CARE reaffirms bank facility rating at CARE A; Stable / CARE A1, removed from Rating Watch

CARE Ratings has reaffirmed the credit rating on the company's bank facilities at CARE A; Stable / CARE A1.

Wed 7 Oct 2026

Credit Rating Reaffirmed

CARE A; Stable / CARE A1

Rated Facilities

enhanced to INR 141.00 Crores from 91.00 Crore

Rating Watch Status

Removed from 'Rating Watch with Negative Implications'; Stable outlook assigned

Rating action, in short

CARE Ratings Limited has reaffirmed the credit rating on the company's long-term / short-term bank facilities at CARE A; Stable / CARE A1. The rating has been removed from 'Rating Watch with Negative Implications' and a Stable outlook has been assigned.

What happened

• The rating itself stays at CARE A; Stable / CARE A1. This is a reaffirmation, not an upgrade.
• The rating is no longer on Rating Watch with Negative Implications.
• The rated bank facility size has been enhanced to INR 141.00 Crores from 91.00 Crore.

What CARE said it considered

The rating letter states the review was based on recent developments including the operational and financial performance of the company for FY26 (Audited) and Q1FY27 (Unaudited), and the restart permission for the sulphonation section of the H-acid manufacturing unit from the Maharashtra Pollution Control Board (MPCB).

Where the rated facilities sit

• Yes Bank Ltd. - Rs. 95.00 crore, revolving facility
• Axis Bank Ltd. - Rs. 30.00 crore, revolving facility
• Kotak Mahindra Bank Ltd. - Rs. 15.00 crore, revolving facility
• Total of the above fund-based limits - Rs. 140.00 crore
• Proposed facility - Rs. 1.00 crore
• Total long-term / short-term facilities - Rs. 141.00 crore

How to read a rating action

A credit rating is an agency's opinion on the likelihood of timely payment of obligations under the rated instrument. CARE has stated that its ratings are not recommendations to sanction, renew, disburse or recall bank facilities, and are not a recommendation to buy, sell or hold any security. The rating reflects the agency's opinion as on the date of the rating and is subject to change without notice.

What a retail investor may note

• The rating has been maintained at CARE A; Stable / CARE A1, and the rating has been removed from Rating Watch with Negative Implications.
• The rated facility limit is larger than earlier, at INR 141.00 Crores against 91.00 Crore, so a larger set of bank facilities now carries this rating.
• CARE has stated that the rating report will be communicated separately and that a press release is proposed to be issued; the rating is subject to surveillance or review at least once a year.

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