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 Concurrently, CARE Ratings Limited has withdrawn its earlier 'CARE BBB+; Stable' rating.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 Ratings for certain proposed facilities were withdrawn as they were not availed.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.
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.
