Product Quantum (Rs. Cr) (SEBI) Quantum (Rs. Cr) (Other FSR) Long Term Rating Short Term Rating Regulated By
Bank Loan Ratings 0.00 206.00 ACUITE A- | Stable | Reaffirmed - RBI
Non Convertible Debentures (NCD) 100.00 0.00 ACUITE A+ | Stable | Assigned | Provisional To Final - SEBI
Bank Loan Ratings 0.00 45.00 - ACUITE A2+ | Reaffirmed RBI
Total Outstanding 100.00 251.00 - - -
Total Withdrawn 0.00 0.00 - - -
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
 
Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) and short-term rating of 'ACUITE A2+' (read as ACUITE A two plus) on Rs. 251.00 Cr. bank facilities availed by Mangalam Worldwide Limited (MWL). The outlook is ‘Stable’.
Also, Acuité has converted the provisional rating on Rs. 100.00 Cr. Non-Convertible Debentures (NCD) of Mangalam Worldwide Limited (MWL) to final and has assigned its long-term rating of ‘ACUITE A+’ (read as ACUITE A plus) on Rs. 100.00 Cr. Non-Convertible Debentures (NCD) of Mangalam Worldwide Limited (MWL). The outlook is ‘Stable’.
The rating on Rs 100.00 Cr. NCD for MWL is converted from provisional to final rating as Acuité has received the following stipulated documents:

  1. Appointed SEBI registered Debenture Trustee details
  2. Final Term Sheet and confirmation from trustee regarding the compliance with all the terms and condition of term sheet
  3. Debenture Trustee Agreement (DTA) and Debenture Trust Deed (DTD)
  4. Deed of Hypothecation & Pledge
  5. Creation of requisite DSRA
The rating on Rs. 100.00 Cr. of Non-Convertible Debentures derives its strength from the upfront establishment of Debt Service Reserve Account (DSRA) and structured payment mechanism.

Rationale for rating
The rating takes into account the overall improvement in the business risk profile of the company as reflected in FY26 driven by increased focus on value added products and exports leading to increase in volume and margins. The rating further continues to draw comfort from extensive experience of promoters in manufacturing industry for more than three decades supported by moderate financial risk profile. Further, working capital intensive operations, susceptibility of the margins to volatility in raw material prices, intense competition and inherent cyclical nature of steel industry continue to constrain the rating.

About the Company

Incorporated in 1995, Mangalam Worldwide Limited (MWL) is engaged in the manufacturing of stainless-steel products such as stainless steel (SS) billets, ingots, flat bars, round bars, bright bars, seamless pipes & tubes, etc. The company operates integrated manufacturing facilities comprising steel melting shops, rolling mills, and finishing lines located at Halol (Unit I), Changodar (Unit II), and Kapadvanj (Unit III & IV), with a total installed capacity of more than 1,90,000 MTPA. The company also operates 1.2 MW of rooftop solar power plant for captive consumption. The managing directors of the company are Mr. Chanakya Prakash Mangal, Mr. Chandragupt Prakash Mangal, and Mr. Vipin Prakash Mangal. Furthermore, the company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) with a current market cap of ~Rs. 1,122 Cr. as on June 04, 2026.
 
Unsupported Rating

­Acuite A-/Stable
 
Analytical Approach

­Acuité has considered the standalone business and financial risk profiles of MWL to arrive at the rating.
 
Key Rating Drivers

Strengths

Established track record of operations along with experienced management
Being in operations for more than 30 years, MWL has established a significant market presence in the domestic and international markets leading to a healthy relationship with its suppliers and customers. The promoter of the company, Mr. Vipin Prakash Mangal has over 30 years of experience in the manufacturing business and is ably supported by the second generation of the family. The company utilises domestic and imported stainless-steel scrap which is processed at its integrated manufacturing facilities to produce finished specialized steel products. Recently, the company has undertaken a capacity expansion at its Halol unit with a total project cost of Rs. 31.25 Cr., which is largely operational. Additionally, a 10.4 MW DC ground mounted solar power plant is expected to commence operations from July 2026, shall remain monitorable.

Improving operating performance
The company marked an operating revenue of Rs. 1207.98 Cr. in FY26 as compared to Rs. 1060.71 Cr. in FY25. The growth is primarily attributable to increase in sales realisations coupled with increase in sales volumes. Further, the operating margin of the company stood improved at 7.44 percent in FY26 (5.24 percent in FY25) driven majorly by increasing sales of value-added products having better margins along with increase in the export sales. The contribution from exports stood increased to ~5.54 percent of revenue in FY26 (~2.52 percent of revenue in FY25). Going forward, the operating performance of the company is expected to improve on account of diversification of the product portfolio and increasing industry demands leading to improving sales realisations.

Moderate financial risk profile
The company’s financial risk profile is marked by healthy net worth that stood at Rs. 291.15 Cr. as on March 31, 2026 (Rs. 247.47 Cr. as on March 31, 2025), owing to accretion of profits to reserves. However, the total debt of the company stood increased at Rs. 235.27 Cr. as on March 31, 2026, as compared to Rs. 191.33 Cr. as on March 31, 2025, on account of NCDs availed amounting to Rs. 50 Cr. in FY26. Therefore, the gearing (debt-equity) stood moderated at 0.81 times in FY26 (0.77 times in FY25). Further, the debt protection metrics stood comfortable marked by interest coverage ratio of 2.63 times in FY26 (2.55 times in FY25) and debt service coverage ratio of 2.37 times in FY26 (2.27 times in FY25). Going forward, although the company has issued additional NCDs amounting to Rs. 50 Cr. in April 2026, the financial risk profile of the company is expected to remain in similar levels on account of steady net cash accruals and no major debt funded capex plans.


Weaknesses

Intensive working capital operations
The working capital operations of the company are intensive marked by gross current assets (GCA) days of 235 days in FY26 (169 days in FY25), majorly driven by inventory and debtor levels. The company-maintained inventory levels of 150 days in FY26 (102 days in FY25) on account of growing product mix and uncertainty of raw materials procurement owing to ongoing geopolitical situations. Further, the debtor’s collection period stood reduced at 49 days in FY26 (58 days in FY25), however the creditor days stood increased to 143 days in FY26 (69 days in FY25), on account of higher inventory purchase in Q4FY26.

­Susceptibility to volatility in raw material prices and cyclicality inherent in the steel industry
The company’s performance remains vulnerable to growing competition and the inherently cyclical nature of the steel industry, which is closely linked to both domestic and global economic conditions. The key end-user sectors like real estate, infrastructure, and engineering also exhibit cyclical trends. Consequently, fluctuations in economic cycles such as slowdowns and seasonal variations in demand and supply can affect steel demand and its pricing, thereby exerting pressure on the company’s operating margins and cash flows, and shall continue to remain key rating monitorable. Additionally, the company faces intense competitive pressures from a large number of organised and unorganised players.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)
  • Debenture Service Reserve ("DSRA") equivalent to 12.6% of the Issue Size shall be maintained throughout the tenure of the Debentures. The DSRA must be held in the form of cash, fixed deposits, AA rated or higher rated debt securities, or sovereign debt securities, in any combination, and shall at all times be lien marked or pledged in favour of the Debenture Trustee. It is however agreed by the Issuer that in the event, the DSRA is being maintained in form of investments in AA rated or higher rated debt securities or sovereign debt securities, a pledge shall be created over such debt securities by the Issuer in favour of the Debenture Trustee.
  • The required DSRA as mentioned above to be created within 3 (Three) Working days from the Deemed Date of Allotment out of the proceeds of the Debentures.
  • Coupon and/or Principal repayment amount to be deposited in a separate escrow account ("Repayment Escrow Account") at least 5 (Five) calendar days prior to the repayment date.
  • In case the required amount is not deposited in escrow account by T-5, T being the due date of Coupon/ Principal repayment, then Debenture Trustee will send a notice ("DSRA Invocation Notice") to the Issuer and the Personal Guarantors, calling upon them to ensure that the requisite funds for making the Coupon / Principal repayment to the Debenture Holder (including by way of liquidation of the investments in debt securities) are deposited in the Repayment Escrow Account. In relation to the DSRA provided in form of investments in debt securities, the Debenture Trustee agrees to provide all co-operation to the Issuer for release of pledge created over such debt securities, so as to enable the Issuer to liquidate the same and utilise the funds thereof for deposit in the Repayment Escrow Account as the funds invoked/ disbursed under the DSRA.
  • In the event the Issuer and the Personal Guarantors fail to fund the requisite amounts in the Repayment Escrow Account by T-3 days, the Debenture Trustee shall be entitled to invoke DSRA (including invocation of the pledge created over the relevant debt securities and sell such debt securities at their sole discretion) to ensure timely repayment of Coupon/ principal amounts.
  • In case of the utilization of DSRA as mentioned above, the Issuer must replenish the required DSRA account within T+7 days. In case the Issuer fails to do so within 7 (Seven) calendar days from the date of utilisation of DSRA, the Promoters shall ensure that the DSRA is replenished within a maximum period of 10 (Ten) calendar days from the date of utilisation of DSRA. It is hereby agreed by the Issuer than non-replenishment of DSRA within 10 (Ten) calendar days from the date of utilisation of DSRA shall constitute an event of default.

Stress Case Scenario
A­cuité has sensitised its projections during the NCD tenure, even after which the interest and debt service coverage ratios are expected to remain comfortable to meet the debt obligations. Over and above this, the company has maintained DSRA of 12.6% of the issue amount which is to be replenished in a time bound manner in case of meeting any exigency and shortfall.
 
ESG Factors Relevant for Rating
­

To generate electricity for captive consumption, the company has successfully installed and commissioned 1200 KWp rooftop solar power plant at the company’s unit situated at Kapadwanj, Gujarat and another 10.4 MW DC ground mounted solar power plant is under construction. This shall significantly boost their renewable energy production and contribution towards sustainability goals. The company is committed to sustainable practices and reducing its environmental footprint through these projects with reduction in carbon emissions. On the governance and social front, the company maintains high standards of corporate governance and engaged in community development through CSR initiatives. The company continues to upskill and reskill their employees through learning and development initiatives. The company has a total of 9 number of board of directors out of which 3 are executive directors, 1 is non-executive director and 5 are non-executive independent directors (including 2 women directors).
 

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:
  • ­Steady growth in scale of operations along with improvement in margins leading to net cash accruals rising above Rs. 70 Cr.
  • Improvement in working capital cycle
Potential triggers (individual or collective) for a downward rating action:
  • ­Decline in scale of operations or operating margins with net cash accruals falling below Rs. 40 Cr.
  • Significant debt availed impacting the financial risk profile
  • Elongation of working capital operations
All Covenants

­For ISIN - INE0JYY07018:

Security Cover
If, at any time during the tenor of the Debentures including on account of Proposed Merger, the Security Cover falls below 1.25 (One Decimal Point Two Five) times of the outstanding Principal Amount and accrued Coupon (whether due to valuation decline, non-perfection, delay in creation or otherwise), the Issuer shall, upon receipt of a written notice from the Debenture Trustee, promptly: (i) furnish and/or cause to be furnished, alternate security by the Obligors and/or any other person, in such form and manner as permitted under the Transaction Documents; and (ii) ensure that such alternate security is created, perfected and maintained so as to restore and maintain the Security Cover of 1.25 (One Decimal Point Two Five) times the outstanding Principal Amount and accrued Coupon.

Reporting Covenants
The Company hereby, in addition to the covenants made by the Company as set out in Clause 2.8.2 herein, undertakes to:

  1. Furnish reports / certificates to the Debenture Trustee within 45 (Forty Five) days of the end of the relevant Financial Quarter (unless otherwise specified or such lesser period as required under the Applicable Law) containing the following particulars:
  1. Periodical status/performance reports from the Company within 7 (Seven) days of the relevant board meeting;
  2. Details of the shareholding pattern/ structure and the composition of the board of directors of the Company;
  3. Updated list of the names and addresses of the Debenture Holder(s);
  4. Details of the Coupon and principal payments to be made, but unpaid and reasons for the non-payment thereof in relation to the Debentures;
  5. The number and nature of grievances received from the Debenture Holder(s) and resolved by the Company, and those grievances not yet solved to the satisfaction of the Debenture Holder(s) and the reasons for the same;
  6. Promptly and expeditiously attend to and redress the grievances, if any, of the Debenture Holder(s). The Company further undertakes that it shall promptly comply with the suggestions and directions that may be given in this regard, from time to time, by the Debenture Trustee and shall advise the Debenture Trustee periodically of its compliance;
  7. Provide to the Debenture Trustee such information regarding details of any change in the accounting policy of the Company; and
  8. Any other information as may be required by the Debenture Trustee in relation to the Debentures;
  1. Provide the security cover certificate from its statutory auditor to the Debenture Trustee in such format as required under SEBI DT Master Circular, on a quarterly basis within 60 (Sixty) days from the end of the Financial Quarter except for the last Financial Quarter for which the certificate shall be provided within 75 (Seventy Five) days from the end of the last Financial Quarter, along with the compliance status with respect to financial covenants in relation to the Debentures;
  2. Provide the security cover certificate from the statutory auditor of the Hypothecator to the Debenture Trustee in such format as required under SEBI DT Master Circular, on a quarterly basis within 60 (Sixty) days from the end of the Financial Quarter except for the last Financial Quarter for which the certificate shall be provided within 75 (Seventy Five) days from the end of the last Financial Quarter;
  3. Furnish a certificate from its statutory auditor to the Debenture Trustee on a half-yearly basis regarding maintenance of the requisite Security Cover as per the terms of the General Information Document and the Key Information Document including compliance with all the covenants in respect of the Debentures along with the financial results of the Company in the manner and format as specified by SEBI;
  4. On a quarterly basis within 60 (Sixty) days from the end of the Financial Quarter except for the last Financial Quarter for which the information shall be provided within 75 (Seventy Five) days from the end of the last Financial Quarter, provide the Debenture Trustee with (i) a statement of value of the Pledged Shares; and (ii) a statement of value of the Debenture Service Reserve or any other form of security offered in relation to the Debentures;
  5. On a half-yearly basis, provide the net-worth certificate of the Personal Guarantor to the Debenture Trustee within 60 (Sixty) days from end of each Financial Half-year;
  6. On an annual basis, provide the financials / value of the Hypothecator prepared basis the audited financial statements of the Hypothecator to the Debenture Trustee within 60 (Sixty) days from end of each Financial Year;
  7. Submit the valuation report and title search report in relation to the Mortgaged Properties and the Hypothecated Assets, once in every 3 (Three) years within 60 (Sixty) days from the end of the relevant Financial Year;
  8. Submit to the Debenture Trustee, a certificate from the statutory auditor of the Company in relation to the utilisation of the proceeds of the Debentures, on an annual basis within 75 (Seventy Five) days of end of each Financial Year till the proceeds are fully utilised for the Purpose;
  9. Submit such other disclosure to the Debenture Trustee as may be required under the SEBI Debt Listing Regulations and other Applicable Laws.
  10. Submit quarterly and annual financial results to the NSE and disclose inter alia the following line items along with the financial results and the same shall be communicated to the Debenture Holder(s) on a quarterly and annual basis:

(i) debt-equity ratio;
(ii) debt service coverage ratio;
(iii) interest service coverage ratio;
(iv) outstanding redeemable preference shares (quantity and value);
(v) capital redemption reserve/debenture redemption reserve;
(vi) net worth;
(vii) net profit after tax;
(viii) earnings per share:
(ix) current ratio;
(x) long term debt to working capital;
(xi) bad debts to Account receivable ratio;
(xii) current liability ratio;
(xiii) total debts to total assets;
(xiv) debtors' turnover;
(xv) inventory turnover;
(xvi) operating margin (%);
(xvii) net profit margin (%);

Provided that if the information mentioned above is not applicable to the Company, it shall disclose such other ratio/equivalent financial information, as may be required to be maintained under Applicable Law, if any.

For ISIN - INE0JYY07026:

Holding & Management Covenants
Each of the persons mentioned below (collectively the Promoters & Promoter Group) shall not transfer the shares of the Issuer held by them below the level as set out in the following table. Any further transfer below the level set out hereinbelow shall require prior written consent of the Debenture Trustee;

Category Existing Shareholding as on 31st March 2026. Shareholding to be maintained throughout the tenor of the NCD
Promoters & Promoter Group 66.50% 51%

In the event of the Issuer merging with any entity, the Promoters and Promoter Group to maintain controlling stake in the merged entity.

Financial Covenants
  1. The Total Debt/Equity ratio of the Issuer should not exceed 2.5;
  2. Earnings: After-tax Net Income (excluding extraordinary income) to remain above INR 25 crore on a yearly basis;
  3. Issuer to maintain a minimum Tangible Net Worth of INR 200 Crore;
  4. Issuer to maintain a Debt Service Coverage Ratio of 1.2 times;
  5. Issuer to maintain minimum external credit rating of A+ with stable outlook on the Debentures; and
  6. Any other additional covenant as may be mutually agreed and shall form a part of the transaction documents.
All Financial covenants would be tested on a quarterly basis i.e. as on 31t March, 30th June, 30th September and 31st December every year starting from 30th June, 2026 till the redemption of Debentures

Additional Covenants
  1. The Issuer shall furnish certificate from an independent chartered accountant within 60 (Sixty) days of disbursement, confirming that amount disbursed has been utilised by the Issuer solely for the purpose as mentioned herein.
  2. The Issuer shall submit financial covenant compliance certificate signed by the authorised signatory/Chief Financial Officer (CFO) within 45 (Forty Five) calendar days from end of each quarter or such other timeline as permitted under applicable law.
  3. The Debenture Trustee shall have the right to inspect the mortgaged properties and may make any other monitoring and audit visits at any time till Final Settlement Date with an advance notice of 7 (Seven) Business Days to the Issuer.x
The Issuer shall not, without the prior written consent of the Debenture Trustee, undertake any merger, acquisition, corporate restructuring, or amalgamation where the transaction value exceeds 30% (Thirty Percent) of its Net Worth in any financial year.
Provided that: The currently pending amalgamation of Mangalam Saarloh Private Limited (MSPL), a subsidiary of the Issuer into the Issuer is explicitly exempted and shall not be computed towards the aforementioned 30% threshold;

Security Cover
The Company shall ensure that the value of the Pledged Shares charged/ pledged in favour of the Debenture Trustee shall at all times until the Final Settlement Date shall be sufficient to provide a security cover of at least 1x (One time) of the principal amounts of the Debentures and the Coupon payable thereon ("Security Cover"). For the purpose of the said Security Cover, at the time of creation of pledge over the Pledged Shares, the value of the Pledged Shares shall be considered basis the six months average of closing price from October 15, 2025 to March 15, 2026.
Further, as on the date of creation of the pledge, the Security Cover provided by way of pledge over the equity shares of the Company held by the Pledgor is 1.12x (One Decimal Point One Two times) of the principal amounts of the Debentures and the Coupon payable thereon.

Pledge Top-up Requirement: If at any time prior to the redemption of the Debentures, the Security Cover provided by the Pledged Shares falls to or below 1.05x (One Decimal Point Zero Five Times) of the principal amounts of the Debentures and the Coupon payable thereon ("Pledge Top-up Event"), the Debenture Trustee shall provide notice to the Issuer and the Promoters / Promoter Group intimating about the occurrence of the Pledge Top-up Event and requesting the Promoters / Promoter Group to create a pledge over additional equity shares of the Company within 3 (Three) trading days on NSE from the date of such notice, such that, upon creation of such additional pledge, the Security Cover offered by the equity shares of the Issuer being subject to pledge in terms of the relevant Transaction Document is at least equal to 1.12x (One Decimal Point One Two Times) of the principal amounts of the Debentures and the Coupon payable thereon. Notwithstanding the foregoing, if during the aforesaid period of 3 (Three) trading days, the Security Cover becomes more than 1.12x (One Decimal Point One Two times) of the principal amounts of the Debentures and the Coupon payable thereon, the obligation of the Promoter/ Promoter Group to pledge additional equity shares shall be waived. It is hereby clarified that for ascertaining whether a Pledge Top-up Event has occurred or not, the Security Cover made available by Pledged Shares shall be determined basis the average of the closing price of the shares of the Issuer in the immediately preceding 21 (Twenty One) trading days on NSE.

Pledge Top-down Requirement: In the event that Security Cover provided by the Pledgor becomes greater than or equal to 1.25x (One Decimal Point Two Five times) of the principal amounts of the Debentures and the Coupon payable thereon ("Pledge Top-down Event"), the Pledgor shall by way of a written notice inform the Debenture Trustee of the occurrence of the Pledge Top-down Event and be entitled to obtain a release of the Pledged Shares within 2 (Two) trading days from the date of such notice, to the extent that upon such release, the equity shares remaining subject to the pledge in terms of the relevant Transaction Document provide a Security Cover of at least 1.12x (One Decimal Point One Two times) of the principal amounts of the Debentures and the Coupon payable thereon. It is hereby clarified that for ascertaining whether a Pledge Top-down Event has occurred or not, the Security Cover made available by Pledged Shares shall be determined basis the average of the closing price of the shares of the Issuer in the immediately preceding 21 (Twenty One) trading days on NSE.

Further, the Mortgaged Properties are of a value which is at least equal to 0.26x (Zero Decimal Point Two Six Times) of the principal amounts of the Debentures and the Coupon payable thereon as on the date of creation of the mortgage over the Mortgaged Properties.
 
Liquidity Position
Adequate

The company has adequate liquidity position marked by sufficient net cash accruals of Rs. 58.46 Cr. in FY26 as against its maturing debt obligations of Rs. 3.81 Cr. for the same period. Going forward, the cash accruals of the company are expected to remain in the range of Rs. 60-68 Cr. during FY27-28 against repayment obligations ranging in the range of Rs. 5.00-8.00 Cr. for the same period. The average utilisation for the fund-based facility remains moderate at ~84.01 percent for the past six months ended Dec 2025. Furthermore, the company maintained unencumbered cash and bank balances of Rs. 0.86 Cr. as on March 31, 2026, and the current ratio stood moderate at 1.46 times as on March 31, 2026. Moreover, the company has maintained DSRA by investing in AA-rated securities amounting to Rs. 12.60 Cr. along with lien-marked fixed deposits of Rs. 0.27 Cr.
 
Outlook: Stable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 26 (Actual) FY 25 (Actual)
Operating Income Rs. Cr. 1207.98 1060.71
PAT Rs. Cr. 50.05 29.42
PAT Margin (%) 4.14 2.77
Total Debt/Tangible Net Worth Times 0.81 0.77
PBDIT/Interest Times 2.63 2.55
Status of non-cooperation with previous CRA (if applicable)
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
02 Mar 2026 Cash Credit Long Term 11.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.16 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 21.50 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 12.50 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 2.30 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 80.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 61.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.36 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.22 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.46 ACUITE A- | Stable (Reaffirmed)
Letter of Credit Short Term 14.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 11.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 10.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2+ (Reaffirmed)
Credit Exposure Limit (FCNR) Short Term 1.00 ACUITE A2+ (Reaffirmed)
Proposed Non Convertible Debentures Long Term 100.00 ACUITE Provisional A+ | Stable (Assigned)
04 Feb 2026 Proposed Long Term Bank Facility Long Term 9.80 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Proposed Long Term Bank Facility Long Term 14.00 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 61.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Term Loan Long Term 4.36 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Cash Credit Long Term 11.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Term Loan Long Term 2.16 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Cash Credit Long Term 12.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Term Loan Long Term 2.22 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Cash Credit Long Term 80.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Term Loan Long Term 8.46 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
Letter of Credit Short Term 11.00 ACUITE A2+ (Upgraded from ACUITE A2)
Letter of Credit Short Term 14.00 ACUITE A2+ (Upgraded from ACUITE A2)
Letter of Credit Short Term 10.00 ACUITE A2+ (Upgraded from ACUITE A2)
Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A2+ (Upgraded from ACUITE A2)
Letter of Credit Short Term 5.00 ACUITE A2+ (Upgraded from ACUITE A2)
Credit Exposure Limit (FCNR) Short Term 1.00 ACUITE A2+ (Assigned)
27 Jan 2025 Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 10.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 14.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 11.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 80.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 61.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 7.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 12.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 11.50 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
02 Jan 2025 Letter of Credit Short Term 14.00 ACUITE A2 (Assigned)
Letter of Credit Short Term 11.00 ACUITE A2 (Assigned)
Letter of Credit Short Term 5.00 ACUITE A2 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 10.00 ACUITE A2 (Assigned)
Cash Credit Long Term 11.00 ACUITE BBB+ | Stable (Assigned)
Cash Credit Long Term 11.50 ACUITE BBB+ | Stable (Assigned)
Term Loan Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE BBB+ | Stable (Assigned)
Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 7.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 12.50 ACUITE BBB+ | Stable (Assigned)
Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Reaffirmed)
24 Jul 2024 Letter of Credit Short Term 5.00 ACUITE A2 (Assigned)
Bank Guarantee/Letter of Guarantee Short Term 5.00 ACUITE A2 (Assigned)
Proposed Long Term Bank Facility Long Term 0.70 ACUITE BBB+ | Stable (Assigned)
Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Assigned)
Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Assigned)
Term Loan Long Term 25.30 ACUITE BBB+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE A2+ | Reaffirmed
State Bank of India Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 80.00 Simple ACUITE A- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 61.00 Simple ACUITE A- | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.50 Simple ACUITE A- | Stable | Reaffirmed
Indian Bank Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.50 Simple ACUITE A- | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Credit Exposure Limit (FCNR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE A2+ | Reaffirmed
State Bank of India Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A2+ | Reaffirmed
Canara Bank Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE A2+ | Reaffirmed
Punjab National Bank Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A2+ | Reaffirmed
Indian Bank Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE A2+ | Reaffirmed
Not Applicable INE0JYY07026 Non-Convertible Debentures (NCD) Listed SEBI 28 Apr 2026 10.00 28 Apr 2029 50.00 Simple ACUITE A+ | Stable | Assigned | Provisional To Final
Not Applicable INE0JYY07018 Non-Convertible Debentures (NCD) Listed SEBI 17 Mar 2026 9.75 17 Mar 2029 50.00 Simple ACUITE A+ | Stable | Assigned | Provisional To Final
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.30 Simple ACUITE A- | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. 25 Apr 2029 8.46 Simple ACUITE A- | Stable | Reaffirmed
Indian Bank Not avl. / Not appl. Term Loan Unlisted RBI 22 May 2025 Not avl. / Not appl. 22 Mar 2031 21.50 Simple ACUITE A- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. 31 May 2029 4.36 Simple ACUITE A- | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. 01 Apr 2029 2.22 Simple ACUITE A- | Stable | Reaffirmed
Indian Bank Not avl. / Not appl. Term Loan Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. 15 Apr 2029 2.16 Simple ACUITE A- | Stable | Reaffirmed
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

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