Vikran Engineering Limited received a credit rating of 'IND A-/Negative' from India Ratings and Research for its proposed ₹50.0 Crore non-convertible debentures. This revised filing corrects a previous typographical error regarding the issue size unit.
Avantel Limited received updated credit ratings from CARE Ratings Limited for bank facilities totaling ₹249.50 Crore. Ratings for long-term and short-term facilities were reaffirmed at CARE A-; Stable and CARE A2+, while new facilities were assigned CARE A-; Stable. These ratings reflect the company's stable credit profile and financial standing.
Technocraft Industries (India) Limited announced that CRISIL has reaffirmed its credit ratings for Rs. 976 Crore in bank facilities. The long-term rating is maintained at CRISIL AA-/Stable and the short-term rating at CRISIL A1+, reflecting the company's stable credit profile.
Unichem Laboratories Ltd announced that ICRA has reaffirmed its '[ICRA]A+ (Stable)' credit rating for the company's Rs. 180 Crore bank facilities. This rating action covers Rs. 120 Crore in fund-based/non-fund based facilities and Rs. 60 Crore in unallocated limits, reflecting a stable credit outlook.
CRISIL upgraded Sammaan Capital Limited's long-term credit rating to AA+/Stable from AA. The upgrade follows International Holding Company (IHC) becoming the company's promoter. CRISIL cited strategic importance and strong capitalisation as key drivers for this first rating upgrade in nearly a decade, marking an upward trajectory for the company.
CRISIL upgraded Shriram Finance Limited's long-term rating to 'Crisil AAA/Stable' following MUFG Bank's 20% stake acquisition. The upgrade reflects a significantly strengthened capital profile with networth surpassing ₹1 lakh crore. Short-term ratings were reaffirmed at 'Crisil A1+', and several redeemed debenture ratings were withdrawn at the company's request.
Shriram Finance Limited received a credit rating upgrade from ICRA Limited to [ICRA]AAA (Stable). The upgrade follows a ~₹39,618 Crore equity infusion from MUFG Bank. ICRA also assigned a [ICRA]AAA (Stable) rating to proposed NCDs worth ₹2000 Crore, reflecting strengthened capitalisation and healthy profitability.
Suyog Gurbaxani Funicular Ropeways Limited has been assigned new credit ratings by CARE Ratings Limited for ₹80.00 Crore of bank facilities. Long-term facilities received a 'CARE BBB-; Stable' rating, reflecting an established operational track record. The company transitioned to CARE Ratings after its contract with CRISIL expired.
Coastal Corporation Limited announced that CARE Ratings has reviewed its credit ratings for bank facilities totaling ₹341.78 Crore. The agency assigned 'CARE BB; Stable' for new facilities and reaffirmed the same for existing limits. The rating reflects improved revenue and experienced management, tempered by working capital intensity and geographical concentration risks.
The Sandur Manganese & Iron Ores Limited announced that ICRA has withdrawn the [ICRA]A+ (Stable) rating for its ₹450 Crore Non-Convertible Debentures. This follows the successful early redemption of the instruments. The withdrawal reflects the completion of the debt obligation.
Hindustan Construction Company Limited (HCC) announced that CARE Ratings reaffirmed its 'CARE BBB-; Stable' rating for its bank facilities and debentures. The rating factors in debt reduction to ₹2,016 crore and a satisfactory order book of ₹13,148 crore as of December 2025. Improved financial profiles and successful fund-raising through rights issues support the stable outlook.
IndusInd Bank Limited received a credit rating re-affirmation from CARE Ratings Limited. The agency maintained a 'CARE A1+' rating for the bank's INR 10,000 Crore Certificate of Deposits program. This re-affirmation reflects the bank's stable credit profile and strong short-term liquidity position.
Singer India Limited has received credit ratings from CRISIL for its Rs. 45 Crore bank facilities. The agency assigned a 'CRISIL BBB-/Stable' rating for long-term facilities and 'CRISIL A3' for short-term facilities. This rating reflects the company's creditworthiness and financial stability for lenders and investors.
Anand Rathi Share and Stock Brokers Limited received credit rating upgrades from CARE Ratings for facilities totaling ₹1,650 Crore. Long-term ratings improved to 'CARE A; Stable' following a ₹745 crore equity infusion via IPO. The upgrade reflects enhanced financial flexibility and improved leverage metrics for the company.
CRISIL Ratings has downgraded Mirza International Limited's long-term rating to 'CRISIL BBB+/Negative' from 'CRISIL A-/Negative' and short-term rating to 'CRISIL A2' from 'CRISIL A2+'. The revision affects bank loan facilities totaling ₹215 Crore, reflecting a cautious outlook on the company's credit profile.
Globe Civil Projects Limited announced that Infomerics Ratings has upgraded its bank facility ratings to IVR BBB+/Stable/A2 and simultaneously withdrawn them at the company's request. The total facilities rated were ₹110 Crore. This follows a successful IPO in July 2025 and improved financial flexibility.
GNG Electronics Limited received a credit rating upgrade from CARE Ratings Limited for its bank facilities totalling ₹315.50 Crore. Long-term ratings improved to CARE BBB; Stable, while short-term ratings rose to CARE A3+, reflecting enhanced creditworthiness.
Orient Green Power's subsidiary, Clarion Wind Farm, received a credit rating affirmation of 'IND BBB-' with its outlook upgraded to Positive. India Ratings also assigned the same rating to additional limits, totaling ₹82.19 Crore. The upgrade reflects sustained operational performance and comfortable debt coverage.
India Ratings has reaffirmed Orient Green Power's subsidiary, Gamma Green Power, with an 'IND BBB-' rating and revised its outlook to 'Positive'. The rating covers facilities totaling ₹76.19 Crore, including a newly assigned ₹73.5 Crore limit. The upgrade reflects sustained operational performance and ongoing capacity expansion in Tamil Nadu.
DCM Shriram Fine Chemicals Limited has been assigned credit ratings by CARE Ratings for its bank facilities. Long-term facilities of ₹30 Crore received a 'CARE A-; stable' rating, while short-term facilities of ₹17.20 Crore were assigned 'CARE A2+'. This inaugural rating establishes the company's credit profile for ₹47.20 Crore in total bank limits.
CARE has reaffirmed the 'CARE A; Stable' credit rating for ₹780.76 Crore in long-term bank facilities of Sarda Energy & Minerals Limited's subsidiary, Madhya Bharat Power Corporation Ltd. This reaffirmation reflects the subsidiary's consistent creditworthiness.
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.
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.
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.
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.
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.
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.
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%.
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.
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.