 Crore in bank facilities. Long-term facilities were enhanced to Rs. 186 Crore, while combined long/short-term limits rose to Rs. 2,954 Crore, reflecting stable operational and financial performance.

Value

₹3,140 Cr

PTC India Financial Services Credit Rating

PTC India Financial Services (PFS) received credit rating updates from CRISIL. Ratings for NCDs and Term Loans were reaffirmed at 'CRISIL A' and removed from 'Rating Watch', though the outlook remains 'Negative'. Short-term ratings were reaffirmed at 'CRISIL A1'. These updates reflect the agency's current assessment of the company's creditworthiness and operational outlook.

Dreamfolks Services Credit Rating

Dreamfolks Services Limited received a credit rating affirmation from CRISIL for its Rs.145 Crore bank facilities. The long-term rating is maintained at CRISIL BBB-/Stable and the short-term rating at CRISIL A3. The ratings remain valid until September 30, 2026, reflecting the company's creditworthiness for its debt obligations.

Value

₹145.0 Cr

Execution

Valid till September 30, 2026

RPSG Ventures Credit Rating

India Ratings assigned 'IND A-'/Stable/'IND A2+' ratings to RPSG Ventures Limited's ₹1,155 Crore bank loan facilities. The rating reflects the company's strategic importance within the RP-Sanjiv Goenka Group and stable income from IT services and subsidiary dividends.

Value

₹1,155 Cr

Mindspace Business Parks REIT Credit Rating

Mindspace Business Parks REIT received credit rating reaffirmations from ICRA Limited. The REIT's Issuer Rating and ₹9,040 Crore Non-Convertible Debentures maintained an [ICRA]AAA (Stable) rating, while its ₹2,500 Crore Commercial Paper program was reaffirmed at [ICRA]A1+. These top-tier ratings reflect the entity's strong creditworthiness and stable financial outlook.

Value

₹11,540 Cr

ZF Steering Gear (India) Credit Rating

ZF Steering Gear (India) Ltd's subsidiary, DriveSys Systems Private Limited, has been assigned credit ratings by ICRA. The agency assigned [ICRA]BBB+(Stable)/[ICRA]A2 for its Rs. 58 Crore bank limits and [ICRA]BBB+(Stable) for its Rs. 80 Crore term loan. This initial rating indicates a stable outlook for the subsidiary's debt facilities.

Value

₹138.0 Cr

Indian Sucrose Credit Rating

Indian Sucrose Ltd received a credit rating reaffirmation from Infomerics for bank facilities totaling ₹200 Crore. Long-term facilities were reaffirmed at IVR BBB-/Stable, while short-term facilities maintained an IVR A3 rating, reflecting steady profitability and comfortable capital structure despite cyclical industry risks.

Value

₹200.0 Cr

KVS Castings Credit Rating

KVS Castings Limited has been assigned a 'Crisil BBB-/Stable' long-term rating and a 'Crisil A3' short-term rating by Crisil Ratings Limited for its Rs. 80 Crore bank loan facilities. This rating assignment reflects the agency's current opinion on the company's creditworthiness and ability to meet financial obligations.

Value

₹80.00 Cr

Vibhor Steel Tubes Credit Rating

Vibhor Steel Tubes Limited secured a CRISIL 'BBB+/Stable/A2' rating for its ₹100 crore bank facilities. The rating reflects the promoters' extensive experience and revenue visibility from an agreement with Jindal Pipes. This enhancement in credibility supports the company's expansion plans, including its recently operationalized 156,000 MTPA Odisha facility.

Value

₹100.0 Cr

Maan Aluminium Credit Rating

Maan Aluminium Ltd has received a credit rating reaffirmation from ICRA Limited for its Rs. 105.00 crore bank facilities. The Long-Term rating is [ICRA]BBB+ (Stable) and the Short-Term rating is [ICRA]A2. This reflects the company's stable creditworthiness and consistent debt-servicing capability.

Value

₹105.0 Cr

Pace Digitek Credit Rating

CRISIL Ratings has reaffirmed Pace Digitek Limited's long-term rating at 'CRISIL A-/Stable' and short-term rating at 'CRISIL A2+'. The total rated bank loan facilities have been enhanced to ₹1,400 Crore from ₹1,000 Crore. This rating reflects the company's creditworthiness and stable financial outlook for its expanded borrowing limits.

Value

₹1,400 Cr

Execution

Valid till March 31, 2027

Studds Accessories Credit Rating

Studds Accessories Limited announced the withdrawal of its 'CARE A+; Stable / CARE A1+' credit ratings by CARE Ratings Limited. The withdrawal follows a reaffirmation of the ratings and was requested by the company after obtaining No Objection Certificates from its bankers.

Mindspace Business Parks REIT Credit Rating

Mindspace Business Parks REIT received credit rating reaffirmations from CRISIL, maintaining 'CRISIL AAA/Stable' for Rs. 6,040 Crore in NCDs and 'CRISIL A1+' for Rs. 2,500 Crore in Commercial Paper. A new 'CRISIL AAA/Stable' rating was assigned to a Rs. 100 Crore NCD issue, reflecting the REIT's strong financial profile.

Value

₹8,640 Cr

HG Infra Engineering Credit Rating

CARE Ratings has reaffirmed the 'CARE AA; Stable' rating for H.G. Infra Engineering Limited's long-term bank facilities. The rated amount has been revised to ₹140.00 crore from ₹200.00 crore. This reaffirmation signals continued creditworthiness and financial stability for the infrastructure company.

Value

₹140.0 Cr