ICRA reaffirms [ICRA]A+ (Stable) and [ICRA]A1+ ratings on bank facilities

ICRA has reaffirmed Vaibhav Global Ltd's bank facility ratings.

Wed 7 Oct 2026

Long-term fund-based limits

Rs. 105.00 crore: [ICRA]A+ (Stable)

Short-term non-fund based limits

Rs. 5.00 crore: [ICRA]A1+

Total rated amount

Rs. 110.00 crore

ICRA keeps the ratings where they were

Vaibhav Global Ltd has informed the stock exchanges that ICRA Limited has reaffirmed the credit rating on its bank facilities. In simple terms, the rating agency reviewed the ratings given to the company's bank borrowings and kept them at the same level. The rating action shown for each instrument is "reaffirmed".

The ratings

• Long-term fund-based limits of Rs. 105.00 crore: [ICRA]A+ (Stable), reaffirmed
• Short-term non-fund based limits of Rs. 5.00 crore: [ICRA]A1+, reaffirmed
• Short-term interchangeable limits of Rs. 15.00 crore (shown in brackets): [ICRA]A1+, reaffirmed
• Total rated amount: Rs. 110.00 crore

Bank-wise break-up of the long-term fund-based limits

All of these carry the rating [ICRA]A+ (Stable), assigned on September 29, 2026

• State Bank of India: Rs. 10.00 crore
• HDFC Bank Ltd: Rs. 34.00 crore
• Punjab National Bank: Rs. 40.00 crore
• Yes Bank: Rs. 21.00 crore
• Total: Rs. 105.00 crore

Bank-wise break-up of the short-term non-fund based limits

All of these carry the rating [ICRA]A1+, assigned on September 29, 2026

• State Bank of India: Rs. 5.00 crore
• HDFC Bank Ltd: Rs. (5.00) crore, marked as a sub-limit of the fund-based limit
• Punjab National Bank: Rs. (10.00) crore, marked as a sub-limit of the fund-based limit
• Total: Rs. 5.00 crore

What a reaffirmation means

A credit rating is an opinion on how likely a borrower is to service its debt on time. A reaffirmation means the rating agency has reviewed the facilities and the conclusion is the same as before, so there is no change in the rating level or the outlook in this action.

Points the ICRA letter flags

• The ratings will become due for surveillance within one year from the date of the rating communication letter.
• ICRA reserves the right to review or revise the ratings at any time based on new information, or where required information is not available, or other circumstances it believes could affect the ratings.
• The ratings are specific to the terms and conditions and the size of the instruments as communicated; any change in terms or size would require a fresh review.
• Any change in the overall limit of the instrument from that specified would be treated as an enhancement not covered by the rating agreement.
• ICRA states the ratings are an opinion and should not be treated as a recommendation to buy, sell or hold the rated instrument.

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