ScoutQuest25 Sep 2026
Bharat Seats523229Credit rating upgrade

ICRA upgrades Bharat Seats long-term rating to [ICRA]A+ (Stable); rated amount enhanced to Rs.188.96 crore

188.96 (Rs. crore)Total rated amount
Long-term fund-based term loan83.76 (Rs. crore)
Short-term non-fund based working capital70.00 (Rs. crore)
Long-term fund-based working capital35.20 (Rs. crore)
Total rated amount 188.96 (Rs. crore): Long-term fund-based term loan 83.76 (Rs. crore), Short-term non-fund based working capital 70.00 (Rs. crore), Long-term fund-based working capital 35.20 (Rs. crore).
Long-term Rating
[ICRA]A+ (Stable) (upgraded from [ICRA]A(Stable))
Short-term Rating
[ICRA]A1 reaffirmed
Rated Amount Enhanced
Rs. 188.96 crore from Rs. 134.32 crore
Revenue Growth FY2026
51% revenue growth
Debt Metric
TD/OPBITDA 1.1x

ICRA upgrades Bharat Seats long-term rating to [ICRA]A+ (Stable); rated amount enhanced to Rs.188.96 crore.

29.6%MSIL+SMC combined equity stake
MSIL+SMC combined equity stake: 29.6%.
[ICRA]A+Upgraded · ICRA
Upgraded by ICRA · [ICRA]A+ · outlook Stable.
Rating action date
Intimation to exchanges
Rating action date 24 Sep 2026 · Intimation to exchanges 25 Sep 2026

Also from Bharat Seats

Shareholders approve two director appointments, borrowing-power increase and charge creation

9 Oct 2026

More numbers
  • Total rated amount (current)188.96 (Rs. crore)
  • Total rated amount (previous)134.32 (Rs. crore)
  • Long-term fund-based term loan83.76 (Rs. crore)
  • Long-term fund-based working capital35.20 (Rs. crore)
  • Short-term non-fund based working capital70.00 (Rs. crore)
  • Operating income FY20261,951.0 (Amount in Rs. crore)
  • PAT FY202642.2 (Amount in Rs. crore)
  • Revenue growth FY202651%
  • Total debt/OPBDIT FY2026 (times)1.1
  • MSIL+SMC combined equity stake29.6%
Source: BSE · 25 Sep 2026

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