Dai-ichi Karkaria Limited has voluntarily withdrawn its credit ratings from CRISIL Ratings Limited for bank facilities totaling ₹25 Crore.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Brickwork Ratings reaffirmed and subsequently withdrawn the 'BWR D' ratings for RMC Switchgears Ltd's Rs. 42.14 Crore bank facilities.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.
India Ratings and Research upgraded Shriram Finance Limited's long-term debt ratings to 'IND AAA/Stable' from 'IND AA+/Positive'. The upgrade follows a ₹396.18 billion strategic investment by MUFG Bank, which significantly strengthened the company's capitalization and funding access. This top-tier rating reflects improved financial flexibility and a robust franchise in vehicle financing.
CARE Ratings has re-affirmed Emmbi Industries Limited's long-term bank facilities rating at CARE BBB+; Stable. Additionally, short-term facilities were upgraded from CARE A3+ to CARE A2. These actions reflect the company's creditworthiness and improved financial profile.
Aditya Infotech Limited received a new 'Crisil A/Stable' credit rating from CRISIL Ratings Limited for its ₹555 Crore bank loan facilities. Concurrently, CARE Ratings Limited has withdrawn its earlier 'CARE BBB+; Stable' rating. This upgrade reflects improved creditworthiness for the company's long-term debt obligations.
CRISIL has revised TV Today Network Limited's long-term rating from CRISIL AA/Negative to CRISIL AA-/Negative (Outlook Negative). The short-term rating of CRISIL A1+ was reaffirmed. The revision is attributed to the company's operational performance.
ICRA Limited has reaffirmed the credit ratings for Kalyan Jewellers India Limited's bank facilities at [ICRA]AA- (Stable) and [ICRA]A1+. The rating action reflects the company's sustained credit profile and operational stability.
Leela Palaces Hotels & Resorts Limited announced that CRISIL reaffirmed its 'Crisil AA/Stable' rating for various bank facilities totaling over ₹4,309 Crore across the group. Ratings for certain proposed facilities were withdrawn as they were not availed. Additionally, a new 'Crisil AA/Stable' rating was assigned to Tulsi Palace Resort Private Limited.
Zodiac Clothing Company Ltd has received a credit rating of 'CRISIL BB/Stable' from CRISIL Ratings for its bank loan facilities totaling ₹53 Crore. The rating letter, dated April 02, 2026, remains valid until March 31, 2027. This disclosure provides transparency regarding the company's creditworthiness and financial standing for its debt instruments.
Mahindra & Mahindra Financial Services announced the reaffirmation of its 'CRISIL A1+' and 'IND A1+' credit ratings for Commercial Paper. The ratings cover instruments totaling ₹37,000 Crore. This reaffirmation by CRISIL and India Ratings reflects the company's strong creditworthiness and stable financial position.
India Ratings and Research reaffirmed Vikran Engineering Limited's credit rating at A- but revised the outlook to Negative from Stable. The rating applies to ₹520 Crore of debt, including ₹50 Crore in NCDs and ₹470 Crore in bank facilities. This revision reflects updated credit assessment of the company's financial profile.
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